10th April, 2024

1. According to provisional data by the Ministry of Steel’s Joint Plant Committee (JPC), India was a net importer of finished steel during FY24 (April 2023 to March 2024).
2. Secretary (Telecom), Dr. Neeraj Mittal, virtually launched the “Experimental License module for 100 5G Labs” during a 5G workshop at IIT Madras.
3. The Department of Pharmaceuticals issued its annual list of revised ceiling prices (maximum prices) for 923 scheduled drugs and revised retail prices of 65 drugs.
4. The Suvidha portal is a technological solution developed by the Election Commission of India (ECI) to ensure a level playing field upholding the democratic principles of free, fair and transparent elections.
5. The Centre had started procuring chana (gram) from farmers at a Minimum Support Price (MSP) for maintaining the buffer stock to check prices and meet the demand of those states which want to distribute under their welfare schemes.
6. The Ministry of Road, Transport, and Highways (MoRTH) has reported the highest-ever capital expenditure (capex) utilisation of 99.93 per cent during the financial year 2023-24.
7. The world’s largest 4,000-hectare ‘tent city’ in Prayagraj (previously Allahabad) in Uttar Pradesh is set to host the world’s largest congregation of humanity, the Mahakumbh,
8. The UN’s Commission on the Status of Women (CSW) unanimously appointed Saudi Arabia to chair its 69th session in 2025.
9. The United Nations Security Council (UNSC) President (Malta is president of the Security Council for April) has referred the Palestinian Authority’s (PA’s) application for Palestine to become a full member of the UNSC to its membership committee.
10. South Korea will invest $6.94 billion in artificial intelligence (AI) by 2027 as part of efforts to retain a leading global position in cutting-edge semiconductor chips.
11. The General Insurance industry saw a growth of 12.78% in Fiscal Year 2023-24 (FY24), with Gross direct premium underwritten reaching Rs 2.89 lakh crore from Rs 2.56 lakh crore in FY23, according to data released by the General Insurance Council (GIC).
12. State Bank of India and Standard Chartered Bank India recently conducted a Credit Default Swap (CDS) trade worth ₹25 crore. This marks the first such transaction since the Reserve Bank of India (RBI) issued new guidelines for CDS.
13. State Bank of India and Standard Chartered Bank India recently conducted a Credit Default Swap (CDS) trade worth ₹25 crore. This marks the first such transaction since the Reserve Bank of India (RBI) issued new guidelines for CDS.
14. Despite significant growth in gross GST collections, the proportion of GST to GDP remains relatively low.
15. India’s startup ecosystem has hit a rough patch, marking its first decline in unicorn creation since 2017, according to the Hurun Global Unicorn Index 2024.
16. Global Leaders Group (GLG) on Antimicrobial Resistance (AMR) released a report “Towards Specific Commitments and Action in Response to AMR”
17. Recently World Economic Forum (WEF) has released a report titled ‘Space: The $1.8 Trillion Opportunity for Global Economic Growth’.
18. India’s transition away from farm-related work for its working-age population lags behind several neighboring countries, according to data from the World Bank’s South Asia Development Update report from 2000 to 2023.
19. The Indian Army has received the first batch of 24 Russia-made Igla-S Man Portable Air Defence Systems (MANPADS) along with 100 missiles.
20. National Aeronautics and Space Administration (NASA) launched 3 Black Brant IX sounding rockets from Wallops Flight Facility, Virginia, USA.
21. The world’s most powerful MRI scanner, Iseult, located in France’s Plateau de Saclay, has captured its first images of human brains. With an 11.7 tesla magnetic field, ten times more powerful than hospital MRIs, it reveals unprecedented detail, potentially advancing brain research and treatment for diseases like Alzheimer’s and Parkinson’s
22. Research papers Published by Dark Energy Spectroscopic Instrument (DESI) reveals the most precise measurement of the universe’s expansion.
23. Researchers at the University of Kerala developed an Airbreathing Magnesium-Copper / Cupric Oxide (Mg-Cu/CuO) Fuel Cell.
24. Indian Space Research Organization (ISRO)’s Chandrayaan-3 mission team received the 2024 John L “Jack” Swigert, Jr, Award for Space Exploration, a top award from the USA based Space Foundation.
25. 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.
26. April 8: International Romani Day 2024
27. Air India and the Bangalore International Airport Limited (BIAL) have entered into an agreement intended to develop Bengaluru as a premier aviation hub for southern India
28. Srinivas (Srini) Pallia has been appointed as the Chief Executive Officer (CEO) and Managing Director (MD) of Wipro Limited.
29. Dame Valerie Adams, a 4-time World Champion and 2-time Olympic Gold medallist, has been named the International Event Ambassador for the 16th edition of Tata Consultancy Services’ (TCS) World 10K Bengaluru.
30. Sushil Sharma has been selected as the new Chairman and Managing Director (CMD) of the company.
31. The government has appointed Manoj Panda, former director at the Institute of Economic Growth as the full-time member of the 16th Finance Commission (FC)
32. The US-India Strategic and Partnership Forum (USISPF) has appointed former Revenue Secretary and ex-Secretary of Economic Affairs Tarun Bajaj as the head of the US-India Tax Forum.
33. Surinder Chawla, the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm Payments Bank (PPBL), has resigned from his post citing personal reasons.
34. Merck has announced the appointment of Dhananjay Singh as the Managing Director (MD) of Merck Life Science in India, effective from April 1, 2024.

National News

1. India becomes net importer of finished steel in FY23-24, shows govt data
   • What: According to provisional data by the Ministry of Steel’s Joint Plant Committee (JPC), India was a net importer of finished steel during FY24 (April 2023 to March 2024).
   • Tell me more:
     • India imported 8.319 million metric tons of finished steel in FY24, marking a 38.1% increase from FY23’s 6.022 Metric Tons, driven by strong demand from the construction and automotive sectors.
     • Steel consumption in India surged by 13.4% to 136 million metric tons in FY24.
     • India’s steel demand is expected to remain robust, outpacing global economic growth in FY25.
     • India aims to boost annual steel production capacity to 300 million tonnes and per capita steel consumption to 160 kg by 2030 under the National Steel Policy.
       Source: Business Standard

2. Launch of “Experimental License Module for 100 5G Labs” at IIT Madras
   • What: Secretary (Telecom), Dr. Neeraj Mittal, virtually launched the “Experimental License module for 100 5G Labs” during a 5G workshop at IIT Madras.
   • Why: This initiative aims to simplify the experimental license requirements for 100 5G Labs across academic institutions in India.
   • Tell me more:
     • The Department of Telecommunications (DoT) has awarded ‘100 5G Use Case Labs’ to educational institutions nationwide.
     • The primary objective is to cultivate competencies and engagement in 5G technologies among students and start-up communities.
     • These labs will utilize 5G frequency bands for experiments and testing use cases, requiring an Experimental (Non-Radiating) license from the DoT.
       • The DoT has introduced a simplified mechanism for the issuance of this license through the National Single Window System (NSWS) Portal.
     • Key features include efficiency, instantaneous licensing through self-declaration mode, and simplified application requiring basic information and a nominal fee of Rs. 5000.
       Source: PIB

3. NPPA revises ceiling prices of 923 scheduled drug from April 1
   • What: The Department of Pharmaceuticals issued its annual list of revised ceiling prices (maximum prices) for 923 scheduled drugs and revised retail prices of 65 drugs.
   • Why: The revision in ceiling and retail prices comes after the National Pharmaceutical Pricing Authority (NPPA) announced a 0.00551 per cent increase in prices of drugs included in the National List of Essential Drugs (NLEM), on the basis of changes in the wholesale price index (WPI).
   • Tell me more:
     • The revision of ceiling prices is a routine exercise undertaken by the NPPA.
     • NPPA, the drug pricing regulator is vested with the responsibility of fixing and revising prices of pharmaceutical products.
       Source: Business Standard

4. Over 73,000 applications received on Suvidha Portal
   • What: The Suvidha portal is a technological solution developed by the Election Commission of India (ECI) to ensure a level playing field upholding the democratic principles of free, fair and transparent elections.
     • A level playing field means that all political parties, candidates, and voters have equal access to resources, information, and opportunities to participate in the electoral process without any undue advantage or discrimination.
   • Tell me more:
     • In a span of just 20 days, since the announcement of elections and the Model Code of Conduct (MCC) becoming operational, the Suvidha platform received an impressive 73,379 permission requests from political parties and candidates, of which 44,626 requests (60%) had been approved.
       Source: PIB
5. Govt begins chana buying at MSP; ‘no production concern
   • What: The Centre had started procuring chana (gram) from farmers at a Minimum Support Price (MSP) for maintaining the buffer stock to check prices and meet the demand of those
     states which want to distribute under their welfare schemes.
   • The agriculture ministry has stated that Chana yields are intact and there is “no concern about production as of now.
     Source: Zee Business

   
   
6. Road ministry capex utilisation in FY24 closes at record high 99.93%
   • What: The Ministry of Road, Transport, and Highways (MoRTH) has reported the highest-ever capital expenditure (capex) utilisation of 99.93 per cent during the financial year 2023-24.
   • Tell me more:
     • As against the budgetary outlay of Rs 2.645 trillion in FY24, the road ministry has spent Rs 2.643 trillion. By including private investments, the capex goes up to Rs 3.01 trillion.
       Source: Business Standard

State News

1. World’s largest ‘tent city’ to host Mahakumbh next year
   • What: The world’s largest 4,000-hectare ‘tent city’ in Prayagraj (previously Allahabad) in Uttar Pradesh is set to host the world’s largest congregation of humanity, the Mahakumbh,
     • It is estimated that around 400 million pilgrims will attend the Mahakumbh at Prayagraj in 2025.
       Source: Business Standard

International News

1. Saudi Arabia to chair UN forum on women’s rights and gender equality
   • What: The UN’s Commission on the Status of Women (CSW) unanimously appointed Saudi Arabia to chair its 69th session in 2025.
     • Saudi ambassador to the UN, Abdulaziz Alwasil, was elected as chair.
       Source: The Guardian

2. UN Security Council refers Palestine’s full membership bid to committee
   • What: The United Nations Security Council (UNSC) President (Malta is president of the Security Council for April) has referred the Palestinian Authority’s (PA’s) application for Palestine to become a full member of the UNSC to its membership committee.
     • The 15-member committee is expected to make a decision about Palestine’s status in April month only.
   • Tell me more (About UN Membership procedure):
     • State accepts Charter commitments by submitting an application to Secretary-General.
     • UNSC requiring affirmative votes from 9 out of 15 members and no vetoes by 5 permanent members.
     • If recommended, it’s presented to General Assembly, which requires a two-thirds majority vote. Membership becomes effective upon resolution adoption.
       Source: Al Jazeera

3. South Korea to invest $7 bn into AI
   • What: South Korea will invest $6.94 billion in artificial intelligence (AI) by 2027 as part of efforts to retain a leading global position in cutting-edge semiconductor chips.
     • Semiconductors are a key foundation of South Korea’s export-driven economy.
       Source: Reuters

Banking and Economy

1. General Insurance industry grows 12.78% in FY24
   • What: The General Insurance industry saw a growth of 12.78% in Fiscal Year 2023-24 (FY24), with Gross direct premium underwritten reaching Rs 2.89 lakh crore from Rs 2.56 lakh crore in FY23, according to data released by the General Insurance Council (GIC).
     • General insurance (also known as non-life insurance) is a type of insurance policy that provides financial protection for a wide range of risks (car, bike, house, etc.) other than those covered by life insurance.
   • The General Insurance Players include 25 Non-Life Companies, 5 Standalone health firms, and 2 specialized players.
   • Tell me more:
     • Premiums of general insurers grew by 14.24% Year-on-Year (Y-o-Y) to Rs 2.45 trillion in FY24.
       • However, the growth in FY24 is lower compared to the 16% achieved in FY23.

     • In terms of market share, public sector general insurers held 31.18 per cent of the overall general insurance industry in FY24, down from 32.27 per cent in FY23.
     • Private insurers, on the other hand, witnessed an increase in market share to 53.52 per cent in the reported financial year compared to 51.36 per cent in the year-ago period.
     • Gross premium of 25 non-life insurance companies grew 14 per cent at ₹2.45-lakh crore in FY24.
       • The non-life insurance industry’s growth in FY24 was primarily driven by health and motor insurance segments, with a marginal decrease in liability, crop insurance, and marine cargo.

     • Gross direct premium of five standalone health insurers grew by 26% to ₹33,116 crore in FY24 compared to ₹26,244 crore in FY23.
     • Two specialized insurers, Agriculture Insurance Co of India Ltd and ECGC, reported a decline of 29% in their combined gross premium, totaling ₹11,190 crore in FY24 (compared to ₹15,817 crore in FY23).
     • Public sector general insurers clocked an 8.99 per cent growth in premium to Rs 90,344.49 crore, whereas their private sector counterparts witnessed a 17.53 per cent increase to Rs 1.55 trillion.
       Source: Business Standard
2. SBI, Standard Chartered do a CDS trade under new RBI norms
   • What: State Bank of India and Standard Chartered Bank India recently conducted a Credit Default Swap (CDS) trade worth ₹25 crore. This marks the first such transaction since the Reserve Bank of India (RBI) issued new guidelines for CDS.
     • The trade involved a 1-year rupee CDS featuring REC.
     • Credit default swaps are derivative instruments that provide a form of insurance against the risk of default of the issuer of a bond.
       Source: Economic Times

3. HDFC Credila raises $100 million via ECB to diversify funding resources
   • What: Non-banking financial company (NBFC) HDFC Credila has raised $100 million through external commercial borrowing (ECB).
   • Why: It will be used to diversify its funding resources and strengthen its position in the education finance sector.
   • HDFC Credila, an erstwhile subsidiary of HDFC Bank), focuses on the education loans business.
     Source: Business Standard
4. Ratio of GST collections to GDP is increasing, albeit at a slow pace
   • What: Despite significant growth in gross GST collections, the proportion of GST to GDP remains relatively low.
   • Tell me more:
     • Growth in Gross GST Collection: Overall, gross GST collection for the entire 2023-24 period amounted to around 20.18 trillion, reflecting an 11.7% growth compared to the previous financial year.
     • Proportion to GDP: In 2023-24, GST receipts accounted for 6.86% of the GDP at current prices, slightly higher than the previous year’s 6.72%. However, this increase is moderate compared to six years ago when the GST-GDP ratio was 6.23%.
     • Buoyancy of GST: The net GST to GDP ratio rose from 5.89% in 2022-23 to 6.13% in 2023-24. Buoyancy, indicating the change in receipts under GST concerning the size of the economy, has remained over one for the past three years. However, it has been declining, from 1.6 in 2021-22 to 1.3 in 2023-24.
       Source: Business Standard

Reports and Indices

1. 6th Hurun Global Unicorn Index 2024: India’s Unicorn Count Dips To 67
   • What: India’s startup ecosystem has hit a rough patch, marking its first decline in unicorn creation since 2017, according to the Hurun Global Unicorn Index 2024.
     • The index provides a ranking of the world’s most valuable startups founded in the 2000s, each worth at least a billion dollars and yet to be listed on a public exchange.
     • India had 67 unicorns in 2023, which is one less than a year ago (68 in 2022)
   • Why: India’s slowing ranking is mainly due to the insufficient investment in startups, despite the recent record highs in the stock market. Additionally, Indian founders are creating more unicorn companies abroad than in their home country, with the majority being established in the United States.
     • Founders from India produced more offshore unicorns than any other country, cofounding 109 unicorns outside of India compared with 67 in India.
   • Tell me more:
     • India’s startup ecosystem has hit a rough patch, marking its first decline in unicorn creation since 2017.
     • The leading unicorns added $198 billion in value, accounting for 45 per cent of the year’s overall increase in valuation among unicorns worldwide.
     • Hurun Research identified 1,453 unicorns globally, across 53 countries and 291 cities.
     • A total of 430 unicorn companies experienced a rise in their valuations, welcoming 171 new entries. The combined valuation surged by $756 billion, out of which the new unicorn companies contributed $310 billion to this increase.
     • San Francisco retains its position as the leading city for unicorn companies worldwide, while Singapore is emerging as a rapidly growing hub for such companies. Although India celebrated the rise of Krutim, its first AI unicorn, it still lags significantly behind the United States and China in AI innovation. The US and China lead the pack with 60 and 37 AI unicorns, respectively.
     • The world has witnessed the birth of one unicorn every two days over the past year.
     • Over the last five years, there has been a remarkable surge in the number of unicorn companies, with a notable increase in the diversity of countries and cities contributing to this global trend.
     • The year 2024 has been designated as “the year of AI,” with OpenAI’s valuation reaching an impressive $100 billion.
     • The total value of the world’s unicorn companies has reached a staggering $5 trillion, equivalent to the GDP of Japan.

2. Report titled “Towards Specific Commitments and Action in Response to AMR” released
   • What: Global Leaders Group (GLG) on Antimicrobial Resistance (AMR) released a report “Towards Specific Commitments and Action in Response to AMR”
   • Why: Report aims to inform outcomes of the 2024 United Nations General Assembly High-level Meeting on AMR, to be held in September 2024.
   • Tell me more:
     • Recommendations for consideration by UNGA meeting on AMR:
       • Convene an Independent Panel on Evidence for Action against Antimicrobial Resistance by 2025, in a One Health context.
       • Expansion of existing financing instruments such as Green Climate Fund, Global Environment Facility to include AMR.
       • Quadripartite organizations (FAO, UNEP, WHO, WOAH) should urgently update the 2015 Global Action Plan on AMR to ensure One Health response.

   • Proposed targets (to be achieved by 2030):
     • Reduction in global deaths caused by bacterial AMR by 10%.
     • Reduce quantity of antimicrobial used in agri-food system globally by at least 30-5-% from current level.
       Source: AMR leaders. Org

   
   
3. WEF report title ‘Space: The $1.8 Trillion Opportunity for Global Economic Growth’ released
   • What: Recently World Economic Forum (WEF) has released a report titled ‘Space: The $1.8 Trillion Opportunity for Global Economic Growth’.
   • Why: There is a decrease in launch costs, which have fallen by over 10-fold over the last 20 years, commercial innovation, including advancements in components and software, and cultural awareness and enthusiasm for space exploration.
   • Tell me more (Key Findings)
     • The space economy is projected to reach $1.8 trillion by 2035, up from $630 billion in 2023.
     • Five industries, including supply chain and transportation, food and beverage, state-sponsored defense, retail, consumer goods, lifestyle, and digital communications, will contribute to over 60% of the increase in space economy by 2035.
   • Key Recommendations:
     • Non-space industry leaders should partner with and invest in tech innovators.
     • Space industry leaders should explore a “space for non-space” approach and co-create protocols and standards.
       Source: WEF

   
   
   
   
4. India moved fewer people to non-agri jobs than most neighbouring nations
   • What: India’s transition away from farm-related work for its working-age population lags behind several neighboring countries, according to data from the World Bank’s South Asia Development Update report from 2000 to 2023.
   • Why: The comparison highlights India’s slower pace in shifting jobs from agriculture to non-agricultural sectors compared to Bangladesh, Bhutan, Sri Lanka, and Nepal. The data underscores broader economic trends and gender dynamics in employment across South Asia.
   • Tell me more:
     • Regional Comparison: Bangladesh, Bhutan, Sri Lanka, and Nepal have managed to shift a larger share of their workforce away from agriculture, indicating more diversified economies compared to India. Only Pakistan and the Maldives exhibit a lower shift among South Asian peers. However, the share of working-age Indians who are employed in agri-based jobs has come down over the years.
     • Employment Dynamics: The decline in India’s employment ratio is attributed to various factors, including rising productivity but only marginal employment growth. The World Bank report suggests that labor productivity growth has driven most of South Asia’s output growth since 2000, with declining employment ratios dampening overall growth.

Defence News

1. India Gets First Batch Igla-S Man Portable Air Defence Systems (MANPADS)
   • What: The Indian Army has received the first batch of 24 Russia-made Igla-S Man Portable Air Defence Systems (MANPADS) along with 100 missiles.
   • Why: The move aims to enhance the Indian Army’s Very Short-Range Air Defence (VSHORAD) capabilities.
   • Tell me more:
     • This acquisition is part of an agreement involving domestic production in India.
     • Igla-S is a hand-held defence system designed to target low-flying aircraft, cruise missiles, and drones.
     • Background:
       • India signed a contract with Russia in 2023 for 120 launchers and 400 missiles.
       • Remaining systems will be manufactured in India through Transfer of Technology (TOT) from Russia.
         Source: Economic Times

Science and Tech

1. NASA Wallops Launches 3 Rockets
   • What: National Aeronautics and Space Administration (NASA) launched 3 Black Brant IX sounding rockets from Wallops Flight Facility, Virginia, USA.
   • Why: The mission, called APEP, studies disturbances in the ionosphere during a total solar eclipse.
     • The ionosphere is an upper atmospheric layer between 80 and 600 km above sea level.

   • Tell me more (Mission Objectives)
     • Study how Earth’s upper atmosphere reacts during the eclipse.
       Source: NASA

2. World’s most powerful MRI produces unseen images of human brain
   • What: The world’s most powerful MRI scanner, Iseult, located in France’s Plateau de Saclay, has captured its first images of human brains. With an 11.7 tesla magnetic field, ten times more powerful than hospital MRIs, it reveals unprecedented detail, potentially advancing brain research and treatment for diseases like Alzheimer’s and Parkinson’s
     Source: Economic Times
3. DESI reveals the most precise measurement of the universe’s expansion
   • What: Research papers Published by Dark Energy Spectroscopic Instrument (DESI) reveals the most precise measurement of the universe’s expansion.
   • Tell me more:
     • It found that the universe is expanding at a rate of 68.5 (±0.6) kilometers per second per megaparsec (a million parsec; 1 parsec equals 3.2616 light years).
     • To study dark energy’s effects over past 11 billion years, DESI has created largest 3D map of the universe.
       Source: Indian Express

   
   
4. Researchers at the University of Kerala developed an Airbreathing Magnesium-Copper / Cupric Oxide (Mg-Cu/CuO) Fuel Cell.

Awards

1. ISRO’s Chandrayaan-3 team receives John L “Jack” Swigert Jr award at space symposium
   • What: Indian Space Research Organization (ISRO)’s Chandrayaan-3 mission team received the 2024 John L “Jack” Swigert, Jr, Award for Space Exploration, a top award from the USA based Space Foundation.
     Source: ANI
2. Mamta G. Sagar wins the World Literary Prize from the World Organization of Write
   • What: 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 award ceremony was conducted in Nigeria.
       Source: The Hindu

Important Days

1. April 8: International Romani Day 2024
   • The day is organized to celebrate the rich culture, language, and heritage of Romani people.
     • Roma, an ethnic group of traditionally itinerant people who originated in northern India but live in modern times worldwide, principally in Europe.
     • Most Roma speak some form of Romany, a language closely related to the modern Indo-European languages of northern India, as well as the major language of the country in which they live.
       Source: Council of Europe

   
   

Appointments

1. Wipro Appoints Srini Pallia as CEO & Managing Director
   • What: Srinivas (Srini) Pallia has been appointed as the Chief Executive Officer (CEO) and Managing Director (MD) of Wipro Limited.
   • Pallia succeeds Thierry Delaporte, who served as CEO and MD.
   • Source: Wipro

2. TCS World 10K Bengaluru 2024: Legendary shot putter Dame Valerie Adams named ambassador
   • What: Dame Valerie Adams, a 4-time World Champion and 2-time Olympic Gold medallist, has been named the International Event Ambassador for the 16th edition of Tata Consultancy Services’ (TCS) World 10K Bengaluru.
     • TCS World 10 K is a annual 10 km road running competition.
   • Tell me more:
     • Dame Valerie Adams (from New Zealand) was the 1st woman to win 4 consecutive world gold medals in shot put at the World Athletics Championships from 2007 to 2013.

3. Sushil Sharma To Be New Chairman & Managing Director of SJVN
   • What: Sushil Sharma has been selected as the new Chairman and Managing Director (CMD) of the company.
     • His selection was made by Public Enterprise Selection Board (PESB)
   • Sharma replaces Mrs. Geeta Kapur, Director (Personnel), who assumed the additional charge of CMD on February 1, 2024, following the relieving of Nand Lal Sharma, the previous CMD.
     Source: PSU Connect
   
   

4. Centre appoints Manoj Panda as member of 16th Finance Commission
   • What: The government has appointed Manoj Panda, former director at the Institute of Economic Growth as the full-time member of the 16th Finance Commission (FC)
   • Why: Mr. Niranjan Rajadhyaksha, who was part of the FC, has resigned from his position due to unexpected personal reasons. As a result, Mr. Manoj Panda has been selected to replace him as a member of the Finance Commission.
   • Tell me more:
     • Mr. Panda will be a member of the FC from the date of assuming office up to the date of submission of Report or 31st day of October, 2025, whichever is earlier.
       Source: Business Standard

5. Ex-revenue secy Bajaj named chair of US-India Tax Forum
   • What: The US-India Strategic and Partnership Forum (USISPF) has appointed former Revenue Secretary and ex-Secretary of Economic Affairs Tarun Bajaj as the head of the US-India Tax
     Forum.
   • He joined the USISPF as an advisor to the Board of Directors in January and will spearhead the US-India Tax Forum.
     Source: Business Standard

6. Paytm PB MD & CEO Surinder Chawla steps down
   • What: Surinder Chawla, the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm Payments Bank (PPBL), has resigned from his post citing personal reasons.
     Source: Business Standard
   
   

7. Merck names Dhananjay Singh MD of life science unit in India
   • What: Merck has announced the appointment of Dhananjay Singh as the Managing Director (MD) of Merck Life Science in India, effective from April 1, 2024.
     Source: Business standard

Memorandum of Understanding

1. Air India and BIAL sign agreement to make Bengaluru premier aviation hub of south India
   • What: Air India and the Bangalore International Airport Limited (BIAL) have entered into an agreement intended to develop Bengaluru as a premier aviation hub for southern India.
   • Tell me more:
     • Air India (along with other Tata Group airlines—AIX and Vistara) and BIAL will collaborate to enhance international connectivity, operational efficiency, and passenger experience over the next five years.
     • As part of this initiative, Air India has also signed a Memorandum of Understanding (MOU) with the Government of Karnataka to establish comprehensive Maintenance, Repair and Overhaul (MRO) facilities at Kempegowda International Airport (KIA).
     • This partnership will stimulate the MRO ecosystem and is projected to generate over 1,200 new job opportunities for highly skilled individuals in the State.
       Source: The Hindu

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