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CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India Introduces Two Vital Surveys to Gather Insights for Upcoming Monetary Policy
- The Reserve Bank of India (RBI) announced two key surveys, the ‘Inflation Expectations Survey of Households’ and the ‘Consumer Confidence Survey’, to gather data for the upcoming bi-monthly monetary policy.
- The next bi-monthly monetary policy meeting is scheduled for June 5-7, 2024.
About ‘Inflation Expectations Survey of Households’ :
- This survey captures subjective assessments of price movements and inflation from households across 19 cities, including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram.
- It gathers qualitative responses from households regarding expected changes in prices (general prices and specific product groups) for the 3 months ahead and 1-year ahead.
- It also seeks quantitative responses on current, 3 months ahead and 1-year ahead inflation rates.
About Consumer Confidence Survey :
- This survey collects qualitative responses from households about their sentiments on various aspects of the economy, including the general economic situation, employment scenario, price levels, household income, and spending.
- It is also conducted in 19 cities, including Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, and Delhi.
- The results of the surveys provide useful inputs for monetary policy.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar
ICICI Bank’s Market Cap Surpasses Rs 8 Trillion, Joins India’s Top 5 Companies
- Shares of ICICI Bank surged over 5%, sending its market capitalisation past the `8-trillion mark and into the league of the top 5 companies by market value.
- The private lender has become the second bank to cross this milestone, after HDFC Bank.
Key Highlights :
- Top Companies by Market Capitalization:
- Reliance Industries leads with a market capitalization of Rs 19.8 trillion.
- Tata Consultancy Services (TCS) is second with Rs 14 trillion.
- Among banks, HDFC Bank has a market capitalization of Rs 11.6 trillion, ICICI Bank Rs 8.14 trillion, and State Bank of India Rs 7.4 trillion.
- Stock Performance and Share Price Targets:
- ICICI Bank’s share price touched an all-time high of Rs 1,163 before closing with a gain of 4.72%.
- CLSA and JPMorgan set a target price of Rs 1,350 for ICICI Bank.
- JPMorgan upgraded ICICI Bank’s FY25/26 earnings per share estimate by 4%, citing reasonable valuations and scope for upward re-rating.
- Financial Results and Growth:
- ICICI Bank reported a 17% rise in net profit to Rs 10,708 crore in the fourth quarter of the previous financial year, driven by strong loan growth.
- The bank’s asset quality improved, with the gross Non-Performing Assets (NPA) ratio decreasing to 2.16% as of March 31, 2024, from 2.30% as of December 31, 2023.
About ICICI Bank :
- Established : 5 January 1994
- Headquarters : Mumbai , Maharashtra, India
- MD & CEO : Sandeep Bakhshi
National Pension System (NPS) Assets Surge 27.85% Year-on-Year to Reach ₹11.73 Lakh Crore: PFRDA Data
- As per the latest Pension Fund Regulatory and Development Authority (PFRDA) data, National Pension System (NPS) assets under management (AUM) recorded a robust 27.85 per cent y-o-y growth as of April 20, 2024 at ₹ 11.73 lakh crore (₹ 9.17 lakh crore).
- The overall AUM, including that of Atal Pension Yojana (APY), was flat compared to the end of March 2024 level of ₹ 11.73 lakh crore.
Key Highlights :
- New NPS and APY Subscriber Registrations:In the first 20 days of April 2024, the number of new NPS and APY subscriber registrations was 51,331, showing a moderate rate of new subscriptions.
- New NPS Subscribers in 2023-24:In the fiscal year 2023-24, NPS onboarded 9.47 lakh new subscribers from the non-government sector.
- Out of these new subscribers, 8.10 lakh came from the ‘all citizen model’, and 1.37 lakh were Corporate employees, indicating a broad base of subscribers.
- NPS AUM Milestones: NPS AUM reached ₹1 lakh crore after six years and six months of its implementation in 2009.
- It then took 4 years and 11 months to increase the AUM to ₹5 lakh crore.
- NPS AUM doubled to ₹10 lakh crore by August 25, 2023, from ₹5 lakh crore in a span of just 2 years and ten months, demonstrating accelerated growth.
What is the National Pension System?
- Introduction and Objective : National Pension System (NPS) is a retirement benefit scheme introduced by the Government of India to facilitate regular income post-retirement for all subscribers.
- NPS was launched on 1st January, 2004.
- Eligibility and Expansion:Initially, NPS was introduced for new government recruits (except the armed forces). Since May 1, 2009, NPS has been open to all citizens of India, including unorganized sector workers, voluntarily.
- All Indian citizens aged between 18 and 65 years can open an NPS Tier I account, with NRIs also eligible to participate.
- It is a voluntary scheme for all citizens of India.
- People can invest any amount in their NPS account at any time.
- PFRDA as Governing Body:The Pension Fund Regulatory and Development Authority (PFRDA) is the governing body responsible for regulating and overseeing NPS operations.
- Account Structure and Contributions:It is primarily divided into two accounts – NPS Tier I account and NPS Tier II account.
- NPS Tier I account is used as a tax-benefitting scheme as it is eligible for tax deduction on contributions up to Rs. 1.5 Lakh under Section 80 C and an additional Rs. 50,000 under Section 80 CCD (1B) of the Income Tax Act, 1961.
- Withdrawal and Annuity : On maturity, up to 60% of the NPS Tier I account balance can be withdrawn tax-free. The remaining 40% must be compulsorily used to buy an annuity (monthly pension).
- NPS Tier I is the primary NPS account and you can open a Tier II account only after opening a Tier I account.
- Maturity and Lock-in : The NPS Tier I account matures at the age of 60 and you can extend it till the age of 75.
- You can open an NPS Tier I account with an initial contribution of Rs. 500.
- You are only required to make a minimum annual contribution of 1,000 to keep your account active and while there is no limit on the maximum amount that you can contribute in a year.
- The funds in your NPS tier 1 account are locked in until retirement, with limited withdrawal options.
About PFRDA :
- Established : 2003
- Headquarters : New Delhi, Delhi
- Chairman : Deepak Mohanty
- PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
- It operates under the jurisdiction of the Ministry of Finance in the Government of India.
Pension Fund Regulatory and Development Authority Introduces Measures to Enhance Transparency in Rule-Making Process
- The Pension Fund Regulatory and Development Authority (PFRDA) has implemented a mechanism to make and review regulations, aimed at bringing more transparency and certainty to the rule-making process.
- This mechanism among other things provides that the regulator would be guided by an “economic analysis” of the proposed regulations before they are accepted and operationalised.
- The “economic analysis” would include expected direct and indirect costs and benefits to subscribers, the economy, and society, due to the proposed regulation.
Key Highlights :
- Regulations Advisory Committee (RAC): To create and review regulations, PFRDA has specified an institutional mechanism for constituting a Regulations Advisory Committee (RAC).
- The PFRDA Chairman is empowered to nominate to the RAC a Whole Time Member of the Authority, not more than three independent external experts, and an executive director of the Authority, who would serve as the committee’s convenor.
- Role of the RAC: The RAC is tasked with providing recommendations to PFRDA on proposed regulations or amendments.
- These recommendations will be presented to the Pension Advisory Committee (PAC), and the PFRDA will consider both the RAC’s recommendations and the PAC’s advice before finalizing regulations.
- Public Consultation and Transparency: PFRDA will allow a minimum of thirty days for public comments before finalizing new regulations, ensuring a transparent and inclusive process.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Group of Seven Nations Agree to Phase Out Coal-Fired Power Plants by 2035
- Energy ministers from the Group of Seven (G7) wealthy countries reached a deal to shut down their coal-fired power plants by 2035 at the latest, in a significant step towards the transition away from fossil fuels.
- The accord will be included in the G7 energy ministers’ final communique to be released at the end of a two-day meeting in Turin.
Key Highlights :
- Significance for Climate Transition:The agreement aligns with the objectives set out by the Conference of the Parties (COP28) United Nations climate summit, emphasizing a global transition away from fossil fuels, especially coal, which is the most polluting among them.
- Country-Specific Plans:Italy produced 4.7% of its total electricity through its six remaining coal-fired stations last year.
- The country plans to shut down its coal plants by 2025, except for those on Sardinia, where the deadline is 2028.
- Germany and Japan have a greater reliance on coal, with the fuel accounting for more than 25% of their total electricity production last year.
- G7’s Previous Stance on Coal:In 2023 under Japan’s presidency, the G7 had pledged to prioritise concrete steps towards phasing out coal power generation, falling short of indicating a specific deadline.
About G-7 :
- The Group of Seven (G7) is an intergovernmental organization consisting of the world’s largest developed economies: France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada.
Dubai Plans World’s Largest Airport Terminal at Al Maktoum International
- Dubai has announced plans to build the world’s largest airport terminal at Al Maktoum International Airport, aiming to revolutionize the aviation industry and solidify Dubai’s status as a major global transportation hub.
- The ambitious project has been approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai.
Key Highlights :
- Passenger Capacity and Scale : The project is set to revolutionize the aviation industry and strengthen Dubai’s position as a global transportation hub.
- After completion, Al Maktoum International Airport will have an annual capacity of 260 million passengers, making it the largest airport terminal in the world.
- The new terminal is expected to be five times the size of the current Dubai International Airport, indicating a significant expansion in infrastructure and operational capabilities.
- Project Cost and Strategic Initiative:The estimated cost for the project is AED 128 billion (approximately $34.85 billion or nearly Rs 2.9 lakh crore), which underscores the massive scale and ambition of the initiative.
- The project is part of a strategic initiative by the Dubai Aviation Corporation to enhance Dubai’s transportation infrastructure.
- Development of Dubai South:Alongside the airport terminal, the project includes plans to construct an entire city around the airport in Dubai South.
- This city will cater to the needs of a growing population expected to reach one million people.
- The development of Dubai South as a city will create a comprehensive ecosystem to support the airport’s operations and contribute to Dubai’s broader economic growth.
CURRENT AFFAIRS : STATE NEWS
Uttarakhand authority informs apex court about suspension of licenses for 14 Patanjali products
- The Uttarakhand State Licensing Authority (SLA) for Ayurvedic and Unani Services informed the Supreme Court that it had “suspended with immediate effect” the manufacturing licenses for 14 products of Patanjali Ayurved Limited and Divya Pharmacy due to repeated violations under the Drugs and Cosmetic Rules, 1945.
List of 14 Suspended Products:
- ‘Swasari Gold’
- ‘Swasari Vati’
- ‘Bronchom’
- ‘Swasari Pravahi’
- ‘Swasari Avaleh’
- ‘Mukta Vati Extra Power’
- ‘Lipidom’
- ‘Bp Grit’
- ‘Madhugrit’
- ‘Madhunashini Vati Extra Power’
- ‘Livamrit Advance’
- ‘Livogrit’
- ‘Eyegrit Gold’
- ‘Patanjali Drishti Eye Drop’.
- Petition and Court Order:The Supreme Court’s bench, consisting of Justices Hima Kohli and Ahasanuddin Amanullah, had asked the SLA on April 10 to inform it about the actions taken against the company due to alleged misleading claims.
- This query arose from a petition filed by the Indian Medical Association (IMA).
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 : APPOINTMENTS & RESIGNATIONS
Justice Dinesh Kumar Assumes Role as Presiding Officer of Securities Appellate Tribunal
- Justice (retired) Dinesh Kumar has been appointed as the Presiding Officer of the Securities Appellate Tribunal (SAT).
- He will serve a 4-year term after retiring as Chief Justice of the Karnataka High Court in February 2024.
- His appointment fills a 4-month vacancy following the retirement of the previous presiding officer, Justice Tarun Aggarwal, in December 2023.
Other Appointments :
- Dheeraj Bhatnagar has also joined SAT as a technical member.
- His term is 4 years or until he reaches the age of 67, whichever comes first.
- Bhatnagar previously served as Principal Chief Commissioner of Income Tax Delhi.
- The other member of the three-member SAT is Meera Swarup.
About SAT :
- SAT is a statutory and autonomous body created as per provisions of section 15K of the Securities and Exchange Board of India (SEBI) Act, 1992
Functions of SAT :
- The tribunal’s primary function is to hear appeals against orders and rulings from various financial regulators, including:
- Securities Exchange Board of India (SEBI).
- Pension Fund Regulatory and Development Authority (PFRDA).
- Insurance Regulatory and Development Authority of India (IRDAI).
- The SAT is designed to replace the High Court for these appeals.
Composition of SAT :
- The SAT consist of a Presiding Officer and other judicial and technical members
- The central government has the power to prescribe the total number of members of the SAT, which currently consists of three members, including the Presiding officer.
Qualifications for Presiding Officer:
- The Presiding Officer must be:
- A retired or sitting judge of the Supreme Court.
- Or a Chief Justice of a High Court.
Jio Financial Appoints Standard Chartered’s Head Kusal Roy as Unit Chief Executive Officer
- Mukesh Amabni’s new financial services company, Jio Finance Limited., is in talks to appoint Kusal Roy, the current country manager of Standard Chartered Plc India, as the Chief Executive Officer (CEO) of one of its units.
- KV Kamath was appointed as non-executive chairman before the firm separated from Reliance Industries, Ambani’s flagship company.
- Additionally, Charanjit Attra was hired from State Bank of India to serve as the chief operating officer.
- Jio Financial has partnered with BlackRock Inc to offer wealth management and brokerage services, and it is collaborating on affordable digital index-related products.
- The company also intends to venture into mutual funds, insurance, and payments businesses, with an application submitted to the Reserve Bank of India (RBI) to transition from a shadow lender to a core investment company.
About Kusal Roy :
- Kusal Roy was appointed the head of Standard Chartered Bank India’s retail banking in 2020.
- He has nearly 30 years of experience in retail banking, payments industry and the non-banking financial company (NBFC) sector.
- Before joining Standard Chartered Bank, he served as the Managing Director and Chief Executive Officer at Tata Capital Financial Services Ltd.
- Throughout his career, Roy has occupied senior positions at ICICI Bank, Barclays Bank, and Citibank India.
About Jio Financial Services :
- Headquarters : Mumbai, Maharashtra
- Jio Financial Services is an Indian financial services company that was originally a subsidiary of Reliance Industries (RIL).
- Its subsidiary Jio Finance holds an NBFC license from the RBI.
- Another subsidiary, Jio Payments Bank, is also a payments bank registered in India.
CURRENT AFFAIRS : AWARDS & RESIGNATIONS
Chhattisgarh Activist Alok Shukla to Receive Goldman Prize for Leading Hasdeo Arand Movement
- Alok Shukla, convener of Chhattisgarh Bachao Andolan (CBA), will be awarded the 2024 Goldman Environmental Prize, also known as the Green Nobel, for his efforts to protect Hasdeo Arand, one of India’s largest contiguous stretches of dense forest spanning 170,000 hectares with 23 coal blocks.
- Alok Shukla led a successful community campaign that saved 445,000 acres of biodiversity-rich forests from 21 planned coal mines in the central Indian state of Chhattisgarh.
- In July 2022, the government cancelled the 21 proposed coal mines in Hasdeo Aranya, whose pristine forests, popularly known as the lungs of Chhattisgarh are one of the largest intact forest areas in India.
- In 2009, the environment ministry categorised Hasdeo Arand to be a “No-Go” zone for mining due to its rich forest cover but opened it again to mining as the policy was not finalised.
About the Goldman Environmental Prize :
- The Goldman Environmental Prize, established in 1989 by San Francisco philanthropists Richard and Rhoda Goldman, is the world’s foremost award for grassroots environmental activists.
- Winners are selected by an international jury from confidential nominations submitted by a global network of environmental organizations and individuals.
- The Goldman Environmental Foundation announced seven recipients of the 2024 Goldman Environmental Prize, the world’s foremost award for grassroots environmental activists.
- Other awardees include Nonhle Mbuthuma and Sinegugu Zukulu, South Africa, Teresa Vicente from Spain, Murrawah Maroochy Johnson from Australia and Andrea Vidaurre from USA.
CURRENT AFFAIRS : BUSINESS NEWS
National Stock Exchange to Divest Digital Tech Business to Bahrain’s Investcorp for Rs 1,000 Crore to Focus on Core Operations
- The National Stock Exchange (NSE) announced its plan to sell its digital technology services business NSEIT to Bahrain’s Investcorp for Rs. 1,000 crores.
- NSEIT offers advanced digital transformation and cybersecurity services to global customers in capital markets, insurance, and banking.
- NSEIT has clocked a compounded annual growth rate of over 50% in the US over the last 4 years by increasing the number of clients across the financial services sector and will focus on significant expansion in the country.
- Avendus Capital acted as the exclusive financial advisor to the NSE and NSEIT while Ernst & Young LLP served as the financial and tax advisor to Investcorp.
About NSE :
- Founded : 1992
- MD and CEO : Ashishkumar Chauhan.
Bharat Sanchar Nigam Limited ‘s 4G Subscriber Base Reaches 800,000 in North India
- Bharat Sanchar Nigam Limited (BSNL), a state-owned telecom service provider, has achieved a 4G subscriber base of 800,000 in its initial launch phase across North Indian regions, including Punjab, Haryana, Himachal Pradesh, Uttarakhand, and western Uttar Pradesh.
- BSNL’s 4G deployment is based on an indigenous network developed in collaboration with Tata Consultancy Services (TCS) and the government’s Centre for Development of Telematics (C-DOT).
Key Highlights :
- Installation of 4G Towers and Commercial Launch Goals:BSNL has installed over 3,500 4G towers, aiming for a full-scale commercial launch across India upon reaching 20,000 towers
- Comparison with Reliance Jio:BSNL’s private-sector counterpart, Reliance Jio, has nearly completed its 5G network expansion in just over a year, indicating a significant lead in technological advancement.
- BSNL and MTNL Subscriber Base:As of February 2024, BSNL and Mahanagar Telephone Nigam Ltd (MTNL), another state-owned telecom company operating in New Delhi and Mumbai, had a combined 9 million subscribers.
- However, less than 1% were utilising 4G services, representing a market share of 7.95%.
- This reflects a decline from a previous subscriber base of 90-100 million.
- In February, 2023 BSNL and MTNL had a 9.36% market share, with 94.1 million subscribers.
About BSNL :
- Founded : 15 September 2000
- Headquarters : New Delhi, Delhi, India.
- BSNL is a prominent telecommunications company based in India, owned by the Government of India.
- It operates as a central public sector undertaking.
- BSNL falls under the jurisdiction of the Department of Telecommunications, which is part of the Ministry of Communications, Government of India.
BHEL Partners with HIMA West Asia FZE, Dubai, for Railway Signalling Business
- State-owned engineering firm Bharat Heavy Electricals (BHEL) has entered into a strategic partnership agreement with HIMA West Asia FZE, Dubai (A wholly owned subsidiary of HIMA Paul Hildebrandt GmbH, Germany) for railway signalling business.
About HIMA West Asia FZE:
- HIMA West Asia FZE, Dubai, is a wholly owned subsidiary of HIMA Paul Hildebrandt GmbH, Germany.
- HIMA specializes in safety-related automation solutions for railways and process industries.
- Purpose of the Partnership:To enhance BHEL’s offerings to Indian Railways, focusing on railway signalling technology and automation.
- BHEL’s Contribution to Indian Railways : The BHEL has been supplying locomotives, electrics for EMU/MEMU, propulsion systems, traction motors, traction alternators, traction transformers, etc. to Indian Railways.
About BHEL :
- Founded : 1956
- Headquarters: New Delhi
- Chairman & Managing Director : Koppu Sadashiv Murthy
- The Government of India owns 63.17% of BHEL.
- BHEL is an Indian central public sector undertaking and the largest government-owned power generation equipment manufacturer.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
China Launches First of Eight Hangor-Class Submarines Built for Pakistan
- China has launched the first of the eight Hangor-class submarines to be built for its all-weather ally Pakistan to provide it with state-of-the-art warships, adding a new dimension to their growing bilateral military cooperation.
- The development comes as part of the agreement between Islamabad and Beijing under which the latter had agreed to provide the former with 8 state-of-the-art advanced submarines.
- Of the 8 submarines, 4 are being built by WSIG (Wuhan Shipbuilding Industry Group) in China, and the other 4 at Karachi Shipyard & Engineering Works (KS&EW) in Pakistan under a Transfer of Technology (ToT) agreement.
Specifications and Features :
- The Hangor-class is an export variant of the Chinese Type 039A Yuan class, a diesel-electric attack submarine named after the former PNS Hangor, which famously sank the Indian frigate INS Khukri during the 1971 war.
- The submarines have advanced stealth features and are equipped with state-of-the-art weapons and sensors, designed to operate in multi-threat environments and engage targets at stand-off ranges.
- The Hangor-class features four diesel engines and is equipped with an air-independent propulsion (AIP) system, providing extended underwater endurance.
- Armament and Capabilities:
- The Hangor-class has six 21-inch torpedo tubes and can launch anti-ship missiles and the Babur-3 subsonic cruise missile with a range of 450 km.
- This class of submarines can be used for various strategic missions, including anti-ship warfare, and has increased stealth capabilities.
- Comparison with India’s Submarine Fleet:
- Pakistan’s Hangor-class is a direct counterpart to India’s Kalavari-class submarines, based on the French Scorpene-class design.
- India currently operates 6 Kalavari-class submarines, with three more set to be inducted into service by the early 2030s.
About China:
- President: Xi Jinping
- Capital: Beijing
- Currency: Renminbi
CURRENT AFFAIRS : SPORTS NEWS
India to Organize BWF World Junior Badminton Championships 2025 in Guwahati
- The Badminton World Federation (BWF) announced that India will host the 2025 BWF World Junior Championships at the National Centre of Excellence in Guwahati.
- It will be the first time since 2008 that the prestigious Badminton World Federation (BWF) event will be held in India.
- India last hosted the event in Pune.
- The exact dates for the 2025 BWF World Junior Championships will be announced later.
BWF Thomas and Uber Cup Finals 2026:
- The 2026 edition of the BWF Thomas and Uber Cup Finals will take place in Horsens, Denmark.
- This will be the second time that Denmark hosts these BWF world men’s and women’s team championships; the first was in Aarhus in 2021.
- The hosting rights for the events were confirmed at the BWF Council meeting on April 28, 2024.
About BWF :
- Established : 1934
- Headquarters : Kuala Lumpur, Malaysia
- President : Poul-Erik Høyer Larsen
- The BWF is the international governing body for the sport of badminton recognised by the International Olympic Committee (IOC).
CURRENT AFFAIRS : BOOKS & AUTHORS
First True Copy of ‘Indulekha’ Painting Unveiled at Kilimanoor Palace on Ravi Varma’s 176th Birth Anniversary
- On the occasion of the 176th birth anniversary of Ravi Varma, the first true copy of the ‘Indulekha’ painting was released at the Kilimanoor Palace.
- Ravi Varma was born in 1848 at Kilimanoor Palace, near Trivandrum.
Key Highlights :
- A copy of Raja Ravi Varma’s pioneering artwork Indulekha, based on the novel by O.Chandu Menon has been placed in the art gallery of Kilimanoor Royal Palace.
- This painting came into the public domain in 2022, which evoked a great sense of enthusiasm among the art fraternity.
- It is believed that the famous painting ‘Reclining Lady’ by Ravi Varma was modelled on Indulekha.
- Apart from this painting, the portrait of Pooyam Thirunal C.R. Kerala Varma and paintings of C. Rajaraja Varma and Mangala Bayi were also released.
- Raja Ravi Varma was a famous Indian painter and artist.
- He was closely related to the royal family of Travancore.
- His paintings are one of the best examples of the fusion of European academic art with a purely Indian sensibility and iconography.
CURRENT AFFAIRS : OBITUARIES
Former Union Minister Sreenivasa Prasad Passes Away
- Srinivas Prasad, Bharatiya Janata Party (BJP) Member of Parliament (MP) and former Union Minister, passed away at the age of 76 in Bengaluru, Karnataka.
About V. Srinivas Prasad :
- Prasad was born on August 6, 1947, in Ashokapuram, Mysore, in the Kingdom of Mysore, India.
- He first contested Assembly elections as an independent in 1974.
- He joined the Janata Party in 1976, then switched to the Congress in 1979.
- He had stints with several parties, including the Janata Dal (Secular), Janata Dal (United), and the Samata Party, before joining the BJP.
- He served as the Union Minister of State for Consumer Affairs, Food, and Public Distribution in the Atal Bihari Vajpayee government from 1999 to 2004.
- He was elected to the Lok Sabha from Chamarajanagar six times in 1980, 1984, 1989, 1991, 1999, and 2019.
- He returned to the Congress and was elected as an MLA in 2013, becoming the Revenue Minister in the Siddaramaiah government.
- He resigned from the Karnataka Assembly in 2016 and rejoined the BJP.
- On March 18, 2024, Prasad announced his retirement from electoral politics, marking 50 years in public life.
Daily CA One liners on May 02:
- The Reserve Bank of India (RBI) announced two key surveys, the ‘Inflation Expectations Survey of Households’ and the ‘Consumer Confidence Survey’, to gather data for the upcoming bi-monthly monetary policy.
- Shares of ICICI Bank surged over 5%, sending its market capitalisation past the `8-trillion mark and into the league of the top 5 companies by market value.
- As per latest Pension Fund Regulatory and Development Authority (PFRDA) data, National Pension System (NPS) assets under management (AUM) recorded a robust 27.85 per cent y-o-y growth as of April 20, 2024 at ₹ 11.73 lakh crore (₹ 9.17 lakh crore).
- The Pension Fund Regulatory and Development Authority (PFRDA) has implemented a mechanism to make and review regulations, aimed at bringing more transparency and certainty to the rule-making process.
- Energy ministers from the Group of Seven (G7) wealthy countries reached a deal to shut down their coal-fired power plants by 2035 at the latest, in a significant step towards the transition away from fossil fuels.
- Dubai has announced plans to build the world’s largest airport terminal at Al Maktoum International Airport, aiming to revolutionize the aviation industry and solidify Dubai’s status as a major global transportation hub.
- The Uttarakhand State Licensing Authority (SLA) for Ayurvedic and Unani Services informed the Supreme Court that it had “suspended with immediate effect” the manufacturing licenses for 14 products of Patanjali Ayurved Limited and Divya Pharmacy due to repeated violations under the Drugs and Cosmetic Rules, 1945.
- Justice (retired) Dinesh Kumar has been appointed as the Presiding Officer of the Securities Appellate Tribunal (SAT).
- Mukesh Amabni’s new financial services company, Jio Finance Limited., is in talks to appoint Kusal Roy, the current country manager of Standard Chartered Plc India, as the Chief Executive Officer (CEO) of one of its units.
- Alok Shukla, convener of Chhattisgarh Bachao Andolan (CBA), will be awarded the 2024 Goldman Environmental Prize, also known as the Green Nobel, for his efforts to protect Hasdeo Arand, one of India’s largest contiguous stretches of dense forest spanning 170,000 hectares with 23 coal blocks.
- The National Stock Exchange (NSE) announced its plan to sell its digital technology services business NSEIT to Bahrain’s Investcorp for Rs. 1,000 crores.
- Bharat Sanchar Nigam Limited (BSNL), a state-owned telecom service provider, has achieved a 4G subscriber base of 800,000 in its initial launch phase across North Indian regions, including Punjab, Haryana, Himachal Pradesh, Uttarakhand, and western Uttar Pradesh.
- State-owned engineering firm Bharat Heavy Electricals (BHEL) has entered into a strategic partnership agreement with HIMA West Asia FZE, Dubai (A wholly owned subsidiary of HIMA Paul Hildebrandt GmbH, Germany) for railway signalling business.
- China has launched the first of the eight Hangor-class submarines to be built for its all-weather ally Pakistan to provide it with state-of-the-art warships, adding a new dimension to their growing bilateral military cooperation.
- The Badminton World Federation (BWF) announced that India will host the 2025 BWF World Junior Championships at the National Centre of Excellence in Guwahati.
- On the occasion of the 176th birth anniversary of Ravi Varma, the first true copy of the ‘Indulekha’ painting was released at the Kilimanoor Palace.
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