03rd May, 2024

1. The Ministry of Earth Sciences (MoES), Government of India, through the National Centre for Polar and Ocean Research (NCPOR), will host the 46th Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of the Committee for Environmental Protection (CEP 26) in Kochi, Kerala.
2. India’s private ports continued to outperform those owned by the central government in 2023-24 (FY24), registering double-digit growth compared to a 4.45% growth for major ports, according to the Ministry of Ports, Shipping, and Waterways data.
3. India and Indonesia share a warm and cordial relationship that dates back to 1951 (Treaty of Friendship) when they established diplomatic ties. This year marks a significant milestone as the two nations celebrate 75 years of their enduring partnership.
4. Japanese Prime Minister Fumio Kishida unveiled an international framework for regulation and use of generative AI, adding to global efforts on governance for the rapidly advancing technology, at a meeting of the Organization for Economic Cooperation and Development (OECD).
5. The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance’s loan products after nearly six months. Specifically, the restrictions were placed on two of Bajaj Finance’s products: ‘eCOM’ and ‘Insta EMI Card.
6. The Organisation for Economic Co-operation and Development (OECD) raised its growth forecast for India by 40 basis points to 6.6 per cent from 6.2% for 2024-25.
7. The Securities and Exchange Board of India (SEBI), which regulates the securities market in India, decided to enforce a new rule regarding distributors who handle Portfolio Management Services (PMS). Now, SEBI requires these distributors to register with the Association of Portfolio Managers in India (APM).
8. Neo banking startup Fi has secured a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).
9. Yes Bank, in collaboration with Bengaluru-based financial services provider ANQ Finance, has introduced two co-branded credit cards named Pi and Phi, offering diverse spending and rewards options to Indian consumers.
10. The Reserve Bank of India (RBI) announced the launch of ‘Inflation Expectations Survey of Households’ and ‘Consumer Confidence Survey’.
11. Supersonic Missile-Assisted Release of Torpedo (SMART) system was successfully flight-tested from Dr APJ Abdul Kalam Island off the coast of Odisha.
12. A recent study conducted by ISRO, reveals evidence for enhanced possibility of water ice occurrence in the polar craters of the Moon.
13. Designer Bhavi Mehta has been awarded the 9th edition of the Oxford Bookstore Book Cover Prize (2024) for her creation of the book jacket for Pradeep Sebastian’s “The Book Beautiful.”
14. International Workers’ Day, also known as International Labour Day or May Day, is commemorated worldwide on May 1st annually to advocate for workers’ rights and acknowledge their significant contributions across all industries.
15. World Immunization Week (WIW) is an annual global observance held in the last week of April to underscore the critical efforts needed to safeguard individuals against vaccine-preventable diseases.
16. Indian chess player Vaishali Rameshbabu has been officially conferred with the title of Grandmaster (GM) by the International Chess Federation (FIDE), making her the 84th Indian GM and the 42nd woman globally to hold the GM title.
17. NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), entered into an agreement with the Bank of Namibia (BoN) for developing an instant payment system like Unified Payment Interface (UPI) for the African nation.
18. NHPC Limited, a Miniratna Public Sector Undertaking under the Ministry of Power, has signed a MoU with Norway-based Ocean Sun AS to collaborate on implementing floating solar energy technology in India.
19. Jeremiah Manele, the former Foreign Minister of the Solomon Islands, has been sworn in as the new Prime Minister.
20. Dr. Duvvuri Subbarao, former Governor of the Reserve Bank of India (RBI), introduced his memoir titled ‘Just A Mercenary?: Notes from My Life and Career.’

National News

1. India set to host the prestigious 46th Antarctic Treaty Consultative Meeting
   • What: The Ministry of Earth Sciences (MoES), Government of India, through the National Centre for Polar and Ocean Research (NCPOR), will host the 46th Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of the Committee for Environmental Protection (CEP 26) in Kochi, Kerala.
   • Why: This is in line with India’s poise to facilitate constructive global dialogue on environmental stewardship, scientific collaboration, and cooperation in Antarctica.
   • Tell me more:
     • The ATCM and meetings of the CEP are pivotal in the international community’s ongoing efforts to safeguard Antarctica’s fragile ecosystem and promote scientific research in the region.
     • India has been a Consultative Party to the Antarctic Treaty since 1983. It participates in the decision-making process along with other 28 Consultative Parties to the Antarctic Treaty to date.
     • The Antarctic Treaty Secretariat (ATS) serves as the administrative hub for the Antarctic Treaty System. Established in 2004, the ATS coordinates the ATCM and CEP meetings.
       • It also monitors compliance with Antarctic Treaty provisions and agreements and provides assistance and guidance to Antarctic Treaty Parties on treaty implementation and enforcement matters.
         Source: PIB

2. Private ports outpace central peers in FY24
   • What: India’s private ports continued to outperform those owned by the central government in 2023-24 (FY24), registering double-digit growth compared to a 4.45% growth for major ports, according to the Ministry of Ports, Shipping, and Waterways data.
   • Tell me more:
     • Cargo Volumes:
       • Non-major ports (owned by state governments and private players) handled 721 million tonnes (mt) of cargo, showing an 11.18% year-on-year growth in FY24.
       • In contrast, major ports (owned by the central government) handled 818 mt of goods during the same period.
     • Growth Drivers:
       • Non-major ports: The growth was primarily driven by thermal coal (7% of total volumes) with a 53% increase in cargo volume. Iron ore also rebounded with a 44% growth in FY24.
       • Major ports: Growth came from crude oil, thermal coal, and iron ore.
         Source: Business Standard

International News

1. 75 year of diplomatic ties between India and Indonesia
   • What: India and Indonesia share a warm and cordial relationship that dates back to 1951 (Treaty of Friendship) when they established diplomatic ties. This year marks a significant milestone as the two nations celebrate 75 years of their enduring partnership.
   • Tell me more:
     • In May 2018 during Prime Minister Narendra Modi’s visit to Indonesia, India and Indonesia elevated their relationship to a “Comprehensive Strategic Partnership”.
     • Recently the first-ever India-Indonesia Defense Industry Partnership was held in Jakarta on April 30 by the Embassy of India, the Indian Ministry of Defense and the Indonesian Ministry of Defense.
     • The Embassy of India in Indonesia is hosting a two-day conference “Jakarta Futures Forum: Blue Horizons, Green Growth” (JFF) is scheduled to be held on 2nd-3rd May 2024 in Jakarta.
       • Jakarta Futures Forum is being organised as a part of activities to commemorate 75 years of establishment of diplomatic ties between India and Indonesia. The Forum will delve deeper into the possibilities of realizing the vision of “Indonesia Emas 2045” and “Developed India 2047”.
         Source: Tempo. Co
2. Japan unveils a framework for global regulation of generative AI
   • What: Japanese Prime Minister Fumio Kishida unveiled an international framework for regulation and use of generative AI, adding to global efforts on governance for the rapidly advancing technology, at a meeting of the Organization for Economic Cooperation and Development (OECD).
   • Why: The framework will work on implementing principles and code of conduct to address the risks of generative AI and promote cooperation to ensure that people all over the world can benefit from the use of safe, secure, and trustworthy AI.
   • Tell me more:
     • When Japan chaired the Group of Seven leading industrialized nations last year, it launched a Hiroshima AI process to draw up international guiding principles and a code of conduct for AI developers.
       • Some 49 countries and regions have signed up to the voluntary framework, called the Hiroshima AI Process Friends Group.
         Source: Associate Press

Banking and Economy

1. Bajaj Finance to resume lending as RBI lifts curbs
   • What: The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance’s loan products after nearly six months. Specifically, the restrictions were placed on two of Bajaj Finance’s products: ‘eCOM’ and ‘Insta EMI Card.
   • Why: In November last year, the central bank had directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products — eCOM and Insta EMI Card — due to non-adherence of the company to the extant provisions of digital lending guidelines, particularly non-issuance of key fact statements to the borrowers under the two lending products.
     • A key fact statement is a document that outlines important information about a financial product or service in a clear and concise manner.
   • Tell me more:
     • Product Details:
       • eCOM: This is a consumer financing facility provided by Bajaj Finance for online shopping.
       • Insta EMI Card: Customers can sign up for this financing solution and shop for a diverse range of products, availing EMI payments on them.
         Source: Business Standard

     
     
2. OECD raises India’s FY25 GDP growth projection to 6.6%
   • What: The Organisation for Economic Co-operation and Development (OECD) raised its growth forecast for India by 40 basis points to 6.6 per cent from 6.2% for 2024-25,
   • Why: OECD assumes that buoyant public investment and improved business confidence are expected to propel India’s gross domestic product (GDP) growth.
   • Forecasts for India’s GDP growth
     Source: Business Standard

3. PMS distributor registration mandatory with APMI: SEBI
   • What: The Securities and Exchange Board of India (SEBI), which regulates the securities market in India, decided to enforce a new rule regarding distributors who handle Portfolio Management Services (PMS). Now, SEBI requires these distributors to register with the Association of Portfolio Managers in India (APM).
     • PMS involves managing investments on behalf of clients.
     • The Association of Portfolio Managers in India (APMI) is a trade body that represents portfolio managers registered with the Securities & Exchange Board of India (SEBI)
   • Why: The move is aimed at promoting ease of doing business initiatives for portfolio managers.
   • Tell me more:
     • The new directive would come into effect from January 1, 2025, and APMI would issue the criteria for registration of distributors by July 1, 2024.
     • Portfolio Managers have been asked to ensure that any person or entity engaged in the distribution of its services has obtained registration with APMI, in accordance with the criteria laid down by APMI.
     • This is in line with the practice already being followed in the mutual fund industry, wherein, mutual funds distributors are required to register with the Association of Mutual Funds in India (AMFI) and obtain an ARN (AMFI Registration Number) for providing distribution services.
     • Current stance:
       • Currently, persons engaged by a portfolio manager to act as a distributor of the PMS are required to obtain certification from the National Institute of Securities Markets (NISM).
       • Further, portfolio managers are required to ensure that distributors abide by the Code of Conduct specified under portfolio managers’ rules.
         Source: SEBI

4. Fi Obtains NBFC License from RBI
   • What: Neo banking startup Fi has secured a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI).
     • A neobank is a fintech company that provides financial services through a mobile app or website, including checking and savings accounts, budgeting tools and cash advances.
   • ‘NBFCs’ means the Non-Banking Financial Companies registered with the Reserve Bank of India, which shall also include Housing Finance Company (HFC) registered under Section 29 A of the National Housing Bank Act, 1987.
     Source: Economic Times

5. Yes Bank Partners with ANQ Finance to Launch Co-Branded Credit Cards
   • What: Yes Bank, in collaboration with Bengaluru-based financial services provider ANQ Finance, has introduced two co-branded credit cards named Pi and Phi, offering diverse spending and rewards options to Indian consumers.
   • Why: The strategic partnership aims to bridge the gap between traditional banking and the fintech industry, offering innovative solutions to meet evolving consumer need.
   • The launched products are-
     • YES BANK ANQ Pi Credit Card
     • YES BANK ANQ Phi Credit Card
       Source: Business Standard
6. RBI launches two key surveys to get inputs for upcoming monetary policy
   • What: The Reserve Bank of India (RBI) announced the launch of ‘Inflation Expectations Survey of Households’ and ‘Consumer Confidence Survey’.
   • Why: The surveys will provide key inputs for the bi-monthly monetary policy.
     • The next bi-monthly monetary policy is scheduled during June 5-7, 2024.
   • Survey agency: Both surveys are conducted by Hansa Research Group Pvt. Ltd., Mumbai, on behalf of the Reserve Bank of India.
   • Tell me more:
     • Inflation Expectations Survey of Households:
       • What’s the survey about?
         • The survey is all about understanding what people think about prices going up or down (inflation) and how it affects what they buy.
       • Who’s being surveyed?
         • People from 19 different cities, including places like Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram.
       • What the survey is asking?
         • The survey wants to know that what people think prices will be like in the next three months and in the next year.
         • How people feel prices have changed recently and how they expect them to change in the future. They’re asking for both opinions (like, “Do you think prices will go up?”) and numbers (like, “By how much do you think prices will increase in the next three months?”).
     • Consumer Confidence Survey:
       • What’s the survey about?
         • This survey is all about understanding how people feel about the economy and their own finances.
       • Who’s being surveyed?
         • Like the other survey, it’s also happening in 19 cities, including places like Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, and Delhi.
       • What the survey is asking?
         • The survey wants to know how people feel about the overall economy, what people think about job opportunities, how people see prices (like, do they think things are getting more expensive or staying the same), How people feel about their own income and how much they’re spending.
           Source: Business Standard

Defence News

1. Supersonic Missile-Assisted Release of Torpedo system successfully flight-tested by DRDO
   • What: Supersonic Missile-Assisted Release of Torpedo (SMART) system was successfully flight-tested from Dr APJ Abdul Kalam Island off the coast of Odisha.
   • Why: SMART is a next-generation missile-based light-weight torpedo delivery system, designed and developed by the Defence Research and Development Organisation (DRDO) to enhance the anti-submarine warfare capability of the Indian Navy.
     Source: PIB

Science and Tech

1. ISRO reveals evidence for enhanced possibility of water ice in polar craters of Moon
   • What: A recent study conducted by ISRO, reveals evidence for enhanced possibility of water ice occurrence in the polar craters of the Moon.
   • The presence of ice will be crucial for constraining the uncertainties in selecting future landing sites and long term human presence.
     • For astronauts landing on the Moon, water is necessary not only to sustain life but also for purposes such as generating rocket fuel.
   • Tell me more:
     • The study is carried out by the scientists of Space Applications Centre (SAC)/ISRO, in collaboration with researchers at IIT Kanpur, University of Southern California, Jet Propulsion Laboratory, and IIT (ISM) Dhanbad.
     • It suggests that there’s a lot more ice hidden under the surface of Mars, especially in the top few meters.
       Source: ISRO

Awards

1. Bhavi Mehta Wins Oxford Bookstore Book Cover Prize 2024 for “The Book Beautiful”
   • What: Designer Bhavi Mehta has been awarded the 9th edition of the Oxford Bookstore Book Cover Prize (2024) for her creation of the book jacket for Pradeep Sebastian’s “The Book Beautiful.”
     Source: PTI

Important Days

1. May 1: International Labour Day
   • What: International Workers’ Day, also known as International Labour Day or May Day, is commemorated worldwide on May 1st annually to advocate for workers’ rights and acknowledge their significant contributions across all industries.
   • The day serves as a tribute to the enduring struggle of workers for their rights and the pursuit of decent working conditions.
   • In India, May Day was first celebrated on May 1, 1923, after the Labour Kisan Party of Hindustan was initiated and Comrade Singaravelar (Singaravelu Chettiar) helmed the celebrations.
     Source: Indian Express

   
   
   
   
2. 24 to 30th April: World Immunization Week 2024
   • What: World Immunization Week (WIW) is an annual global observance held in the last week of April to underscore the critical efforts needed to safeguard individuals against vaccine-preventable diseases.
   • Tell me more:
     • WIW 2024, observed from April 24 to 30, 2024, marks the 50th anniversary of the World Health Organization’s Essential Programme on Immunization (EPI), highlighting the importance of vaccination in public health.
     • Hosted by: World Health Organization (WHO)
     • The theme for WIW 2024: “Humanly Possible: Immunization for All”
       Source: WHO

   
   

Sports

1. Vaishali Rameshbabu Becomes India’s Third Woman Grandmaster
   • What: Indian chess player Vaishali Rameshbabu has been officially conferred with the title of Grandmaster (GM) by the International Chess Federation (FIDE), making her the 84th Indian GM and the 42nd woman globally to hold the GM title.
   • Tell me more:
     • With this achievement, Vaishali and her brother GM Rameshbabu Pragnanandhaa become the world’s first Grandmaster Brother-Sister duo.
     • Vaishali is the third Indian woman, following Koneru Humpy (2002) and Harika Dronavalli (2011), to attain the GM title.
     • To become a GM, a player must secure three GM norms and achieve a live rating of 2500 Elo points.
       Source: Chess. Com

Memorandum of Understanding

1. NPCI, Bank of Namibia ink pact to develop UPI-like system
   • What: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), entered into an agreement with the Bank of Namibia (BoN) for developing an instant payment system like Unified Payment Interface (UPI) for the African nation.
     • This partnership marks NPCI’s first-ever collaboration with a central bank to deploy the UPI stack in an international market.

   • Why: By leveraging technology and experiences from India’s UPI, the partnership seeks to help Namibia modernise its financial ecosystem.
     • Namibia looks to achieve full interoperability of payment instruments by 2025.

   • Tell me more:
     • The collaboration is aimed at developing real-time person-to-person (P2P) and person-to-merchant (P2M) transactions in Namibia.
     • The development follows NPCI’s push to take UPI rails international after breaking into other markets such as France, Sri Lanka, Singapore, and Mauritius.
       Source: Business Standard

2. NHPC Partners with Ocean Sun for Floating Solar Energy Technology in India
   • What: NHPC Limited, a Miniratna Public Sector Undertaking under the Ministry of Power, has signed a MoU with Norway-based Ocean Sun AS to collaborate on implementing floating solar energy technology in India.
   • Why: The MoU aims to explore cooperation opportunities to demonstrate Ocean Sun’s innovative floating solar technology, which involves mounting photovoltaic panels on hydro-elastic membranes, at sites identified by NHPC.
     Source: PIB

Appointment

1. Jeremiah Manele Sworn In as Prime Minister of the Solomon Islands
   • What: Jeremiah Manele, the former Foreign Minister of the Solomon Islands, has been sworn in as the new Prime Minister.
   • Manele replaces Manasseh Sogavare, who served as Prime Minister of the Solomon Islands for four terms.
   • Notably, the 2024 national election marked the first time the Solomon Islands conducted joint elections, encompassing province, city council, and national elections simultaneously.
     Source: Aljazeera

Miscellaneous

1. ‘Just A Mercenary?: Notes from My Life and Career’ book launched
   • What: Dr. Duvvuri Subbarao, former Governor of the Reserve Bank of India (RBI), introduced his memoir titled ‘Just A Mercenary?: Notes from My Life and Career.’
   • Tell me more:
     • The book is published by Penguin Random House India,
     • The book delves into Dr. Subbarao’s professional journey, offering insights to inspire young professionals in navigating their career paths.
       Source: Business Standard

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