Daily Current Affairs 05 April 2024 | Latest News | Download PDF

By rihana rihana - Apr 05 2024

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CURRENT AFFAIRS : BANKING & FINANCE

PhonePe Users Gain Ability to Utilise UPI for Payments in Singapore

  • PhonePe, a fintech firm, has collaborated with The Singapore Tourism Board (STB) to enable its users to make payments through the Unified Payments Interface (UPI) in
  • The collaboration aims to enhance the payment experience for Indian visitors in Singapore by leveraging UPI technology.

Key Highlights :

  • Cross-border Transactions:The partnership builds upon the existing UPI linkage between India and Singapore, enabling customers to make instant cross-border transactionsdirectly from their existing Indian bank accounts.
  • This facilitates seamless and convenient payment options for Indian travelers in Singapore.
  • Strategic Partnership:STB and PhonePe have entered into a two-year strategic partnership to promote UPI payments for Indian visitors in Singapore.
  • The collaboration involves joint marketing efforts across India and Singapore to promote UPI experiences in key tourism hotspots.
  • Enhanced Payment Experience: Indian travellers can now use the PhonePe app for instant, seamless, and secure payments across over 8,000 merchants in Singapore.
  • This initiative aims to enhance the overall experience of Indian tourists in the island city by providing them with convenient payment solutions.
  • PhonePe’s Performance: PhonePe processes over 230 million daily transactions with an annualized Total Payment Value (TPV)of more than USD 1.5 trillion.
  • Decacorn Definition: Privately-held companies with a valuation of over USD 10 billion are termed decacorns.
  • PhonePe may fall under this category, given its substantial transaction volume and TPV.

Recent News :

  • In Jan 2024, the National Payments Corporation of India (NPCI) expanded the facility for Indians to now receive money from Singapore instantly and securely using major Unified Payments Interface (UPI) appsas well as those of popular banks.

About Phonepe :

  • Founded : 2015
  • Headquarters : Bangalore, Karnataka
  • Founder & CEO : Sameer Nigam

Banks’ Tier-1 Capital Raise Drops by nearly 50% to Rs 17,516 Crore in 2023-24

  • With a strong capital adequacy base and higher interest rates,the activity of raising debt capital — tier I and tier II bonds by banks declined sharply in Financial Year 2023-24.
  • Banks raised about Rs 17, 516 crorethrough the additional tier I (AT1) bonds in Fy24, which was 49.8% less than the amount raised in Fy23.

Key Highlights :

  • State Bank of India (SBI) raised Rs 8,101 crorethrough AT1 bonds in FY24.
  • Other significant issuers of AT1 bonds included two public sector lenders, Punjab National Bank (PNB) and Canara Bank.
  • Capital Adequacy Ratio (CAR): According to Care Ratings’ review, the median CAR of Scheduled Commercial Banks dropped by 18 basis points year-on-year to 15.9%at the end of December 2023.
  • Despite the decline, CAR remained comfortably above the regulatory requirement of 11.5%, indicating a stable position.
  • Reasons for Lower Demand: The amount of AT1 bonds becoming eligible for call option was low at Rs 11,900 crore in FY24, leading to less demand for replacement of bonds.
  • Decline in Tier II Capital Offtake:Offtake of capital through tier II bonds by banks and non-banking finance companies (NBFCs) also decreased by half to Rs 24,529 crore in FY24from Rs 49,763 crore in FY23.
  • SBI was the largest issuer of tier II bondsat Rs 10,000 crore, followed by the Bank of Baroda (BoB) and Punjab National Bank (PNB).

Banks Expected to Experience Slight Downturn in Credit Growth to Approximately 14-15% in Fiscal Year 2025  

  • Credit rating agenciesexpect banks’ credit growth to slow a mite to about 14-15% in Fiscal Year 2025 (FY25) against the estimated 16% in FY24 amid elevated lending rates and global headwinds.

Key Highlights :

  • Factors Influencing Credit Growth:Elevated lending rates and global headwinds are cited as factors contributing to the expected slowdown in credit growth.
  • The moderation in economic growth is also expected to impact credit growth rates.
  • Assessment by Rating Agencies:Crisil Ratings expects credit growth to remain healthy but slower at around 14% in FY25, compared to the estimated 16% in FY24.
  • CareEdge Ratings estimates FY25 credit growth to be in the range of 14%-14.5%.
  • Key Monitorable:The ability of banks to mobilize cost-effective deposits is highlighted as a key factor to monitor.
  • Rising deposit rates could impact net interest margins, but asset quality metrics are expected to remain benign with a decline in gross non-performing assets.
  • India Ratings and Research Expectations:India Ratings and Research foresee a healthy banking credit growth at 15.4% year-on-year in FY25.
  • The revival in private capital expenditure is expected to benefit the growth of the corporate segment.
  • Basis of Credit Growth Estimations: Credit growth estimates for FY25 are based on factors such as GDP forecasts, sectoral credit growth expectations, and management expectations.

Foreign Portfolio Investors (FPIs) Witness Surge in Net Investments in Debt Market, Reaching $14.58 Billion in FY 2024   

  • Foreign Portfolio Investors’ (FPI) net investments in the debt market surged to $14.58 billionin FY 2024, marking the highest net inflow in the past 6 years.

Reasons for Surge:

  • The surge in investments was fueled by bullish investor sentiment following announcements to include Indian government securities in global indices.
  • Over 70% of the inflows occurred in the last 5 months of the fiscal year, particularly after JP Morgan Chase’s announcement in September to add Indian government bonds to its benchmark Global Bond Index Emerging Markets Index.

Key Highlights :

  • Index Inclusion Impact:Investors were actively buying bonds ahead of the index inclusion, leading to strong inflows in the debt market.
  • Inflow Figures:According to data from the National Securities Depository, out of the total $14.58 billion FPI investments, $10.6 billion came in the last five months of FY 2024.
  • Upcoming Index Inclusions: In March 2024,Bloomberg Index Services will include 34 Indian government bonds eligible for investment via the country’s fully accessible route (FAR) in its Emerging Market Local Currency Index from January 31 next year.
  • Expected Inflows: Standard Chartered forecasts an additional inflow of up to $30 billionin the domestic bond market after the inclusion of government securities in a major global index, starting in June.
  • Impact on Bond Yields:The increase in foreign inflows, along with fiscal consolidation and a decline in US treasury yields, contributed to the easing of bond yields.
  • The yield on the benchmark 10-year G-secclosed at 7.06% on March 28, 2024 down from 7.31% on March 31, 2023 reflecting a 25 bps fall.

What is foreign portfolio investment (FPI)?

  • FPI refers to the investment made by foreign individuals, institutions, or investorsin the financial assets of another country.
  • These financial assets include stocks, bonds, money market instruments, and other securities.
  • FPI is a crucial component of international capital flows and plays a significant role in global financial markets.

Recent News :

  • Foreign Portfolio Investors (FPIs) continued to double down on Indian debt,pumping in a record ₹22,419 crore in this segment in February 2024 & this was higher than ₹19,837 crore invested by FPIs in January 2024.

Non-Banking Financial Company Loan Sanctions Decline by Approximately ₹19,000 Crore in Q3   

  • The Reserve Bank of India’s (RBI) measuresto curb bank finances in some segments of Non-Banking Financial Companies (NBFCs) appear to have slowed down growth for finance companies.
  • Loans sanctioned by NBFCs fell from Rs 4.47 lakh crorein Q2 FY23 to Rs 4.28 lakh crore in Q3 FY24 – a decline of 4.2% quarter-on-quarter. Compared to the year-ago period, loans fell 5.8%.

Reasons for Decrease:

  • The decline was primarily attributed to long-term loans, which fell by 40% or Rs 10,365 crore to Rs 15,500 crore.
  • Education loan sanctions, which are seasonal, saw a 63% decline QoQ – to Rs 4,553 crore from Rs 12,454 crore in the preceding quarter.
  • The 3rd biggest dropwas in housing loans, where sanctions fell 13% over the previous quarter to Rs 47,199 crore.

Key Highlights :

  • Segments Affected: Other segments witnessing a quarter-on-quarter decline included loans under the government’s credit guarantee scheme, hire purchase loans, loans against shares, bill discounting, equipment financing, and auto loans.
  • Growth in Specific Segments: However, bank guarantees, two-wheeler loans, and consumer loans observed growth quarter-on-quarter.
  • Consumption loans such as two-wheeler loans, consumer loans, gold loans, personal loans, and education loans witnessed good year-on-year growth.
  • Home Loan Trends:Home loans experienced a marginal decline of 2% year-on-year.
  • Microfinance Industry Milestone: Microfinance industry loans crossed Rs 4 lakh crorefor the first time In Dec ’23, the microfinance sector’s loan portfolio hit Rs 4 trillion.

What is a Non-Banking Financial Company (NBFC)?

  • An NBFC is a corporate entity registered under the Companies Act, 1956, primarily focusing on financial activities such as providing loans, acquiring securities issued by the government or other marketable entities, leasing, hire-purchase, insurance, and managing chit funds.
  • It’s important to note that NBFCs do not engage in primary activities related to agriculture, industrial operations, sale/purchase of goods, provision of services, or real estate transactions.

AU Small Finance Bank Completes First-Ever Merger Among Small Finance Banks by Acquiring Fincare Small Finance Bank

  • AU Small Finance Bank (AU SFB)finalised the acquisition of Fincare Small Finance Bank on April 1, 2024, marking the first merger among small finance banks.
  • The merger aims to strengthen AU SFB’s pan-India retail banking franchise by leveraging complementary geographic footprints, diverse customer segments, expanded product offerings and enhanced digital capabilities.

Key Highlights :

  • Leadership Changes:Rajeev Yadav, former MD and CEO of Fincare SFB, assumes the role of Deputy CEOat AU SFB and will lead all key asset businesses previously under Fincare SFB.
  • Uttam Tibrewal, Executive Director at AU SFB, is promoted to Deputy CEO while retaining his position as Executive Director.
  • Merger Details:Shareholders of Fincare SFB received 579 equity shares of AU SFB for every 2,000 shares held as per the merger announcement in October 2023.
  • The Competition Commission of India (CCI)approved on January 23, 2024, followed by RBI approval on March 4, 2024.
  • Financial Impact:Post-merger, AU SFB’s balance sheet is anticipated to exceed ₹1.17 lakh crore, with a deposit base of ₹89,854 crore as of December 2023.
  • Expanded Network:The combined entity will operate a network of over 2,350 physical touchpoints across 25 states and union territories, with plans to establish over 100 touchpoints in 9 states.

About AU Small Finance Bank :

  • Established : 1996
  • Headquarters : Jaipur, Rajasthan, India
  • MD & CEO : Sanjay Agarwal

About Fincare Small Finance Bank :

  • Established : 2017
  • Headquarters : Bengaluru, Karnataka
  • MD & CEO : Rajeev Yadav

Comprehensive Guidelines on Housing Finance: Master Circular   

  • The Master circular on Housing Financeis to consolidate the framework of rules/ regulations and clarification on Housing Finance issued to banks by the Reserve Bank of India (RBI) from time to time.

Key Highlights :

  • Statutory Directive:A statutory directive issued by the Reserve Bank in the exercise of the powers conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949.
  • Applicability:The circular applies to all Scheduled Commercial Banks, excluding Regional Rural Banks.
  • Strategic Role of Banks : Banks, with their vast branch network throughout the length and breadth of the country, occupy a very strategic position in the financial system and have an important role to play in providing credit to the housing sector.
  • Guidelines for Banks: While formulating their policies, banks have to take into account the following RBI guidelines and ensure that bank credit is used for production, construction activities and not for activities connected with speculation in real estate.
  • Additional Finance for Alterations/Repairs:Banks may consider requests for additional finance for alterations, additions, or repairs to houses/flats already financed by them, within the overall ceiling.
  • Restrictions on Finance: Banks should not grant finance for the construction of buildings meant purely for Government/Semi-Government offices, including Municipal and Panchayat offices.
  • However, banks may grant loans for activities, which will be refinanced by institutions like NABARD.
  • Loan-to-Value (LTV) Ratio :LTV, or the Loan-to-Value ratio, is the ratio of the loan amount an applicant is eligible to borrow against the desired property’s total market value.
  • The RBI has set different LTV limits and slabs for Home Loans based on the home’s cost.
  • These include the following:
  • LTV of up to 90% for homes costing below ₹ 30 lakh
  • LTV of up to 80% for homes costing between ₹ 30 lakhs and ₹ 75 Lakh
  • LTV of up to 75% for homes costing above ₹ 75 Lakh
  • However, in cases where the cost of the house/dwelling units does not exceed Rs.10 lakhs, banks may add stamp duty, registration and other documentation charges to the cost of the house/dwelling unit to calculate the LTV ratio.
  • A high LTV ratio for a Home Loan provides the benefits of a bigger loan amount, requiring the borrower to spend a minimum from their pockets.
  • However, opting for a high LTV has some cons as well.
  • It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, e.g. upfront disbursal of sanctioned individual housing loans to the builders without linking the disbursals to various stages of construction of housing project, Interest/EMI on the housing loan availed of by the individual borrower being serviced by the builders during the construction period/ specified period, etc.

Comprehensive Guidelines on Housing Finance for Urban Co-operative Banks: Master Circular   

  • The role of primary (urban) co-operative banks (UCBs)in providing housing finance has been reviewed from time to time.
  • These banks, with their vast network, occupy a very strategic position in the financial system and have an important role to play in providing credit to the housing sector.

Key Highlights :

  • Lending Flexibility:UCBs, based on their commercial judgment and other prudential business considerations, with the approval of their Board of Directors, are free to identify the eligible borrowers, decide margins and grant housing loans depending upon the repaying capacity of borrowers.
  • Loan Limits:Tier-1 UCBs can extend individual housing loans up to a maximum of₹60 lakh per borrower, while UCBs categorized in Tier-2 to Tier-4 can extend loans up to ₹140 lakh per borrower, subject to prudential exposure limits.
  • Prudential Exposure Limits:Prudential exposure limits for UCBs are set at 15% of their tier-I capitalfor a single borrower/party and 25% for a group of connected borrowers/parties.
  • Repayment Terms:Housing loans are typically repayable within a maximum period of 20 years, including moratorium or repayment holiday.
  • Moratorium Period:Beneficiaries have the option to request a moratorium or repayment holiday until the completion of construction or up to 18 months from the date of disbursement of the first loan instalment, whichever is earlier.
  • Exposure Limits to Real Estate Sector : The exposure of UCBs to housing, real estate and commercial real estate loans would be limited to 10% of their total assets.
  • The above ceiling of 10% of total assets can be exceeded by an additional limit of 5% of total assets for the purpose of grant of housing loans to individuals as per the eligibility limits for priority sector classification.

Categorization of UCBs:

  • UCBs are categorized into4 tiers for regulatory purposes based on their deposit size:
  1. Tier 1 – All unit UCBs and salary earners’ UCBs (irrespective of deposit size), and all other UCBs having deposits up to ₹100 crore;
  2. Tier 2 – UCBs with deposits more than ₹100 crore and up to ₹1000 crore;
  3. Tier 3 – UCBs with deposits of more than ₹1000 crore and up to ₹10,000 crore;
  4. Tier 4 – UCBs with deposits of more than ₹10,000 crore.

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Linking of CGHS ID with Ayushman Bharat Health Account ID made mandatory

  • The linking of the Central Government Health Scheme (CGHS) beneficiary ID with the Ayushman Bharat Health Account IDwill be mandatory with effect from 1st April 2024.
  • Linking of the two – that is the CGHS beneficiary ID with the Ayushman Bharat Health Account ID– must be completed within 30 days.
  • The linking of the CGHS beneficiary ID with the Ayushman Bharat ID is aimed at creating digital health identification of CGHS beneficiaries and storing their digital health records.
  • According to the MoHFW, approximately 44,98,914 beneficiaries are covered under CGHS,pan-India, which include 26,57,833 serving employees and around 18,41,081 pensioners.
  • Ayushman Bharat Health account is a 14-digit numberthat allows citizens to maintain their medical records digitally.

About CGHS

  • CGHS is a comprehensive healthcare scheme provided by the Central Government to its employees, pensioners, and their dependents.
  • It was established in 1954 to provide quality healthcare services to government employees and their families.
  • Last year Central government increased the CGHS rates of consultation fees for the outpatient department (OPD)/in-patient department (IPD) to ₹350 from ₹150.
  • Similarly, ICU charges have been revised to ₹5,400 (₹862 plus ₹4,500 for private wards, rounded to ₹5,400), including accommodation for all ward entitlements.

Kodaikanal Solar Observatory celebrates 125 years of studying the Sun.

  • The 125th anniversary of the iconic Kodaikanal Solar Observatory(KSO) was celebrated on 1 April 2024 by the Indian Institute of Astrophysics (IIA), an autonomous institute of the Department of Science and Technology (DST), to remember the history of KSO, felicitate its scientists, and honour its legacy was a milestone for astronomy in India.
  • The KSO houses a digital repository of 1.2 lakh digitised solar imagesand thousands of other images of the Sun recorded every day since the start of the 20th century.
  • Established on 1 April 1899by the British, the Observatory has one of the longest continuous daily records of the Sun in the world, and this unique database has been digitised and is publicly available for astronomers from across the globe.

Key Highlights

  • 1st April is also celebrated by the Indian Institute of Astrophysics as its Foundation Day, commemorating when it was constituted as an institution under the Department of Science & Technology in 1971.
  • Scotland-born Charles Michie Smith, a Professor of Physics at the Madras Christian College, was entrusted to locate an ideal site for setting up this solar observatory in undivided India.
  • Smith surveyed hill stations located over 2,000 metres above the mean sea level in Tamil Nadu – Kodaikanal in the Palani hills and Kotagiri in the Nilgiris.
  • In August 1893, the Government of India sanctioned a Solar Physics Observatory under the meteorological budget.
  • In 1895, Lord Wenlock, the then Governor of Madras, laid its foundation stone.
  • The Madras Observatory, where Smith briefly served as the Government Astronomer, was merged with the KoSO following the reorganisation of all Indian observatories implemented by the Government of India on April 1, 1899.
  • KoSO is the only observatory offering high-resolution digitised images for such a long period (with coverage of more than 75 per cent).

Over 60 Products Across India, Including Banaras Thandai, Receive Geographical Indication Tags

  • Over 60 products from across India have received Geographical Indication(GI) tags, marking the largest batch of GI tags awarded at once.
  • A Geographical Indication (GI) is a designation used on products with a specific geographical origin, indicating qualities or reputation linked to that origin.
  • To date, around 635 products in India have been given the GI tag.
  • The first GI tag in the country was given two decades ago to the famous Darjeeling tea.
  • Administered by the Registrar of Geographical Indications(RGI), it identifies agricultural, natural, or manufactured goods, providing legal protection for 10 years (renewable).
  • The Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, oversees GI registration, offering protection against unauthorized use, promoting exports, and ensuring quality and distinctiveness.

Six traditional crafts received GI tags: 

  • These include Asharikandi terracotta craft, Pani Meteka craft, Sarthebari metal craft, Jaapi (bamboo headgear of rural Assam), Mishing handloom products, and the Bihu dhol.
  • Thirteen other products from Assam: Bodo Dokhona, the traditional attire of Bodo women; and Bodo Eri silk, referred to as the fabric of peace or ahimsa (non-violence), which comes from the silkworm Samia ricini that feeds mostly on the leaves of the castor plant (Ricinus communis), and cassava.
  • Banaras, known for its spiritual and historical significance, has seen several of its products like Banaras Thandai, Banaras Tabla, Banaras Shehnai, Banaras Lal Bharwamirch and Banaras Lal Peda.
  • Tripura:It has secured GI tags for Pachra-Rignai, a traditional dress, and Matabari Peda, a sweet delicacy, marking the state’s presence on the cultural map of India.
  • Meghalaya:Its Meghalaya Garo Textile, Lyrnai Pottery, and Chubitchi, integral to the state’s socio-cultural and religious fabric, have also received GI tags.

CURRENT AFFAIRS : STATE NEWS   

Commercial Plant for Recycling Lithium-Ion Batteries (LIB) and E-Waste Coming Soon at Uttarakhand              

  • The Technology Development Board (TDB)under the science & technology ministry has partnered with a private entity to establish a commercial plant for recycling lithium-ion batteries (LIB) and e-waste using indigenous technology in Uttarakhand.
  • Aim :To enhance circularity and reduce the country’s reliance on imported critical mineral resources.

Key Highlights :

  • Presently, a large portion of LIBs, about 95%,end up in landfills without recycling, while only 5% undergo the process.
  • The lithium-ion battery recycling market is expected to grow significantly, reaching close to $15 billion by 2030, showing a compound annual growth rate of 21.6%.
  • In 2021, the market size was $3.8 billion.
  • Indiacurrently ranks 3rd among the largest generators of e-waste globally, behind only China and the United States (US).
  • The TDB sealed a deal with Remine India Private Limited to establish the recycling plant in Sitarganj, Uttarakhand, with a total project cost of Rs 15 crore.
  • TDB has committed financial assistance of Rs 7.5 croretowards the project, emphasizing a significant step towards sustainable development and environmental responsibility.
  • The indigenous technology utilized for the plant is developed by the Centre for Materials for Electronics Technology (CMET) based in Hyderabad.

About Li-ion Batteries :

  • A lithium-ion battery, commonly known as Li-ion battery, is a type of rechargeable batteryutilized in various electronic devices.
  • These batteries employ an intercalated lithium compound as one electrode material, in contrast to metallic lithium used in non-rechargeable lithium batteries.
  • During discharge, lithium ions move from the negative electrode to the positive electrode, and during charging, they move back to the negative electrode.

About E-Waste :

  • E-Waste, also known as Electronic Waste,refers to obsolete or discarded electronic devices.
  • In India, laws have been enacted since 2011 to manage e-waste, requiring authorized dismantlers and recyclers to collect electronic waste.
  • TheE-Waste (Management) Rules, 2016, implemented in 2017, further regulate the disposal and recycling of electronic waste.
  • Bhopal, Madhya Pradesh, is home to India’s 1st e-waste clinic,inaugurated to facilitate the segregation, processing, and disposal of waste generated by households and commercial establishments.

About Uttarakhand:

  • Capital: Dehradun
  • Chief Minister: Pushkar Singh Dhami
  • Governor: Gurmit Singh
  • National Parks: Govind National Park, Nanda Devi National Park, Gangotri National Park, Rajaji National Park, Jim Corbett National Park

CURRENT AFFAIRS: BUSINESS NEWS

Adani Green Energy Is India’s First Firm With a 10,000 MW Renewable Energy Capacity

  • Adani Green Energy Ltd has commissioned 2,000 MW of solar capacityat the giant Khavda Solar Park in Gujarat which 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, the largest in India.
  • It has brought 2,848 MW renewables capacity on stream in FY24.
  • AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity.
  • The firm is aiming for 45 GW of renewable energy by 2030.
  • Built on 538 square kilometres, the Khavda plant is five times the size of Paris and almost as large as Mumbai.

NSE cuts Nifty, Nifty Financial Services F&O lot sizes to 25

  • After effecting changes in 54 individual derivative stocks, the National Stock Exchange (NSE) revised the lot sizes of indices too.
  • The Nifty lot size has been cut to 25 from the current 50 while Nifty Financial Services has been reduced to 25 from 40and Nifty Midcap Select to 50 from 75.
  • However, the Nifty Bank lot size will remain at 15.
  • All contracts i.e. weekly, monthly, quarterly, and half-yearly expire that will be introduced on April 26 will be with the revised market lot size.
  • Last week, the NSE issued a circular announcing revisions in the market lot sizes of derivative contracts for 54 individual stocks among the 182 stocks with such contracts.
  • The “lot size” refers to the predefined number of shares or units of security that can be traded in a single transaction.

India aims to achieve marine exports worth Rs 1 trillion within the next two years.

  • India is aiming to reach Rs 1 trillion in marine product exportsin the next two years by increasing its processing capacity and a shift to higher value-added products.
  • India’s exports of marine products were $8.09 billion (Rs 63,969 crore) in 2022-23 and in the April-February exports from the sector were down 7.5% on year to $ 6.8 billion.
  • The decline in demand from the US and Europe which are the key markets.
  • Among marine products, shrimp exports have a 67% share.
  • The US is the single biggest market taking in $2.4 billion out of $ 5.6 billion worthof shrimp that left Indian shores.

Key Highlights

  • The US imported 2,75,662 tonnes of frozen shrimp, followed by China at 1,45,743 tonnes.
  • The overall export of frozen shrimps during 2022-23 was pegged at 7,11,099 tonnes.
  • Indian shrimp has 40% of the US market.
  • A big chunk of Indian shrimp that makes its way to the US gets processed in Ecuador. India wants to do that processing locally to capture the higher value of exports.
  • There are around 1 lakh shrimp farms in India most of which are in Andhra Pradesh.
  • US had alleged poor working conditions and food safety standards in the shrimp farms of India.
  • Thailand’s shrimp industry in 2015 killed the dominance of Thai exports in the US market. Now the target is India.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Uber Promotes Pradeep Parameswaran to Global Business Development Position   

  • Ride-hailing platform Uber has promoted Pradeep Parameswaran,previously the Asia Pacific head, to a global role overseeing business development.
  • In addition to leading business development, Parameswaran will also oversee Uber’s enterprise product and a new ‘fleets’ program team.
  • Parameswaran will relocate to New Yorkto assume his new global role.
  • Currently, Uber’s India and South Asia operations are led by Prabhjeet Singh, who will continue in the role.

About Pradeep Parameswaran :

  • Parameswaran, who formerly led Uber’s India operations, was promoted to the APAC role in 2020 at the height of the pandemic.
  • He also played a role in Uber’s acquisitions of CarNextDoor in Australiaand Hong Kong-based HKTaxi, in 2022 and 2021, respectively.
  • He also serves on the board of FSN E-Commerce Ventures-the parent company of omnichannel beauty and fashion retailer Nykaa – as an independent director.

About Uber Technologies, Inc :

  • Headquarters : San Francisco, California, United States

CURRENT AFFAIRS: RANKING AND REPORTS

Ambani breaks into the top 10, ranked at 9th in Forbes global rich list

  • Oil-to-telecom conglomerate Reliance Industries Ltd head Mukesh Ambani continues to be the richest Indian and has now broken into the world’s top 10 wealthiest persons in the latest Forbes 2024 Billionaire List.
  • Ambani, 66, is ranked 9th on the list with a wealth of $116 billion,up from $83.4 billion in the 2023 ranking, according to Forbes.
  • Gautam Adani is the second richest Indian and is ranked at No.17on the global list.
  • He is worth $84 billion, up from $47.2 billion in 2023 when his apples-to-airport conglomerate was rocked by a damning report by US short-seller Hindenburg Research
  • Adani, 61, was worth $90 billion in 2022 ranking.

Key Highlights

  • The Forbes 2024 Billionaires List features 2,781 individuals, an increase of 141 names from last year’s list.
  • The billionaires, according to the list, are richer than ever, worth $14.2 trillion in aggregate, up by $2 trillion from 2023 and $1.1 trilliion above the previous record, also set in 2021.
  • Two-thirds of the list’s members are worth more than a year ago; only one-fourth are poorer. Fashion and cosmetics giant LVMH’s Bernard Arnault is at the top of the list with $233 billion wealth, followed by Elon Musk with $195 billion and Amazon’s Jeff Bezos with $194 billion.
  • Facebook founder Mark Zuckerbergcomes next in the list with a net worth of $177 billion.
  • The US has a record 813 billionaires followed by China with 473 billionaires.
  • India added 31 billionaires to the list compared to last year with the number now reaching 200.
  • Other Indians on the list include IT pioneer and HCL co-founder Shiv Nadar at No.39 with $36.9 billion wealth, Jindal group’s Savitri Jindal and family at No.46 with $33.5 billion, Sun Pharma’s Dilip Shanghvi at No.69 with $26.7 billion, vaccinemaker Cyrus Poonawalla at No 90 with $21.3 billion, property baron Kushal Pal Singh at No 92 with $20.9 billion, and commodities king Kumar Bila at No 98 with $19.7 billion.

CURRENT AFFAIRS: SPORTS NEWS

WTT Feeder Varazdin 2024 Event To Begin In Croatia

  • In Table Tennis, the WTT Feeder Varazdin 2024 event isset to begin in Croatia.
  • The competition will feature prominent Indian players such as Sathiyan Gnanasekaran and Manika Batra, among others.
  • Along with Sathiyan, Payas Jain, Harmeet Desai and Snehit Suravajjula will compete in the round of 64 of the Men’s singles event, while in women’s singles, Reeth Tennison and Yashaswini Ghorpade will represent India in the round of 64.
  • In Mixed Doubles, the star duo of Manika Batra and Sathiyan Gnanasekaran will mark their presence in the Pre-quarters, while in Men’s Doubles, the pair of Payas Jain and Harmeet Desai will participate in the round of 16.

CURRENT AFFAIRS: IMPORTANT DAYS

National Maritime Day 2024: April 5

  • Every year, National Maritime Dayin India is celebrated on the 5th of April.
  • It is a day celebrated to show gratitude to the men who spent many months in the sea, carrying out the bulk of India’s trade and commerce at a global level.
  • The 2024 World Maritime Day theme is “Navigating the future: safety first!”

History:

  • The venture of SS Loyalty, the first ship of The Scindia Steam Navigation Company Ltd is considered one of the historical moments in India’s navigation.
  • It started its journey to United Kingdom.
  • This holds immense significance, especially because the sea routes were earlier controlled by the British Government.
  • In 1964, on April 5, the first National Maritime Day was observed.
  • Since then, it has been observed yearly on the same date.

Daily CA One- Liner: April 5

  • The linking of the Central Government Health Scheme (CGHS) beneficiary ID with the Ayushman Bharat Health Account IDwill be mandatory with effect from 1st April 2024
  • The 125th anniversary of the iconic Kodaikanal Solar Observatory(KSO) was celebrated on 1 April 2024 by the Indian Institute of Astrophysics (IIA), an autonomous institute of the Department of Science and Technology (DST), to remember the history of KSO, felicitate its scientists, and honour its legacy was a milestone for astronomy in India
  • Over 60 products from across India have received Geographical Indication(GI) tags, marking the largest batch of GI tags awarded at once.
  • Adani Green Energy Ltd has commissioned 2,000 MW of solar capacityat 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
  • After effecting changes in 54 individual derivative stocks, the National Stock Exchange (NSE) revised the lot sizes of indices too
  • India is aiming to reach Rs 1 trillion in marine product exportsin the next two years by increasing its processing capacity and a shift to higher value-added products
  • Oil-to-telecom conglomerate Reliance Industries Ltd head Mukesh Ambani continues to be the richest Indian and has now broken into the world’s top 10 wealthiest persons in the latest Forbes 2024 Billionaire List.
  • PhonePe, a fintech firm, has collaborated with The Singapore Tourism Board (STB) to enable its users to make payments through the Unified Payments Interface (UPI) in Singapore.
  • With a strong capital adequacy base and higher interest rates,the activity of raising debt capital — tier I and tier II bonds by banks declined sharply in Financial Year 2023-24.
  • Credit rating agenciesexpect banks’ credit growth to slow a mite to about 14-15% in Fiscal Year 2025 (FY25) against the estimated 16% in FY24 amid elevated lending rates and global headwinds.
  • Foreign Portfolio Investors’ (FPI) net investments in the debt market surged to $14.58 billionin FY 2024, marking the highest net inflow in the past 6 years.
  • The Reserve Bank of India’s (RBI) measuresto curb bank finances in some segments of Non-Banking Financial Companies (NBFCs) appear to have slowed down growth for finance companies.
  • AU Small Finance Bank (AU SFB)finalised the acquisition of Fincare Small Finance Bank on April 1, 2024, marking the first merger among small finance banks.
  • The Master circular on Housing Financeis to consolidate the framework of rules/ regulations and clarification on Housing Finance issued to banks by the Reserve Bank of India (RBI) from time to time.
  • The role of primary (urban) co-operative banks (UCBs)in providing housing finance has been reviewed from time to time.
  • The Technology Development Board (TDB)under the science & technology ministry has partnered with a private entity to establish a commercial plant for recycling lithium-ion batteries (LIB) and e-waste using indigenous technology in Uttarakhand.
  • Ride-hailing platform Uber has promoted Pradeep Parameswaran,previously the Asia Pacific head, to a global role overseeing business development.
  • In Table Tennis, the WTT Feeder Varazdin 2024 event isset to begin in Croatia
  • Every year, National Maritime Day in India is celebrated on the 5th of April.

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