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CURRENT AFFAIRS: BANKING & FINANCE
Mudra Loans Reach Record High, Exceeding ₹5 lakh-crore Mark in FY24
- According to the latest Government data, Small business loans under the Pradhan Mantri Mudra Yojana (PMMY) witnessed record growth in disbursals in FY24 and also crossed the milestone of ₹5 lakh crore.
- Loans sanctioned in the last financial year were higher at ₹5.28 lakh crore.
- The total disbursals stood at ₹5.20 lakh in the year ended March 2024, as against ₹4.40 lakh crore in the previous financial year.
- Nearly 70% of the beneficiaries of these loans are women.
Key Highlights :
- With this, approximately ₹46 lakh crore has been disbursed in Mudra loans since the introduction of the scheme in 2015, if we include the provisional figures for FY24,.
- There is also an institutional framework that encourages lenders to push disbursal of Mudra loans further, such as the guarantee provided by the National Credit Guarantee Trustee Company Limited. (NCGTC) against the eligible micro units under PMMY.
- Notably, the gross non-performing assets (NPAs) in PMMY have declined from 3.17% in March 2022 to 2.68% in June 2023.
- NPA data for 2023-24 is yet to be released.
About Pradhan Mantri MUDRA Yojana (PMMY) :
- The PMMY is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to 10 lakh to the non-corporate, non-farm small/micro enterprises.
- These loans are classified as MUDRA loans under PMMY.
- Types of Lenders: MUDRA loans are offered by Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks, Microfinance Institutions (MFIs), and Non-Banking Financial Companies (NBFCs).
- Application Process: Borrowers can approach any of the mentioned lending institutions directly or apply online through the portaludyami mitra.in.
- Loan Categories:
- Three products under PMMY: Shishu (up to ₹50,000), Kishor (above ₹50,000 and up to ₹5 lakh), and Tarun (above ₹5 lakh and up to ₹10 lakh).
- These categories signify the stage of growth/development and funding needs of the micro unit/entrepreneur.
- Graduation/Growth:
- The categorization into Shishu, Kishor, and Tarun also serves as a reference point for the next phase of graduation or growth for the beneficiary micro unit/entrepreneur.
Recent News :
- In Jan 2024, Small businesses received a boost as loans granted through the Pradhan Mantri Mudra Yojana (PMMY) reached an all-time high of ₹3 trillion in December 2023, demonstrating an impressive 16% increase compared to the previous year.
Securities and Exchange Board of India Approves ₹5,000 Crore IPO for Aadhar Housing Finance, Backed by Blackstone
- Aadhar Housing Finance Limited (AHFL), focused on low-income housing in India, has received final observations from the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).
- The company aims to raise approximately ₹5,000 crore through the IPO.
Background :
- AHFL had previously submitted draft papers in February 2024.
- However, in January 2021, it had submitted draft papers to SEBI, receiving approval in May 2022 for an IPO of slightly over ₹7,000 crore, which it decided not to proceed with.
Key Highlights :
- The new issue plan includes a new equity offering totaling ₹1,000 crore alongside a ₹4,000 crore offer for sale.
- Within the offer for sale (OFS), promoter BCP Topco VII Pte will divest its stake.
- BCP Topco, an affiliate of funds managed by Blackstone, currently holds 98.7% of the pre-offer issued, subscribed, and paid-up equity share capital.AHFL targets economically weaker and low-to-middle income customers, providing small-ticket mortgage loans, with an average ticket size of ₹0.9 million and average loan-to-value ratios of 57.6% and 58.1% as of September 30, 2022, and September 30, 2023, respectively.
- According to Crisil, AHFL had the highest Assets Under Management (AUM) and net worth among its peers in the six months ending September, reflecting its market position.
- AHFL offers various mortgage-related loan products, including residential property purchase and construction loans, home improvement and extension loans, and loans for commercial property construction and acquisition.
- The company operates through a network of 471 branches, including 91 sales offices.
- Book Running Lead Managers for the IPO include ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital, Nomura Financial Advisory and Securities, and SBI Capital Markets.
What is an initial public offering?
- An IPO or initial public offering is the process by which a privately held company, or a company owned by the government such as LIC, raises funds by offering shares to the public or new investors.
- Following the IPO, the company is listed on the stock exchange.
Tata Mutual Fund Introduces 6 Sectoral and Thematic Index Funds
- Tata Mutual Fund has launched 6 thematic index funds focused on various sectors including infrastructure, healthcare, realty, financial services, automobile, and manufacturing.
- The new fund offer (NFO) of these schemes is available for subscription till April 22, 2024.
- The minimum investment during the NFO period is ₹5,000.
Key Highlights :
- Industry Firsts: Among the 6 schemes, 3 are industry firsts : Nifty 500 Multicap India Manufacturing 50:30:20 Index Fund, Nifty 500 Multicap 50:30:20 Infrastructure Index Fund and Nifty MidSmall Healthcare Index Fund — are a first in the industry.
- Other Schemes: The remaining 3 schemes are Nifty Realty Index Fund, Nifty Financial Services Index Fund, and Nifty Auto Index Fund.
About 6 thematic index funds:
- Investment Framework: The infrastructure and manufacturing index funds follow a multicap framework with fixed allocations across largecap, midcap, and smallcap companies in the proportion of 50:30:20.
- Market Trends and Drivers: The decision to introduce these index funds is driven by rising income levels and compelling consumer trends, indicating market demand and potential growth opportunities in these sectors.
- Passive Investing Trend: With passive investing gaining traction, fund houses are exploring opportunities in this space through index funds and exchange-traded funds (ETFs).
- This approach offers greater flexibility to fund houses to create innovative products and cater to investor preferences.
- Regulatory Filings:In March 2024, fund houses filed papers with the Securities and Exchange Board of India (SEBI) for three passive funds, indicating ongoing developments and regulatory compliance in the mutual fund industry.
What Are Index Funds?
- Index funds passively track the performance of a specific index and provide exposure to a diversified basket of stocks, mostly in a specific theme.
- They operate passively, eliminating the need for active stock selection, resulting in transparency and cost-efficiency compared to actively managed funds.
Kotak Alternate Asset Managers Secures Rs 2,000 Crore for Equity Investments
- Kotak Mahindra Bank’s asset management arm Kotak Alternate Asset Managers Limited has raised Rs 2,000 crore to invest in equities.
- Kotak Alternate Asset Managers’ ‘Iconic Fund’ is a Sebi-registered category III Alternative Investment Fund (AIF) and an open-ended platform conceptualised as an equity multi-advisor portfolio solution.
- Aim of the fund : To solve the challenge of building and maintaining equity portfolios amid the difficulties faced by investors due to the market volatilities.
- Additionally, Kotak Iconic Fund is capable of accepting investments from five offshore jurisdictions, including the United States (US), United Kingdom (UK), Singapore, DIFC, and Hong Kong, offering a convenient platform for non-resident investors to access the Indian equity markets.
- Kotak Alt under Kotak Optimus and Kotak Iconic offer multi-asset and equity discretionary portfolio solutions to both resident and non-resident investors having varying investment objectives.
Recent News :
- In Nov 2023, Kotak Alternate Asset Managers Limited raised about ₹1,000 crore ($120 million) for its open-ended fund to invest in Indian equities.
Reserve Bank of India and National Payments Corporation of India Recommend Strategies to Reduce Cross-Border Remittance Expenses to 3%
- The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have collaborated to propose measures to the World Trade Organisation (WTO) aimed at reducing the cost of cross-border remittances.
- The current costs of cross-border remittances can be as high as 8%, prompting the need for measures to reduce these expenses.
Key Highlights :
- Presentation to WTO: A presentation outlining strategies to lower cross-border remittance costs was delivered by RBI and NPCI during a seminar conducted by the WTO’s Committee on Trade in Financial Services on March 25, 2024.
- International Cooperation: The seminar was organized following a proposal from India, Philippines, and South Africa, indicating international cooperation in addressing this issue.
- Sustainable Development Goal (SDG) Target: India aims to bring the cost of remittances below 3% and eliminate remittance channels costing more than 5% by 2030, aligning with the UN Sustainable Development Goal (SDG) target.
- Discussion at WTO Conference: The issue of reducing remittance costs was also discussed at the 13th Ministerial Conference of the WTO in Abu Dhabi, indicating its significance at the international level.
- Current Remittance Costs: On average, remittance services currently represent 6.2% of the transferred amount, with 3% charged at the sending point and 3% at the receiving point.
- Importance of Remittance Flows: Remittance flows into low- and middle-income economies totalled $669 billion in 2023 and are anticipated to increase in the future.
- India stands as the largest recipient of remittances globally, receiving Rs 125 billion in 2023.
- Comparison with Other Countries: India’s significant position as a remittance receiver is highlighted by the fact that it surpassed other countries, with Mexico receiving $67 billion and China receiving $50 billion in 2023.
Recent News :
- In Feb 2024, The Reserve Bank of India (RBI) advised the National Payments Corporation of India (NPCI) to examine Paytm’s request to become a third-party application provider for unified payments interface (UPI) payments.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
About NPCI :
- Founded : 2008
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Dilip Asbe
- The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
- It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
Draft Guidelines for Academic Bank of Credits Establishment Notified by Ministry of Skills Development and Entrepreneurship
- The Ministry of Skills Development and Entrepreneurship has notified draft guidelines for setting up the Academic Bank of Credit (ABC), paving way for implementation and operationalization of the National Credit Framework as envisaged under the National Education Policy 2020.
- Purpose of ABC : The Academic Bank of Credit is a digital repository that stores credit information earned by students or learners throughout their educational journey.
Key Highlights :
- Registration Requirement: Recognized awarding bodies are mandated to register both their credentials and the students or learners under the ABC framework.
- Individual Accounts: Under ABC, every student or learner will have an academic bank of credit account, which will be opened and operated by a student/learner, through an unique Automated Permanent Academic Account Registry (APAAR) ID.
- Credit Assignment: Students or learners will be allocated credits upon successful completion of a qualification, job role, or learning course aligned with National Occupational Standards (NOS), MicroCredentials (MC), or qualifications.
- Recognition Basis: Recognition of credits is contingent upon predefined outcomes at a specified level of the National Credit Framework (NCrF) or National Skill Qualification Framework (NSQF), subject to successful assessment of achieved learning outcomes.
What is APAAR?
- APAAR, which stands for Automated Permanent Academic Account Registry, is a specialised identification system designed for all students in India.
- This initiative is part of the ‘One Nation, One Student ID’ program launched by the Union government, aligning with the new National Education Policy of 2020.
ICICI Bank Extends Rs 2675 Crore Debt Facility to Tata Steel: Report
- ICICI Bank has provided a ₹2,675 crore debt facility to Tata Steel for a term of 3 years to repay its existing debt.
- It added that documents filed with the National Securities Depository showed that Tata Steel has raised Rs 2,700 crore through unsecured fixed-rate bonds at 7.79%.
- The documents showed that Tata Steel will make a bullet payment to both investors on March 27, 2027.
- Tata Steel is among the top three steel producers in India with 21.6 million tonnes per annum of crude steel capacity on a standalone basis.
- The company targets to expand its total capacity to 40 mtpa by FY30.
About ICICI Bank :
- Founded : 5 January 1994
- Headquarters : Mumbai , Maharashtra, India
- MD & CEO : Sandeep Bakhshi
CURRENT AFFAIRS: NATIONAL NEWS
ECI holds ‘Conference on Low Voter Turnout’ to increase voter turnout in LS Elections
- In a first-of-its-kind initiative, the Election Commission of India (ECI) held a ‘Conference on Low Voter Turnout’ with Municipal Commissioners and District Education Officers (DEO) from select districts to increase voter turnout in the ensuing Lok Sabha Elections.
- Ahead of the polling in the ongoing general elections in 2024, the poll body has accelerated efforts to enhance voter turnout in parliamentary constituencies (PCs) with a history of low poll participation in previous general elections.
Key Highlights :
- According to an official release from the ECI, “In a day-long ‘Conference on Low Voter Turnout’ held at Nirvachan Sadan, New Delhi, Municipal Commissioners from major cities and select District Election Officers (DEOs) from Bihar and Uttar Pradesh deliberated together to chart a path towards enhancing voter engagement and participation in identified urban and rural PCs.”
- The conference was chaired by Chief Election Commissioner Rajiv Kumar, along with Election Commissioners Gyanesh Kumar and Sukhbir Singh Sandhu.
- A booklet on “Voter’s Apathy” was also unveiled by the Chief Election Commissioner on the occasion.
Central & state GST officials to conduct joint audits of firms
- In a move that is expected to help businesses as well as reduce litigation, a Model All India GST Audit Manual 2023 has been finalised for use by the Centre and state tax
- The manual lays out standard principles for the selection of audit cases, preparation and conduct of audit as well as post-audit follow-up, which is expected to help both the Central and state GST officials to carry out the process in a uniform manner, sources said.
- The norms, which were placed before theGST Council in February, are likely to be taken up for audit cases from this fiscal.
- Among other measures, it has suggested a common platform for sharing important audit findings and other sources of relevant information to improve the quality and efficiency of audit.
- In recent months, audits have also gained traction with both the Centre and state GST departments, sending out several notices to taxpayers for this.
Key Highlights :
- Audit is expected to be a key tool for tax officials this fiscal given the focus on increasing the GST taxpayer base and cutting down on tax evasion.
- As part of the exercise, an All-India Coordination Committee’ of Officers is also being set up with officers from the Centre and states who will choose themes for conducting audit, constitute a Committee of Officers for selecting taxpayers in a state for conducting a thematic audit, coordinate among various audit authorities for evolving a common minimum audit plan for a given theme.
- It will also monitor actual audits by the field formations and disseminate audit outcomes to appropriate stakeholders and perform other functions as per the Model All India GST Audit Manual.
- Experts noted that the audit manual acts as a guide to both the taxpayers and the team conducting the audits.
- Recommending a uniform process for the selection of audit cases, the manual has suggested weightage-based criteria under which taxpayers filing Form GSTR- 3B and Form GSTR-1 are selected.
- Secondary data sources such as data from other indirect levies or income taxcan be considered.
- The final selection of taxpayers to be audited may be done based on the descending order of the final score thus calculated.
- Further, a selection committee should be constituted to identify various risk parameters for selection for audit and some cases can be taken on a random basis or based on local parameters such as intelligence inputs and past behaviour.
- For follow-up audits, if the tax, interest, penalty or any other amount payable by the registered taxpayer as have been ascertained as short paid or not paid, is not deposited within 30 days after the issuance of the final audit report, the case is required to be referred to the respective jurisdiction and the case may be taken up for initiation of demand and recovery proceedings.
Tata’s military-grade satellite successfully placed into orbit
- India’s first military-grade geospatial satellite manufactured in the private sector has been successfully launched and placed in orbit, with full functionality expected to be achieved within a few months.
- Built by Tata Advanced Systems Ltd(TASL) at its Vemagal facility in Karnataka, the TSAT-1A was onboard the Bandwagon-1 mission launched by SpaceX’s Falcon 9 rocket in Florida.
- The sub-metre resolution imaging satellite has given a signal that it is in the right orbit and tests will be run on it for the next few weeks before it is fully functional, TASL officials stated.
Key Highlights :
- The satellite will provide military-grade imagery with a high resolution of less than one metre per pixel that will be downloaded and processed at a ground centre in India that is being built by
- While India has a few military spy satellites built by ISRO, this is the first such initiative in the private sector.
- The company plans to put up a constellation of such satellites in the future and its manufacturing facility is geared to produce up to 25 low earth orbit (LEO) satellites
- The satellites are being manufactured in collaboration with Satellogic Inc, a leader in sub-metre resolution earth observation satellites.
India’s fuel demand up by 5% y-o-y in FY24, a new financial year record
- India’s fuel consumption declined by 0.6 percent year-on-year (y-o-y) in March.
- However, demand for the 2024 financial year increased by about five percent, primarily due to higher sales of automotive fuel and naphtha.
Key Highlights :
- Preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed that the total consumption, a proxy for oil demand, stood at 21.09 million metric tonnes (4.99 million barrels per day) in March.
- This was a slight decrease from 21.22 million tonnes (5.02 mbpd) recorded in the same period last year.
- However, fuel demand for the financial year ending in March 2024 reached a record high of 276 million tonnes (4.67 mbpd), up from 223.021 million tonnes (4.48 mbpd) the previous year.
- Diesel sales, primarily used by trucks and commercial passenger vehicles, increased by 3.1 percent y-o-y to 8.04 million tonnes in March and was up 4.4 percent for the previous fiscal year.
- Meanwhile, sales of gasolinein March grew by 6.9 percent y-o-y to 3.32 million tonnes and were up 6.4 percent for the fiscal year.
- Sales of Bitumen, crucial for road construction, remained largely stable in March but saw a 9.9 percent rise for the fiscal year.
- Sales of liquefied petroleum gas (LPG), commonly known as cooking gas, increased by 8.6 percent to reach 2.61 million tonnes, and naphtha sales saw a significant rise of 5.5 percent to about 1.19 million tonnes, compared to the same period last March.
- The usage of fuel oil, on the other hand, experienced a decline of 9.7 percent y-o-y in March and declined by 6.3 percent for the fiscal year.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Manoj Panda Appointed as Member of the 16th Finance Commission by the Central Government
- Manoj Panda, formerly the director at the Institute of Economic Growth, has been appointed as a full-time member of the 16th Finance Commission by the Government of India (GoI).
- The 16th Finance Commission is responsible for formulating recommendations on the revenue-sharing formula between the central government and states for the 5-year period starting from April 2026.
- Panda’s tenure as a member of the Commission will last from the date of assuming office until either the submission of the Commission’s report or October 31, 2025, whichever comes earlier.
- He replaces Niranjan Rajadhyaksha, Executive Director at Artha Global, who resigned from his position as a member of the Commission due to unforeseen personal circumstances.
About Manoj Panda :
- Manoj Panda has an extensive background in economics, having served as the Director of the Centre for Economic and Social Studies (CESS) in Hyderabad, as well as holding positions as a Professor and Associate Professor at the Indira Gandhi Institute of Development Research (IGIDR) in Mumbai.
- He has also contributed to economic research as an economist and senior economist at the National Council of Applied Economic Research in New Delhi.
- The 16th Finance Commission held its first meeting under the Chairmanship of Arvind Panagariya to discuss its terms of reference on February 14, 2024.
- Other full-time members of the Commission include Ajay Narayan Jha, who served on the 15th Finance Commission and was a former secretary of Expenditure, as well as Annie George Mathew, a former special secretary of Expenditure.
- Soumya Kanti Ghosh, the group chief economic advisor of the State Bank of India, was appointed as a part-time member of the Commission.
About Finance Commission :
- The Finance Commission is a constitutionally-mandated body established once every 5 years to devise a formula for distributing net tax proceeds between the Centre and the states as well as among states and local bodies.
- Currently, India shares 41% of federal taxes with states as recommended by the 15th panel.
Srinivas Pallia to Take Over as Chief Executive Officer of Wipro Following Resignation of Managing Director Thierry Delaporte
- Wipro Chief Executive Officer (CEO) and managing director (MD) Thierry Delaporte has resigned from his position and Srinivas Pallia will succeed him as Wipro’s new MD and CEO.
- The Board of Directors noted the resignation of Mr Thierry Delaporte with effect from April 6, 2024.
- He will be relieved from the employment of the Company with effect from the close of business hours on May 31, 2024.
- Pallia will take over as the new CEO and MD from April 7, 2024, for a period of 5 years.
About Thierry Delaporte :
- Aged 56 and hailing from France, Delaporte boasts three decades of experience in the global IT sector.
- Before assuming the role of Wipro CEO, he served as the Chief Operating Officer at Capgemini, a renowned French IT firm.
- Appointed as the CEO and Managing Director of Wipro in July 2020.
- Delaporte was known as the highest-paid CEO in the Indian IT sector, earning an annual salary of over Rs 82 crore.
About Srinivas Pallia :
- Palia will be based in New Jersey.
- He is a Wipro veteran and has spent over three decades at the tech company.
- Having commenced his journey with Wipro in 1992, he has occupied various leadership positions, notably serving as the President of Wipro’s Consumer Business Unit and as the Global Head of Business Application Services.
About Wipro :
- Founded : 29 December 1945
- Headquarters : Bangalore, Karnataka, India
- Founder : M.H.Hasham Premji
- Executive Chairman : Rishad Premji
Peter Pellegrini Emerges Victorious in Slovakia’s Presidential Race
- In Slovakia, Peter Pellegrini ,the ruling nationalist won the Presidential Election defeating opposition independent Ivan Korcok.
- Pellegrini is a close ally of populist Prime Minister Robert Fico.
- As 99.9% of ballots have been counted, Peter Pellegrini received 53% of the vote, while Korcok got 47% votes.
- Pellegrini succeeded Zuzana Čaputová, the first female President of Slovakia.
About Peter Pellegrini :
- Pellegrini also served as the Minister of Health from December 2019 to March 2020, deputy prime minister (2016–2018) and minister for Education and Science (2014), as well as spending two years as speaker of the National Council (2014–2016).
- Previously a member of Direction – Social Democracy, he left the party and co-founded and has led Voice – Social Democracy since June 2020
- Pellegrini, currently serves as Parliament speaker.
About Slovakia :
- Prime Minister : Robert Fico
- Capital: Bratislava
- Currency: Euro.
CURRENT AFFAIRS: BUSINESS NEWS
Piramal Alternatives invests Rs 110 crore in Biodeal Pharmaceuticals
- Piramal Alternatives, the investment arm of the Piramal Group, has announced an investment of Rs 110 crore in Biodeal Pharmaceuticals.
- Biodeal is a contract development and manufacturing organisation.
- The funding will be utilised to improve Biodeal’s infrastructure and production capacity.
- It will also be directed towards upgrading technology and establishing a nutraceuticals manufacturing facility.
Key Highlights :
- Biodeal is already a player in contract manufacturing, offering products such as nasal sprays, dry powder inhalation capsules, tablets, and ointments.
- The investment was facilitated through convertible instruments from Piramal’s Performing Credit Fund.
- Earlier this year, the company attained its Pharmaceutical Inspection Co-operation Scheme (PIC/S) approval, further solidifying its position in the market.
- Emkay Global was the sole financial advisor to Biodeal Pharmaceuticals for this deal.
Mcap of BSE-listed firms hit Rs 400 trn milestone after rally in equities
- The market capitalisation of BSE-listed companies reached an all-time high of Rs 401.10 trillion on April 8, 2024, following a record rally in equities, wherein the 30-share BSE Sensex scaled its lifetime peak.
- This is the first time that the market capitalisation of BSE-listed companies has gone past the coveted Rs 400 trillion mark.
- The 30-share BSE benchmark jumped 425.62 points to reach a new record high of 74,673.84 in early trade.
- The market capitalisation of BSE-listed firms hit the Rs 300 trillion mark in July last year.
- From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, Axis Bank and JSW Steel were the major gainers.
CURRENT AFFAIRS: RANKING & REPORTS
India becomes net importer of finished steel in FY23-24, shows government data
- India was a net importer of finished steel during the 2023/24 financial year that ended on March 31, according to provisional government data.
- The country imported 8.3 million metric tons of finished steel between April and March, up 38.1 percent from a year earlier, the data showed.
- The world’s second-biggest crude steel producer remains a bright spot globally with robust demand from its construction and automotive sectors.
- Steel consumption in India jumped 13.4 percent to 136 million metric tons during the period, reflecting buoyant demand for the alloy in one of the world’s fastest-growing economies.
- India’s steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year.
Number of telecom subscribers grows marginally to 119.7 cr in Feb 2024: TRAI
- The number of telecom subscribers in Indiaincreased 0.38 percent to 119.7 crore in February 2024 as compared to the previous month, according to a TRAI report published.
- The urban telephone subscription increased to 66.37 crore while rural subscription increased to 53.13 crore with a sequential growth rate of 0.40 percent and 0.34 percent, respectively.
- The total broadband subscribers also increased from 91.10 crore at the end of January to 91.67 crore at February-end, as per the monthly subscriber report published by Telecom Regulatory Authority of India(TRAI).
- Top five service providers constituted 98.35 percent of the total broadband subscribers.
- The service provider are Reliance Jio Infocomm (52.2 percent), Bharti Airtel(29.41 percent), Vodafone Idea (13.80 percent), BSNL (2.69 percent), and Atria Convergence (0.24 percent).
- The wireline subscriber base at the end of February increased to 3.31 crore with a monthly growth rate of 1.73 percent.
Key Highlights :
- BSNL, MTNLand APSFL, the three PSUs access service providers, held 28.18 percent of the wireline market share as on February 29, 2024, TRAI stated.
- The report stated 1.15 crore requests were received in February for mobile number portability.
- The highest number of requests received till date since the inception of portability services has been in Uttar Pradesh-East (about 8.86 crore) in North-West zone, and in Madhya Pradesh(about 7.33 crore) in South-East zone.
CURRENT AFFAIRS: MOUS & AGREEMENTS
Reliance And Disney Announce Strategic Joint Venture To Bring Together The Most Compelling And Engaging Entertainment Brands In India
- Billionaire Mukesh Ambani’s Reliance Industries Ltd. (RIL) and The Walt Disney Company have agreed to merge their digital streaming and television assets in India, creating an $8.5-billion media behemoth spanning at least 100 channels across entertainment and sports, and two digital streaming platforms.
- The entity also has exclusive rights to sporting events like the Indian Premier League (IPL) and Disney films and productions in India, as well as a diverse international content library.
- The former rivals, who were locked in an intense battle over IPL rights until recently, have agreed to form a joint venture (JV) that will solidify RIL’s position in the Indian M&E space and reduce Disney’s presence in the country amid intense competition.
Key Highlights :
- This JV between RIL, its broadcast division Viacom 18 and Disney will bring together TV channels such as Colors, StarPlus, StarGOLD, Star Sports and Sports18 as well as streaming apps JioCinema and Disney+ Hotstar.
- The deal will combine the businesses of Viacom18 and Star India, where the media undertaking of Viacom18 will be merged into Star India Private Limited.
- The JV will be controlled by
- Nita Ambani will be the Chairperson of the JV, while Uday Shankar, Co-founder of Bodhi Tree Systems, which owns a stake in Viacom18, will be the Vice Chairperson.
- Shankar, a former Disney India chief who has also led Star India, will provide overall strategic leadership.
- The merger marks Disney’s fourth avatar in India, following partnerships with the K.K. Modi Group in 1993 and Ronnie Screwvala’s UTV Software Communications in the mid-2000s.
- This is the second big-ticket merger in the Indian media and entertainment sector, following the high-profile announcement of a deal between Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Limited (ZEEL) in September 2021.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Bharat Biotech Partners with Bilthoven Biologicals BV to Manufacture and Distribute Oral Polio Vaccines
- Bharat Biotech, a leading global vaccine and biotherapeutic innovator, and also the largest manufacturer of oral polio vaccines and Bilthoven Biologicals BV (BBio), a subsidiary of Serum Institute of India Private Limited based in the Netherlands, announced a collaboration to enhance the production and supply security of Oral Polio Vaccines (OPV).
- Purpose of Collaboration: The collaboration aims to strengthen the production and supply of Oral Polio Vaccines, with Bharat Biotech being the largest manufacturer of OPVs.
- Formalized Agreement: An agreement has been formalized between BBIL (Bharat Biotech International Limited) and BBio, wherein BBIL will procure essential drug substances required for the production of OPVs to be supplied both domestically in India and globally.
- Regulatory Approvals: Both companies will work together to obtain the necessary regulatory approvals and licenses for commercial manufacturing of OPVs in India.
- Utilization of Drug Substances: The vaccines will be manufactured using drug substances produced in the Netherlands at Bilthoven Biologicals, emphasizing the international collaboration in vaccine production.
About Serum Institute of India :
- Founded : 1966
- Headquarters : Pune, Maharashtra, India
- CEO : Adar Poonawalla
About Bharat Biotech :
- Founded : 1996
- Headquarters : Hyderabad
- Chairman & MD : Dr. Krishna Ella
CURRENT AFFAIRS: SPORTS NEWS
Nagal stuns world number 38 Arnaldi, makes history at Monte Carlo Masters
- Sumit Nagal became the first Indian player to win a singles main draw match at an ATP Masters event on clay when he shocked world number 38 Matteo Arnaldi in a gruelling three-set contest in Monte Carlo.
- Nagal, who entered the ATP Masters 1000 event via qualifying route, erased a one-set deficit to turn the tables on his Italian opponent for a memorable 5-7, 6-2, 6-4 win in the first round.
- He will face world number seven Holger Rune in the 2nd round.
- This is Nagal’s third victory over a top-50 player and second time in the current season.
- The 26-year-old had toppled the then world number 27 Alexander Bublik in straight sets at the Australian Open in Melbourne at the start of the 2024 season.
- He had also defeated then world No. 22 Chilean Cristian Garin at the Argentina Open in March 2021.
- Nagal, who qualified into the main draw with wins over higher-ranked players, has ensured himself a career-high rank of 80 on a day when he touched career-high rank of 93.
- The first set was on an even keel with both players breaking each other once. Serving to stay in the set, Nagal lost his serve in the 12th game with Arnaldi attacking the Indian’s first serve.
- However, Nagal remained unperturbed and broke his rival twice in the second set for a comfortable 4-1 lead. His serve came under pressure in game six but he held and closed the set force a decider.
- After trading a break with Arnaldi, Nagal broke his rival’s serve for the second time in the seventh game of the third set to take a 4-3 lead and that proved to be decisive in the final outcome of the match. He consolidated the lead by pocketing the eighth game and served out the match in game 10.
- As Arnaldi hit his forehand over the baseline on match point, Nagal let out a roar to celebrate his win.
CURRENT AFFAIRS: IMPORTANT DAYS
Ugadi 2024: Telugu New Year- April 9
- Ugadi or Yugadi is grandly celebrated as the first day of the year by the people of Telangana, Andhra Pradesh, and Karnataka.
- Ugadi, also known as Telugu New Year, is celebrated on the first day of Chaitra.
- It is an important day in most Hindu calendars that are based on lunisolar calendars, and it is also known as Vikram Samvat and Bhartiya Nava Varsha.
Ugadi 2024:
- According to Drikpanchang, Ugadi is celebrated on April 9 this year.
- Ugadi is also known as Samvatsaradi, which means the start of the new Samvat.
- Samvatsara is a 60-year cycle that corresponds to Jupiter’s location.
- Each year in the Samvatsara cycle is given a specific name, and the nature of the new Samvat is used to predict the following year.
Daily CA on April 10 :
- According to the latest Government data, Small business loans under the Pradhan Mantri Mudra Yojana (PMMY) witnessed record growth in disbursals in FY24 and also crossed the milestone of ₹5 lakh crore.
- Aadhar Housing Finance Limited (AHFL), focused on low-income housing in India, has received final observations from the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).
- Tata Mutual Fund has launched 6 thematic index funds focused on various sectors including infrastructure, healthcare, realty, financial services, automobile, and manufacturing.
- Kotak Mahindra Bank’s asset management arm Kotak Alternate Asset Managers Limited has raised Rs 2,000 crore to invest in equities.
- The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have collaborated to propose measures to the World Trade Organisation (WTO) aimed at reducing the cost of cross-border remittances.
- The ministry of skills development and entrepreneurship has notified draft guidelines for setting up the Academic Bank of Credit (ABC), paving way for implementation and operationalization of the National Credit Framework as envisaged under the National Education Policy 2020.
- ICICI Bank has provided a ₹2,675 crore debt facility to Tata Steel for a term of 3 years to repay its existing debt.
- Manoj Panda, formerly the director at the Institute of Economic Growth, has been appointed as a full-time member of the 16th Finance Commission by the Government of India (GoI).
- Wipro Chief Executive Officer (CEO) and managing director (MD) Thierry Delaporte has resigned from his position and Srinivas Pallia will succeed him as Wipro’s new MD and CEO.
- In Slovakia, Peter Pellegrini of the ruling nationalist won the Presidential Election defeating opposition independent Ivan Korcok.
- Bharat Biotech, a leading global vaccine and biotherapeutic innovator, and also the largest manufacturer of oral polio vaccines and Bilthoven Biologicals BV (BBio), a subsidiary of Serum Institute of India Private Limited based in the Netherlands, announced a collaboration to enhance the production and supply security of Oral Polio Vaccines (OPV).
- In a first-of-its-kind initiative, the Election Commission of India (ECI) held a ‘Conference on Low Voter Turnout’ with Municipal Commissioners and District Education Officers (DEO) from select districts to increase voter turnout in the ensuing Lok Sabha Elections.
- In a move that is expected to help businesses as well as reduce litigation, a Model All India GST Audit Manual 2023 has been finalised for use by the Centre and state tax
- India’s first military grade geospatial satellite manufactured in the private sector has been successfully launched and placed in orbit, with full functionality expected to be achieved within a few months.
- Preliminary data from the Petroleum Planning and Analysis Cell (PPAC), demand for the 2024 financial year increased by about five percent, primarily due to higher sales of automotive fuel and naphtha.
- Piramal Alternatives, the investment arm of the Piramal Group, has announced an investment of Rs 110 crore in Biodeal Pharmaceuticals.
- The market capitalisation of BSE-listed companies reached an all-time high of Rs 401.10 trillion on April 8, 2024, following a record rally in equities, wherein the 30-share BSE Sensex scaled its lifetime peak.
- India was a net importer of finished steel during the 2023/24 financial year that ended on March 31, according to provisional government data. The country imported 8.3 million metric tons of finished steel between April and March, up 38.1 percent from a year earlier, the data showed.
- The number of telecom subscribers in Indiaincreased 0.38 percent to 119.7 crore in February 2024 as compared to the previous month, according to a TRAI report published.
- Billionaire Mukesh Ambani’s Reliance Industries Ltd. (RIL) and The Walt Disney Company have agreed to merge their digital streaming and television assets in India, creating an $8.5-billion media behemoth spanning at least 100 channels across entertainment and sports, and two digital streaming platforms.
- Sumit Nagal became the first Indian player to win a singles main draw match at an ATP Masters event on clay when he shocked world number 38 Matteo Arnaldi in a gruelling three-set contest in Monte Carlo.
- Ugadi or Yugadi is grandly celebrated as the first day of the year by the people of Telangana, Andhra Pradesh, and Karnataka on April 9.
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