Daily Current Affairs 04 April 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Competition Commission of India Greenlights Axis Bank’s Acquisition of ₹1,612 Crore Stake in Max Life Insurance

• The Competition Commission of India (CCI) has approved the transaction involving Axis Bank’s additional 6% stake buy in Max Life Insurance, a private life insurer.
• The deal, valued at ₹1,612 crore, received an IRDAI nod in February 2024.

Key Highlights :

• Background of Capital Infusion : In August 2023, Axis Bank announced a capital infusion into Max Life Insurance by issuing 25 crore equity shares.
• The purpose of the capital infusion was to support Max Life’s future growth ambitions, enhance its capital position, and improve solvency margins.
• This resulted in Axis Bank’s direct stake in Max Life increasing to 22%, with the collective stake of Axis Entities rising to 19.02%.

Other Transactions Approved by CCI :

• MG Motor India : Meanwhile, CCI has separately approved the acquisition of around 8% of the share capital of MG Motor India Private Ltd by InfoEdge India Fund-LVF Scheme.
• Annapurna Finance : The CCI has approved the acquisition of 39% shareholding of Annapurna Finance Pvt Ltd and subscription to its certain debentures by Piramal Alternatives Trust.
• SHAREKHAN ACQUISITION : Meanwhile, the CCI has approved the acquisition of 100% equity stake of Sharekhan Ltd. and Human Value Developers Pvt. Ltd. collectively by Mirae Asset Capital Markets (India) Pvt. Ltd. and Mirae Asset Securities Co. Ltd., respectively.
• NORTHERN ARC CAPITAL : The CCI has approved the acquisition of Compulsorily Convertible Preference Shares (CCPS) in Northern Arc Capital Limited (Northern Arc/Target) by the International Finance Corporation (IFC), part of the World Bank Group.

Recent News :

• In March 2024, The Competition Commission of India (CCI) approved the proposed acquisition of certain shareholding of Shriram Investment Holdings Private Limited (SIHL) by Shriram Ownership Trust (SOT).

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

Mutual Funds’ Equity Purchases Reach Record High of Rs 45,120 Crore in March 2024

• Domestic mutual funds (MFs) injected a record Rs 45,120 crore into domestic stocks in March 2024 marking their highest-ever buying in a month.
• This surge in domestic fund inflows occurred amid a selloff in small-cap and mid-cap stocks, as well as the execution of large block trades in blue-chip companies.
• The March 2024 deployment by domestic mutual funds was more than 3 times the buying seen in the previous month.
• The previous record for monthly inflows from domestic MFs was set during the unprecedented COVID-19 selloff in March 2020, when they invested nearly Rs 30,300 crore.
• The sharp uptick in MF buying also pushed the overall investment from domestic institutional investors (DIIs), which include insurance firms and pension funds in addition to MFs, to a new high of Rs 56,300 crore.
• The previous high was also in March 2020 when they had collectively deployed Rs 55,600 crore.
• So far in the calendar year 2024 (CY24), MFs have made a net equity buying of Rs 82,500 crore, nearly half of the total deployment during 2023 of Rs 1.7 trillion.
• Foreign portfolio investors (FPIs) were also net buyers in March, 2024 purchasing equities worth Rs 30,900 crore.

Key Highlights :

• Block Deals by Mutual Funds : MFs deployed nearly Rs 10,000 crore through block deals, with ICICI Prudential MF alone, buying nearly Rs 5,000 crore worth of ITC shares through a block deal early in March.
• Investments in Aster DM Healthcare and Aavas Financiers : The fund house, along with SBI MF and Nippon India MF, deployed over Rs 1,000 crore in Aster DM Healthcare, as well.
• SBI MF’s Rs 860 crore investment in Aavas Financiers was also among the large deals.
• Factors Influencing MF Equity Buying : MFs’ equity buying is primarily influenced by three factors: Inflows from investors, changes in cash holdings, and shifts in hybrid fund portfolios between asset classes.
• Cash Holdings in Equity Schemes:According to a report from Motilal Oswal, equity schemes of the top 20 fund houses held 2% cash at the end of February 2024.
• Assuming a 5% cash holding across equity MF schemes, total cash with equity fund managers translates to over Rs 1 trillion.

Recent News :

• In March 2024, India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), further tightened scrutiny on mutual funds by asking whether they mis-sold certain fund categories to investors.

World Bank Revises India’s Growth Forecast for FY25 to 6.6%; Estimates FY24 GDP Growth at 7.5%                     

• The World Bank has upgraded its economic growth forecast for India for the fiscal year 2024-25 (FY25) by 20 basis points to 6%.
• This revision is primarily attributed to upward revisions to investment growth in the country.
• Comparison with FY24 GDP Growth:The projected growth rate for FY25 is notably lower than the estimate of 5% real GDP growth for the current financial year (FY24).
• Despite the moderate forecast for FY25, the World Bank anticipates growth to accelerate in subsequent years due to the positive impacts of robust public investment.
• Advance Estimate of FY24 GDP:India’s statistics ministry has released the second advance estimate of GDP for 2023-24, pegging the growth rate at 6%.
• This figure is 30 basis points higher than the first advance estimate of3%, indicating positive growth momentum.
• Reasons for Slowdown in Growth:The expected slowdown in growth between 2023-24 and 2024-25 is mainly attributed to a deceleration in investment following its elevated pace in the previous year.
• Growth Outlook for South Asia:The growth outlook for South Asia, including India, is projected at 0–6.1% in 2024–25.
• Reasons for Stronger Growth Outlook:The stronger growth outlook for South Asia is attributed to upward revisions to investment growth in India and faster-than-anticipated rebounds from recessions in Pakistan and Sri Lanka.
• Comparative Growth Outlook Revisions:The growth outlook for South Asia is revised upward by 4 percentage points for 2024 and 0.3 percentage points for 2025 compared to the previous edition of the report.

Recent News :

• In March 2024, The World Bank’s Board of Executive Directors approved the Assam Resilient Rural Bridges Program, aimed at enhancing connectivity for over 1.8 million people residing in rural areas of Assam, India, particularly during extreme weather conditions.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga (14th President)
• The World Bank Group consists of 5 institutions ie

1. International Bank for Reconstruction and Development (IBRD)
2. International Development Association (IDA)
3. International Finance Corporation (IFC)
4. Multilateral Investment Guarantee Agency (MIGA)
5. International Centre for Settlement of Investment Disputes (ICSID)

City Union Bank Achieves Total Business Milestone Exceeding ₹1 Lakh Crore in FY24                             

• City Union Bank (CUB) has achieved a milestone in FY24 as the old private sector bank’s total business crossed the ₹1 lakh crore mark for the first time.
• This milestone was reached in the bank’s 120th year of operations, highlighting its longstanding presence in the banking sector.

Key Highlights :

• Growth Trajectory:The bank’s total business crossed the ₹50,000 crore mark in FY17 and achieved the second ₹50,000 crore in just 7 years, indicating a rapid growth trajectory.
• Financial Performance:As of March 31, 2023, the bank’s total business stood at ₹96,369 crore, marking an increase from ₹88,846 crore recorded a year ago.
• In the December 2023 quarter, the bank’s total business stood at ₹96,744 crore, and it reported a profit after tax of Rs. 253 crore.

Recent News :

• In March 2024, CUB opened its 800th branch in Ayodhya, Uttar Pradesh (UP).

About City Union Bank :

• Founded : 1904
• Headquarters : Kumbakonam, Tamil Nadu
• MD & CEO : N Kamakodi
• Tagline : Trust and Excellence since 1904
• City Union Bank is bigger than Tamilnad Mercantile Bank in terms of business size but smaller than Karur Vysya Bank.

Reserve Bank of India directs banks to step up hassle-free loans to Self Help Groups

• The Reserve Bank of India (RBI) directed all banks to provide adequate incentives to their branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the procedures simple and easy.
• Accordingly, the guidelines should be adhered to enable effective linkage of SHGs with the banking sector.

Key Highlights :

• Loan-related Charges Waiver : The circular specifies that no loan-related and ad hoc service charges or inspection charges should be levied on priority sector loans up to 25,000.
• In the case of eligible priority sector loans to SHGs/ JLGs, this limit will be applicable per member and not to the group as a whole.
• Priority Sector Lending (PSL) Classification : The RBI has also pointed out that loans to SHGs are allowed to be classified under Priority Sector Lending (PSL) under the respective categories such as Agriculture, MSME etc.
• Savings Bank Accounts for SHGs : SHGs, registered or unregistered, which are engaged in promoting savings habits among their members are eligible to open savings bank accounts with banks.
• Inclusion in Credit Plans : Bank lending to SHGs should be included in the branch credit plan, block credit plan, district credit plan and state credit plan of each bank.
• Emphasis on Women Empowerment : About 85% of the groups linked with banks are formed exclusively by women, highlighting the significance of women empowerment through SHG bank linkage projects.
• Total Financial Inclusion : Recognizing the importance of SHG Bank linkage, banks have been advised to meet the entire credit requirements of SHG members.
• Banks will be encouraged to embrace the concept of Total Financial Inclusion. Government will request all scheduled commercial banks to follow the example set by some public sector banks and meet the entire credit requirements of SHG members, namely, (a) income generation activities, (b) social needs like housing, education, marriage, etc. and (c) debt swapping”.
• Monitoring and Review Mechanism : Considering the potential of SHGs, banks shall closely monitor the progress regularly at various levels.Further, progress of the programme may be reviewed by banks at regular intervals.
• Reporting Requirements : As prescribed by RBI letter dated April 26, 2018 SHG  shall be reported to NABARD (Micro Credit Innovations Department), Mumbai, every quarter, and the returns in the prescribed format shall be submitted within 15 days from the due date.

What are SHGs?

• Self-help Groups (SHGs) are informal associations of people who come together to find ways to improve their living conditions.
• They are generally self-governed and peer-controlled.
• In the 1970s SHG started as a financial intermediary committee usually composed of 12 to 25 local women between the ages of 18 and 50.

Magma HDI General Insurance and Suryoday Small Finance Bank Partner to Provide Health Insurance to Commercial Vehicle Loan Customers        

• Suryoday Small Finance Bank, small finance banks in India and Magma HDI General Insurance Company, a prominent player in India’s general insurance sector have entered into a corporate agency agreement to offer health insurance to Suryoday Bank’s Commercial Vehicle Loan customers.
• This strategic collaboration aims to bridge the health insurance accessibility gap by leveraging Suryoday Bank’s extensive reach across urban and rural regions.
• With this tie-up, Suryoday Bank Commercial Vehicle Loan customers will gain access to customised health insurance solutions, aligning with the Bank’s commitment to social inclusiveness.

About Magma HDI General Insurance :

• MD & CEO : Rajive Kumaraswami

About Suryoday Small Finance Bank Ltd :

• MD & CEO : Baskar Babu Ramachandran
• Incorporated in 2008, it’s a leading Small Finance Bank(SFB) in India.
• The company started offering SFB services in 2017.

Finance Ministry: Income Tax Slabs Unchanged from April 1, 2024

• The Ministry of Finance (MoF) has confirmed that there are no changes in the new income tax regime for individuals for the current fiscal year.
• Individual taxpayers have the option to opt out of this regime at the time of filing their Income Tax Returns (ITR).

Key Highlights :

• Introduction of Modified Tax Regime: A modified new income tax regime was introduced on April 1, 2023, for individuals, featuring significantly lower tax rates compared to the old regime.
• Exemptions and Deductions Limitations: Under the new regime, various exemptions and deductions, except for standard deductions such as ₹50,000 from salary and ₹15,000 from family pension, are not available.
• Option to Choose Tax Regime:Taxpayers have the flexibility to choose between the old and new tax regimes, based on what they find beneficial.
• The new tax regime is the default option, but taxpayers can opt-out and choose the old regime if they prefer.
• Tax Slabs under New Regime : The new income tax regime offers progressive tax slabs, with income up to ₹3 lakh being exempt from tax.
• Tax rates of 5%, 10%, 15%, 20%, and 30% apply to income brackets of ₹3-6 lakh, ₹6-9 lakh, ₹9-12 lakh, ₹12-15 lakh, and above ₹15 lakh,
• Assessment Year and Default Regime : The new tax regime was set as ‘a default regime’ from 2023-24 and the Assessment Year corresponding to this is AY 2024-25.
• Old Tax Regime : The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to ₹2.5 lakh from taxes.
• Tax Slabs in Old Regime:Under the old regime, income between ₹2.5-5 lakh attracts a 5% tax rate, while income between ₹5 lakh and ₹10 lakh is taxed at 20%.
• A tax rate of 30% applies to income above ₹10 lakh.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar

CURRENT AFFAIRS: NATIONAL NEWS

India’s March manufacturing PMI rises to 16-year high as output and orders jump to highest since October 2020

• The manufacturing sector in India closed out FY24 with a “stellar performance” in March, a private survey showed, as companies stepped up hiring in response to strong production and new orders.
• The HSBC India Manufacturing PMI rose to a 16-year high of 59.1 in March 2024, from 56.9 in February 2024.
• While this number was the highest since February 2008, it was lower than HSBC’s preliminary estimate of 59.2. A reading of over 50 separates expansion from contraction.
• India’s manufacturing output rose for the 33rd consecutive month in the final month as growth quickened across consumer, intermediate and investment goods sectors.

TRAI floats consultation paper to seek views on draft National Broadcast Policy

• The Telecom Regulatory Authority of India has floated a consultation paper to seek comments from the stakeholders on the proposed National Broadcasting Policy, which will be released by the Information & Broadcasting Ministry.
• The consultation paper has sought views on strategies that should be adopted to increase the broadcasting sector’s contribution to the economy and make India a “Global Content Hub” among other aspects.
• The telecom and broadcast regulator had last year issued a pre-consultation paper.
• This consultation paper has been released after examining the issues emanating from the written submissions, meetings, public documents, international practices and initiatives taken by the government for the sector.

‘Sunrise sector’

• Stating that the broadcasting sector is a “sunrise sector”, the regulator added that it has huge potential to contribute towards the growth of the Indian economy.
• The inputs for formulation of policy aim at stipulating the vision, mission, objectives and strategies for the planned development and growth of the broadcasting sector in the country in the era of new and emerging technologies.
• The consultation paper highlights pertinent issues prevalent in the broadcasting sector to make India a ‘Global Content Hub.

Agricultural trade on e-NAM crosses Rs 78,400-cr in FY24

• With more states opening up or facilitating trade of agricultural commodities on the government’s electronic – National Agriculture Market (e-NAM), trade on the digital wholesale platform crossed Rs 78,424 crore in FY24, up 5% on the year.
• In the last five years, trade on the digital wholesale market run by the agriculture ministry has increased by 124% last fiscal from Rs 34,940 crore in 2019-20.
• There has also been a significant spurt in inter-mandi and inter-state trading of agri-commodities on the digital platform, which currently integrates 1389 mandis across 27 states.

Key Highlights

• In addition, farmers in Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Tamil Nadu, Uttar Pradesh, Odisha, Himachal Pradesh and Jammu and Kashmir have sold several commodities paddy, maize, cotton, cauliflower, onion and tomato without physically transporting commodities to mandis using farm gate purchase model through e-NAM.
• In FY24, there has been a 130% spike in inter-mandi trade on e-NAM to Rs 1660 crore per year.
• In terms of inter-state trade, which was not happening a year ago, there was an increase last fiscal.
• The total traded value of commodities on the digital platform using the farmgate model last fiscal has been Rs 94 crore compared to a very small amount traded in FY23.

Centre gets a dividend boost as receipts from state-run undertakings surpass revised estimates by 26% to Rs 63,000 crores

• The Centre’s dividend receipts from CPSEs have exceeded the revised budget estimate by 26 per cent to about ₹63,000 crores, with PSU behemoths like Coal India, ONGC, Powergrid and GAIL making handsome payouts in the current fiscal.
• The revised estimates of the Budget presented in Parliament on February 1, 2024 pegged dividend receipts from CPSEs at ₹50,000 crore for the current fiscal.
• As per the Department of Investment and Public Asset Management (DIPAM) website, actual dividend collections have been about 26 per cent higher at ₹62,929.27 crore in the 2023-24 fiscal ending March 31, 2024.

Key Highlights

• In March 2024, the government received hefty dividend tranches from ONGC (₹2,964 crore), Coal India (₹2,043 crore), Power Grid Corporation of India (₹2,149 crore), NMDC (₹1,024 crore), HAL (₹1,054 crore) and GAIL (₹1,863 crore).
• In the last fiscal (2022-23), dividend receipts stood at ₹59,952.84 crore.
• The combined market capitalisation of CPSEs, banks and insurance companies has grown 500 per cent in the past three years from ₹15 lakh crore to ₹58 lakh crore.
• Also, the government’s equity holding has risen 4 times to ₹38 lakh crore from ₹9.5 lakh crore in January 2021.

CURRENT AFFAIRS: BUSINESS NEWS

Mobile phone output tops Rs 4.1 trillion in FY24

• The value of mobile devices produced in India for both export and domestic markets in the financial year 2023-24 soared to Rs 4.1 trillion ($49.16 billion), up at least 17 year-on-year (Y-o-Y), according to preliminary estimates by the Indian Cellular and Electronics Association (ICEA) which represents most of the mobile players in the country.
• The final figure could be higher by another Rs 5,000 crore.
• Apple led the charge in exports, with the value of outbound shipments of mobile devices expected to have crossed Rs 1.2 trillion ($14.39 billion) in FY24, a 33 per cent increase from Rs 90,000 crore in the previous financial year.

Key Highlights

• Exports in FY24, based on the early estimates, accounted for nearly 30 per cent of total production value, up from 25 per cent in FY23.
• Nonetheless, the value of mobile exports is still a long way from the government’s electronics policy target of $52-58 billion by FY26.
• The government hopes that mobile device production will hit $126 billion by FY26.
• The relatively high value of mobile device production was achieved despite stagnant domestic sales volume of mobile phones, with smartphone sales hovering around 145-150 million in FY24 (however, there was an uptick in the last quarter).
• The production value for the domestic market is expected to have grown by 11 per cent from Rs 2.6 trillion in FY23 to Rs 2.9 trillion in FY24.
• Industry experts attribute the increase in the average sale price of a phone to customers’ shift towards premiumisation, bolstered by the growing adoption of 5G phones.

March sees second-highest gross GST revenue of ₹1.78 lakh crore, lifts FY24 collections to ₹20.2 lakh crore

• Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹178,484 lakh crore, with an 11.5 per cent year-on-year growth.
• This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent.
• The highest-ever GST collection was recorded at ₹1.87 lakh crore in April 2023.

Key Highlights

• GST revenue net of refunds for March 2024 was ₹1.65 lakh crore, 18.4 per cent higher over the same period a year ago.
• The gross GST collection for the last fiscal (April 2023-March 2024) stood at ₹20.14 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal.
• The average monthly gross collection for FY24 stood at ₹1.68 lakh crore, exceeding ₹1.5 lakh crore in the preceding fiscal.
• In terms of state Maharashtra topped in paying GST followed by Karnataka, Gujarat , Tamil Nadu, and Haryana in March 2024.

UPI ends FY24 on a high note, with transactions worth ₹199 lakh crore processed

• The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both the volume and value of transactions undertaken during March 2024.
• This was despite transactions dipping slightly in February 2024 due to the fewer number of days in the month, and increased investment activity ahead of the financial year-end.
• Transactions worth ₹19.78 lakh crore were processed during March 2024, higher than the previous record of ₹18.41 lakh crore set in January 2024.
• The number of transactions on the UPI network rose to 1,344 crore during the month, from the January peak of 1,220 crore transactions.

Key Highlights

• In FY24, the UPI platform processed 13,115 transactions, aggregating to ₹199.29 lakh crore, compared with 8,376 crore transactions worth ₹139 lakh crore in FY23.
• During the year, the volume of transactions was up 56.6 per cent, whereas the value of transactions was 43.4 per cent higher.
• UPI transactions are expected to breach 100 crore transactions per day by FY27, according to a report by PwC India, which projects UPI to dominate the retail digital payments landscape, accounting for 90 per cent of the total transaction volumes over the next five years.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Sanjay Nayar, Former Head of KKR India, Assumes the Presidency of ASSOCHAM                   

• The Associated Chambers of Commerce and Industry of India (ASSOCHAM) announced that Sanjay Nayar, the Founder-Chairman of Sorin Investment Fund and a veteran of global financial markets, has taken over the role of President.
• He has replaced Ajay Singh, Co-Founder of low-cost airline SpiceJet, who has completed his tenure at the apex industry chamber.

About Sanjay Nayar :

• Sanjay Nayar is the Founder and Chairman of Sorin Investment Fund.
• He has over four decades of experience in global financial and capital markets, including 25 years at Citi and nearly 14 years at KKR, where he established KKR India operations in 2009.
• He held senior leadership roles at Citigroup across India, the United Kingdom (UK), and the United States of America (USA), including CEO of Citigroup’s Indian and South Asian operations.
• He was the CEO of Citigroup’s Indian and South Asian operations and was a member of Citigroup’s Global Management Committee and Asia Executive Operating Committee.
• He was recently appointed as a non-official member of the Board of Trade, Government of India, representing the private sector, and is a member of the National Startup Advisory Council.
• He is also a member of the Board of the US-India Strategic Partnership Forum (USISPF).

About ASSOCHAM :

• Established : 1920
• Headquarters : New Delhi, India
• The ASSOCHAM is a non-governmental trade association and advocacy group.

Judith Suminwa Tuluka Becomes Democratic Republic of Congo’s 1st Female Prime Minister                                           

• Judith Suminwa Tuluka has been appointed as the first woman Prime Minister of Congo.
• Her appointment was made by President Felix Tshisekedi of the Democratic Republic of Congo, succeeding former Prime Minister Jean-Michel Sama Lukonde.
• Tuluka will take over the position at a time when violence in the mineral-rich east of the nation, which borders Rwanda, is on the rise.

About Judith Suminwa Tuluka :

• Tuluka is an economist who previously worked for the United Nations Development Programme (UNDP).
• In her role at UNDP, she served as the coordinator for the Consolidation of Peace and Strengthening of Democracy pillar in Congo’s capital, Kinshasa.
• She served as the deputy coordinator of the Presidential Strategic Monitoring Council (CPVS), a technical structure whose main mission is to monitor and evaluate the commitments made by the DRC President.
• She was also appointed as the Minister of Planning in the Sama Lukonde government on March 24, 2023.

About Democratic Republic of Congo :

• Capital: Kinshasa
• Currency: Congolese Franc.
• The Democratic Republic of the Congo is a country in Central Africa.
• By land area, the DRC is the second-largest country in Africa and the 11th-largest in the world.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Microsoft and OpenAI to Collaborate on $100 Billion Investment for Stargate AI Supercomputer: Report

• Microsoft and OpenAI plan to invest $100 billion in the development of the Stargate AI supercomputer.
• Microsoft and OpenAI are collaborating on a data centre project, which will include the Stargate AI supercomputer to power OpenAI’s artificial intelligence models.
• Microsoft is financing the project.
• The Stargate supercomputer will be the fifth phase of a series of supercomputers.
• The fourth phase of a supercomputer for OpenAI is likely to be launched around 2026.
• At present, Nvidia is one of the largest suppliers of high-end chips.
• The high cost of building the supercomputer is one of the factors for bottlenecks in the supply of high-performance GPUs.

CURRENT AFFAIRS: MOUS AND AGREEMENT

SJVN partners with IIT Patna to improve Tunneling Project Performance using Advanced Geological Models

• SJVN Limited has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Patna (IIT Patna) to use advanced geological models in SJVN’s tunnelling projects, thus significantly reducing time and cost overruns.
• One of the key outcomes of this partnership will be the development of predictive analytics algorithms.
• These algorithms, leveraging integrated geotechnical data, will forecast potential risks and provide early warning systems specifically tailored for tunnelling projects.

Key Highlights

• Such proactive measures are expected to substantially mitigate time and cost overruns during project execution.
• Chairperson & Managing Director, SJVN, Smt. Geeta Kapur said that the primary focus of the MoU is to develop cutting-edge methodologies which integrate diverse geotechnical data sources.
• These would include geological surveys, borehole data, geophysical measurements and monitoring data from projects of SJVN.
• The collaboration also aims to evaluate the intricate relationship between overburden and deformation, thereby enhancing the evaluation and design of support systems crucial for tunnelling projects.
• By harnessing integrated geotechnical data and 3D geological models, SJVN and IIT Patna aim to identify and analyze potential risks and hazards.
• The MoU was signed in the presence of the Director (Finance), SJVN, Shri A.K Singh and Director, IIT Patna Shri T.N Singh in New Delhi on April 2, 2024. CGM (Civil), Shri R.K Gupta; GM (Finance), Shri Jitender Yadav; GM (Civil), Shri Hemant Kumar Shaklya; and GM (Geology), Shri Akshay Acharya from SJVN, and Professor A. K. Verma from IIT Patna were also present on the occasion of the signing ceremony.

Indian Oil, Panasonic Energy ink pact for lithium-ion cell Joint Venture

• India’s top refiner Indian Oil Corp has entered a pact with Panasonic Energy to form a joint venture to manufacture lithium-ion cells in India.
• The agreement follows an initial understanding between the two companies on lithium-ion cells in January.
• Lithium-ion batteries, which power electric vehicles (EV) and are used to store energy, are expected to play a major role in India’s goal to be a net zero emitter of greenhouse gases by 2070.
• The country is expected to see sales of more than 10 million EVs a year by 2030, according to an annual Economic Survey.
• Established in April 2022, Panasonic Energy provides battery technology-based products and solutions globally.

CURRENT AFFAIRS: SPORTS NEWS

Bindyarani Devi bags bronze medal 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.
• 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.
• However, it was an underwhelming display by the Manipuri lifter, who had won the CWG silver in Birmingham with a total effort of 203kg in 2022.

Olympic Champion Swimmer Joseph Schooling Announces Retirement

• Joseph Schooling, who famously beat his idol Michael Phelps in Rio to become Singapore’s first and only Olympic champion, was retiring from competitive swimming.
• Schooling announced on social media eight years after stunning the world by beating American great Phelps to win 100m butterfly gold.
• Schooling failed to qualify for the same event at Tokyo 2020 and his career started to ebb after winning gold medals in the 50m and 100m butterfly at the 2018 Asian Games in Jakarta.
• While this marks Schooling’s official retirement, he has not competed since the Southeast Asian Games, held in Vietnam in May 2022.
• Joseph Schooling wins Singapore’s first-ever gold medal
• How Singapore’s Joseph Schooling toppled swimming royalty

CURRENT AFFAIRS : OBITUARIES

World War II Veteran Subedar Thanseia of the Army Passes Away                                                 

• Subedar Thanseia, a distinguished World War II veteran of the Indian Army, whose actions at the crucial Battle of Kohima against formidable odds, contributed to a pivotal victory for the Allied forces, has passed away at the age of 102.

About Subedar Thanseia :

• Hailing from Mizoram, Subedar Thanseia served with distinction in the Indian Army, particularly during World War II.
• His valour and leadership were instrumental in shaping the legacy of the 1st Assam Regiment, especially during their deployment at Jessami.
• Thanseia retired from the Assam Regiment on December 16, 1969, with the rank of Subedar During World War II (1944-1945).
• He was involved in all the six Battles of Honor won by the Assam Regiment on Jessami Day.
• Jessami Day, the victory of the 1st Battalion Assam Regiment in World War II, is the most memorable day of the 1st Battalion Assam Regiment.
• In 1972, he was appointed as Tlangnuam Village Council President, a locality in Aizawl south.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day for Mine Awareness 2024: April 4

• International Day for Mine Awareness 2024 is observed all over the world on April 4^th, 2024.
• The theme for International Day for Mine Awareness & Assistance in Mine Action 2024 is ‘Protecting Lives, Building Peace.’

History

• The history of International Mine Awareness Day can be traced back to 1980 when the International Committee of the Red Cross (ICRC) first proposed the idea of a day to raise awareness about the dangers of landmines.
• In 2005, the United Nations General Assembly officially designated 4 April as the International Day for Mine Awareness and Assistance in Mine Action.
• The idea for an International Mine Awareness Day was first proposed in 1980 by the International Committee of the Red Cross (ICRC).
• The ICRC had been working to raise awareness of the dangers of landmines since the late 1970s, and it believed that a dedicated day would help to bring the issue to the attention of the international community.
• The ICRC’s proposal was endorsed by the United Nations General Assembly in 1982, and the first International Mine Awareness Day was held on 4 April 1983.
• Since then, International Mine Awareness Day has been commemorated around the world with a variety of events and activities.
• These events aim to raise awareness of the dangers of landmines and other explosive remnants of war, and to promote the protection of civilians from these weapons.

Daily CA One- Liner: April 4 

• The manufacturing sector in India closed out FY24 with a “stellar performance” in March, a private survey showed, as companies stepped up hiring in response to strong production and new orders
• The Telecom Regulatory Authority of India has floated a consultation paper to seek comments from the stakeholders on the proposed National Broadcasting Policy, which will be released by the Information & Broadcasting Ministry
• With more states opening up or facilitating trade of agricultural commodities on the government’s electronic – National Agriculture Market (e-NAM), trade on the digital wholesale platform crossed Rs 78,424 crore in FY24, up 5% on the year.
• The Centre’s dividend receipts from CPSEs have exceeded the revised budget estimate by 26 per cent to about ₹63,000 crore, with PSU behemoths like Coal India, ONGC, Powergrid and GAIL making handsome payouts in the current fiscal.
• The value of mobile devices produced in India for both export and domestic markets in the financial year 2023-24 soared to Rs 4.1 trillion ($49.16 billion), up at least 17 year-on-year (Y-o-Y), according to preliminary estimates by the Indian Cellular and Electronics Association (ICEA) which represents most of the mobile players in the country.
• Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹178,484 lakh crore, with an 11.5 per cent year-on-year growth.
• The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both the volume and value of transactions undertaken during March 2024
• SJVN Limited has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Patna (IIT Patna) to use advanced geological models in SJVN’s tunnelling projects, thus significantly reducing time and cost overruns
• India’s top refiner Indian Oil Corp has entered a pact with Panasonic Energy to form a joint venture to manufacture lithium-ion cells in India
• Commonwealth Games medallist weightlifter Bindyrani Devi clinched the bronze medal in the women’s 55kg event at the IWF World Cup
• Joseph Schooling, who famously beat his idol Michael Phelps in Rio to become Singapore’s first and only Olympic champion, was retiring from competitive swimming
• The Competition Commission of India (CCI) has approved the transaction involving Axis Bank’s additional 6% stake buy in Max Life Insurance, a private life insurer.
• Domestic mutual funds (MFs) injected a record Rs 45,120 crore into domestic stocks in March 2024 marking their highest-ever buying in a month.
• The World Bank has upgraded its economic growth forecast for India for the fiscal year 2024-25 (FY25) by 20 basis points to 6%.
• City Union Bank (CUB) has achieved a milestone in FY24 as the old private sector bank’s total business crossed the ₹1 lakh crore mark for the first time.
• The Reserve Bank of India (RBI) directed all banks to provide adequate incentives to their branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the procedures simple and easy.
• Suryoday Small Finance Bank, small finance banks in India and Magma HDI General Insurance Company, a prominent player in India’s general insurance sector have entered into a corporate agency agreement to offer health insurance to Suryoday Bank’s Commercial Vehicle Loan customers.
• The Ministry of Finance (MoF) has confirmed that there are no changes in the new income tax regime for individuals for the current fiscal year.
• The Associated Chambers of Commerce and Industry of India (ASSOCHAM) announced that Sanjay Nayar, the Founder-Chairman of Sorin Investment Fund and a veteran of global financial markets, has taken over the role of President.
• Judith Suminwa Tuluka has been appointed as the first woman Prime Minister of Congo.
• Microsoft and OpenAI plan to invest $100 billion in the development of the Stargate AI supercomputer.
• Subedar Thanseia, a distinguished World War II veteran of the Indian Army, whose actions at the crucial Battle of Kohima against formidable odds, contributed to a pivotal victory for the Allied forces, has passed away at the age of 102.
• International Day for Mine Awareness 2024 is observed all over the world on April 4^th, 2024.