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CURRENT AFFAIRS : BANKING & FINANCE

India’s Foreign Exchange Reserves Reach New Record High of $642.63 Billion for the Fifth Consecutive Week: RBI Data  

• India’s foreign exchange reserves rose for the fifth straight week to hit a fresh all-time high of $642.631 billion in the week ending on March 22,2024, as per the latest data released by the Reserve Bank of India (RBI).

Key Highlights :

• The reserves jumped by $139 million in the reporting week.
• Gold reserves during the week rose from $347 million to $51.487 billion.
• India’s foreign currency assets (FCA), the biggest component of the forex reserves, though, declined by $123 million to $568.264 billion.
• Prior to the week that ended on March 22, the foreign exchange kitty rose by $6.396 billion.
• In the calendar year 2023, the RBI added about $58 billion to its foreign exchange kitty.
• In 2022, India’s forex kitty slumped by $71 billion cumulatively.
• In October 2021, the country’s foreign exchange reserves last touched their all-time high.

What are Forex reserves?

• Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority.
• It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.
• Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
• Forex reserves include India’s Reserve Tranche position in the International Monetary Fund (IMF).

Report Forecasts Banks’ Gross Non-Performing Assets (GNPAs) to Decrease to 2.1% by FY25  

• According to Care Ratings, gross non-performing assets (GNPA) of Indian banks are expected to improve further and potentially reach 2.1% by the end of fiscal year 2025.

Key Highlights :

• Current and Previous Trends:GNPAs are anticipated to range between 2.5% and 2.7% in FY24, decreasing to 2.1-2.4% by the end of FY25.
• RBI’s Initiatives: The Reserve Bank of India (RBI) initiated measures in the mid-2010s, directing banks to classify certain stressed assets as non-performing assets (NPAs) to ensure accurate balance sheet representation.
• Downside Risks:Care Ratings identifies potential downside risks to its estimates, including a material deterioration in asset quality due to rising interest rates, regulatory changes, tighter liquidity conditions, and global issues.
• Historical Trends:GNPAs surged to 11.2% in FY18 from 3.8% in FY14 due to the Asset Quality Review (AQR) process of 2015-16, which compelled banks to recognize NPAs.
• However, starting from FY19, GNPAs have been improving, reaching a decadal low of 3.9% in FY23 and standing at 3% in the December quarter of FY24.
• Sectoral Analysis:The agriculture sector’s GNPA ratio decreased to 7% in September 2023 compared to 10.1% in March 2020.
• The industrial sector reported a GNPA ratio of 4.2% in September 2023, down from 14.1% in March 2020 and 22.8% in March 2018.
• Retail loan GNPA was 1.3% in September 2023, with stress primarily from unsecured loans, credit card receivables, and education loans.

What is meant by “Gross Non-Performing Assets” (GNPA)?

• “Gross Non-Performing Assets” (GNPA) is a term used in banking and finance to refer to the total value of non-performing loans (NPLs) or assets held by a bank or financial institution.
• Non-performing assets are loans or advances that have stopped generating income for the lender because the borrower has failed to make scheduled payments for a certain period, typically 90 days or more.
• In other words, GNPA represents the total amount of loans or assets that are in default or are not being serviced according to the terms agreed upon when the loan was originated.

Income Tax Department Imposes Rs 564 Crores Penalty on Bank of India

• The Income Tax Department has levied a penalty of ₹564.44 crore on Bank of India (BoI) for the Assessment Year (AY) 2018-19.
• The penalty is related to various disallowances made by the Income Tax Department.

Response from Bank of India :

• Bank of India has disclosed this information in an exchange filing.
• The bank has stated that it is in the process of filing an appeal against the order issued by the Income Tax Department.
• The appeal will be filed before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), within the prescribed timelines.
• Legal Context:The penalty has been imposed under section 270A of the Income Tax Act, 1961.

Recent News :

• In March 2024, The Income Tax Department imposed a penalty of Rs 103.63 crore on Tata Chemicals for violation related to disallowance of interest.

About BoI :

• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship Beyond Banking

About Income Tax Department :

• Headquarters : New Delhi, Delhi, India
• Chairman of Central Board of Direct Taxes : Nitin Gupta
• The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India.
• It functions under the Department of Revenue of the Ministry of Finance.
• It is headed by the apex body Central Board of Direct Taxes (CBDT).
• The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India.

RBI Grants Relief to Lenders on Investments in Alternative Investment Funds (AIFs)

• The Reserve Bank of India (RBI) has given a breather to the lenders on their investments in alternative investment funds (AIFs) following representations received from stakeholders.

What is an Alternative Investment Fund?

• An AIF is a privately pooled investment vehicle, which collects funds from investors, for investing by a defined investment policy for the benefit of its investors.

Key Highlights :

• Norm Tightening: The Reserve Bank of India (RBI) tightened norms in December 2023 for lenders regarding investments in Alternative Investment Funds (AIFs) to address concerns about potential evergreening of stressed loans.
• Restrictions on Investments: Lenders are prohibited from investing in AIF schemes with downstream investments like hybrid instruments in debtor companies.
• However, investments in AIFs with downstream equity investments in debtor companies are permitted.
• Provisioning Relief: RBI provided relief on provisioning norms.
• Now, provisioning is required only for the lender’s investment in the AIF scheme, further invested by the fund in the debtor company, contrary to the earlier interpretation where provisioning was required on the entire investment.
• Subordinated Units Provisioning : The RBI stated that if a lender has an investment in subordinated units of an AIF scheme, which also has downstream exposure to the debtor company, then the lender will be required to comply with the revised provisioning norms.
• Exclusion of Intermediaries: Investments by lenders in Alternative Investment Funds (AIFs) through intermediaries such as fund of funds or mutual funds are not covered by the latest circular from the Reserve Bank of India (RBI).
• Earlier interpretation relating to provisioning was that if a lender invested ₹10 crore in a ₹100 crore AIF scheme, which in turn invested ₹1 crore in the debtor company of the lender, the provisioning would be on the entire ₹10 crore.
• But now the provisioning will be only on the ₹1 crore exposure.
• Deduction for Subordinated Units :Referring to the clause in the earlier circular whereby investment by lenders in the subordinated units (including sponsor units) of any AIF scheme with a ‘priority distribution model’ will be subject to full deduction from lenders capital funds, the RBI said this will be applicable only in cases where the fund does not have any downstream investment in a debtor company of the lender.
• Equal Deduction from Capital : The proposed deduction from the lender’s capital will take place equally from both Tier-1 and Tier-2 capital.
• Applicability : It is applicable on All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks), All Primary (Urban) Co-operative Banks/State Co-operative Banks/ Central Co-operative Banks, All All-India Financial Institutions, All Non-Banking Financial Companies (including Housing Finance Companies).
• Legal Basis : The above instructions have been issued in exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949; Chapter IIIB of the Reserve Bank of India Act, 1934 and Sections 30A, 32 and 33 of the National Housing Bank Act, 1987.

NHPC Signs Agreement with Japan’s JBIC for Approximately Rs 1,100 Crore Loan

• State-owned hydropower giant NHPC has inked a loan agreement of JPY 20 billion (around Rs 1,100 crore) with Japan Bank for International Cooperation (JBIC) for developing a 300 MW solar project in Bikaner, Rajasthan.
• This is the first kind of loan syndication by NHPC with JBIC for the financing of renewable energy projects.
• JBIC’s loan is co-financed with MUFG Bank Ltd., Japan and Bank of Yokohama Ltd, Japan.
• The facility is extended under JBIC’s GREEN Operations (Global Action for Reconciling Economic Growth and Environment Preservation), which ensures the preservation of the global environment.

About Japan Bank for International Cooperation :

• Headquarters : Tokyo, Japan
• President & CEO : Tadashi Maeda
• JBIC, is a Japanese public financial institution and export credit agency that was created on October 1, 1999, through the merger of the Japan Export-Import Bank (JEXIM) and the Overseas Economic Cooperation Fund (OECF).

Foreign Portfolio Investment (FPI) into India Surges to Record ₹3.33 Lakh Crore in the Current Fiscal Year

• India got overseas flows to the tune of ₹3.33-lakh crore, or $40.4 billion, in equities, debt and hybrid instruments put together this financial year, a record for any year.
• This is 25% higher than the previous high of ₹2.67-lakh crore garnered in FY21.

Key Highlights :

• Equity Flows : Equity flows stood at over $25 billion, more than flows received by all other Asian markets except Japan, which received $59.5 billion.
• China, on the other hand, saw outflows of over $67 billion in the 12 months to December.
• Market Cap and Indices : India’s market cap is currently the fifth largest globally, but India’s weight in global indices is still low.
• Market Depth : The market depth in India has also increased considerably over the last few years, with the number of stocks with a market cap of more than $1 billion nearly doubling to 500.
• Global bond index inclusion : FPIs have invested $14.4 billion in Indian debt, higher than all other years except FY15 and FY18.
• Investors have taken a shine to government bonds since September 2023 anticipating India’s inclusion in global bond indices.
• Hybrid Instruments: Another $1.5 billion of FPI money has flowed into hybrid instruments, according to data from NSDL.
• Expected Inflows: The inclusion of Indian bonds in the JP Morgan EM Bond Fund and Bloomberg Bond Index is anticipated to bring in around $25 billion, starting June this year.

Canara Bank Plans to Sell 13% Stake in Canara Robeco Asset Management via Initial Public Offering

• Canara Bank’s board has accorded approval for initiating the process of diluting a part of its stake by listing its subsidiary, Canara Robeco Asset Management Company Ltd (CRAMC), on the stock exchange through an initial public offering (IPO).
• CRAMC is Canara Bank’s joint venture with Orix Corporation, Japan, with the bank holding a 51% stake.
• The public sector bank will dilute 13% of its stake by listing CRAMC on the stock exchange via IPO.
• CRAMC will be the fifth listed mutual fund house if it gets listed on the bourses.
• HDFC Asset Management Company, UTI Asset Management Company, Aditya Birla Sun Life AMC, and Nippon Life India Asset Management are the four listed competitors now.
• Currently, 6 AMCs – HDFC AMC, UTI AMC, Aditya Birla Sun Life AMC, Nippon Life AMC, Shriram AMC, and IL&FS Mutual Fund (IDF) – are listed on the exchanges.

About CRAMC :

• CRAMC is a JV, which was formed in 2007 by divesting a 49% stake held by the Bank in Can Bank Mutual Fund in favour of Robeco Group N V (now Orix Corporation, Japan).
• The company registered a net profit of ₹78.85 crore in FY23.
• It gave an interim dividend of 25% and also declared a final dividend of 25% for FY23.

About Canara Bank : 

• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can

Number of Cards-in-Force Surpasses 100 Million Milestone in February 2024 Despite Double-Digit Spend Decline: RBI Data

• According to data from the Reserve Bank of India (RBI), the number of cards-in-force surpassed the milestone of 10 crore outstanding cards in February, despite a decline in spending by over 10% in the truncated month.

Key Highlights :

• Steady Increase: The number of cards increased steadily by 1.1% in February 2024, reaching a total of 10.06 crore cards by the end of the month.
• Growth Trends: In January 2024, the figure stood at 9.95 crore cards, with HDFC Bank contributing significantly by crossing 2 crore cards during the month.
• Credit Card Additions: The addition of credit cards slowed down in February, with 11 lakh additions compared to 16 lakh in January and 19 lakh in December 2023.
• Issuer Positions : Among the top four issuers, HDFC Bank maintained its leadership position, with the highest addition of 3 lakh cards during the month, taking the total to 2.04 crore cards at the end of February. State Bank of India was a close second with 1.88 crore cards, with cards increasing by 1.5 lakh.
• New Card Issuances: Axis Bank issued 1.6 lakh new cards, while ICICI Bank issued fewer cards, below 50,000.
• Payment Trends: The share of e-commerce payments declined to 63.5% of total card spending in February 2024 from 64.8% in January 2024, while point-of-sale (PoS) transactions increased to 36.5% from 35.2% in the previous month.

ICICI, Axis, and IIFL Invest in GMR’s Delhi Airport Bonds Worth Rs 800 Crores

• ICICI Bank, Axis Bank and India Infrastructure Finance Ltd (IIFL) jointly subscribed to the ₹800 crore bonds issued by GMR group-promoted Delhi International Airport.
• The bonds were raised for 10 years at an annualised coupon of 84% and with a reset clause at the end of five years.
• The proceeds of the bonds will be issued to part-finance capital expenditure for phase 3A expansion towards development at Indira Gandhi International Airport, stated information memorandum (IM) circulated by the company.
• ICICI Bank and Axis Bank invested ₹300 crore each, while IIFL invested ₹200 crore in the bonds.
• The coupon is linked to the repo rate.
• The initial spread is 334 basis points over the repo rate (6.50%) for the first five years.
• After that, the coupon will be reset, subject to a cap of5% as the spread cap or a floor of 1.50% as the spread floor, according to the IM.
• The spread floor and spread cap will be fixed in line with the rating-linked reset clause.

CURRENT AFFAIRS: NATIONAL NEWS

Sensing China threat, India joins race to mine new sea patch

• India applied to the International Seabed Authority (ISBA), Jamaica, for rights to explore two vast tracts in the Indian Ocean seabed that aren’t part of its jurisdiction.
• The application to explore one of these regions, a cobalt-rich crust long known as the Afanasy Nikitin Seamount (AN Seamount), is a gambit by India.
• India has also applied for permission to explore another region, spanning 3,00,000 square km, called the Carlsberg Ridge in the Central Indian Ocean to investigate for polymetallic sulphides, which are large smoking mounds near hydrothermal vents that are reportedly rich in copper, and zinc, gold and silver.
• Rights to the region have already been claimed by Sri Lanka under a separate set of laws.
• The AN Seamount is a structural feature (400 km-long and 150 km-wide) in the Central Indian Basin, located about 3,000 km away from India’s coast.
• From an oceanic depth of about 4,800 km it rises to about 1,200 metre and — as surveys from about two decades establish — rich in deposits of cobalt, nickel, manganese and copper.

Key Highlights

• Around 60% of the world’s seas are open ocean and though believed to be rich in a variety of mineral wealth, the costs and challenges of extraction are prohibitive.
• Currently no country has commercially extracted resources from open oceans.
• However, another UNCLOS-linked body, the Commission on the Limits of the Continental Shelf, which decides on the limits of a country’s continental shelf, may impede India’s exploration ambitions.
• Countries have exclusive rights up to 200 nautical miles, and its underlying sea-bed from their borders.
• Some ocean-bound states may have a natural stretch of land, connecting their border and the edge of the deep ocean that extends beyond this 200, as part of their so-called continental shelf.
• To claim so, however, a country must give a detailed scientific rationale, complete with underwater maps and surveys to show this unbroken land-connect to a scientific commission appointed by the ISBA.
• Normally, claims to the continental shelf do not extend beyond 350 nautical miles from their coast.
• However, there is a provision under which countries along the Bay of Bengal can apply a different set of criteria to make claims on the extent of their continental shelf. Using this, Sri Lanka has claimed up to 500 nautical miles.
• Like Sri Lanka, India too has staked a claim for its continental shelf up to 350 nautical miles from its border but has yet to be awarded so. It has previously garnered exploration rights to two other large basins in the Central India Ocean and has undertaken surveys.
• The Government of India currently holds two contracts for exploration in the Indian Ocean. The first is for exploration for polymetallic nodules in the Central Indian Ocean Basin.
• It was signed on 25 March 2002, extended in 2017 and 2022, and will expire on 24 March 2027.
• The second exploration contract signed between ISA and the Government of India is for the exploration for polymetallic sulphides in the Indian Ocean Ridge. It was signed on 26 September 2016 and will expire on 25 September 2031.

About UNCLOS

• The United Nations Convention on the Law of the Sea (UNCLOS) established ISBA as an independent international organization.
• It was founded in 1994.
• It is headquartered in Jamaica.

39 sewage treatment plants from the AMRUT scheme to line the Musi river in Hyderabad

• A major component in the efforts to rejuvenate the Musi river, Hyderabad along the lines of the River Thames in London invariably involves dealing with the former’s dirty water, blackened by human and industrial waste.
• The project to revitalise the Musi and develop its surroundings includes the installation of a host of new sewage treatment plants (STPs) along the river’s 55-km stretch between Narsingi to the west and Gowrelli to the east.
• According to highly placed officials, the Union Ministry of Housing and Urban Affairs has sanctioned 39 more STPs under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, and these plants will be used in the Musi Riverfront Development project.

About AMRUT

• AMRUT was launched as the first water–focused Mission in 2015, with a total Mission outlay of ₹1,00,000 crore. The Mission caters to 500 major cities covering 60% of the urban population.
• 0 aims to make around 4,700 towns/cities ‘water secure’. It will build upon the progress of AMRUT to address water needs, rejuvenate water bodies, better manage aquifers, and reuse treated wastewater, thereby promoting a circular economy of water.
• The total outlay of AMRUT 2.0 is ₹2,97,000 crores, including central share of ₹76,760 crores.
• The total indicative outlay for AMRUT 2.0 is ₹2,99,000 crore including Central share of ₹76,760 crore for five years. This outlay includes funding of ₹22,000 crore (₹10,000 crore as Central Assistance) for ongoing projects of AMRUT till March 2023.

Key Highlights

• The Objective of AMRUT 2.0 is to provide 100% coverage of water supply to all households in around 4,700 ULBs, by providing 2.68 crore urban household tap connections, thereby benefitting around 10.7 crore people.
• It will provide 100% coverage of sewerage and septage in 500 AMRUT cities, by providing 2.64 crore sewer connections/ septage connections, thereby benefitting around 10.6 crore people.
• Other components of AMRUT 2.0 are:
• Pey Jal Survekshan to ascertain equitable distribution of water, reuse of wastewater, mapping of water bodies and promote healthy competition among the cities /towns.
• Technology Sub-Mission for water to leverage latest global technologies in the field of water.
• Information, Education and Communication (IEC) campaign to spread awareness among masses about conservation of water.
• The AMRUT-2.0 Mission will promote Public Private Partnership (PPP). It has been mandated for cities having million plus population to take up PPP projects worth minimum of 10 percent of their total project fund allocationwhich could be on Annuity/ Hybrid Annuity / BOT Model.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Ukraine Receives $1.5 Billion Funding Tranche from World Bank Program

• Ukraine has received a $1.5 billion tranche of funding under a World Bank programme.
• Prime Minister Denys Shmyhal announced the receipt of this tranche, which assists in funding the country’s budget and social spending amidst the Russian invasion.

Key Highlights :

• Sources of Funding:The new block of World Bank aid was funded by Britain and Japan.
• Japan contributed $984 million, while the UK contributed $516 million to the aid package.
• Total External Financing:In March, Ukraine managed to attract about $9 billion in total external financing, according to the Finance Ministry.
• Donors included the European Union, Canada, Japan, the International Monetary Fund (IMF), and Britain, among others.
• European Union Aid : Earlier in March, Ukraine received a significant aid package of 4.5 billion euros ($4.9 billion) as the first tranche of aid under a European Union bridging finance programme.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga

About Ukraine :

• President : Volodymyr Zelenskyy
• Prime Minister : Denys Shmyhal
• Capital : Kyiv
• Currency : Hryvnia

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Arnab Banerjee Elected as Chairman of Automotive Tyre Manufacturers’ Association

• Arnab Banerjee, Managing Director (MD) & Chief Executive Officer (CEO) of CEAT Ltd, has been elected as the new Chairman of the Automotive Tyre Manufacturers’ Association (ATMA), the national industry body for the automotive tyre sector in India.
• He takes over from Anshuman Singhania, Managing Director of JK Tyre and Industries.

About Arnab Banerjee :

• Arnab Banerjee joined CEAT in 2005 as the Vice President-Sales and Marketing.
• He held the position of Chief Operating Officer at CEAT since 2018 before being elected as the Chairman of ATMA.
• He is an alumnus of Harvard Business School, IIM Kolkata, and IIT Kharagpur.
• He also holds an Associate Certified Coach (ACC) Certification.

About ATMA :

• ATMA, established in 1975, is a prominent national industry body representing the automotive tyre sector in India.
• The automotive tyre industry in India is valued at ₹90,000 crore ($11 bn).
• 8 large tyre companies comprising a mix of Indian and International tyre majors and representing over 90% of the production of tyres in India are members of the Association.
• ATMA members include Apollo Tyres, Bridgestone India, Ceat, Continental India, Goodyear India, JK Tyre & Industries, MRF and TVS Tyres.

Schaeffler India Reappoints Harsha Kadam as Managing Director & Chief Executive Officer

• A global automotive and Industrial supplier, Schaeffler India, has re-appointed Harsha Kadam as Managing Director (MD) & Chief Executive Officer (CEO) subject to the approval of Shareholders in due course.
• Kadam’s new term will commence on October 1, 2024, and extend through September 30, 2027.
• Kadam, who began working for Schaeffler India in 2018, was named MD and CEO of the business in October 2019 for a 5-year tenure.
• Chairperson & Independent Director at Schaeffler India : Eranti Sumithasri

CURRENT AFFAIRS: MOUS AND AGREEMENT

India renews agreement to export electricity to Nepal for next 3 months

• India renewed the agreement to export electricity to Nepal for the next three months.
• Under the agreement, which was to expire on March 31, Nepal can import a total of 554 MW of electricity from India between 6 am and 6 pm.
• Nepal’s domestic electricity production currently stands at around 1,200 MW while the country’s demand for electricity is 1,800 MW to 2,000 MW during this period.
• Nepal is experiencing a shortage of electricity as most of the domestic power plants in the country are based on a run-of-the-river system and during winter, there is less water in the rivers.
• The Himalayan nation can import 500 MW of electricity from the Dhalkebar-Muzaffarpur cross-border transmission line and 54 MW through Tanakpur.

Sterlite Power, GIC to form JV for developing, and operating power transmission projects in India

• Sterlite Power and global investment firm GIC will set up a joint venture for developing and operating power transmission projects in India.
• The joint venture (JV) will focus on developing and operating power transmission projects in the country.
• Private power transmission developer Sterlite Power will own the majority 51 per cent stake and GIC will own the remaining 49 per cent shareholding.
• Sterlite Power and an affiliate of GIC have announced the signing of definitive agreements to set up a new platform to develop and operate power transmission projects in India.
• Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a portfolio of 33 completed, sold and under construction projects, covering approximately 15,350 circuit kilometres of transmission lines across India and Brazil.
• India is targeting to reduce the carbon intensity of the economy by over 45% by the end of this decade and also achieve 50% of its cumulative electric power from renewables by 2030.

CURRENT AFFAIRS: BUSINESS NEWS

Fiscal deficit widens in April-Feb 2024 to ₹15.01-lakh crore, reaches 86.5% of Revised Estimate

• The Centre’s fiscal deficit widened in April-February 2024 to ₹15.01 lakh crore, which is about 86.5 per cent of Revised Estimate of ₹17.35-lakh crore,pegged the fiscal deficit aim at 5.8 per cent of GDP for current fiscal and 5.1 per cent for next financial year.
• The total expenditure during April-February FY24 was Rs 37.47 lakh crore, or about 83 per cent of the annual goal, against Rs 34.94 lakh crore seen a y ear earlier.
• The government’s net tax revenues for April-February was Rs 18.5 lakh crore, or 79.6 per cent of the overall target.

Key Highlights

• On the capital expenditure front, government outlay stood at ₹8.05-lakh crore between April-February, 84.8 per cent of its target for FY24.
• Fiscal deficit widens in April-Feb 2024 to ₹15.01-lakh crore, reaches 86.5% of Revised Estimate
• Total gross liabilities of the government increased marginally to Rs 160.69 lakh crore at the end of December 2023 from Rs 157.84 lakh crore in September-end.
• This represented a quarter-on-quarter increase of 1.8 per cent in the September quarter of 2023-24.
• Public debt accounted for 90 per cent of total gross liabilities during the third quarter of the current fiscal year.
• An ultra-long 50-year G-sec was introduced to cater to the demand from long-term investors.

India sends 2nd tranche of INR/Nu 5 bn to Bhutan for infrastructure project

• India handed over the second tranche of INR/Nu Five billion for the development of infrastructure related to the GyalSung Project to Bhutan.
• Ambassador of India to Bhutan, Sudhakar Dalela, handed over the tranche to Bhutan’s Minister of Foreign Affairs and External Trade, Lyonpo D.N. Dhungyel.
• Notably, the first tranche of INR/Nu Five billion was released on January 28, 2024.
• With this, the Government of India has released INR/Nu Ten billion to the Royal Government of Bhutan under the Memorandum of Understanding on the concessionary financing arrangements for the GyalSung Infrastructure Project.
• Moreover, the MoU, which was signed in January 2024, provides a framework for the disbursal of INR/Nu 15 billion as concessionary financing to the Government of Bhutan for infrastructure development related to the GyalSung academies.
• The Gyalsung is an essential national initiative envisioned by the King of Bhutan to build a strong foundation for the future of Bhutan.

Akasa Air commences international operations

• Domestic carrier Akasa Air has commenced its international operations with its inaugural overseas flight departing from Mumbai to Doha, Qatar.
• The airline said it has been granted traffic rights for three other international destinations — Kuwait, Jeddah, and Riyadh.
• The inaugural flight departed from Chhatrapati Shivaji Maharaj International Airport in Mumbai on March 28 and arrived at Hamad International Airport in Doha.
• Indian regulations require airlines to have at least 20 aircraft in their fleet to become eligible for international operations.
• Vinay Dube, Founder and Chief Executive Officer of Akasa Air.

CURRENT AFFAIRS: APPS AND PORTALS

cVIGIL app, an effective tool in the hands of people to flag election code violations

• The cVIGIL app of the Election Commission of India has become an effective tool in the hands of people to flag election code violations.
• Since the announcement of General Elections 2024, over 79,000 complaints have been received.
• Over 99% of complaints have been resolved and close to 89% of these complaints have been resolved within 100 minutes.
• Speed and transparency are the cornerstones of the cVIGIL app.
• More than 58,500 complaints (73% of the total) received are against illegal hoardings and banners.

About cVIGIL

• cVIGIL app marks a significant leap forward in electoral oversight and reducing campaign clutter. It may be recalled that in the press conference for the announcement of the General Elections 2024, Chief Election Commissioner Shri Rajiv Kumar had urged citizens to be vigilant and use the app to report model code of conduct violations and distribution of any kind of inducements to voters.
• cVigil is user-friendly and easy to operate application, which connects vigilant citizens with the District Control Room, Returning Officer and Flying Squads Teams.
• Users capture audios, photos or videos in real-time, and a “100-minute” countdown for time-bound response to complaints is ensured.
• The app is one amongst the armoury of Apps built by the Commission to leverage technology and facilitate voters and political parties.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Skyroot Aerospace Conducts Successful Test Fire of Stage-2 for Vikram 1 Space Launch Vehicle in Sriharikota, Andhra Pradesh    

• Skyroot Aerospace, the leading Hyderabad-based space-tech company, has successfully test-fired the Stage-2 of Vikram-1 space launch vehicle, called Kalam-250, at the propulsion testbed of the Indian Space Research Organisation (ISRO), at its Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh (AP).
• The test took place lasted 85 seconds and recorded a peak sea-level thrust of 186 kilonewtons (kN), which is expected to result in a fully expanded vacuum thrust of around 235kN during flight.

Key Highlights :

• Features of Vikram-1 :Vikram-1 space launch vehicle, called Kalam-250, features a high-strength carbon composite rocket motor utilizing solid fuel and a high-performance Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system (TPS).
• First Carbon Composite Motor: Kalam-250 is the first carbon-composite-built motor to be tested at ISRO.
• Significance : Vikram-1 launch is a landmark event for the Indian space sector as it is the first private orbital rocket launch, and it follows the suborbital space launch of India’s first private rocket- the Vikram-S by Skyroot in November 2022.
• Name and Capacity : It is named after the father of India’s space programme, Vikram Sarabhai and is a multi-stage launch vehicle with a capacity to place around 300 kg of payloads in low-earth orbit.

About Skyroot Aerospace Private Limited :

• Founded : 12 June 2018
• Headquarters : Hyderabad, Telangana, India
• Co-founder & CEO : Pawan Kumar Chandana
• It is an Indian private aerospace manufacturer and commercial launch service provider

CURRENT AFFAIRS: RANKING AND INDEX

India adds 24 GW of solar photovoltaic manufacturing capacity in 2023

• According to a report by Mercom, India has added a whopping 24 GW of solar module and cell capacity in 2023.
• Gujarat led the total new capacity addition followed by Rajasthan and Tamil Nadu.
• During the calendar year, the country added 20.8 GW of solar modules and 3.2 GW of solar cell capacity, taking the cumulative solar module manufacturing capacity to 64.5 GW and solar cell manufacturing capacity of 5.8 GW as of December 2023.
• Gujarat led the country’s photovoltaic (PV) manufacturing capacity among the States, accounting for 46.1 per cent of the country’s solar modules capacity as of December 2023.
• Rajasthan and Tamil Nadu ranked second and third for solar module production capacities, accounting for 9.3 per cent and 7.6 per cent.
• Telangana accounted for 39 per cent of annual solar cell production capacity, the highest in the country.
• Gujarat and Himachal Pradesh were second and third, with solar cell production contributing 34.7 per cent and 13.9 per cent of total capacities in the country.

CURRENT AFFAIRS: IMPORTANT DAYS

Odisha Foundation Day 2024: April 1,2024

• Odisha Day, also known as Utkala Divas, is a special day celebrated every year on April 1st.
• In 1936, Odisha officially became a state, breaking away from Bihar and Bengal.
• The Utkala Sammilani played a crucial role in this movement.
• Starting with just six districts, Odisha has grown to have 30 districts today.
• Odisha has deep historical roots, once being a major part of ancient Kalinga.
• The region faced the famous “Kalinga War” led by King Ashoka in 260 BC.
• After Mughal rule and British administration, Odisha finally became a separate province on April 1, 1936, and even changed its name from Orissa to Odisha.

Daily CA One- Liner: March 31 & April 1^st

• India applied to the International Seabed Authority (ISBA), Jamaica, for rights to explore two vast tracts in the Indian Ocean seabed that aren’t part of its jurisdiction
• A major component in the efforts to rejuvenate the Musi river, Hyderabad along the lines of the River Thames in London invariably involves dealing with the former’s dirty water, blackened by human and industrial waste
• India renewed the agreement to export electricity to Nepal for the next three months.
• Sterlite Power and global investment firm GIC will set up a joint venture for developing and operating power transmission projects in India.
• The Centre’s fiscal deficit widened in April-February 2024 to ₹15.01 lakh crore, which is about 86.5 per cent of the Revised Estimate of ₹17.35-lakh crore,pegged the fiscal deficit aim at 5.8 per cent of GDP for the current fiscal and 5.1 per cent for next financial year
• India handed over the second tranche of INR/Nu Five billion for the development of infrastructure related to the GyalSung Project to Bhutan.
• Domestic carrier Akasa Air has commenced its international operations with its inaugural overseas flight departing from Mumbai to Doha, Qatar
• The cVIGIL app of the Election Commission of India has become an effective tool in the hands of people to flag election code violations
• According to a report by Mercom, India has added a whopping 24 GW of solar module and cell capacity in 2023
• India’s foreign exchange reserves rose for the fifth straight week to hit a fresh all-time high of $642.631 billion in the week ending on March 22, as per the latest data released by the Reserve Bank of India (RBI).
• According to Care Ratings, gross non-performing assets (GNPA) of Indian banks are expected to improve further and potentially reach 2.1% by the end of fiscal year 2025.
• The Income Tax Department has levied a penalty of ₹564.44 crore on the Bank of India (BoI) for the Assessment Year (AY) 2018-19.
• The Reserve Bank of India (RBI) has given a breather to the lenders on their investments in alternative investment funds (AIFs) following representations received from stakeholders.
• State-owned hydropower giant NHPC has inked a loan agreement of JPY 20 billion (around Rs 1,100 crore) with Japan Bank for International Cooperation (JBIC) for developing a 300 MW solar project in Bikaner, Rajasthan.
• India got overseas flows to the tune of ₹3.33-lakh crore, or $40.4 billion, in equities, debt and hybrid instruments put together this financial year, a record for any year.
• Canara Bank’s board has accorded approval for initiating the process of diluting a part of its stake by listing its subsidiary, Canara Robeco Asset Management Company Ltd (CRAMC), on the stock exchange through an initial public offering (IPO).
• According to data from the Reserve Bank of India (RBI), the number of cards-in-force surpassed the milestone of 10 crore outstanding cards in February, despite a decline in spending by over 10% in the truncated month.
• ICICI Bank, Axis Bank and India Infrastructure Finance Ltd (IIFL) jointly subscribed to the ₹800 crore bonds issued by GMR group-promoted Delhi International Airport.
• Ukraine has received a $1.5 billion tranche of funding under a World Bank programme.
• Arnab Banerjee, Managing Director (MD) & Chief Executive Officer (CEO) of CEAT Ltd, has been elected as the new Chairman of the Automotive Tyre Manufacturers’ Association (ATMA), the national industry body for the automotive tyre sector in India.
• A global automotive and Industrial supplier, Schaeffler India, has re-appointed Harsha Kadam as Managing Director (MD) & Chief Executive Officer (CEO) subject to the approval of Shareholders in due course.
• Skyroot Aerospace, the leading Hyderabad-based space-tech company, has successfully test-fired the Stage-2 of Vikram-1 space launch vehicle, called Kalam-250, at the propulsion testbed of the Indian Space Research Organisation (ISRO), at its Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh (AP).
• Odisha Day, also known as Utkala Divas, is a special day celebrated every year on April 1^st.

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