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CURRENT AFFAIRS : BANKING & FINANCE
ICRA Downgrades Banking Sector Outlook to Stable Due to Credit Growth Slowdown in FY25
- Domestic rating agency ICRA revised downwards its outlook for the banking sector to ‘stable’ from ‘positive’ on expectations of a moderation in credit growth and profitability.
- ICRA predicts that credit growth will moderate to 11.6-12.5% in FY25 from 16.3% (excluding the HDFC twins merger impact) in FY24.
- This moderation is expected to impact profitability due to lower net interest income margins resulting from higher deposit rate payouts.
Key Highlights :
- Asset Quality Expectations: The agency anticipates a further moderation in the gross non-performing assets (NPAs) ratio for the banking system, projecting it to decrease to 2.2% by March 2025 from an estimated 3% in March 2024.
- This would mark the lowest level since September 2011.
- Unsecured retail advances and loans to non-bank finance companies will slow down in FY25, leading to a dip in the overall non-food credit growth in the system.
- Credit Deposit Ratio: The credit deposit ratio, which has reportedly come under the regulatory gaze lately, will continue to be elevated at over 80%.
- The agency stated it expects a “convergence” between credit and deposit growth in FY25, which will be helpful for the system, given the 4 percentage point gap that exists at present.
- Impact on Net Interest Margins: The share of low-cost current and savings account deposits is expected to decrease as customers prefer higher-yielding term deposits.
- This shift may pressure net interest margins (NIMs) for banks.
- Fresh NPA Generation: ICRA projects gross fresh NPA generation to be 1.3% in FY24 for state-owned banks and 2% for private sector banks.
- These figures are expected to increase to 1.5% and 2.2% respectively in FY25.
- Implementation of Expected Credit Loss-based Provision System: The RBI is expected to implement the expected credit loss-based provision system from April 1, 2025, as observed by ICRA.
ICRA:
- Headquarters: Gurgaon, Haryana
- ICRA: Investment Information and Credit Rating Agency.
- ICRA was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.
PhonePe Collaborates with eSewa and Hotel Association of Nepal Pokhara to Boost Unified Payments Interface Service Adoption in Nepal
- Fintech firm PhonePe has partnered with Nepal’s digital wallet service eSewa and the Hotel Association of Nepal (HAN) Pokhara to promote digital payments through Unified Payments Interface (UPI) on the Himalayan country’s payment processor Fonepay Network.
- The partnership is a part of the Fewa New Year Festival which will be held from April 11-14, 2024 in Nepal.
- Over 3,000 merchants will participate in the festival with more than 1,00,000 visitors expected to visit.
- PhonePe along with eSewa and HAN Pokhara will showcase the ease of UPI (Unified Payments Interface) payments.
- Ritesh Pai, CEO International Payments, PhonePe.
About Phonepe :
- Headquarters : Bengaluru, Karnataka, India.
- CEO : Sameer Nigam
- PhonePe is an Indian digital payments and financial services company.
HDFC Bank Becomes First Private Lender to Establish Branch on Kavaratti Island
- Largest private sector lender HDFC Bank inaugurated a branch in Lakshadweep’s Kavaratti island.
- The bank becomes the first private sector lender to have a presence in Lakshadweep.
- The bank seeks to serve customers wherever they are and looks forward to serving the financial needs of individuals, families, and businesses in Lakshadweep, the bank’s retail branch banking .
- The branch inauguration ceremony was attended by Captain Lovekesh Thakur, Commanding Officer of the Indian Navy, and K P Muthukoya, a prominent local resident, along with bank officials.
About HDFC Bank :
- Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sashidhar Jagdishan
- Tagline : We Understand Your World
National Investment and Infrastructure Fund Limited Injects $200 Million into iBUS to Expand Digital Infrastructure
- The National Investment and Infrastructure Fund Limited. (NIIF) has invested $200 million in iBUS Network and Infrastructure Private Limited., a connectivity technology firm, to support the growth of India’s digital infrastructure.
Key Highlights :
- Utilization of Funds: The funds raised will be utilized for scaling iBUS’ operations through both organic and inorganic growth initiatives.
- Business Focus : iBUS aims to strengthen its position as a leader in In-building solutions, outdoor small cells and managed WiFi services while expanding its presence in new emerging sectors (such as IoT solutions).
- Infrastructure Development : Additionally, investments will be directed towards developing new infrastructure solutions to address evolving market demands and technological advancements.
- Change in Ownership: Following the transaction, NIIF will hold a significant majority stake in iBUS, indicating a change in ownership structure.
- Transaction Advisor: Avendus acted as the transaction advisor to iBUS for this investment, facilitating the deal between NIIF and iBUS.
About National Investment and Infrastructure Fund Limited :
- Founded : February 2015
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sanjiv Aggarwal
- The NIIFL is a Government-owned owned company which maintains infrastructure investments funds for international and Indian investors anchored by the Government of India.
Computer Age Management Services Limited Receives Reserve Bank of India’s Approval to Function as an Online Payment Aggregator
- Computer Age Management Services Limited (CAMS), India’s largest mutual fund transfer agency, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
Key Highlights :
- In-Principle Authorization: CAMS initially received an in-principle authorization from RBI in February 2023, and the certificate of authorization was officially received on April 10, 2024.
- Regulatory Compliance: The authorization comes after CAMS made an application to RBI for a certificate of authorization following the issuance of ‘Guidelines on Regulation of Payment Aggregators and Payment Gateways’ in March 2020.
- Business Background: CAMS’ payment business unit, CAMSPay, has been operating in the payment solutions industry for 15 years, catering to a diverse portfolio of clients including mutual funds, insurance companies, banks, and non-banking finance companies (NBFCs).
- UPI Autopay Registration : In March 2024, CAMSPay achieved a registration of more than 1.2 million mandates for UPI autopay.
What is a Payment Aggregator?
- A payment aggregator is a third-party service provider that enables customers to make and businesses to accept payments online.
- Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
Recent News :
- In April 2024, the CAMS announced that its wholly-owned subsidiary-CAMS Insurance Repository Services, will be an agency for facilitating the issuance of insurance policies in “electronic mode” as mandated by IRDAI with effect from April 1, 2024.
About CAMS :
- Founded : 1988
- Headquarters : Chennai, Tamil Nadu, India
- CEO : Anuj Kumar
- The CAMS is a mutual fund transfer agency serving Indian asset management companies.
CURRENT AFFAIRS: NATIONAL NEWS
Government sets up panel to monitor thermal power capacity additions
- The Power Ministry has set up the Thermal Power Monitoring Group (TPMG) that will regularly track the progress of upcoming thermal power plants (TPPs) in the country.
- Power Minister R K Singh approved the setting up of an independent TPMG, which will conduct site inspections and provide an assessment of each site of the TPP under implementation by a central or State utility and Independent Power Producers (IPPs).
- The 8-member TPMG will be headed by the Central Electricity Authority’s (CEA) member (Thermal).
- The members also include a Chief Engineer or higher-level officer from the CEA.
Key Highlights
- TPMG members will visit the TPPs under implementation inspection to observe first-hand progress made by the project developers and based on their assessment, will submit a progress report to the group.
- The TPMG will compare the progress report with the progress being reported by project proponents directly to the CEA.
- Besides, six retired senior officers from the CEA, NTPC and Damodar Valley Corporation (DVC) will also be part of the panel and will be selected by the Ministry.
- The high-level panel will identify challenges being encountered during the implementation phase and evaluate the effectiveness of the mitigation strategies employed by the developers.
- The Members have to submit a progress review report within seven working days after a site visit.
- The development assumes significance as the Ministry has planned to add a total of 80 gigawatts (GW) of thermal capacity by FY32 in line with a growing appetite for electricity from commercial and industrial (C&I) as well as households with peak power demand expected to rise to 366 gigawatts (GW) by 2032 from 240 GW in 2023.
Indo-Pacific Economic Framework for Prosperity (IPEF) to organise Clean Economy Investor Forum in Singapore
- The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022 and currently includes 14 partners – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam.
- It provides a platform for countries in the region to collaborate on advancing resilient, sustainable, and inclusive economic growth, and aims to contribute to cooperation, stability and prosperity in the region.
About IPEF
- The IPEF comprises four pillars of cooperation namely: Trade, Supply Chain, Clean Economy and Fair Economy.
- The IPEF is not a Free Trade Agreement (FTA), but it allows members to negotiate the parts they want to.
- India has been actively participating in the IPEF, but not in all pillars.
- India has decided to opt out of the trade pillar of the IPEF as most issues promoted by the IPEF do not align with India’s trade policies.
- The 14 IPEF partners represent 40 percent of the global GDP and 28 percent of global goods and services trade.
- The IPEF Clean Economy Investor Forum is one of the initiatives under the IPEF.
- The Department of Commerce is the nodal agency for the IPEF engagements, and the IPEF Clean Economy Investor Forum is managed by Invest India (www.investindia.gov.in), India’s National Investment Promotion Agency.
- The Forum will have opportunity for the Indian industry in the two following tracks. PwC Singapore and HolonIQ are the knowledge partners for these tracks.
- Climate Tech Track: Under this track, IPEF Clean Economy Investor Forum is holding an open call that aims to recognise the top climate tech companies and start-ups among the member countries and present them to global investors.
- Infrastructure Track: Under this track, India will showcase selected investible sustainable infrastructure projects at the 2024 Forum.
- The sectors of focus are-energy transition (e.g electric gird; renewable energy, including solar, and onshore wind; sustainable aviation fuel; battery storage; hydrogen; green data centers.
Global Bio Fuels Alliances to prepare charter, Finalize governance structure
- India- and US-backed Global Biofuels Alliance (GBA) is set to draw up a charter to achieve its objective of promoting biofuels and lowering the dependence on fossil fuels.
- The meeting will be on the sidelines of a G20 working group meeting in Brazil.
- This would be the second meeting of the temporary executive committee, which has representatives from all the member countries of the alliance.
- The committee had first met in December on the sidelines of the COP28 in the United 15 Apr Energy Transition Working Group expected to meet the Arab Emirates.
- Global Biofuels Alliance is an India-led Initiative to develop an alliance of Governments, International organisations and Industry to facilitate the adoption of biofuels.
- India, Brazil and the US is the founding members of the alliance.
- The initiative aims to position biofuels as a key to energy transition and contribute to jobs and economic growth.
- GBA will facilitate development, adoption and implementation of internationally recognized standards, codes, sustainability principles and regulations to incentivize biofuels adoption and trade.
- It will also help accelerate India’s existing biofuels programs such as PM-JIVAN Yojna, SATAT, and GOBARdhan scheme, thereby contributing to increased farmers’ income, creating jobs and overall development of the Indian ecosystem.
Key Highlights
- 22 countries and 12 international organizations have already agreed to join the alliance:
- Eight G20 countries: 1. Argentina, 2. Brazil, 3. Canada, 4. India 5. Italy, 6. Japan 7. South Africa, 8. USA
- Four G20 Invitee Countries: 1. Bangladesh, 2. Singapore, 3. Mauritius, 4. UAE
- Ten non G20 countries: 1. Iceland, 2. Kenya, 3. Guyana, 4. Paraguay, 5. Seychelles, 6. Sri Lanka, 7. Uganda, 8. Finland, 9. Tanzania, 10. Philippines
- Twelve International organizations: Asian Development Bank, World Economic Forum, World LPG Organization, UN Energy for All, UNIDO, Biofutures Platform, International Civil Aviation Organization, International Energy Agency, International Energy Forum, International Renewable Energy Agency, World Biogas Association. World Bank.
- USA (52%), Brazil (30%) and India (3%), contribute about 85% share in production and about 81% in consumption of ethanol.
CURRENT AFFAIRS: BUSINESS NEWS
NTPC launches new edition of Girl Empowerment Mission
- NTPC Limited, India’s largest integrated power company, is gearing up to launch the latest edition of Girl Empowerment Mission (GEM), its flagship Corporate Social Responsibility initiative.
- The program aligns with the Government of India’s Beti Bachao, Beti Padhao initiative and aims to tackle gender inequality by nurturing girls’ imaginations and fostering their ability to explore opportunities.
- GEM does this through a 1-month workshop for young girls during summer holidays, by offering them a platform for their all-round upliftment and development.
- Starting from April 2024, the new edition of GEM will add nearly 3,000 meritorious children belonging to underprivileged sections of the society at 42 identified locations of the power sector PSU.
- The GEM Mission, initiated as a pilot project in 2018 with just three locations and 392 participants, has flourished into a nationwide movement.
Recent news
- NTPC secures USD 200 million loan from a Japanese agency, with JBIC funding 60% for NTPC and NREL projects in India. The funds will be used for FGD capex, reducing SOx emissions, and promoting environmental sustainability
- By 2032, NTPC is looking to expand its non-fossil-based capacity to 45-50 per cent of the company’s portfolio which will include 60 GW RE capacity with a total portfolio of 130 GW.
India targets US$ 600 bn in textile exports
- India is working on an ambitious target to achieve $600 billion of textile exports by 2047 from $44 billion in FY22 and the domestic market to grow to $1.8 trillion from $110 billion in 2022.
- The textiles ministry is formulating its Vision 2047 based on five thematic pillars-research & innovation; infrastructure, trade & investment; marketing & brand promotion; skilling & quality and sustainability.
- As per initial discussions, the exports of apparel and made ups could cross $350 billion by 2047 and those of technical textiles could be around $85 billion.
- For the domestic market, apparels could grow to $1.2 trillion and technical textiles to around $460 billion.
- Moreover, milestones for 2030 are also under consideration wherein domestic market is seen growing to $250 billion by 2030 and exports to $100 billion.
- The country also plans to reduce emission intensity to 2.25 tonnes of CO2 per tonne of crude steel (2.25 T/tcs) production by FY29 from 2.50 T/tcs now, and even further by 2047.
CURRENT AFFAIRS: AWARDS AND HONOURS
Kannada poet Mamta G. Sagar wins international award
- Mamta G. Sagar, a Bengaluru-based Kannada poet, writer, academic and activist, has recently won the World Literary Prize from the World Organization of Writers (WOW) for her contributions to the world of literature.
- Dr Sagar, a facilitator at Srishti Manipal Institute of Art, Design, and Technology, known for her involvement in diverse forms of transdisciplinary creative writing and cultural industries, received the award on April 6 at a ceremony in Abuja, Nigeria.
- Sagar produced Interversions 1,2, & 3, three films based on her poetry collections, with Srishti Films as part of the Wales-India collaborative projects (2018).
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Wipro Names Malay Joshi as new Chief Executive Officer for ‘Americas 1’ Strategic Market Unit
- IT major Wipro Limited has appointed company veteran Malay Joshi as the chief executive officer (CEO) of its largest and fastest-growing market, Americas 1, the company informed the stock exchanges.
- Joshi succeeds Srini Pallia, who was appointed Wipro’s CEO and Managing Director (MD) on April 6,2024 following Thierry Delaporte’s resignation.
- Under Thierry Delaporte’s tenure, Wipro implemented a new operating model with 4 Strategic Market Units (SMUs): Americas 1, Americas 2, Europe, and Asia Pacific Middle East Africa (APMEA).
- While Americas 1 and Americas 2 are organized by sectors, Europe and APMEA are structured by countries.
- The Americas 1 strategic market unit encompasses the entire business of Latin America and various industry sectors in the United States of America, making it Wipro’s biggest revenue generator as of the three months ended December 31, 2023.
About Malay Joshi :
- Joshi is a veteran of Wipro, having joined the company in 1996.
- He brings over 28 years of extensive experience in various leadership roles across functions, industries, and geographies.
- With this appointment, Joshi will also join the Wipro Executive Board and will be based out of the company’s New York City office.
- Prior to this appointment, he served as the Senior Vice President (SVP) and Business Unit Head, leading the Communications, Media, Tech, Retail, Travel, Hospitality, and Public Sector industries, which make up one of Wipro’s largest business units globally.
About Wipro :
- Founded : 29 December 1945
- Headquarters : Bangalore, Karnataka, India
- Founder : M.H.Hasham Premji
- Executive Chairman : Rishad Premji
Kuldip Narayan Takes Over as Managing Director of National Capital Region Transport Corporation
- Kuldip Narayan, an Indian Administrative Service (IAS) officer and Joint Secretary at the Ministry of Housing and Urban Affairs (MoHUA) in the Government of India, has assumed additional charge as Managing Director (MD) of the National Capital Region Transport Corporation (NCRTC).
About Kuldip Narayan :
- Narayan has been associated with the NCRTC as a Government Nominee Director from December 2022.
- At MoHUA, he is looking after its flagship programme, Housing for All / Pradhan Mantri Awas Yojana (Urban).
- He is also serving as a Nominee Official Director in the National Housing Bank (NHB) and Housing & Urban Development Corporation (HUDCO).
- He has served as the District Magistrate of Gopalganj, Chhapra, Munger, and Madhubani districts in Bihar.
- He also held the charge of Chairman of Bihar State Bridge Corporation; MD of Bihar State Milk Co-Operative Federation Ltd; MD of Bihar State Water Board and Patna Municipal Commissioner.
About NCRTC :
- Founded : 21 August 2013
- Headquarters : New Delhi, Delhi
- NCRTC, a joint venture of Govt of India and the States of NCT of Delhi, Haryana, Rajasthan and Uttar Pradesh, under the administrative control of the Ministry of Housing and Urban Affairs, is mandated to implement the Regional Rapid Transit System (RRTS) project across the National Capital Region, ensuring a balanced and sustainable urban development through better connectivity and access.
- At present, a 34-km section between Sahibabad and Modi Nagar North having eight stations of India’s first RRTS corridor between Delhi-Ghaziabad-Meerut, is operational.
- The construction is advancing swiftly on the remaining sections, and the entire 82-km long corridor is scheduled to be operational by June 2025.
Simon Harris Becomes Ireland’s Youngest Prime Minister
- Simon Harris has been elected as the youngest Prime Minister (Taoiseach) of the Republic of Ireland.
- In Ireland, the prime minister is called Taoiseach.
- Harris succeeds Leo Varadkar, who resigned from the position in March 2024.
- At the age of 37, Simon Harris became the youngest Prime Minister in Ireland’s history.
- He is set to hold the post till the general election which is set to be held in March 2025.
- Before him, the Indian-born prime minister Leo Varadkar was the youngest prime minister of Ireland.
- Leo Varadkar became prime minister at the age of 38 in 2017.
About Simon Harris :
- Simon Harris has served as Taoiseach and leader of Fine Gael since 2024.
- A Teachta Dála (TD) for the Wicklow constituency since 2011, he has served as a minister in the government of Ireland since 2016 and formerly served as a minister of state from 2014 to 2016.
- He is from the Fine Gael party, which emerged as the third-largest party in the country after the 2020 parliamentary election.
Note :
- Ireland has a bicameral parliament called the Oireachtas.
- The Oireachtas have two houses: the Dáil and the Seanad Éireann (Senate).
- The Dail is the popularly elected lower house, just like the Lok Sabha of India, and its members are directly elected by the people.
- The total number of members of the Dail is 158.
About Ireland :
- Capital : Dublin
- Currency : Euro
Justice Aniruddha Bose To Head National Judicial Academy Post Retirement As Supreme Court Judge
- Justice Aniruddha Bose has been appointed as the Director of the National Judicial Academy (NJAC) in Bhopal.
- The appointment was announced by Chief Justice DY Chandrachud during a ceremonial bench honouring Justice Bose’s retirement from the Supreme Court.
- Justice Bose’s tenure in the Supreme Court concluded on April 10, after which he assumed the role at NJAC.
About Aniruddha Bose :
- Justice Bose served as a Permanent Judge of the Calcutta High Court starting January 2004 and later became the Chief Justice of Jharkhand High Court in August 2018.
- He was elevated to the position of a judge in the Supreme Court on May 24, 2019.
About National Judicial Academy :
- Established : 1993
- Location : Bhopal, Madhya Pradesh
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Bain Capital Offloads 1.08% Stake in Axis Bank for Rs 3575 Crore
- Bain Capital has sold a 1.08% stake in Axis Bank for ₹3,575 crore through an open market transaction.
- The stake sale involved the offloading of 33.37 million shares at ₹1,071 per share on the Bombay Stock Exchange (BSE).
- In December,2023 Bain Capital had sold a similar quantity of shares at ₹1,120 per share, generating $448 million.
- Bain Capital invested Rs 6,854 crore in Axis Bank as part of an Rs 11,626-crore capital raising exercise in November 2017.
- It had picked up the stake at around Rs 525 per share.
- Since then, it has pared its holdings in several tranches.
About Bain Capital :
- Founded : 1984
- Headquarters : Massachusetts, United States
About Axis Bank :
- Established : 3 December 1993
- Headquarters: Mumbai, Maharashtra, India
- MD & CEO: Amitabh Chaudhry
- Tagline : Badhti Ka Naam Zindagi
CURRENT AFFAIRS: MOUS AND AGREEMENT
EU-India join forces to promote start-up collaboration on Recycling of e-vehicle batteries under Trade and Technology Council
- The European Union (EU) and India launched an Expression of Interest (EoI) for startups working in Battery Recycling Technologies for Electric Vehicles (EVs) for a matchmaking event.
- The matchmaking aims to enhance the cooperation between European and Indian Small and Medium-sized Enterprises (SMEs) and startups in the clean and green technologies sector.
- This initiative takes place under the India-EU Trade & Technology Council (TTC), announced by India and the European Commission in New Delhi on 25th April 2022.
- Twelve innovators, six each from India and the EU will be selected and get a pitching opportunity during the Matchmaking Event, scheduled for June 2024.
- Six finalists (three from the EU and three from India) will be selected following their pitching presentations and awarded the possibility to visit India and the EU, respectively.
Key Highlights
- The India-EU Trade and Technology Council (TTC) was first announced by the European Commission and India in April 2022.
- Established on 6 February 2023, this strategic coordination mechanism allows both sides to tackle challenges at the nexus of trade, trusted technology, security and deepens cooperation in these fields.
- The TTC will help increase EU-India bilateral trade, which is at historical highs, with €120 billion worth of goods traded in 2022. In 2022, €17 billion of digital products and services were traded.
- The TTC consists of three Working Groups:
- Working Group 1 on Strategic Technologies, Digital Governance and Digital Connectivity.
- Working Group 2 on Green and Clean Energy Technologies; and
- Working Group 3 on Trade, Investment and Resilient Value Chains.
- The India-EU TTC Working Group 2 on Green and Clean Energy Technologies is being co-chaired from the Indian side by the Office of the Principal Scientific Adviser to the Government of India and from the EU side by the Directorate-General for Research and Innovation of the European Commission.
CURRENT AFFAIRS: RANKING AND INDEX
IndiGo world’s third largest airline by mcap as shares hit record high
- IndiGo has now become the world’s third-largest airline in terms of market capitalisation (m-cap) with shares of the operator InterGlobe Aviation Limited soaring nearly five per cent to achieve a lifetime record-high mark during intra-day.
- According to Bloomberg data, IndiGo surpassed United Airlines to become the sixth-largest airline in the world during December 2023.
- Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion m-cap, respectively, according to Bloomberg.
- InterGlobe Aviation is India’s largest commuter airline, with a domestic capacity share of 55 per cent in FY23.
- Indigo maintains the world’s youngest aircraft fleet, with an average age of 3.9 years.
Recent News
- IndiGo and Qantas finalised a codeshare partnership, enabling Qantas customers flying on non-stop flights between Australia and India to connect to 21 destinations in India on IndiGo.
- Rakesh Gangwal, the co-founder of IndiGo, sold a 5.8 per cent stake in the airline for Rs 6,785 crore
JNU ranked as India’s top university, IIM-Ahmedabad among world’s top 25 for management studies: QS Rankings
- The Jawaharlal Nehru University emerged as the highest-ranked Indian university in the list announced by Quacquarelli Symonds (QS), the London-based higher education analytics firm, for various subjects.
- Under the subject of Development Studies, JNU was ranked 20th in the QS World University Rankings.
- The Indian Institute of Management (IIM) – Ahmedabad grabbed the next best rank of 22nd in the subject of Business & Management Studies.
- A total of 69 Indian universities made it to the rankings with 424 entries across all subjects.
- It is 19.4 per cent higher than the previous year’s 355 entries.
- The Indian Institute of Technology Bombay (IITB) secured 25th rank in the subject of Engineering – Mineral & Mining.
- The Indian Institute of Technology Madras (IITM) secured 29th spot in Petroleum Engineering.
- In terms of volume, India is now the world’s fourth-largest producer of research, generating 1.3 million academic papers in this period, trailing only behind China’s 4.5 million, the United States’ 4.4 million, and slightly less than the United Kingdom’s 1.4 million.
- In the broader Asian regional context, India secured the second spot in terms of the number of universities featured (69), trailing only mainland China (101), and holds the fourth position in the total number of ranked entries (454) after China (1,041), Japan (510) and South Korea (499).
- India ranks fifth regionally for the number of top 200 entries and sixth for the number of top 100 entries.QS CEO Jessica Turner.
- For subject rankings, QS uses five components: academic reputation, employer reputation, research citations per paper, the H-index (a measure of both the productivity and impact of published work) and International research network (by broad faculty area).
CURRENT AFFAIRS: SPORTS NEWS
Neeraj Chopra to compete in Finland’s Paavo Nurmi Games
- Superstar Indian javelin thrower Neeraj Chopra will compete in the prestigious Paavo Nurmi Games in Turku, Finland, where he will be up against 19-year-old sensation Max Dehning of Germany, the latest entrant in the 90m club.
- The 26-year-old Chopra, who will begin his season in the Doha Diamond League Meeting on May 10, had won a silver in the 2022 edition of the Paavo Nurmi Games with a throw of 89.30m — his career second best — while he pulled out of the event in 2023 as he was recovering from an injury then.
- Chopra has a personal best of 89.94m.
About Paavo Nurmi Games
- The Paavo Nurmi Games are named after the legendary Finnish middle and long-distance runner.
- It is a World Athletics Continental Tour Gold series event, one of the most prestigious single-day competitions outside the Diamond League Meeting series.
Daily CA One- Liner: April 12
- The Power Ministry has set up the Thermal Power Monitoring Group (TPMG) that will regularly track the progress of upcoming thermal power plants (TPPs) in the country.
- The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022 and currently includes 14 partners – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam
- India- and US-backed Global Bio- fuels Alliance (GBA) is set to draw up a charter to achieve its objective of promoting biofuels and lowering the dependence on fossil fuels.
- NTPC Limited, India’s largest integrated power company, is gearing up to launch the latest edition of Girl Empowerment Mission (GEM), its flagship Corporate Social Responsibility initiative
- India is working on an ambitious target to achieve $600 billion of textile exports by 2047 from $44 billion in FY22 and the domestic market to grow to $1.8 trillion from $110 billion in 2022.
- Mamta G. Sagar, a Bengaluru-based Kannada poet, writer, academic and activist, has recently won the World Literary Prize from the World Organization of Writers (WOW) for her contributions to the world of literature
- The European Union (EU) and India launched an Expression of Interest (EoI) for startups working in Battery Recycling Technologies for Electric Vehicles (EVs) for a matchmaking event
- IndiGo has now become the world’s third-largest airline in terms of market capitalisation (m-cap) with shares of the operator InterGlobe Aviation Limited soaring nearly five per cent to achieve a lifetime record-high mark during intra-day
- The Jawaharlal Nehru University emerged as the highest-ranked Indian university in the list announced by Quacquarelli Symonds (QS), the London-based higher education analytics firm, for various subjects
- Domestic rating agency ICRA revised downwards its outlook for the banking sector to ‘stable’ from ‘positive’ on expectations of a moderation in credit growth and profitability, ICRA predicts that credit growth will moderate to 11.6-12.5% in FY25 from 16.3% (excluding the HDFC twins merger impact) in FY24.
- Fintech firm PhonePe has partnered with Nepal’s digital wallet service eSewa and the Hotel Association of Nepal (HAN) Pokhara to promote digital payments through Unified Payments Interface (UPI) on the Himalayan country’s payment processor Fonepay Network.
- Largest private sector lender HDFC Bank inaugurated a branch in Lakshadweep’s Kavaratti island.
- The National Investment and Infrastructure Fund Limited. (NIIF) has invested $200 million in iBUS Network and Infrastructure Private Limited., a connectivity technology firm, to support the growth of India’s digital infrastructure.
- Computer Age Management Services Limited (CAMS), India’s largest mutual fund transfer agency, has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
- IT major Wipro Limited has appointed company veteran Malay Joshi as the chief executive officer (CEO) of its largest and fastest-growing market, Americas 1, the company informed the stock exchanges.
- Kuldip Narayan, an Indian Administrative Service (IAS) officer and Joint Secretary at the Ministry of Housing and Urban Affairs (MoHUA) in the Government of India, has assumed additional charge as Managing Director (MD) of the National Capital Region Transport Corporation (NCRTC).
- Simon Harris has been elected as the youngest Prime Minister (Taoiseach) of the Republic of Ireland.
- Justice Aniruddha Bose has been appointed as the Director of the National Judicial Academy (NJAC) in Bhopal.
- Bain Capital has sold a 1.08% stake in Axis Bank for ₹3,575 crore through an open market transaction.
- Superstar Indian javelin thrower Neeraj Chopra will compete in the prestigious Paavo Nurmi Games in Turku, Finland, where he will be up against 19-year-old sensation Max Dehning of Germany, the latest entrant in the 90m club
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