Weekly Current Affairs April 2024 (02nd to 08th Apr, 2024)

by | Apr 10, 2024 | Current Affairs & GK Question Answers | 0 comments

 

Current Affairs April 2024

Read this post to know about Weekly Current Affairs in short for the Week April 02 to 08, 2024. If you’re getting ready for entrance exams in India, it’s really important to know what’s happening around you. Whether you want to study UPSC, SSC, Bank Exams, Defence Exams or something else, keeping up with current events is a must. The exams often have questions about what’s going on in the world – like news about our country, other countries, or new discoveries. Being aware of these things not only helps you do well in the exams but also makes you smarter in general. It’s like having a wider view of the world, which is good for interviews and discussions too. So, it’s not just about passing the exams but also about being informed and ready for whatever comes your way.

In this post, you can see the headlines of current happenings categorised for your convenience. The categories of weekly current affairs of Week 1 of April are given below:

 

Weekly Current Affairs Update

For the Week: April 2 to 8, 2024

HEADLINES

 

Section A: INDIA

  • NCERT books revised: References to Babri Masjid, Gujarat riots, Hindutva dropped
  • ED can summon anyone for ‘any information’: SC
  • Skills ministry notifies guidelines for Academic Bank of Credits
  • Army inducting ‘Akashteer Command and Control Systems’
  • India conducts night trial of new-generation Agni-Prime ballistic missile
  • Exercise Gagan Shakti-24
  • Coastal security exercise ‘Sagar Kavach’ conducted off Lakshadweep Islands
  • EC’s ‘Myth vs Reality Register’ to debunk fake poll info on social media
  • MHA cancels FCRA licences of 5 NGOs
  • Apollo Hospitals launches Health of Nation Report
  • National Maritime Day celebrated on April 5
  • SC sets aside HC verdict cancelling caste certificate of Amravati MP
  • Ayushmann Khurrana roped in by EC to urge the youngsters to vote
  • World War II veteran Subedar Thanseia dies at 102

 

Section B: INDIA & THE WORLD

  • Katchatheevu island was ceded by India to Sri Lanka in 1974
  • India a bright spot in the Asia-Pacific region in 2023: UNESCAP
  • China releases 30 more names for places in Arunachal Pradesh
  • India removes export restrictions on rice, onions, sugar, 6 others to Maldives
  • HAL delivers two Dornier 228 planes to Guyana Defence Force
  • NSA Ajit Doval highlights cross-border terrorism concerns at SCO meeting
  • Royal Australian Navy Chief visits India
  • Rakesh Mohan on World Bank Group’s Economic Advisory Panel
  • WEF announces Young Global Leaders Class of 2024
  • Three freed Rajiv Gandhi case convicts sent back to Sri Lanka

 

Section C: WORLD

  • UN Human Rights Council resolution calls for immediate ceasefire in Gaza
  • Panama and Colombia fail to protect migrants on Darien jungle route: HRW
  • Russia and West join forces to tackle trade in ‘blood diamonds’
  • Mexico breaks ties with Ecuador after police storm embassy
  • Kuwait Opposition keeps Parliament majority after vote with 62% turnout
  • Israeli air strike destroys Iranian consulate in Syria
  • Israeli airstrike kills 6 international aid workers in Gaza
  • Germany legalises possession of marijuana by adults
  • Ukraine’s new law lowers conscription age to 25
  • Russia’s President signs decree on spring military conscription
  • Taiwan hit by earthquake
  • UK to deploy Royal Navy to deliver food, supplies to Gaza
  • PBOC to give $69 billion in loans to boost science, technology
  • International Day for Mine Awareness and Assistance in Mine Action observed on March 4
  • World Autism Awareness Day observed on April 2
  • International Day of Conscience celebrated by UN on April 5
  • International Day of Sport for Development and Peace observed on April 6
  • International Day of Reflection on the 1994 Genocide in Rwanda observed on April 7
  • World Health Day celebrated on April 7
  • Slovakia: Peter Pellegrini wins presidential election
  • DR Congo president names Judith Suminwa Tuluka as first woman PM
  • French writer Maryse Condé dies at age 90
  • Hollywood actress Barbara Rush dies at 97

 

Section D: SCIENCE & TECHNOLOGY

  • US: Pig kidney transplant patient discharged from hospital
  • ‘Havana Syndrome’ linked to Russian intelligence: report

 

Section E: AWARDS

  • TOI bags green brand award for UnPlastic, tiger campaigns
  • TIOL Awards conferred in the Economics, Policy-making, & Fiscal Federalism

 

Section F: BANKING & FINANCE 

  • RBI MPC keeps repo rate unchanged
  • RBI to enable UPI for cash deposit
  • RBI proposes distribution of CBDC through non banks
  • New UPI rules for access for prepaid instruments
  • RBI, NPCI propose ways to cut cross-border remittance costs
  • Households expect inflation to moderate further: RBI
  • Canara Bank launches loans for healthcare, savings accounts for women
  • RBI penalises IDFC First Bank, LIC Housing Finance
  • Indian stock market indices close at all-time highs on April 4
  • SEBI launches SCORES 2.0
  • Justice PS Dinesh Kumar appointed new SAT chief
  • Chandra Shekhar Ghosh to retire as MD & CEO of Bandhan Bank

 

Section G: ECONOMY

  • March GST collection up 11.5% YoY at Rs 1.78 lakh cr
  • Govt hikes windfall tax on crude petroleum to Rs 6,800 per tonne
  • Ministry of Corporate Affairs reports record high incorporations in 2023-2024
  • FSSAI bans use of term ‘health drink or energy drink’ for malt based drinks
  • Jobs generated under MGNREGS up 4.8% in 2023-24
  • Only consumable liquor under state control: Centre
  • SC transfers to itself all petitions against 28% GST on online gaming companies
  • Kerala leads the EV charge; No. 1 in 2W, too
  • Govt garners Rs 16,507 crore via public sector enterprises disinvestment in FY24
  • Govt waives duty on export of 1,000 tonnes of kalanamak rice
  • Online gaming, casinos topped GST evasion in FY24: DGGI
  • World Bank projects Indian economy to grow at 7.5% in 2024
  • India’s forex reserves rise to $645.58 billion for week ending on March 29
  • Veg thali gets dearer by 7% in March
  • Paradip Port leads Indian Major Ports in cargo throughput in FY 2023-24

 

Section H: CORPORATE

  • Google agrees to destroy browsing data to settle consumer privacy lawsuit
  • Saregama launches AI-based music learning app
  • X launches community notes in India
  • BMW Group, Tata Technologies announce IT JV
  • Bharat Biotech & SII join hands in war on polio
  • Yahoo acquires AI-driven news platform Artifact
  • Adani Green Energy crosses 10,000 MW of renewable energy capacity
  • Brand Trust Report (BTR) 2024
  • Forbes Richest List 2024: Bernard Arnault retains title as world’s richest person
  • Wipro names Srini Pallia as CEO after Delaporte steps down
  • Sanjay Nayar takes over as Assocham president
  • Meenesh Shah elected Chairman National Cooperative Dairy Federation of India

 

 

 

 

 

Section I: STATES

  • SC stays HC verdict declaring UP Madrasa Act ‘unconstitutional’
  • Ceiling on net borrowing: SC refers Kerala govt’s suit to five-judge Constitution bench
  • Sitars, tanpuras made in Maharashtra’s Miraj town get GI tags
  • Chhattisgarh: 3 Naxals gunned down in encounter in Bijapur district
  • Param Vir Chakra garden inaugurated in Chennai
  • Court orders judicial custody of Delhi CM till April 15
  • Veteran producer Gangu Ramsay dies at 83

 

Section J: SPORTS

  • Arjun Erigaisi replaces Anand as top ranked Indian in official FIDE rating list
  • Shiny Wilson nominated member of Asian Athletic Commission
  • Bindyarani bags bronze in Weightlifting World Cup
  • Pankaj Advani wins CCI billiards classic title
  • Mohammedan Sporting crowned I-League champion
  • Kazakhstan International Challenge badminton
  • Tennis: Ankita Raina & Chia Yi Tsao win doubles title in Japan
  • Football: Athletic Bilbao wins Copa del Rey in Spain
  • Uma and Fikir give Ethiopia double win at Paris Marathon
  • Matteo Berrettini wins ATP 250 tennis in Morocco
  • Max Verstappen wins F1 Japanese Grand Prix
  • Men’s Hockey: India down 0-2 in 5-test series in Australia
  • Former Asian Games athlete and torchbearer Deanna Syme Tewari dies

 

Section A: INDIA

 

NCERT books revised: References to Babri Masjid, Gujarat riots, Hindutva dropped

Dropping references to the demolition of Babri Masjid in Ayodhya, the killing of Muslims in Gujarat riots and Hindutva, and tweaking the reference to Manipur’s merger with India are among the latest set of revisions made public by the National Council of Educational Research and Training (NCERT) in its textbooks. The changes have been made in Political Science textbooks of classes 11 and 12, besides others.

 

According to a document detailing the changes prepared by the curriculum drafting committee of the NCERT, the references to the Ram Janmabhoomi movement have been tweaked “as per latest development in politics”.

 

Chapter 8 on Secularism in class 11 textbook earlier said, “More than 1,000 persons, mostly Muslims, were massacred during the post Godhra riots in Gujarat in 2002.”

 

It has been changed to “more than 1,000 persons were killed during the post Godhra riots in Gujarat in 2002”. The NCERT’s rationale behind the change is “in any riots people across communities suffer. It cannot be just one community”.

 

On Pakistan-occupied Kashmir, the earlier textbook stated “India claims that this area is under illegal occupation. Pakistan describes this area as Azad Pakistan”. The changed version says, “However, it is the Indian territory which is under illegal occupation of Pakistan and called as Pakistan occupied Jammu and Kashmir (POJK).”

 

The NCERT’s rationale behind the alteration is that the “change that has been introduced is in complete concurrence with the latest position of the Govt of India in regard to Jammu and Kashmir”.

 

On Manipur, the earlier textbook stated, “The Government of India succeeded in pressurising the Maharaja into signing a Merger Agreement in September 1949, without consulting the popularly elected Legislative Assembly of Manipur. This caused a lot of anger and resentment in Manipur, the repercussions of which are still being felt.”

 

The changed version says, “The Government of India succeeded in persuading the Maharaja into signing a Merger Agreement in September 1949.”

 

In chapter 8, Recent Developments in Indian Politics, references to the “Ayodhya demolition” has been dropped.

 

“What is the legacy of the Ram Janmabhoomi movement and the Ayodhya demolition for the nature of political mobilisation?” has been changed to “What is the legacy of the Ram Janmabhoomi movement?”.

 

In the same chapter, references to the Babri Masjid and the politics of Hindutva were dropped.

 

The earlier paragraph read: “Fourth, a number of events culminated in the demolition of the disputed structure at Ayodhya (known as Babri Masjid) in December 1992. This event symbolised and triggered various changes in the politics of the country and intensified debates about the nature of Indian nationalism and secularism. These developments are associated with the rise of the BJP and the politics of ‘Hindutva’.”

 

This was changed to: “Fourth, the centuries old legal and political dispute over the Ram Janmabhoomi Temple in Ayodhya started influencing the politics of India which gave birth to various political changes. The Ram Janmabhoomi Temple Movement, becoming the central issue, transformed the direction of the discourse on secularism and democracy. These changes culminated in the construction of the Ram Temple at Ayodhya following the decision of the constitutional bench of the Supreme Court (which was announced on November 9, 2019).”

 

ED can summon anyone for ‘any information’: SC

The Supreme Court on April 2, 2024 endorsed the sweeping powers of the Enforcement Directorate (ED), saying the Central agency could call “anybody for any information” even as it castigated four Tamil Nadu District Collectors for failing to appear in person in response to a summons issued to them by the anti-money laundering body.

 

The Tamil Nadu government and the Collectors informed a Bench headed by Justice Bela M. Trivedi that they had written to the ED expressing their inability to appear in person as the Lok Sabha election in Tamil Nadu was due on April 19 and they needed more time to collect the information sought by the Central agency about sand mining sites in their districts.

 

The Collectors said the information sought was not in their offices, but had to be collected from other branches of the district administration, verified and compiled to be presented before the ED. They had sought time till April-end.

 

The court refused to accept the Collectors’ explanation. Justice Trivedi said their conduct showed scant respect for the court’s February 27 order to appear in person before the ED on whatever date it summoned them.

 

The court ordered the Collectors to be present in person before the ED on April 25. It listed the case for hearing on May 6.

 

 

Skills ministry notifies guidelines for Academic Bank of Credits

The ministry of skills development and entrepreneurship has notified draft guidelines for setting up the Academic Bank of Credit (ABC), paving way for implementation and operationalization of the National Credit Framework as envisaged under the National Education Policy 2020.

 

The Academic Bank of Credit is a digital repository that stores credit information earned by students or learners throughout their educational journey. Under this, all recognised awarding bodies are required to register both their credentials and the students or learners.

 

The ministry has sought comments on the draft guidelines by April 30 following which it will finalise them.

 

Under ABC, every student or learner will have an academic bank of credit account, which will be opened and operated by a student/learner, through an unique Automated Permanent Academic Account Registry (APAAR) id, the ministry said in a notification issued on April 4, 2024.

 

“In this, all credits earned by that student or learner from vocational education and training courses will be deposited, stored, recognized, maintained, accumulated, transferred, validated or redeemed for the purposes of the suitable awards like degree, diploma or certificates by an awarding institution,” it said.

 

“Students or learners will be assigned credits after successfully completing a qualification, job role, or course of learning that aligns with a National Occupational Standard (NOS), MicroCredential (MC), or qualification. This recognition is based on predefined outcomes at a specified level of the National Credit Framework (NCrF) or National Skill Qualification Framework (NSQF), contingent upon the successful assessment of the achieved learning outcomes,” it added.

 

The National Credit Framework (NCrF), adopted in May 2023, provides for creditisation of all learning including academic, vocational, skills and experiential learning and assignment, accumulation, storage, transfer and redemption of credits, subject to assessments.

 

It aims at removing distinction between subjects and establishes academic equivalence between vocational and general education while establishing mobility between and within them.

 

Army inducting ‘Akashteer Command and Control Systems’

The Corps of Army Air Defence has begun the induction of ‘Akashteer Command and Control Systems’, a project developed by Bharat Electronics Limited (BEL). The deployment of Akashteer, aimed at enhancing operational efficiency and integration of the Army’s air defence mechanisms, began with the flagging off of the first batch of Control Centres from BEL Ghaziabad on April 4, 2024.

 

The project, designed to automate Air Defence Control and Reporting processes, will provide a unified network for radar and communication systems, enhancing situational awareness and control in air defence operations.

 

The Indian Army has initiated the induction of control and reporting systems under ‘Project Akashteer’ to bolster its air defense capabilities. This project aims to deliver an unprecedented level of situational awareness and control for the force to ensure the safety of friendly aircraft and engage hostile aircraft in contested airspace.

 

The Indian Army has declared 2024 as the ‘Year of Technology Absorption’ and is undertaking various initiatives to induct niche technology and systems into its inventory.

 

India conducts night trial of new-generation Agni-Prime ballistic missile

India successfully tested the Agni-Prime ballistic missile with a range of 1,000 to 2,000 km, marking its second pre-induction night trial. The test, conducted by the Strategic Forces Command (SFC) and DRDO on April 3, met all objectives, confirming its reliable performance. The missile incorporates new propulsion systems, advanced navigation, and a canister-launch system, enhancing strategic deterrence capabilities. Defence Minister Rajnath Singh congratulated the DRDO, SFC, and armed forces, highlighting the missile’s potential as a force multiplier. The Agni-Prime is set to replace the Agni-I missile in the SFC’s arsenal.

 

The latest Agni-Prime test comes after the flight-trial of the over 5,000-km range Agni-5 intercontinental ballistic missile with multiple warheads (MIRVs) for the first time on March 11. The solid propellant fuelled Agni-Prime, the smallest and lightest among the entire Agni series of ballistic missiles, will further bolster the country’s strategic deterrence capabilities once it is inducted after a few more tests.

 

A canister-launch missile — with the warhead already mated with the missile — gives the armed forces the requisite operational flexibility to store it for long periods, swiftly transport it through rail or road when required, and fire it from wherever they want.

 

The Agni-Prime will gradually replace the Agni-I (700-km) missiles in the arsenal of SFC, which also has the Prithvi-2 (350-km), Agni-2 (2,000-km), Agni-3 (3,000-km), and Agni-5 ballistic missiles. As of now, all the Agni series of missiles inducted by the SFC carry only a single warhead. The recent flight-test of the three-stage Agni-5 with MIRVs, consequently, represents a big leap forward in strategic deterrence for India.

 

The defence ministry said the test-flight was carried out on April 3, 2024 evening and it met all the trial objectives, validating the reliable performance, as confirmed from the data captured by a number of range sensors deployed at different locations.

 

Exercise Gagan Shakti-24

Indian Air Force (IAF) aircraft recently operated from the Emergency Landing Facility (ELF) in the northern sector in Kashmir valley during the Exercise Gagan Shakti-24. A large number of troops were airlifted and subsequently air landed utilising Chinook, Mi-17 V5 and ALH Mk-III helicopters by night. ELF operations provide an opportunity for IAF aircraft to undertake operations from such restricted landing surfaces while also being able to undertake Humanitarian Assistance in Disaster Relief operations during times of natural calamities to provide relief. The capability to operate by night at these stretches of highways, and the capability to transfer troops from such surfaces will greatly enhance the operational capabilities of Indian Armed Forces.

 

Coastal security exercise ‘Sagar Kavach’ conducted off Lakshadweep Islands

A two-day exercise involving all maritime security agencies of the country was conducted off the Lakshadweep Islands from April 1-2, 2024. During the exercise, validation of the effectiveness of coastal security mechanisms while dealing with asymmetric threats emanating from the sea was undertaken. Assets of the Indian Navy, Coast Guard, Marine Police, fisheries, customs and other security agencies were engaged in the coastal security exercise — Sagar Kavach 01/24.

 

EC’s ‘Myth vs Reality Register’ to debunk fake poll info on social media

Election Commission on April 2, 2024 launched a ‘Myth vs Reality Register’ to bust myths and misinformation around various aspects of electoral process such as electronic voting machines and paper audit trail, electoral rolls, voter services, conduct of elections and fake information often peddled on social media to disturb the level playing field during polls.

 

The register — which will be accessible to the public through EC website — will serve as a comprehensive repository of factual information to dispel myths and falsehoods circulating during election period, thereby empowering voters to make informed decisions.

 

An EC spokesperson said the register has been designed in a user-friendly format and provides already busted election-related fake information and probable myths circulating on social media, FAQs on important topics and reference material under different sections for all stakeholders.

 

MHA cancels FCRA licences of 5 NGOs

The Union home ministry has cancelled the foreign funding licence of at least five more NGOs over alleged violation of provisions of the Foreign Contribution (Regulation) Act, 2010, and Foreign Contribution (Regulation) Rules, 2011, media reports revealed on April 3, 2024.

 

The NGOs whose registrations under FCRA have been cancelled are CNI Synodical Board of Social Service, Voluntary Health Association of India, IndoGlobal Social Service Society, Church’s Auxiliary for Social Action, and Evangelical Fellowship of India, as per the sources. The loss of FCRA licence means that these NGOs can no longer receive funding from foreign sources, nor utilise their existing foreign contributions.

 

The home ministry cancelled the FCRA registration of the NGOs for allegedly utilising the foreign contributions for purposes other than their declared objectives.

 

There are 16,242 active NGOs with valid FCRA licences as on April 3, 2024, while the licences of 14,396 NGOs are deemed expired. The licences of 20,701 other NGOs have been cancelled.

 

According to data disclosed in Parliament in 2023, Rs 55,741.51 crore was received in foreign contributions by 13,520 FCRA-registered associations or NGOs between the 2019-2020 and 2021-2022.

 

Apollo Hospitals launches Health of Nation Report

A latest report on the health scenario in India has indicated a significant growth in non-communicable diseases (NCDs) across the nation and said the country was witnessing fastest rise in cancer cases. On average, at least one in three Indians today were pre-diabetic, two in three were pre-hypertensive and one in 10 were depressed, the 4th edition of Apollo Hospitals’ flagship Health of Nation Report on World Health Day 2024, said. Highlighting the importance of regular health screenings, the report underscores their role in reducing blood pressure (BP) and body mass index (BMI) levels, thereby lowering the risk of cardiac-related ailments.

 

National Maritime Day celebrated on April 5

National Maritime Day was celebrated on April 5, 2024, with ‘Navigating the future: safety first!’ as its theme. The day is celebrated to commemorate embarkation of the first Indian-owned vessel “S. S. Loyalty” on her maiden voyage from Mumbai to London, on this day in 1919.

NEWSMAKERS

 

SC sets aside HC verdict cancelling caste certificate of Amravati MP

The Supreme Court on April 4, 2024 restored the scheduled caste certificate of sitting Amravati MP Navneet Kaur Rana that cleared the decks for her to contest the Maharashtra seat reserved for SCs on a BJP ticket.

 

Pronouncing the order on the last day of nomination for the seat, the apex court set aside the 2021 Bombay High Court verdict on a plea seeking cancellation of her caste certificate dated August 30, 2013 issued by a Mumbai deputy collector who held she belonged to the ‘Mochi’ caste.

 

Shiv Sena leader Anandrao Adsul had filed a complaint with the Mumbai District Caste Certificate Scrutiny Committee, which had ruled in Rana’s favour and validated the certificate. He had then approached the high court, which ordered cancellation of Rana’s caste certificate.

 

Ayushmann Khurrana roped in by EC to urge the youngsters to vote

Actor Ayushmann Khurrana has been roped in by the Election Commission of India to urge the youngsters to vote in the upcoming Lok Sabha elections. The 39-year-old actor features in the ECI’s campaign video that encourages the youth to exercise their franchise in the upcoming elections.

 

World War II veteran Subedar Thanseia dies at 102

Subedar Thanseia, a distinguished World War II veteran of Indian Army’s Assam Regiment, whose actions at the crucial Battle of Kohima against formidable odds, contributed to a pivotal victory for the Allied forces, died at the age of 102 on March 31, 2024. He was from Mizoram.
 

 

Section B: INDIA & THE WORLD

 

Katchatheevu island was ceded by India to Sri Lanka in 1974

Katchatheevu Island lies 14 nautical miles northeast of Rameswaram on the Tamil Nadu coast and 10.5 nautical miles from Delft Island in Sri Lanka

 

Located in the Palk Strait, Katchatheevu is 1.6 km in length and just over 300 m wide at its broadest point

 

During the British Raj, it became part of the Madras Presidency. In 1921, both India and Sri Lanka claimed Katchatheevu.

 

A survey marked Katchatheevu in Sri Lanka, but a British delegation from India challenged this, citing ownership of the island by the Ramnad zamindari in Tamil Nadu

 

The matter was settled in the 1974 India-Sri Lanka Maritime Agreement, which drew a maritime boundary, with Katchatheevu in Sri Lankan waters.

 

However, Indian fishermen stray into Lankan waters regularly, resulting in their arrest by Lankan Navy, often straining ties. Tamil Nadu believes the island to be an integral part of India. In 2013, the TN assembly passed a resolution seeking its retrieval

 

The Indian government has always denied that Katchatheevu was ‘ceded’ to Lanka, stressed that retrieving it was ‘impossible’ and said it had no link with arrests of fishermen by the Lankan navy

 

What India got in return?

Though the 1974 India-Sri Lanka maritime boundary agreement impacted fishing rights of Indians in Katchatheevu, a subsequent pact signed in 1976 bestowed sovereign rights in Wadge Bank, near Kanyakumari, for India.

 

The maritime boundary agreement between India and Sri Lanka for the Gulf of Mannar, the Bay of Bengal and related matters bestowing these rights to India was signed on March 23, 1976.

 

The Wadge Bank, located near Cape Comorin (the area of the sea south of Cape Comorin has been generally known as the Wadge Bank), is within the exclusive economic zone of India, and India shall have sovereign rights over the area and its resources, the 1976 agreement reads.

 

India a bright spot in the Asia-Pacific region in 2023: UNESCAP

India has become the world’s fastest-growing major economy and a bright spot for the Asia-Pacific in 2023 amid strong household consumption and public investment in infrastructure, the United Nations said.

 

“India registered an economic growth rate of 6.8% in FY 2023 while its formal unemployment was at a 12-year low of 4.1% supported by government spending on infrastructure and strong growth in manufacturing, mining and construction, which offset lower agricultural output,” revealed UN’s Economic and Social Survey of Asia and the Pacific (UNESCAP) 2024, released on April 4, 2024.

 

According to the Survey, India’s performance in 2023 has been helped by its lack of external exposure, both to the developed world and to China.

 

“Instead, the growth drivers for the country are primarily domestic. Gross fixed capital formation increased by 9% in the final quarter of FY23 to reach a share of 34% of GDP, the highest since 2012-2013,” it said.

 

As per the Survey, India and the Asia-Pacific region, with its favourable demographics has the potential to boost domestic demand.

 

China releases 30 more names for places in Arunachal Pradesh

China has released a fourth list of 30 new names of various places in Arunachal Pradesh amid Beijing’s stepped-up assertions in recent weeks to re-emphasise its claim over the Indian state. India has been rejecting China renaming places in Arunachal Pradesh, asserting that the state is an integral part of the country and assigning “invented” names does not alter this reality.

 

The Chinese Ministry of Civil Affairs released the fourth list of standardised geographical names in Zangnan, the Chinese name for Arunachal Pradesh which Beijing claims as part of south Tibet, state-run Global Times reported on April 7, 2024.

 

The official website of the ministry posted 30 additional names for the region. Set to take effect from May 1, the implementation measures stipulate in Article 13 that “place names in foreign languages that may harm China’s territorial claims and sovereignty rights shall not be directly quoted or translated without authorisation,” the report said.

 

India removes export restrictions on rice, onions, sugar, 6 others to Maldives

India on April 5, 2024 removed the restrictions on export of specified quantity of nine products including potatoes, onions, eggs, rice, wheat flour and sugar to Maldives for the current fiscal year. “The export of above items to Republic of Maldives will be exempted from any existing or future restriction/prohibition on export,” the Directorate General of Foreign Trade (DGFT) said in a notification, adding that these exports have been permitted to Maldives under bilateral trade agreement between the countries during 2024-25. India and Maldives signed a trade agreement in 1981, which provides for export of essential commodities. Dal, stone aggregate and river sand are the other products where export restrictions have been removed.

 

HAL delivers two Dornier 228 planes to Guyana Defence Force

The Hindustan Aeronautics Limited (HAL) has delivered two Dornier 228 planes to the Guyana Defence Force, the country’s President Mohamed Irfaan Ali said on April 1, 2024.

 

NSA Ajit Doval highlights cross-border terrorism concerns at SCO meeting

National Security Advisor Ajit Doval led a delegation at the 19th Meeting of Secretaries of the Security Council of Shanghai Cooperation Organisation (SCO) in Astana. In his address, Doval highlighted the need to shun double standards and hold sponsors, financiers, and facilitators of terrorism accountable. He said that India supports the creation of effective mechanisms for countering terror financing and supports further strengthening of the Regional Anti-Terrorist Structure (RATS) SCO in this regard.

NEWSMAKERS

 

Royal Australian Navy Chief visits India

Vice Admiral Mark Hammond, Chief of the Royal Australian Navy, came on an official visit to India from April 2 to 6 to bolster bilateral maritime relations between the two nations. In New Delhi, Vice Admiral Hammond met with Admiral R Hari Kumar, Chief of the Naval Staff, to discuss increasing operational engagements, training exchanges, and information sharing. He paid tribute at the National War Memorial and received a Guard of Honour from the Indian Navy. He is also scheduled to meet with the Chief of Defence Staff, Chief of the Air Staff, and Defence Secretary during his stay.

 

Rakesh Mohan on World Bank Group’s Economic Advisory Panel

President Emeritus and Distinguished Fellow of the Centre for Social and Economic Progress (CSEP), Rakesh Mohan has been appointed by the World Bank Group to serve on the World Bank Group’s Economic Advisory Panel. Ajay Banga, World Bank President, invited Mohan to join the World Bank Group’s Economic Advisory Panel.

 

The panel will support the World Bank Group by focusing on the strategic issues for the Group, regarding their objectives, research agenda and actions.

 

Nicholas Stern, IG Patel Professor of Economics and Government at the London School of Economics, will head the panel along with Indermit Gill as co-chair, Chief Economist of the World Bank Group and Senior Vice President for Development Economics.

 

The panel members have a two-year term.

 

Before his stint at CSEP, Rakesh Mohan was a Senior Fellow at the Jackson Institute for Global Affairs, Yale University and also a Professor in the Practice of International Economics and Finance at the School of Management at Yale University, 2010-12. He has also been part of the Prime Minister’s Economic Advisory Council (EAC-PM).

 

WEF announces Young Global Leaders Class of 2024

The vice chairman of Kolkata-based RPSG Group Shashwat Goenka is joining the 2024 Class of Young Global Leaders of the World Economic Forum. RPSG Group owns power utility CESC and Spencer’s Retail amongst other businesses. Other class members from India Inc for this year include FSN E-Commerce Ventures (NYKAA) CEO Adwaita Nayar, Jubilant Group director Arjun Bhartia and Vedanta Limited non-executive director Priya Agarwal Hebbar. There are Indian members in other fields such as social entrepreneur and acting. The class of 2024 includes a group of nearly 90 changemakers across nations.

 

Three freed Rajiv Gandhi case convicts sent back to Sri Lanka

Three Sri Lankan nationals convicted in the former Prime Minister Rajiv Gandhi assassination case — Murugan alias Sriharan, Robert Payas, and Jayakumar — who were prematurely freed from prison and then detained at a special camp in Tiruchi, were deported to Sri Lanka on April 3, 2024. They had been lodged in a special camp in Tiruchi after the Supreme Court ordered their release.
 

 

Section C: WORLD

 

NEWS ROUND UP

 

UN Human Rights Council resolution calls for immediate ceasefire in Gaza

India on April 5, 2024 abstained in the UN Human Rights Council on a resolution that called for an immediate ceasefire in Gaza and also demanded that Israel immediately lift its illegal blockade on the strip.

 

The draft resolution on the ‘Human rights situation in the Occupied Palestinian Territory, including East Jerusalem, and the obligation to ensure accountability and justice’ was adopted by the Geneva-based Council with a vote of 28 in favour, 6 against and 13 abstentions.

 

India abstained on the resolution, along with France, Japan, Netherlands, and Romania among others. Those voting against the resolution included Argentina, Bulgaria, Germany and the US.

 

Countries voting in favour of the resolution included Bangladesh, Belgium, Brazil, China, Indonesia, Kuwait, Malaysia, Maldives, Qatar, South Africa, United Arab Emirates and Vietnam.

 

The resolution demanded that “Israel, the occupying Power, end its occupation of the Palestinian territory occupied since 1967, including East Jerusalem,” and stressed that all efforts to end the Israeli-Palestinian conflict must be grounded in respect for international humanitarian law and international human rights law and relevant United Nations resolutions.”

 

The resolution also called for an “immediate ceasefire in Gaza, for immediate emergency humanitarian access and assistance, in particular through crossings and land routes, and for the urgent restoration of basic necessities to the Palestinian population in Gaza.”

 

It demanded that Israel immediately lift its illegal blockade on the Gaza Strip and all other forms of collective punishment and siege. It condemned Israeli actions that may amount to ethnic cleansing, and called upon all States to take immediate action to prevent the continued forcible transfer of Palestinians within or from Gaza.

 

It further condemned the targeting of civilians, including on October 7, 2023 when Hamas carried out the terror attack against Israel and demanded the immediate release of all remaining hostages and detainees as well as ensuring immediate humanitarian access to the hostages and detainees in line with international law.

 

Panama and Colombia fail to protect migrants on Darien jungle route: HRW

Colombia and Panama are failing to protect hundreds of thousands of migrants who cross the Darien jungle on their way to the U.S. and have become increasingly vulnerable to robberies and sexual violence, Human Rights Watch said in a report published on April 3, 2024.

 

The watchdog called on both countries to appoint high-level officials to coordinate the response to the humanitarian crisis unfolding in the Darien and recommended that their governments work jointly to improve security and ensure more assistance from international groups.

 

Human Rights Watch’s recommendations come as record numbers of migrants cross the Darien jungle on their way to the U.S.

 

In 2023, more than 520,000 people crossed the dense and roadless rainforest that stands between South America and Central America, according to Panama’s immigration department. That was twice as many as in 2022.

 

About half of those making the dangerous journey were Venezuelans escaping their nation’s economic and political crisis. They were joined by tens of thousands of migrants from Ecuador and Haiti, as well as about 4,000 Afghan refugees.

 

The trek across the rainforest can last anywhere from three to five days, with migrants paying hundreds of dollars to guides and smugglers to lead them along muddy trails and treacherous river crossings. Dozens of people have drowned.

 

The Colombian side of the Darien is controlled by the Gulf Clan, a drug trafficking group that is taxing local guides and earning up to $125 for every migrant that crosses into Panama, according to estimates provided to HRW by Colombian military officials, and cited in the group’s previous report on the Darien Gap, published in November.

 

Russia and West join forces to tackle trade in ‘blood diamonds’

The United States and its Western allies joined forces with Russia April 3, 2024 to keep supporting the Kimberley Process, which aims to eliminate the trade in “blood diamonds” that helped fuel devastating conflicts in Africa.

 

At a U.N. General Assembly meeting, its 193 member nations adopted a resolution by consensus recognizing that the Kimberley Process, which certifies rough diamond exports, “contributes to the prevention of conflicts fueled by diamonds” and helps the Security Council implement sanctions on the trade in conflict diamonds.

 

The Kimberley Process went into effect in 2003 in the aftermath of bloody civil wars in Angola, Sierra Leone and Liberia where diamonds were used by armed groups to fund the conflicts.

 

For the first time in its history, the plenary meeting of Kimberley Process participants in November 2023 failed to produce a consensus communique because of serious differences between Russia and the West.

 

The key reason was a Ukrainian request, supported by the United States, Britain and others, to examine whether Russia’s diamond production is funding its war against Kyiv and the implications for the Kimberley Process which Russia and several allies strongly opposed.

 

Mexico breaks ties with Ecuador after police storm embassy

Mexican President Andrés Manuel López Obrador on April 5, 2024 announced snapping of diplomatic ties with Ecuador after the police broke into the Mexican Embassy to arrest a former Vice-President who had sought political asylum there after being indicted on corruption charges.

 

In an extraordinarily unusual move, the Ecuadorian police forced their way into the embassy in the capital, Quito, to arrest Jorge Glas, who had been residing there since December. Defending its decision, Ecuador’s presidency said in a statement: “Ecuador is a sovereign nation and we are not going to allow any criminal to stay free.”

 

Mexico said the arrest violated the Vienna Convention on Diplomatic Relations. Diplomatic premises are considered “inviolable” under the Vienna treaties and local law enforcement agencies are not allowed to enter without the permission of the Ambassador.

 

Mexico said it would take the case to the International Court of Justice “to denounce Ecuador’s responsibility for violations of international law.”

 

Tensions between the two countries escalated after Mexico’s President made statements that Ecuador considered “very unfortunate” about last year’s election, won by Ecuadorian President Daniel Noboa.

 

In reaction, the Ecuadorian government declared the Mexican Ambassador persona non grata.

 

Kuwait Opposition keeps Parliament majority after vote with 62% turnout

Opposition lawmakers maintained a majority in Kuwait’s Parliament, results showed on April 5, 2024, after the Gulf country’s third parliamentary vote in as many years held just months into the new emir’s reign. Opposition candidates won 29 seats in the 50-member Assembly, matching the outcome of last year’s election. The make-up of the new Parliament is very similar to the outgoing one, with all but 11 lawmakers retaining their seats.

 

Parliamentary elections have become an annual occurrence for Kuwait, which has 7% of the world’s oil reserves. Clashes between the National Assembly and the royal-appointed Cabinet have caused constant stalemate.

 

April 4, 2024’s election was the first to be held under the new emir, Sheikh Mishal al-Ahmad al-Sabah.

 

Turnout was around 62% after polling stations closed at midnight, the Information Ministry said.

 

Israeli air strike destroys Iranian consulate in Syria

An Israeli air strike has destroyed the consular section of Iran’s embassy in Syria, killing a senior Iranian military adviser among others, Syrian state media said on April 1, 2024. The strike on the Iranian consulate building could mark an escalation of the Israeli military’s ongoing targeting of Iranian military officials and allies in Syria, which has intensified since the onset of its war with Hamas. According to Iran, the strike killed Iranian military adviser Gen. Ali Reza Zahdi, who led the elite Quds Force in Lebanon and Syria until 2016.

 

Israeli airstrike kills 6 international aid workers in Gaza

An Israeli airstrike killed six international aid workers and their Palestinian driver working in Gaza. The World Central Kitchen food charity said on April 2, 2024 that the seven killed included citizens of Australia, Poland, the United Kingdom and a U.S.-Canada dual citizen.

 

Germany legalises possession of marijuana by adults

Germany’s new rules went into force April 1, 2024, legalizing possession by adults of up to 25 grams (nearly 1 ounce) of marijuana for recreational purposes and allowing individuals to grow up to three plants for their personal use. A second part of the legislation, under which German residents age 18 and older will be allowed to join nonprofit cannabis-growing clubs from which they can buy marijuana, takes effect July 1. European countries have a patchwork of rules on and approaches to cannabis, which remains illegal for recreational use in most places. Austria has no plans to follow Germany’s lead and says it is keen to prevent any cross-border trade.

 

Ukraine’s new law lowers conscription age to 25

Ukraine on April 3, 2024 lowered the military conscription age from 27 to 25 in an effort to replenish its depleted ranks after more than two years of war following Russia’s full-scale invasion. The new mobilisation law came into force a day after Ukraine President Volodymyr Zelenskyy signed it. Ukraine’s parliament, the Verkhovna Rada, passed it in 2023.

 

Russia’s President signs decree on spring military conscription

Russian President Vladimir Putin has signed a decree setting out the routine spring conscription campaign, calling up 150,000 citizens for statutory military service, a document posted on the Kremlin’s website showed on April 7, 2024. All men in Russia are required to do a year-long military service, or equivalent training during higher education, from the age of 18. In July 2023, Russia’s lower house of parliament voted to raise the maximum age at which men can be conscripted to 30 from 27. The new legislation came into effect on Jan. 1, 2024.

 

Taiwan hit by earthquake

Taiwan was struck April 3, 2024 by its most powerful earthquake in a quarter of a century. At least nine people were killed and hundreds injured, buildings and highways damaged and train service interrupted. The earthquake measured 7.2, according to Taiwan’s earthquake monitoring agency, while he U.S. Geological Survey put it at 7.4. Taiwan lies along the Pacific “Ring of Fire,” the line of seismic faults encircling the Pacific Ocean where most of the world’s earthquakes occur. The area is particularly vulnerable to temblors due to the tension accumulated from the interactions of two tectonic plates, the Philippine Sea Plate and the Eurasian Plate, which may lead to sudden releases in the form of earthquakes. The region’s mountainous landscape can magnify the ground shaking, leading to landslides.

 

UK to deploy Royal Navy to deliver food, supplies to Gaza

The UK will deploy a Royal Navy ship to increase its humanitarian support to Gaza, days after an Israeli military strike killed three British aid workers. The allocated funds will go toward aid deliveries, logistical expertise and equipment such as forklift trucks and storage units, according to a statement late April 6, 2024. The increased aid comes days after an Israeli army missile strike killed seven World Central Kitchen aid workers in Gaza, including three British nationals. The army dismissed two officers after the attacks, attributing the strike to “mistaken identification, errors in decision making, and an attack contrary to standard operating procedures.”

 

PBOC to give $69 billion in loans to boost science, technology

The People’s Bank of China said it will set up a relending program of as much as 500 billion yuan ($69 billion) to support innovation and project upgrades in the science and technology sectors. The loans will have an interest rate of 1.75% and a tenor of one year, which can be extended twice for an additional year, according to a statement posted on the PBOC’s website April 7, 2024. The loan quota will be allocated to 21 banks.

 

International Day for Mine Awareness and Assistance in Mine Action observed on March 4

International Day for Mine Awareness and Assistance in Mine Action was observed on March 4, 2024. On 8 December 2005, the General Assembly declared that 4 April of each year shall be observed as the International Day for Mine Awareness and Assistance in Mine Action. It called for continued efforts by States, with the assistance of the United Nations and relevant organizations, to foster the establishment and development of national mine-action capacities in countries where mines and explosive remnants of war constitute a serious threat to the safety, health and lives of the civilian population, or an impediment to social and economic development at the national and local levels. For over 20 years, the work of the United Nations Mine Action Service (UNMAS) has been driven by the needs of affected people and tailored to the threat of explosive hazards faced by civilians, peacekeepers and humanitarians.

 

World Autism Awareness Day observed on April 2

World Autism Awareness Day was observed on April 2, 2024. Every year, on April 2, the day is observed to raise awareness about autism spectrum disorders (ASD). This special day aims to spread awareness about autism as a disorder and to support those who are suffering from it. This year’s theme: ‘Empowering Autistic Voices,’ aimed to provide more support and power to individuals with this condition to lead meaningful lives and pursue successful careers.

 

International Day of Conscience celebrated by UN on April 5

The International Day of Conscience was celebrated by the UN on April 5, 2024. Conscious of the need for the creation of conditions of stability and well-being and peaceful and friendly relations based on respect for human rights and fundamental freedoms for all without distinction as to race, sex, language or religion, the General Assembly declared 5 April the International Day of Conscience.

 

International Day of Sport for Development and Peace observed on April 6

The International Day of Sport for Development and Peace (IDSDP) was observed on April 6, 2024. IDSDP, which takes place annually on 6 April, presents an opportunity to recognize the positive role sport and physical activity play in communities and in people’s lives across the globe. The theme in 2024 is “Sport for the Promotion of Peaceful and Inclusive Societies”.

 

International Day of Reflection on the 1994 Genocide in Rwanda observed on April 7

The International Day of Reflection on the 1994 Genocide against the Tutsi in Rwanda was observed by the UN on April 7, 2024. The date, 7 April, marks the start of the 1994 genocide which lasted for the 100-day period to mid-July 1994. Every year, on or around that date, the United Nations organizes commemorative events at its Headquarters in New York and at United Nations offices around the world.

 

World Health Day celebrated on April 7

The World Health Day was celebrated on April 7, 2024. The day is celebrated annually and each year draws attention to a specific health topic of concern to people all over the world. The date of 7 April marks the anniversary of the founding of WHO in 1948. This year’s theme: ‘My health, my right’.

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Slovakia: Peter Pellegrini wins presidential election

Ukraine-sceptic government ally Peter Pellegrini won Slovakia’s presidential election on April 6, 2024 against pro-Western diplomat Ivan Korcok. Pellegrini, a former PM and ally of current PM Robert Fico, got 53% of votes while opposition-backed Korcok received 47%. Ahead of the run-off, Pellegrini had said he advocated peace talks with Russia. Korcok argued he did not believe Ukraine should give up territory to achieve peace.

 

Pellegrini will replace outgoing President Zuzana Caputova, who is staunchly pro-Ukraine like Korcok. No candidate took 50 percent of the vote in the first round in March 2024, forcing a second round of voting.

 

Though the office is largely ceremonial, Slovakia’s president has the power to ratify international treaties as well as veto laws passed by parliament and appoint top judges. The position also serves as the commander-in-chief of the armed forces.

 

DR Congo president names Judith Suminwa Tuluka as first woman PM

Democratic Republic of Congo’s President Felix Tshisekedi has appointed the country’s first-ever female prime minister, naming planning minister Judith Suminwa to the role. An economist, she takes over as prime minister from Jean-Michel Sama Lukonde, following Tshisekedi’s sweeping re-election as president on December 20. Tshisekedi officially triumphed with 73.47 percent of the vote in December, and the election passed largely peacefully in a country long torn by violence and instability. The opposition branded the ballot a sham.

 

French writer Maryse Condé dies at age 90

Maryse Condé, an acclaimed French-language novelist from Guadeloupe (France ruled island in Caribbean Sea) who in novels, stories, plays and memoirs imagined and redefined the personal and historical past from 17th century New England to contemporary Europe, died at the age of 90 on April 1, 2024 in France. Condé received numerous awards including the New Academy Prize for literature, an informal honor presented in 2018 in place of the Nobel, which was sidelined for the year amid allegation of sexual harassment by prize committee members.

 

Hollywood actress Barbara Rush dies at 97

Barbara Rush, a popular leading actor in the 1950 and 1960s who co-starred with Frank Sinatra, Paul Newman and other top film performers and later had a thriving TV career, died on March 31, 2024. She was 97. In 1954, Rush won the Golden Globe Award as most promising female newcomer for her role in the 1953 American science-fiction film It Came from Outer Space.
 

 

Section D: SCIENCE & TECHNOLOGY

 

US: Pig kidney transplant patient discharged from hospital

The first patient to receive a kidney transplanted from a genetically modified pig was discharged from the hospital on April 3, 2024, just two weeks after the groundbreaking surgery. The transplant and its encouraging outcome represent a remarkable moment in medicine, scientists say, possibly heralding an era of cross-species organ transplantation.

 

On March 21, a team of surgeons at the Massachusetts General Hospital (MGH) in Boston, US announced the successful transplantation of world’s first genetically-engineered pig kidney into Richard Slayman, a 62-year-old patient.

 

eGenesis of Cambridge, Mass., provided the pig kidney from a pig donor, which was genetically altered using the method known as CRISPR-Cas9 to eliminate detrimental pig genes and add particular human genes to boost compatibility with humans.

 

Furthermore, scientists deactivated porcine endogenous retroviruses in the pig donor to eradicate the possibility of infection in humans.

 

Experts said that the success brings the prospect of xenotransplantation, or animal-to-human organ transplants, significantly closer to reality.

 

The process is the most recent advance in a race to produce genetically modified pigs to supply kidneys, hearts, livers, and other organs in order to address the organ scarcity for patients in need of transplants.

 

Whether Slayman’s body will eventually reject the transplanted organ is still unknown. There are other hurdles: A successful operation would’ve be replicated in numerous patients and studied in clinical trials before xenotransplants become widely available.

 

‘Havana Syndrome’ linked to Russian intelligence: report

The mysterious so-called Havana Syndrome symptoms experienced by U.S. diplomats in recent years have been linked to a Russian intelligence unit, according to a joint media investigation released on April 1, 2024.

 

Havana Syndrome was first reported in 2016 when U.S. diplomats in Cuba’s capital reported falling ill and hearing piercing sounds at night, sparking speculation of an attack by a foreign entity using an unspecified sonar weapon. Other symptoms including bloody noses, headaches and vision problems were later reported by embassy staff in China and Europe.

 

A joint report by The Insider, Der Spiegel and CBS’s 60 Minutes suggests that the diplomats may have been targeted by Russian sonic weaponry. The year-long investigation “uncovered evidence suggesting that unexplained anomalous health incidents, also known as Havana Syndrome, may have their origin in the use of directed energy weapons wielded by members of (the Russian GRU) Unit 29155,” the report said.

 

Russia’s 29155 unit is responsible for foreign operations and has been blamed for several international incidents, including the attempted poisoning of defector Sergei Skripal in Britain in 2018.

 

Moscow dismissed the allegations as “groundless” on April 1, 2024.
 

 

Section E: AWARDS

 

TOI bags green brand award for UnPlastic, tiger campaigns

Times of India has bagged the title of green brand of the year at IAA Olive Crown Awards 2024 for two initiatives — ‘UnPlastic India’ and ‘Saving Our Stripes’.

 

‘UnPlastic India’ was launched on June 5, World Environment Day, to spread awareness against plastic use and also offer green alternatives to single-use plastic in daily life.

 

‘Saving Our Stripes’, launched to mark the 50th anniversary of Project Tiger, featured not only sustained reportage on tiger reserves, but also a first-of-its-kind tiger anthem launched by the Union environment minister and praised by PM Modi.

‘UnPlastic India’ bagged eight awards, including 6 golds (2 joint); ‘Saving Our Stripes’ bagged two awards (joint golds).

 

TIOL Awards conferred in the Economics, Policy-making, & Fiscal Federalism

A platform for deliberations on a wide-range of economic, public finance, and taxation issues, ‘TIOL’ (Taxindiaonline.com) organised a special award ceremony in New Delhi on April 6, 2024, wherein former President Ram Nath Kovind honoured eminent Indian-American economist and a Professor of Economics & Law at Columbia University Prof. Jagdish N. Bhagwati with ‘TIOL Kautilya Global Award 2023’, and the duo of policymakers Dr. Vijay Kelkar, Chairman, 13th Finance Commission of India and N. K. Singh, Chairman, 15th Finance Commission of India with ‘TIOL Fiscal Heritage Award 2023’ for their profound & unparallel contribution to the field of economics & their impact on policy making.
 

 

Section F: BANKING & FINANCE

 

RBI MPC keeps repo rate unchanged

The Reserve Bank of India-led Monetary Policy Committee (MPC) on April 5, 2024 decided to keep the repo rate unchanged at 6.5 per cent for the seventh consecutive time, said RBI governor Shaktikanta Das while announcing the decisions of the bimonthly policy meet.

 

Furthermore, the committee with a majority of 5:1 retained the stance to withdrawal of accommodation while focusing on liquidity management to kept a check on inflation.

 

The Standing Deposit Facility (SDF) rate was retained at 6.25 per cent and the Marginal Standing Facility (MSF) rate and Bank Rate stood at 6.75 per cent.

 

The repo rate is the rate at which the RBI lends to banks.

 

The RBI left its inflation forecast for this fiscal year unchanged at 4.5 per cent.

 

The rate-setting panel while projecting a positive outlook for the ongoing financial year, kept the real GDP growth forecast for FY25 unchanged at 7 per cent. The Monetary Policy Committee (MPC) sees Q1FY25 growth rate at 7.1 per cent, Q2 at 6.9 per cent, Q3 and Q4 at 7 per cent each, with risks evenly balanced.

 

RBI to enable UPI for cash deposit

The Reserve Bank of India (RBI) has proposed to enable the Unified Payment Interface (UPI) for cash deposits considering the app’s popularity and convenience.

 

RBI Governor Shaktikanta Das, while making a statement on developmental and regulatory policies, said, “Given the popularity and acceptance of UPI, and also the benefits seen from the availability of UPI for card-less cash withdrawal at ATMs, it is now proposed to facilitate cash deposit facility through the use of UPI.”

 

Cash Deposit Machines (CDMs) deployed by banks enhance customer convenience while reducing cash-handling load on bank branches. The facility of cash deposit is presently available only through the use of debit cards.

 

The Governor said operational instructions on enabling UPI for cash deposit facility will be issued shortly.

 

In another measure, to facilitate wider non-resident participation in Sovereign Green Bonds (SGrBs), the RBI decided to permit eligible foreign investors in the International Financial Services Centre also to invest in such bonds.

 

A scheme for investment and trading in SGrBs by eligible foreign investors in IFSC is being notified separately in consultation with the Government and the IFSC Authority.

 

At present, foreign portfolio investors (FPIs) registered with SEBI are permitted to invest in SGrBs under different routes available for investment by FPIs in government securities.

 

The RBI also decided to introduce a mobile app for its Retail Direct scheme, introduced in November 2021. The scheme gives access to individual investors to maintain gilt accounts with RBI and invest in government securities. The scheme enables investors to buy securities in primary auctions and buy/sell securities through the NDS-OM platform.

 

 

RBI proposes distribution of CBDC through non banks

The Reserve Bank of India (RBI), in an effort to expand the usage of the Central Bank Digital Currency (CBDC), has now proposed to allow distribution of CBDCs through Non-bank Payment System Operators.

 

CBDC pilots in the Retail and Wholesale segments are underway with more use-cases and more participating banks. While the number of retail CBDC users is 46 lakh, the number of merchants using CBDC is 4 lakh. The CBDC Retail (CBDC-R) pilot currently allows for Person to Person (P2P) and Person to Merchant (P2M) transactions using Digital Rupee wallets provided by selected banks.

 

RBI has found that volumes are moving to P2M from P2P.

 

The RBI has now proposed to make CBDC-Retail accessible to a broader segment of users in a sustained manner, by enabling non-bank payment system operators to offer CBDC wallets. “This is expected to enhance access and expand choices available to users apart from testing the resiliency of the CBDC platform to handle multi-channel transactions. Necessary changes will be made to the system to facilitate this,” said RBI governor Shaktikanta Das in the Statement on Developmental and Regulatory Policies.

 

At present, the CBDC pilot is operational across 13 banks including State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. Later Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank were included.

 

CBDC, also known as Digital Rupee or e₹, is a digital version of physical currency, offering trust, safety, and easy settlement like cash. However, it doesn’t earn interest and can be converted into other forms of money. The RBI creates and distributes CBDC tokens to Token Service Providers (TSPs), who then distribute them to users for transactions, similar to physical cash.

 

New UPI rules for access for prepaid instruments

The Reserve Bank of India (RBI) in its monetary policy committee (MPC) meeting said that now individuals can make payments from prepaid payment instruments like digital wallets using UPI that too through any third party app. RBI Governor Shaktikanta Das has said wallet holders no longer have to depend upon the PPI wallet issuer in order to make UPI payments, rather individuals can use third party apps in order to transact using unified payment interface (UPI).

 

RBI Governor Shaktikanta Das said, “At present, UPI payments from bank accounts can be made by linking a bank account through the UPI App of the bank or using any third-party UPI application. However, the same facility is not available for PPIs. PPIs can currently be used to make UPI transactions only by using the application provided by the PPI issuer. To provide more flexibility to PPI holders, it is now proposed to permit linking of PPIs through third-party UPI applications. This will enable the PPI holders to make UPI payments like bank account holders. Instructions in this regard will be issued shortly.”

 

This will allow all Full KYC PPI Wallets to become inter-operable just like how bank accounts and RuPay credit cards operate where such instruments can be linked to any UPI App.

 

This new development will bring PPIs at par with making UPI payments using bank account. This will facilitate the linkage and usage of the PPI to make digital payments not only through a specific app but through any of the third party UPI applications like PhonePe, Google Pay etc. This shall bring the PPIs to par with the bank accounts for a customer to make UPI payments through third-party applications.

 

Customers shall now have choice to park the funds in PPI to make payments rather than make frequent debits to its bank savings account. This will bring ease of making smaller transactions and avoid too many small transactions being routed through the savings accounts.

 

This strategic measure will encourage digital transactions for small-value transactions, effectively curbing cash usage and fostering the growth of a cashless economy.

The key outcome from this new development by the RBI is that now PPI wallet holders (Paytm, PhonePe, Freecharge, etc) can now link their wallets with third-party UPI apps and make a payment. RBI’s announcement grants PPI users the ability to seamlessly integrate their accounts with a wide range of UPI-enabled services, mirroring the convenience and flexibility traditionally reserved for standard bank account holders.

 

Banking experts also say that due to this new development will result in increased volume of transactions in PPI wallets. It will also allow further penetration given there were a lot of PPIs who had customers but never had a separate UPI App, now such instruments can be linked to the third party application providers (TPAPs) and spends can be done using UPI App.

 

RBI, NPCI propose ways to cut cross-border remittance costs

The RBI and National Payments Corporation of India (NPCI) have apprised the World Trade Organisation (WTO) of ways to reduce the cost of cross-border remittances, given that these could go as high as 8% under current circumstances.

A presentation was made by RBI-NPCI in this regard at a seminar held under the WTO’s Committee on Trade in Financial Services on March 25.

 

The seminar was organised following a proposal from India, Philippines, and South Africa.

 

India is seeking to bring the cost of remittances below 3% and eliminate remittance channels costing more than 5% by 2030 in line with UN Sustainable Development Goal (SDG) target.

 

India is of the view that to achieve lower costs and have more transparent and accessible payment system, interoperability and interlinkages of digital payment infrastructures, including fast payment systems should be promoted. The issue was also discussed at the 13th Ministerial Conference of the WTO in Abu Dhabi.

 

Remittances are a major component in balance of payment and it is an important source of income.

 

The cost of remittance services is currently 6.2% on average of which 3% is charged at the point of sending the money and 3% at a point where money is received.

 

India has demanded that there should be a better understanding between countries and banks so that charges are imposed on one side only, that is 3%. Apart from the proposers of the seminar, India’s proposal has the support of many other developing countries but opposition is coming from the US and Switzerland as remittances is a big business for their banks. In the 13th ministerial conference, these two nations vetoed the proposal, stating they are not ready for that and they need to examine it further.

 

Remittance flows into low- and middle-income economies amounted to $669 billion last year and are expected to grow in the coming years. India is the biggest receiver of remittances in the world. In 2023, these inflows amounted to 125 billion. The second placed Mexico received $67 billion and China $50 billion.

 

Households expect inflation to moderate further: RBI

Households expect inflation to moderate over a three month time horizon as well as one year time horizon to single digit levels after more than a year. But their expectation on the current period inflation is that it would stay at current levels, the latest round of survey on household inflation expectations conducted by the Reserve Bank showed.

 

Households’ inflation expectations for both three months and one year ahead moderated by 20 basis points (bps, one bps is 0.01 percent) each to 9 percent and 9.8 percent, respectively. Their perception on current inflation, however, remained unchanged at 8.1 per cent.

 

The share of households expecting overall prices and inflation to increase over the next three months and one year moderated. This expectation in moderation of prices holds for overall general price level as well as general prices as well as for most of the product groups, when compared to the previous survey round.

 

The bimonthly survey which is conducted prior to the monetary policy committee meetings was conducted during March 2-11, 2024 in 19 major cities, with responses from 6,083 urban households.

 

Canara Bank launches loans for healthcare, savings accounts for women

Canara Bank on April 3, 2024 launched healthcare focused loan product Canara Heal, which will meet the shortfall in hospitalization expenditure while settling through TPA healthcare insurance claims of self and/or dependents.

 

The Bengaluru-based public sector bank also launched a customized savings account for women – Canara Angel – with unique features like Cancer Care policy, pre-approved personal loan Canara ReadyCash and an Online Loan against term deposit product Canara MyMoney.

 

Canara bank exchanged Memorandums of Understanding (MoUs) with both MediAssist Healthcare Services Ltd and Bajaj Allianz General Insurance Company Ltd. at the launch event, “marking a significant step towards enhancing healthcare accessibility and affordability for its customers through its Canara Heal product.”

 

RBI penalises IDFC First Bank, LIC Housing Finance

The Reserve Bank on April 5, 2024 said it has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain norms. The penalty on IDFC First Bank has been imposed for non-compliance with certain directions on ‘Loans and Advances – Statutory and Other Restrictions’, the central bank said in a statement.

 

In another statement, it said the penalty on LIC Housing Finance has been levied for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI.

 

In both cases, penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their respective customers.

Meanwhile, the RBI has cancelled certificate of registration (CoR) of four NBFCs — Kundles Motor Finance, Nithya Finance, Bhatia Hire Purchase, and Jiwanjyoti Deposits and Advances. The four companies now cannot transact the business of a non-banking financial institution.

 

Another five NBFCs have surrendered their CoR. These are — Growing Opportunity Finance (India), Invel Commercial, Mohan Finance, Saraswati Properties, and Quicker Marketing.

 

Indian stock market indices close at all-time highs on April 4

Indian Stock market indices Sensex and Nifty surged to all-time highs on April 4, 2024. The Sensex jumped 0.47 per cent, or 350.81 points to end at a fresh high of 74,227.63. The broader Nifty 50 gained 80 points, or 0.36 percent, to end at a new high of 22.514.65.

 

SEBI launches SCORES 2.0

The Securities and Exchange Board of India (SEBI) on April 1, 2024 launched the new version of its complaint redress system. The new version of SCORES (Sebi Complaint Redress System) strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction of timelines,” it said in a release.

 

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Justice PS Dinesh Kumar appointed new SAT chief

The government on April 4, 2024 appointed former Karnataka High Court Chief Justice PS Dinesh Kumar as the presiding officer and former principal chief commissioner of income tax Dheeraj Bhatnagar as a technical member to the Securities Appellate Tribunal (SAT). Justice Kumar has been appointed for four years or till he attains the age of 70 years, whichever is earlier.

 

While Bhatnagar has been appointed for four years or until he turns 67 years, whichever comes first. They are replacing Justice Tarun Agarwala who demitted office in December 2023 and technical member MT Joshi, who retired in February 2023. Presently, there is only one technical member, Meera Swarup who has been hearing matters.

 

According to rules, the presiding officer of the tribunal should constitute a bench with two or more judicial or technical members. However, every bench should include at least one judicial and one technical member.

 

SAT hears appeals against orders passed by the Securtities and Exchange Board of India, the Insurance Regulatory and Development Authority of India and the Pension Fund Regulatory and Development Authority.

 

Chandra Shekhar Ghosh to retire as MD & CEO of Bandhan Bank

Chandra Shekhar Ghosh, Managing Director and Chief Executive Officer of Bandhan Bank will retire from the position upon completion of his current tenure on July 9, 2024, said the lender in its statement. After doing his MA in Statistics from Dhaka University, Bangladesh, in 1985, Ghosh joined Dhaka-based BRAC, an international development non-profit working for women empowerment in small villages in Bangladesh. In 2009, he registered Bandhan as a non-banking finance company and became the first microfinance institution in 2014 to receive a banking licence in India.  Bandhan Bank on April 4, 2024 said its loans and advances have clocked Rs 1.28 lakh crore at the end of the fourth quarter of the 2023-24 fiscal, registering a 17.8 per cent growth year-on-year. The lender said the same was Rs 1.09 lakh crore by the end of March 31, 2023.
 

 

Section G: ECONOMY

 

March GST collection up 11.5% YoY at Rs 1.78 lakh cr

Goods and Service Tax collection in the month of March 2024 rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017.

 

The rise of GST collection in March can be attributed to the ‘significant rise in GST collection from domestic transactions at 17.6 per cent,’ the Finance Ministry said in a press release on April 1, 2024. GST revenue net of refunds in March grew 18.4 per cent on a year-on-year basis to Rs 1.65 lakh crore.

 

Of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was Rs 43,746 crore and Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, including Rs 40,322 crore collected on imported goods. The Cess collections stood at Rs 12,259 crore, including Rs 996 crore collected on imported goods.

 

TOP 5 GST COLLECTIONS AMOUNT

  • APRIL 2023: Rs 1.87 lakh crore
  • MARCH 2024: Rs 1.78 lakh crore
  • JANUARY 2024: Rs 1.74 lakh crore
  • OCTOBER 2023: Rs 1.72 lakh crore
  • FEBRUARY 2024: Rs 1.7 lakh crore

 

The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023. GST collection in February registered a growth of 12.5 per cent to Rs 1.7 lakh crore, the fifth highest since the roll-out.

 

GST collection for FY24 saw an increase of 11.7 per cent at Rs 20.14 lakh crore. The average GST collected per month in FY24 rose to Rs 1.68 lakh crore from Rs 1.5 lakh crore the year before. GST revenue net of refunds for the whole financial year stood at Rs 18.01 lakh crore, up 13.4 per cent YoY.

 

Govt hikes windfall tax on crude petroleum to Rs 6,800 per tonne

The government on April 3, 2024 increased the windfall tax on domestically produced crude to Rs 6,800 per tonne from Rs 4,900 per tonne, with effect from April 4.

 

The tax is levied in the form of Special Additional Excise Duty (SAED).

 

The export duty on diesel, petrol and Aviation Turbine Fuel (ATF) will continue to remain zero.

 

Earlier on March 15, the government had raised the windfall tax on petroleum crude to Rs 4,900 per ton from Rs 4,600 per ton.

 

India imposed a windfall tax on crude oil producers from July 2022 and extended the levy on exports of gasoline, diesel and aviation fuel, as private refiners wanted to sell fuel overseas to gain from robust refining margins instead of selling locally.

The government revises the tax fortnightly.

 

Ministry of Corporate Affairs reports record high incorporations in 2023-2024

The Ministry of Corporate Affairs (MCA) announced that the fiscal year 2023-2024 has witnessed the highest number of incorporations on record, surpassing any of the previous financial years on April 2, 2024.

 

In particular, the number of companies incorporated during the fiscal year 2023-2024 soared to 185,314, a rise from the 159,339 companies incorporated in the previous financial year 2022-2023.

Similarly, the incorporation of Limited Liability Partnerships (LLPs) also witnessed a remarkable uptick during the same period.

 

The data indicates that 58,990 LLPs were incorporated in the fiscal year 2023-2024, compared to 36,249 LLPs incorporated in the preceding year 2022-2023.

 

This surge in LLP incorporations reflects the increasing popularity of this business structure among entrepreneurs seeking flexibility and limited liability.

 

According to data released by the MCA, both companies and Limited Liability Partnerships (LLPs) have seen a remarkable surge in incorporations during the fiscal year 2023-2024 compared to the preceding year.

 

The statistics reveal a notable increase in the number of entities joining the corporate ecosystem, reflecting a buoyant business environment and robust investor confidence.

 

FSSAI bans use of term ‘health drink or energy drink’ for malt based drinks

The Food Safety and Standards Authority of India (FSSAI) has directed all ecommerce companies to not to refer to dairy based beverages, cereal based beverages or malt based beverages as ‘health drink or energy drink’ as the term ‘health drink’ has not been defined uder the food laws of the country and ‘energy drink’ refers to carbonated and non-carbonated water based flavoured drinks under the laws.

 

The usage of incorrect terms can be “misleading” For consumers therefore, “FSSAI has advised all e-commerce FBOs to promptly rectify this misclassification by removing or de-linking such drinks or beverages from the category of ‘Health Drinks/Energy Drinks,” the food regulator said in a statement.

 

FSSAI has clarified that the term ‘Health Drink’ is not defined or standardized anywhere under the FSS Act 2006 or rules or regulations, which govern the food industry.

 

The term – ‘Energy’ Drinks – is permitted to be used only on the products such as carbonated and non-carbonated water based flavoured drinks.

 

Jobs generated under MGNREGS up 4.8% in 2023-24

Work generation under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) increased 4.81% to 3.1 billion person-days in 2023-24 from 2.96 billion in the previous financial year, though individual demand for work remained nearly the same at 332.7 million, as against 331.5 million in 2022-23, showed the rural development ministry data. The number of households that got work under the flagship rural jobs scheme increased 5.76% to 230.4 million in 2023-24 from 217.9 million in FY23.

 

Household demand for work under the scheme went up 2.7% to 265.6 million in 2023-24 from 258.5 million in 2022-23.

 

Person-days of work generated fell 32% in March to 152.3 million from 224.1 million in February, while the number of households that got work under the scheme fell 23.4% month-on-month to 13.4 million, as compared to 17.5 million in February.

 

Month-on-month demand for work by individuals as well as households fell in March compared to that in February.

 

Only consumable liquor under state control: Centre

Union govt told SC on April 4, 2024 that a conjoint reading of regulating entries in central, state and concurrent lists of the Constitution projected states’ jurisdiction over liquors consumable by humans for intoxication but all other variants, including industrial alcohol, came under central domain.

After states relied heavily on Entry 8 of List II to seek full regulating control over all kinds of alcohol, including the industrial variant, attorney general R Venkataramani told a nine-judge bench led by CJI D Y Chandrachud that the litmus test for Entry 8 was the human factor introduced by the Constitution framers by specifying liquor’s intoxicating effect.

 

“Intoxicating must be seen only with reference to impact owing to human consumption. That which is not consumable by humans will not fall within the meaning of ‘intoxicating’. Notwithstanding the long history of definitions of ‘liquor’ to include liquids with alcohol content, it cannot be canvassed that human consumption part can be kept aside,” AG said.

 

Non-potable alcohol, including denatured spirits or industrial alcohol, will be unfit for human consumption, whereas entries on this in state list referred only to ‘liquors for human consumption’, Venkataramani said while placing Centre’s stand before the bench, also comprising Justices Hrishikesh Roy, A S Oka, B V Nagarathna, JB Pardiwala, M M Misra, S C Sharma and A G Masih.

 

He said Entry 52 of List I, untrammelled by any other liquor regulating entry in state list, empowered Parliament to exercise overarching regulatory control through legislation in public interest over the liquor industry, except those which manufactured potable alcohol. This overarching control would extend to its trade, commerce, supply and sale, he said.

 

SC transfers to itself all petitions against 28% GST on online gaming companies

The Supreme Court on April 5, 2024 transferred to itself of all the pending cases before various High Courts challenging the imposition of 28 per cent Goods and Services Tax (GST) on online gaming companies.

 

A bench of Chief Justice of India DY Chandrachud, Justices JB Pardiwala and Manoj Misra allowed the plea of Centre seeking transfer of all 27 petitions pending in nine High Courts across India.

 

Several online gaming companies including Gameskraft, Dream 11, Games 24×7, and Head Digital Works have approached the court also challenging the GST imposition.

 

Earlier, the apex court had stayed the Karnataka High Court verdict quashing the GST intimation notice to the tune of Rs 21,000 crore issued to online gaming firm Gameskraft.

 

On January 8, the top court had issued notice to the Centre on pleas filed by the E-gaming Federation and others against the levy of 28 per cent GST.

 

The GST council had, in one of its meetings in July 2023, recommended that online gaming, along with casinos and horse racing, should be taxed at a uniform rate. It had decided against having any distinction between ‘games of skill’ and ‘games of chance’.

Kerala leads the EV charge; No. 1 in 2W, too

Kerala emerged the No.1 State in the adoption of electric two-wheelers (e-2W) and cars in the country in FY24.

 

The e-2W penetration in Kerala stood at 13.5 per cent in FY24 (8.4 per cent in FY23), followed by Karnataka at 11.5 per cent (9.2 per cent in FY23), Maharashtra at 10.1 per cent (8.2 per cent) and Delhi at 9.4 per cent (9.5 per cent). However, Kerala’s total electric two-wheeler sales are significantly lower at 65,000 plus units in FY24 when compared with 1.84 lakh units in Maharashtra and 1.5 lakh units in Karnataka in the same year.

 

In the passenger vehicle segment, EV penetration in Kerala increased to 5.2 per cent in FY24, up from 2.3 per cent in FY23. Delhi was No.2 with a share of 3.2 per cent (2.1 per cent in FY23), and Karnataka followed with 3.1 per cent (1.3 per cent in FY23), according to a report by BNP Paribas.

 

Govt garners Rs 16,507 crore via public sector enterprises disinvestment in FY24

The government has garnered Rs 16,507 crore by selling minority stake in state-owned companies in 2023-24 fiscal, lower than what was projected in its revised estimates. During the 2023-24 fiscal, which ended March 31, the government sold stakes in 10 central public sector enterprises (CPSEs) through offer for sale (OFS).

 

Share sale in Coal India fetched Rs 4,186 crore, while in NHPC and NLC India it garnered Rs 2,488 crore and Rs 2,129 crore, respectively. The government raised Rs 858 crore though initial public offering of IREDA.

 

The government also sold shares in RVNL, SJVN, IRCON International, HUDCO and earned remittances from SUUTI.

 

The budget had pegged disinvestment proceeds for 2023-24 fiscal at Rs 51,000 crore.

 

The highest ever mop-up from disinvestment at Rs 1,00,056 crore was recorded in 2017-18, marginally exceeding the budget target of Rs 1 lakh crore.

 

Govt waives duty on export of 1,000 tonnes of kalanamak rice

The government has removed duty on the Kalanamak variety of rice for exports of up to 1,000 tonnes through six specified customs stations. The duty on overseas shipments of Kalanamak rice was 20 per cent.

 

According to a notification by the Finance Ministry, the duty waiver on the export of up to 1,000 tonnes of this variety of rice will come into effect from April 3, 2024.

 

The Directorate General of Foreign Trade (DGFT) on April 2, 2024 had allowed exports of up to 1,000 tonnes of Kalanamak rice through specified customs stations.

 

Kalanamak is a variety of non-basmati rice, exports of which were earlier prohibited.

 

Exports of this variety of rice are allowed through six customs stations – Varanasi Air Cargo; JNCH (Jawaharlal Nehru Customs House), Maharashtra; CH (customs house) Kandla, Gujarat; LCS (land customs station) Nepalgunj Road; LCS Sonauli; and LCS Barhni.

 

Online gaming, casinos topped GST evasion in FY24: DGGI

Online gaming and casinos led the chart of GST evaders in 2023-24, annual data compiled by the Directorate-General of GST Intelligence (DGGI) showed.

 

This sector alone accounted for more than 40% of the evaded amount. The DGGI detected more than 6,074 cases involving evasion of duty of over ₹2.01-lakh crore.

 

According to a note prepared by the DGGI, “It is approximately 10% of total GST collection in the current FY with a voluntary payment of ₹26,598 crore which has contributed about 1.4% of total GST collections for FY2023-24.

 

“Further, 147 masterminds and other offenders involved in GST evasion were arrested.”

 

A considerable amount of tax evasion has been detected in major sectors such as online gaming and casino (₹83,588 crore), co-insurance/re-insurance (₹16,305 crore) and secondment (₹1,064 crore), as per the note. “DGGI also initiated investigation in respect of offshore online gaming entities wherein entities that do not comply with GST law are being identified and scrutinised for necessary action as per law,” it was said in the note.

 

 

World Bank projects Indian economy to grow at 7.5% in 2024

The Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 per cent. Overall, growth in South Asia is expected to be strong at 6.0 per cent in 2024, driven mainly by robust growth in India and recoveries in Pakistan and Sri Lanka, the World Bank said in its latest South Asia Development Update on April 2, 2024.

 

India’s forex reserves rise to $645.58 billion for week ending on March 29

The Reserve Bank of India’s foreign exchange reserves touched a new record high of $645.58 billion in the week ended March 29.  Forex reserves increased by $2.9 billion in the week ended March 29, primarily driven by the central bank’s foreign currency assets that rose $2.3 billion to $570.61 billion during the week.

 

Veg thali gets dearer by 7% in March

The cost of a vegetarian thali became dearer by 7 per cent in March primarily due to the rise in onion, tomato, and potato prices, an arm of domestic rating agency Crisil said on April 4, 2024. A cool down in poultry prices led to a 7 per cent decline in non-vegetarian thali, Crisil Market Intelligence and Analysis said in its monthly “Roti Rice Rate” report. The cost of a vegetable thali — comprising roti, vegetables (onions, tomatoes and potatoes), rice, dal, curd and salad — increased to Rs 27.3 per plate in March from Rs 25.5 in the year-ago period, but was cheaper than Rs 27.4 in February 2024, it said.

Paradip Port leads Indian Major Ports in cargo throughput in FY 2023-24

Paradip Port Authority achieved record-breaking 145.38 MMT cargo throughput in FY 2023-24 and thus-by nudged passed Deendayal Port, Kandla to emerge as the highest cargo handling major port of the country. For the first time in the 56 years history of operation, PPA has surpassed previous records, set by Deendayal Port.
 

 

Section H: CORPORATE

 

Google agrees to destroy browsing data to settle consumer privacy lawsuit

Google agreed to destroy data records to settle a lawsuit claiming it secretly tracked the internet use of people who thought they were browsing privately. Terms of the settlement were filed April 1, 2024 in the Oakland, California federal court, and require approval by US district judge Yvonne Gonzalez Rogers.

 

Lawyers for the plaintiffs valued the accord at more than $5 billion, and as high as $7.8 billion. Google is paying no damages, but users may sue the company individually for damages. The class action began in 2020, covering millions of Google users who used private browsing since June 1, 2016.

 

Users alleged that Google’s analytics, cookies and apps let the Alphabet unit improperly track people who set Google’s Chrome browser to “Incognito” mode and other browsers to “private” browsing mode. They said this turned Google into an “unaccountable trove of information” by letting it learn about their friends, favourite foods, hobbies, shopping habits, and the “most intimate and potentially embarrassing things” they hunt for online.

 

Under the settlement, Google will update disclosures about what it collects in “private” browsing, a process it has already begun. It will also let Incognito users block third-party cookies for five years. “The result is Google will collect less data from private browsing… and will make less money,” the plaintiffs’ lawyers wrote.

 

Saregama launches AI-based music learning app

Saregama India Ltd has launched Padhanisa, an AI-based music learning app. The customised platform also offers live masterclasses and Q&A sessions. The app, available on Google Play Store and App Store, offers monthly, quarterly, semi-annual, and annual plans along with seven days of free trial.

 

Amazon India has launched its new vertical called Bazaar, featuring low-priced, unbranded fashion and lifestyle products. The segment went live on Amazon India’s Android app.

 

X launches community notes in India

Micro-blogging website X (formerly Twitter) April 4, 2024 launched its community notes program for users in India, allowing users to contribute to the fact-checking of tweets sent out by users and intermediaries on the platform. “Welcome new contributors in India. Our first contributors are joining today, and we’ll be expanding over time. As always, we’ll monitor quality to ensure that notes are found helpful by people from different points of view,” the company’s affiliate handle Community Notes tweeted early on April 4, 2024 India time.

 

BMW Group, Tata Technologies announce IT JV

German luxury carmaker BMW Group and homegrown Tata Technologies signed an agreement to form a joint venture (JV) to establish an automotive software and IT development hub in Pune, Bengaluru and Chennai. BMW Group and Tata Technologies will each hold a 50% stake in the newly-formed JV.  Tata Technologies, the unit of carmaker Tata Motors, provides engineering and technology services to auto, aero and heavy machinery makers. BMW already has a manufacturing plant in Chennai and gets its engines in the country from Force Motors, while TVS Motors helps make the German motorcycles.

 

Bharat Biotech & SII join hands in war on polio

Pharma rivals and leading vaccine makers Bharat Biotech and Serum Institute of India (SII) announced collaboration for global polio eradication. Under the new alliance, Bharat Biotech of Hyderabad will source the drug substance for its oral polio vaccine (OPV) — Biopolio — from Pune-based SII’s subsidiary Bilthoven Biologicals BV (BBio), based in the Netherlands. An official announcement on April 2, 2024 revealed that Bharat Biotech and BBio have signed an agreement to jointly obtain regulatory approvals and licences for commercial OPV manufacturing in India, catering to both domestic and international markets.

 

Yahoo acquires AI-driven news platform Artifact

Yahoo said on April 2, 2024 it had acquired Instagram co-founders’ AI-driven news platform, Artifact, and will incorporate its technology across the U.S. web services provider’s news and other sites. Yahoo, which also owns news brands TechCrunch, Engadget and Yahoo Finance, said Artifact’s AI-powered recommendation engine and other features will help scale its news operations and deliver personalized content to audience. The online publisher also owns a minority stake in content recommendation platform Taboola. Yahoo, which declined to share financial details, was bought out by private equity firm Apollo Global Management for $5 billion in 2021. Artifact was launched in early 2023 by Systrom and Mike Krieger. They were earlier at Meta, then known as Facebook, after the company’s acquisition of Instagram in 2012.

 

Adani Green Energy crosses 10,000 MW of renewable energy capacity

Adani Green Energy Ltd has commissioned 2,000 MW of solar capacity at the giant Khavda solar park in Gujarat that has made it the first company in India with over 10,000 MW of renewable energy capacity. The company now has an operating portfolio of 10,934 MW, largest in India. AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.

 

Brand Trust Report (BTR) 2024

Dell has been ranked as India’s Most Trusted Brand fifth year in a row in TRA’s Brand Trust Report (BTR) 2024 which lists India’s 1000 Most Trusted Brands every year. Dell is followed by Honda Two wheelers, Amazon, Titan Watches, Sony (Televisions), XIAOMI, Bata (Footwear- Retail), Nike (Footwear- Sports), LIC (Life Insurance – PSU) and Samsung (Televisions).

NEWSMAKERS

 

Forbes Richest List 2024: Bernard Arnault retains title as world’s richest person

Bernard Arnault (75), the chairman and CEO of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SA, has once again secured the top spot on Forbes’ World’s Billionaires list for the second consecutive year. With an estimated fortune of $233 billion, Arnault maintains a substantial lead of $38 billion over his closest competitor, Elon Musk. Arnault first appeared on the billionaires list in 1997 with a fortune of $3.1 billion. Over the years, he has transformed LVMH into a powerhouse, acquiring iconic brands such as Tiffany & Co. and collaborating with global stars like Rihanna.

 

The global billionaire landscape is experiencing unprecedented growth, with a record 2,781 billionaires worldwide. The United States leads the world in billionaire count, boasting 813 individuals with a total wealth of $5.7 trillion. China follows closely behind, with 473 billionaires worth $1.7 trillion. India has also seen a significant rise in billionaire numbers, reaching a record 200 individuals with a combined wealth of $954 billion.

 

Mukesh Ambani, Chairman of Reliance Industries, is Asia’s wealthiest individual, with a net worth of $116 billion. This makes Ambani as the sole Asian member of the exclusive $100 billion club. Following Ambani, Gautam Adani secures the second spot as India’s wealthiest individual, boasting a net worth of $84 billion.

 

Savitri Jindal, India’s wealthiest woman, also maintains her prominent position, ascending to become India’s fourth-richest individual, with a net worth of $33.5 billion. Savitri, the matriarch of the Jindal family, chairs the Jindal Group, a conglomerate with interests in steel, power, cement, and infrastructure, after her husband’s sudden demise in 2005. She quit the Congress and joined the ruling BJP at an event in Hisar, on March 28, 2024.

 

India’s Top 10 Richest Individuals

  • Mukesh Ambani – $116 billion
  • Gautam Adani – $84 billion
  • Shiv Nadar – $36.9 billion
  • Savitri Jindal – $33.5 billion
  • Dilip Shanghvi – $26.7 billion
  • Cyrus Poonawalla – $21.3 billion
  • Kushal Pal Singh – $20.9 billion
  • Kumar Birla – $19.7 billion
  • Radhakishan Damani – $17.6 billion
  • Lakshmi Mittal – $16.4 billion

 

Shiv Nadar is the founder of HCL Technologies

 

Lakshmi Mittal is the chairman of ArcelorMittal, the world’s second largest steelmaking company.

 

Cyrus S. Poonawalla is the chairman and managing director of the Cyrus Poonawalla Group, which includes the vaccine company Serum Institute of India

 

Dilip Shanghvi is the founder of Sun Pharmaceuticals.

 

Radhakishan Damani is the founder and chairman of retail chain Avenue Supermarts Limited, known for its hypermarket chain, DMart.

 

Kushal Pal Singh is a real estate developer and the chairman and CEO of real estate developer DLF Limited.

 

Wipro names Srini Pallia as CEO after Delaporte steps down

Wipro Ltd. on April 6, 2024 appointed Srini Pallia as CEO and MD with immediate effect after the firm said Thierry Delaporte, who took the IT services provider through a significant transformation in the last four years, had stepped down to pursue passions outside the workplace. Delaporte was Wipro’s first expatriate CEO.

 

Sanjay Nayar takes over as Assocham president

Sorin Investment Fund Chairman Sanjay Nayar has taken over as Assocham president for 2024-25, the industry body said April 2, 2024. He succeeds SpiceJet Chairman and managing director Ajay Singh, who completed his tenure as the chamber’s president.

 

Meenesh Shah elected Chairman National Cooperative Dairy Federation of India

The National Cooperative Dairy Federation of India Limited (NCDFI), the apex body of dairy cooperatives, has elected Meenesh Shah as its chairman. Shah is chairman and managing director of the Anand-headquartered National Dairy Development Board (NDDB). Shah was unanimously elected as chairman in the elections conducted on April 5, 2024 by Praveen Chaudhary, Anand district collector, who served as the returning officer.
 

 

Section I: STATES

 

SC stays HC verdict declaring UP Madrasa Act ‘unconstitutional’

The Supreme Court on April 5, 2024 stayed Allahabad High Court’s order to declare the Uttar Pradesh Board of Madrasa Education Act, 2004 unconstitutional.

 

A bench headed by Chief Justice of India (CJI) DY Chandrachud observed that the view taken by the HC is “prima facie not correct.”

 

The bench went on to observe that the object and purpose of Madrasa Board is regulatory in nature. And that the HC appears to have misconstrued the provisions of the Madrasa Act, since it does not provide only for religious instruction.

 

The top court further observed that even if the petitioner before the HC had challenged the Act’s validity, the remedy was not to strike down the Madrasa Act.

 

“The state has a legitimate public interest to ensure all students get quality education which makes them qualified enough to pursue a dignified existence. Whether this purpose will require jettisoning the 2004 Act merits serious consideration,” the bench added.

 

The court issued notice to the Uttar Pradesh government asking it to respond to the appeal challenging the HC order. Significantly, the top court added the HC while striking down the Act, has ordered that (madrasa) students will be relocated by the state. “This will impinge on future of education for all the 17 lakh children. We are of the view this direction was not prima facie warranted,” the bench added.

 

The development took place during the hearing of an appeal challenging the March decision of Allahabad HC which struck down the UP Board of Madrasa Education Act, 2004 as unconstitutional.

 

The counsel for UP government contended that the state has accepted the HC judgment and would not be defending the validity of the 2004 Act.

 

Appearing on behalf of the central government, Attorney General K Venkataramani apprised the bench that the Centre had not supported the validity of the Act before the HC either.

 

On March 22, a division bench of the high court had held the Act to be violative of the principle of secularism enshrined in the Constitution of India. The stated object of the 2004 Act was to empower the Madrasa Education Board by overseeing the functioning of madrasas.

 

Ceiling on net borrowing: SC refers Kerala govt’s suit to five-judge Constitution bench

The Supreme Court on April 1, 2024 referred to a five-judge Constitution bench the suit filed by the Kerala government raising the issue of ceiling on net borrowing. A bench of Justices Surya Kant and K V Viswanathan passed the order on the state’s suit, accusing the Centre of interfering in the exercise of its “exclusive, autonomous and plenary powers” to regulate the state’s finances by imposing a cap on borrowing.

 

The bench referred to Article 293 of the Constitution, which deals with borrowing by states, and said this provision has not been so far subject to any authoritative interpretation by the apex court.

 

In an original suit filed under Article 131 of the Constitution, the Kerala government has said the Constitution bestows fiscal autonomy upon states to regulate their finances under various articles, and the borrowing limits or the extent of such borrowings are regulated by state legislation.

Article 131 of the Constitution deals with the original jurisdiction of the apex court in any dispute between the Centre and states.

 

Sitars, tanpuras made in Maharashtra’s Miraj town get GI tags

The sitars and tanpuras of Miraj, a small town in Maharashtra’s Sangli district known for its craftsmanship in making musical instruments, have been awarded the coveted Geographical Indication (GI) tags. These instruments made in Miraj are much in demand among some of the prominent artistes, including those renowned in the field of classical music.

 

The GI tag denotes the product comes from a particular geographical area, and often enhances its commercial value.

 

The tradition of making sitars and tanpuras in Miraj goes back more than 300 years, with over seven generations of craftsmen having worked towards making these string instruments, the makers say.

 

On March 30, the government of India’s intellectual property office issued GI tag to the Miraj Musical Instruments Cluster for its sitars and to the Soultune Musical Instrument Producer firm for tanpuras.

 

Chhattisgarh: 3 Naxals gunned down in encounter in Bijapur district

Security forces gunned down three Naxalites in an encounter in a dense forest in Chhattisgarh’s Bijapur district bordering Telangana on April 6, 2024 and recovered arms and ammunition from the scene. The exchange of fire took place around 5.30 am near Dolliguda village under the Usoor police station area along the interstate border when a team of Greyhounds, Telangana’s elite anti-Naxal force, was out on an operation. A team of Chhattisgarh police was also present in the area to extend auxiliary support to the Greyhounds team.

 

Param Vir Chakra garden inaugurated in Chennai

Tamil Nadu Governor R.N. Ravi inaugurated Param Vir Chakra garden and Aikyam exhibition in the Kanchi Mahaswami Vidya Mandir in Tambaram, Chennai on March 31, 2024. The garden displays the history with statues of the 21 Param Vir Chakra awardees.

NEWSMAKERS

 

Court orders judicial custody of Delhi CM till April 15

A Delhi court on April 1, 2024 sent chief minister Arvind Kejriwal to Tihar Jail till April 15 in the liquor policy case after Enforcement Directorate said he was being “non-cooperative” and should be sent to judicial custody.

 

Producing Kejriwal after the end of his remand, ED did not seek further custody but alleged that he had tried to mislead the officials who were questioning him. The agency claimed Kejriwal had told them that co-accused Vijay Nair didn’t report to him but to Atishi and Saurabh Bharadwaj, now AAP ministers.

 

In its application, ED said Kejriwal was highly influential and there was every likelihood that he would influence witnesses and tamper with evidence if released. This could hamper the ongoing investigation, it said.

 

Veteran producer Gangu Ramsay dies at 83

Veteran cinematographer-director Gangu Ramsay, one of the seven Ramsay Brothers, the pioneers of the horror genre in India, passed away at the age of 83 in Mumbai on April 7. Working with his brothers, Gangu contributed his vision and technical know-how to over 50 films. Some of his most notable films include classics such as ‘Veerana’, ‘Purana Mandir’, ‘Bandh Darwaza’, ‘Do Gaz Zameen Ke Neeche’, etc. Originally named Ramsinghani, the seven brothers adopted the name ‘Ramsay’. They became pioneers of ‘B-grade’ horror and thriller movies made on a shoestring budget. Aside from movies, they also produced the TV series ‘Zee Horror Show’ which became a roaring hit during the ‘90s.
 

 

Section J: SPORTS

 

Arjun Erigaisi replaces Anand as top ranked Indian in official FIDE rating list

GM Arjun Erigaisi replaced five-time world champion Viswanathan Anand as the highest-ranked Indian in the official FIDE rating list on April 1, 2024.

 

Arjun is currently placed seventh in the world rankings with a live rating of 2758.3. The 20-year-old leapfrogged Anand in the live rating list in March.

 

Arjun became only the second Indian after D Gukesh to surpass Anand as the India No. 1 on a published FIDE Rating list.

 

He is also the fourth Indian after Anand, Pentala Harikrishna and Gukesh to enter the top 10 in world rankings.

 

Uzbekistan sensation Nodirbek Abdusattorov is the biggest gainer, moving up to the fourth position with a 2765 Elo rating.

 

Magnus Carlsen stayed untouched on the top with 2830 while USA veterans Fabiano Caruana and Hikaru Nakamura hold the second and third positions, respectively.

 

FIDE PUBLISHED RATING LIST APRIL 1

  1. Magnus Carlsen (NOR) – 2830
  2. Fabiano Caruana (USA) – 2803
  3. Hikaru Nakamura (USA) – 2789
  4. Nodirbek Abdussatrov (UZB) – 2765
  5. Ding Liren (CHN) – 2762
  6. Alireza Firouzja (FRA) – 2760
  7. Ian Nepomniachtchi (RUS) – 2758
  8. Wesley So (USA) – 2757
  9. Arjun Erigaisi (IND) – 2756
  10. Wei Yi (CHN) – 2755

 

HIGHEST RANKED INDIANS IN FIDE APRIL 1 PUBLISHED RATING LIST

9th – Arjun Erigaisi – 2756

11th – Viswanathan Anand – 2751

14th – R. Praggnanandhaa – 2747

16th – D. Gukesh – 2743

25th – Vidit Gujrathi – 2727

37th – Harikrishna Pentala – 2701

 

Shiny Wilson nominated member of Asian Athletic Commission

The Asian Athletic Commission has nominated 58-year-old Shiny Wilson, a former multiple Asian Games medallist in 400m & 800m, as one of its members. At a virtual meeting on April 1, 2024, conducted by the chairman of the commission Mohd. Suleiman (Qatar) and attended by president of the Asian Athletics Association Dahalan Jaman B. Al-Hamad (Qatar), competition director C.K. Valson (India) and secretary general A. Shuggumarran (Singapore), the calendar was discussed. The period of appointment is four years.

 

Bindyarani bags bronze in Weightlifting World Cup

Commonwealth Games medallist weightlifter Bindyrani Devi clinched the bronze medal in the women’s 55kg event at the IWF World Cup at Phuket  in Thailand on April 2, 2024. Competing in a non-Olympic weight class, the 25-year-old lifted a total of 196kg (83kg+113kg) to claim the last spot on the podium.

Pankaj Advani wins CCI billiards classic title

Pankaj Advani constructed two humongous breaks of 801 and 460 to beat Englishman David Causier 1836-743 in a lop-sided four-hour final of the all-India CCI billiards classic in Mumbai on April 1, 2024. This was Advani’s fourth successive triumph at this venue. He claimed the CCI snooker classic over the last two years and now retained the billiards title.

 

Mohammedan Sporting crowned I-League champion

Mohammedan Sporting clinched its maiden I-League title in Shillong on April 6, 2024, defeating Shillong Lajong FC 2-1 in its penultimate match, a result which also promoted it to Indian Super League. Sporting has 52 points from 23 matches with one game left to play.

 

Kazakhstan International Challenge badminton

India’s Tharun Mannepalli and Anupama emerged the men’s and women’s champions of the Kazakhstan International Challenge badminton in Uralsk on April 6, 2024. Tharun beat Malaysia’s Soong Joo Ven 21-10, 21-19 in the final while Anupama beat compatriot Isharani Baruah 21-15, 21-16.

 

Tennis: Ankita Raina & Chia Yi Tsao win doubles title in Japan

Ankita Raina and Chia Yi Tsao of Taiwan beat Madeleine Brooks and Eudice Wong Chong 6-4, 6-4 in the doubles final of the $40,000 ITF women’s tennis tournament in Kashiwa, Japan, on April 6, 2024.

 

Football: Athletic Bilbao wins Copa del Rey in Spain

Athletic Bilbao beat Mallorca 4-2 on penalties to win Copa del Rey football title at Barcelona, Spain on April 6, 2024. Extra time in the final ended 1-1 after Dani Rodríguez gave Mallorca scored in 21st min and Athletic’s Oihan Sancet levelled in 50th.

 

Uma and Fikir give Ethiopia double win at Paris Marathon

Mulugeta Uma and Mestawut Fikir won the Paris Marathon men’s and women’s races on April 7, 2024 to give Ethiopia a double in the event. Uma won with a time of 2:05:33, beating Kenyans Titus Kipruto and Elisha Rotich, while Fikir finished with a time of 2:20:45, pipping compatriot Enat Tirusew to the line by three seconds, while Kenyan Vivian Cheruiyot was third.

 

Matteo Berrettini wins ATP 250 tennis in Morocco

Italy’s Matteo Berrettini defeated Spain’s Roberto Carballes Baena 7-5, 6-2 in the final to win men’s singles title at ATP 250 tennis in Marrakech, Morocco on April 6, 2024.

 

Max Verstappen wins F1 Japanese Grand Prix

Max Verstappen won the Formula 1 Japanese Grand Prix at Suzuka on April 7, 2024. His Red Bull teammate Sergio Perez finished second while Carlos Sainz of Ferrari was third. This was the fourth race of the season.

 

Men’s Hockey: India down 0-2 in 5-test series in Australia

The Indian men’s hockey team lost 4-2 to Australia in its second game of the five-match series in Perth on April 7, 2024. Jugraj Singh (9’) and Harmanpreet Singh (30’) scored the goals for India while Jeremy Hayward (6’, 34’), Jacob Anderson (42’) and Nathan Ephraums (45’) accounted for the home team’s goals. India had lost the first match at the same venue 1-5 on April 6. India trail the series 2-0.

 

Former Asian Games athlete and torchbearer Deanna Syme Tewari dies

Former Asian Games athlete and a torchbearer at 1982 Delhi edition, Deanna Syme Tewari, passed away in Dubai on March 31, 2024. She was 85. Deanna Syme represented the erstwhile Mysore State, for whom she won the long jump gold at the 1957 National Athletics Championship and at the 1958 National Games. She represented India at the 1962 Asian Games in Jakarta and was a torch-bearer — alongside hockey icon (late) Balbir Singh Sr. — at the 1982 Asian Games in New Delhi.
 

 

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