19th April, 2024

1. The Indian government has given the green light to manufacture a new agricultural product called ‘Nano Urea Plus’ by the cooperative giant IFFCO. This innovative fertilizer, set to be manufactured for the next three years, marks a significant step in enhancing crop nitrogen requirements during critical growth phases.
2. The government has set up a seven-member panel that would recommend legislative measures to facilitate economically viable recovery of critical minerals which are found in small quantities.
3. The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers.
4. The National Health Authority’s (NHA) scan and share service has recorded more than 24 million digital out-patient department (OPD) registrations since its inception in September 2022.
5. The Noida International Airport, which is under construction, conducted its first calibration flight.
6. South Korea launched country’s second homegrown spy satellite which had successfully entered orbit.
7. USA has reimposed oil sanctions on Venezuela, ending a six-month reprieve after determining that Nicolas Maduro’s (Venezuelan President) regime failed to honor an agreement to allow a fairer vote in elections scheduled for July.
8. Aditya Birla Capital Limited launches ‘ABCD’, a Direct-to-Consumer (D2C) Fintech App named `Aditya Birla Capital Digital (ABCD).
9. BNP Paribas, to buy a 9% stake in Belgian insurer Ageas from China’s Fosun Group for about 730 million euros ($780 million), making it the biggest shareholder in the Belgian insurer.
10. In order to transform GIFT City into a “climate finance hub”, the International Financial Centers Authority (IFSCA) has set up a standing committee that will come up with a framework for launching climate finance products.
11. A dozen professionals looking after the affairs of bankrupt firms taken over by lenders have faced disciplinary action by the Insolvency and Bankruptcy Board of India (IBBI) since January 2023.
12. ITC Infotech has entered into a share purchase agreement for acquisition of 100 per cent share capital of Blazeclan Technologies.
13. Telecom operator Bharti Airtel will merge its Sri Lanka operations with Dialog Axiata in an equity swap deal.
14. The Reserve Bank has imposed penalties totalling ₹60.3 lakh on five cooperative banks for contravention of various regulatory norms.
15. The National Stock Exchange (NSE) announced that it will launch derivatives contracts for the Nifty Next 50 index from April 24 following approval from the Securities and Exchange Board of India (SEBI).
16. The Securities and Exchange Board of India (SEBI) has decided to delegate administrative and supervisory responsibilities for research analysts (RAs) and investment advisers (IAs) to a stock exchange.
17. The Arctic’s Plastic Crisis: Toxic Threats to Health, Human Rights, and Indigenous Lands from the Petrochemical Industry was launched by Alaska Community Action on Toxics (ACAT) and the International Pollutants Elimination Network (IPEN).
18. A state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) was inaugurated by Secretary, Department of Defence (R&D) and Chairman DRDO Dr Samir V Kamat at Underwater Acoustic Research Facility, Kulamavu in Idukki, Kerala.
19. Chief of Army Staff (CAS) of the Indian Army, General Manoj Pande, inaugurates a State-of-the-Art Information Technology (IT) Laboratory at the Uzbek Academy of Armed Forces.
20. Indian Navy seized drugs in Arabian Sea as a part of multi-nation Combined Task Force-150 under Combined Maritime Forces (CMF).
21. Defense Research and Development Organization (DRDO) successfully flight-tested the Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range at Chandipur off the coast of Odisha.
22. The Indian contingent finished the Asian Wrestling Championships 2024 in Bishkek, Kyrgyzstan, with nine medals, which included four silvers and five silvers.
23. IIT Kanpur has signed a MoU with Bangaluru based Blockchain For Impact (BFI) under the BFI-Biome Virtual Network Program to accelerate healthcare innovations in India.
24. Defence PSU Bharat Electronics Ltd. (BEL) signed an MoU with the Indian Institute of Technology, Mandi, for co-operation in research and technology, product development, in the areas of semiconductors, quantum technologies, and drones.
25. Geographical Indication Registry of the Government of India awards GI tags to 6 new products from Uttar Pradesh (UP).
26. Axis AMC said that its fixed income investment team is now being headed by Devang Shah as R Sivakumar has been elevated to the position of Head of Corporate Strategy.
27. Russian peacekeepers have begun withdrawing from Nagorno-Karabakh following Azerbaijan’s recapture of disputed territory from Armenian separatists.
28. Experts are expecting that Bitcoin halving event will occur soon.

National News

1. Govt notifies specifications of Iffco’s ‘Nano Urea Plus’ fertiliser
   • What: The Indian government has given the green light to manufacture a new agricultural product called ‘Nano Urea Plus’ by the cooperative giant IFFCO. This innovative fertilizer, set to be manufactured for the next three years, marks a significant step in enhancing crop nitrogen requirements during critical growth phases.
   • Why: Nano Urea Plus formulated to meet crop nitrogen requirements during critical growth phases.
   • Tell me more:
     • Formulated in a liquid state, it boasts a nitrogen content of 16 percent, with a pH value ranging between 4 and 8.5, and a viscosity of 5 to 30. These specifications, as outlined by the government, aim to optimize its efficacy in promoting soil health and increasing farmers’ profitability while maintaining environmental sustainability.
     • Replaces conventional urea and nitrogenous fertilizers, promotes soil health, farmer profitability, and environmental sustainability.
     • IFFCO previously introduced Nano liquid urea in June 2021 and Nano DAP in April 2023.
       Source: Krishi Jagran
2. Government Establishes Panel to Drive Legislation for Optimal Mining of Critical Minerals
   • What: The government has set up a seven-member panel that would recommend legislative measures to facilitate economically viable recovery of critical minerals which are found in small quantities.
   • Why: Propose legislative measures and promote commercially viable extraction of critical minerals found in limited quantities.
   • Tell me more:
     • V.K. Saraswat, a member of NITI Aayog, appointed as panel head.
     • Government has identified 30 critical minerals including Antimony, Lithium, Rare Earth Elements (REE), Cobalt, Copper, and others.
       Source: Outlook India
3. CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24
   • What: The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers.
     • APA is an agreement between the Tax Authority and any person (taxpayer), which determines, in advance, the arm’s length price or specifies the manner of the determination of arm’s length price (or both), in relation to an international transaction.
       • Arm’s length price refers to a deal in which parties act independently without one party influencing the other.
   • Why: This is good news for businesses because it avoids any tax disputes in the future.
   • Tell me more:
     • There are two types of agreements:
       • There are two types of these agreements: Unilateral APAs (UAPAs) and Bilateral APAs (BAPAs).
         • Unilateral APAs involve only the Indian company and the Indian tax authority, while Bilateral APAs also involve the tax authorities of other countries where the company operates.
     • Out of these 125 agreements, 86 were Unilateral APAs and 39 were Bilateral APAs. This shows that more companies are seeking agreements not only with Indian tax authorities but also with tax authorities of other countries where they do business.
     • The number of APAs signed in FY 2023-24 also represents a 31% increase compared to the 95 APAs signed during the preceding financial year.
     • With this, the total number of APAs since inception of the APA programme has gone up to 641, comprising 506 UAPAs and 135 BAPAs.
     • During FY 2023-24 CBDT also signed the maximum number of BAPAs in any financial year till date.
       • The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US.
         Source: PIB

4. NHA’s digital OPD scheme records over 24 Million registrations since inception
   • What: The National Health Authority’s (NHA) scan and share service has recorded more than 24 million digital out-patient department (OPD) registrations since its inception in September 2022.
     • According to the NHA, the scan and share service provides patients with the option to scan QR codes placed at the OPD registration counters and share their Ayushman Bharat Health Account (ABHA) number for instant registration and token generation.
     • This helps patients to avoid long lines for OPD treatment, thus cutting the waiting time.
   • Tell me more:
     • According to the data, Uttar Pradesh has 14 of the top 25 healthcare facilities/hospitals recording the highest OPD registrations, followed by five in Andhra Pradesh.
     • All India Institute of Medical Sciences (AIIMS), New Delhi recorded the most registrations by a centre under the digital OPD service, with 1.24 million tokens being generated by the hospital till now.
     • The scan and share service is currently available at 4,399 healthcare facilities in 510 districts across 33 states and union territories, except for Mizoram, Nagaland and Union Territory of Daman and Diu and Dadra and Nagar Haveli.

State News

1. Noida Airport conducts first calibration flight to test navigation systems
   • What: The Noida International Airport, which is under construction, conducted its first calibration flight.
     • A calibration flight for a new airport verifies and fine-tunes navigation aids, runway lighting, and airspace, ensuring safety and accuracy before commercial operations commence. It also helps pilots familiarize themselves with the airport layout and procedures.

International News

1. South Korea successfully launches second military spy satellite amid race with North Korea
   • What: South Korea launched country’s second homegrown spy satellite which had successfully entered orbit.
     • The satellite was launched by the SpaceX Falcon 9 rocket.
   • Why: The recent launch also comes days after North Korea reaffirmed its plan to launch multiple spy satellites this year.
   • Tell me more:
     • The second launch comes months after the first one put South Korea’s spy satellite into orbit from Vandenberg Space Force Base, California in December.
       Source: WION

2. USA to reinstate Venezuela sanctions
   • What: USA has reimposed oil sanctions on Venezuela, ending a six-month reprieve after determining that Nicolas Maduro’s (Venezuelan President) regime failed to honor an agreement to allow a fairer vote in elections scheduled for July.
   • The US Treasury Department licence that permitted some oil and gas activities will expire, and the affected companies will have until May 31 to wind down operations.
     Source: CNBC TV18

Banking and Economy

1. Aditya Birla Capital Unveils ‘ABCD’ Fintech App
   • What: Aditya Birla Capital Limited launches ‘ABCD’, a Direct-to-Consumer (D2C) Fintech App named `Aditya Birla Capital Digital (ABCD).
   • ABCD offers various financial products on a single digital platform.
   • The platform is operated by Aditya Birla Capital Digital Limited (ABCDL), a subsidiary of Aditya Birla Capital Limited (ABCL).
   • ABCD provides 22 products and services including UPI payments, multi-account payments, loans, insurance, and spend analysis tools.
     Source: Business Standard

2. BNP Paribas to buy 9% stake in Belgian insurer Ageas for $780 million
   • What: BNP Paribas, to buy a 9% stake in Belgian insurer Ageas from China’s Fosun Group for about 730 million euros ($780 million), making it the biggest shareholder in the Belgian insurer.
   • Tell me more:
     • Acquisition led by BNP Paribas Cardif, the insurance arm of BNP Paribas, making it the largest shareholder in Ageas.
     • Initial acquisition of 4.8% stake will pave the way for regulatory approval for the full 9% stake purchase.
       Source: Business Standard

3. IFSCA sets up committee to transform GIFT City into climate finance hub
   • What: In order to transform GIFT City into a “climate finance hub”, the International Financial Centers Authority (IFSCA) has set up a standing committee that will come up with a framework for launching climate finance products.
   • Why: Committee’s goal is to transform GIFT City into a climate finance hub.
   • Tell me more:
     • Report expected to be submitted to the government by end of May 2024.
     • Climate finance products may include Alternate Investment Fund, transition bond, transition insurance, etc.
     • More climate funds to be launched in GIFT City beyond banks and bond market.
     • The 5 percent of the credit given by banks shall be green or sustainable. So far about $700 million has been extended as green and sustainable credit out of the $60 billion dollars of outstanding loans.
     • Out of the $55.5 billion worth of bonds raised from GIFT City, $14 billion is green, social or sustainable or sustainable-linked bonds.
       Source: The Hindu Business Line

4. IBBI takes action against 12 insolvency professionals so far this year
   • What: A dozen professionals looking after the affairs of bankrupt firms taken over by lenders have faced disciplinary action by the Insolvency and Bankruptcy Board of India (IBBI) since January 2023.
     Source: Live Mint
5. ITC Infotech to acquire Blazeclan for Rs. 485 crores
   • What: ITC Infotech has entered into a share purchase agreement for acquisition of 100 per cent share capital of Blazeclan Technologies.
     Source: Business Standard
6. Bharti Airtel to merge Sri Lanka ops with Dialog Axiata in equity swap deal
   • What: Telecom operator Bharti Airtel will merge its Sri Lanka operations with Dialog Axiata in an equity swap deal.
   • “Dialog Axiata PLC , Axiata Group Berhad (Axiata) and Bharti Airtel Limited signed a definitive agreement to combine their operations in Sri Lanka.
   • Under the agreement, Sri Lanka-based telecom operator Dialog will acquire 100 per cent of the issued shares in Airtel Lanka, in consideration of which Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.355 per cent of the total issued shares of Dialog by way of a share swap.
     Source: Business Standard
7. RBI imposes Rs. 60.3 lakh fine on five co-operative banks
   • What: The Reserve Bank has imposed penalties totalling ₹60.3 lakh on five cooperative banks for contravention of various regulatory norms.
   • The list of banks on which the penalty is imposed
     • Rajkot Nagarik Sahakari Bank: Penalized with ₹43.30 lakh for non-compliance with RBI directions on ‘ban on loans and advances to directors and their relatives.
     • Also, a monetary penalty of ₹5 lakh has been imposed each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand).
     • Besides, a penalty of ₹2 lakh has been imposed on the District Co-operative Bank (Dehradun).
     • In each case, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction of agreement entered into by the banks with their respective customers.
       Source: Live Mint
8. NSE to launch derivatives on Nifty Next 50
   • What: The National Stock Exchange (NSE) announced that it will launch derivatives contracts for the Nifty Next 50 index from April 24 following approval from the Securities and Exchange Board of India (SEBI).
   • Why: This decision has been taken amid rising competitive pressure from rival BSE.
   • Tell me more:
     • The cash-settled derivatives contracts will expire on the last Friday of the expiry month.
     • The Nifty Next 50, also known as Junior Nifty, becomes the fifth index to be added to the futures and options (F&O) space.
     • Currently, F&O contracts are traded on the Nifty 50, Nifty Bank, Nifty Financial Services Index, and Nifty Midcap Select indices. However, the Nifty and the Nifty Bank account for a majority of the traded volumes.
     • The Nifty Next 50 index consists of 50 companies from the Nifty 100, excluding the ones on the Nifty 50 index. Making it to the Next 50 index is seen as a precursor to entering the sought-after and widely-tracked Nifty 50 index.
     • Just like the Nifty 50 index, the Next 50 index has the highest weighting towards the financial services sector at 23.76 per cent, followed by capital goods and consumer services at 11.91 per cent and 11.57 per cent.
       Source: Business Standard
9. Stock exchange to administer and supervise research analysts: SEBI
   • What: The Securities and Exchange Board of India (SEBI) has decided to delegate administrative and supervisory responsibilities for research analysts (RAs) and investment advisers (IAs) to a stock exchange.
   • Tell me more:
     • Under the new norm, new applications for research analysts (RA) will be routed through the stock exchange, and enlistment with the exchange may become a prerequisite for obtaining SEBI registration.
     • Existing RAs, however, will not need to re-register with the new administrative body, unlike the transition for investment advisers to the present BSE-owned administrative body.
     • The stock exchange will be recognized as a ‘Research Analyst Administration and Supervisory Body’ (RAASB) and an ‘Investment Advisers Administration and Supervisory Body’ (IAASB).
       Source: Business Standard

Reports and Indices

1. The Arctic’s Plastic Crisis: Report released
   • What: The Arctic’s Plastic Crisis: Toxic Threats to Health, Human Rights, and Indigenous Lands from the Petrochemical Industry was launched by Alaska Community Action on Toxics (ACAT) and the International Pollutants Elimination Network (IPEN).
     • IPEN is a global network aiming to build a global movement for a toxics-free future.
   • Tell me more (Key findings)
     • Environmental violations by Petrochemical Industries are polluting the Arctic.
       • It includes oil spills, release of hazardous substances etc.
       • Moreover, plastic and Toxic chemicals from the world deposit and accumulate in the Arctic, making the Arctic a “hemispheric sink”.
       • These are transported on atmospheric and oceanic currents from lower latitudes through a process known as global distillation or the “grasshopper effect.”
     • Recommendations
       • Ending government subsidies to the fossil fuel and petrochemical industries.
       • Adoption of Louisville Charter for Safer Chemicals for elimination of toxic chemicals and plastics.
       • Adopting legally binding Global Plastics Treaty.
         Source: Down To Earth

Defence News

1. DRDO Inaugurates SPACE, a premier testing & evaluation hub for sonar systems
   • What: A state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE) was inaugurated by Secretary, Department of Defence (R&D) and Chairman DRDO Dr Samir V Kamat at Underwater Acoustic Research Facility, Kulamavu in Idukki, Kerala.
   • Why: The SPACE will mainly be utilised for evaluation of complete sonar system, allowing for quick deployment and easy recovery of scientific packages such as sensors and transducers.
   • Tell me more:
     • The SPACE, set up by the Naval Physical & Oceanographic Laboratory of DRDO, has been designed as a premier testing and evaluation hub for sonar systems destined for Indian Navy onboard various platforms including ships, submarines and helicopters.
     • Located at the Underwater Acoustic Research Facility in Kulamavu, Idukki district, Kerala.
     • Consists of two assemblages: a floating platform and a submersible platform capable of descending up to 100m depth using winch systems.
     • After operations, the submersible platform can be winched up and docked with the floating platform.
       Source: PIB
2. General Manoj Pande Inaugurates Advanced IT Lab in Uzbekistan
   • What: Chief of Army Staff (CAS) of the Indian Army, General Manoj Pande, inaugurates a State-of-the-Art Information Technology (IT) Laboratory at the Uzbek Academy of Armed Forces.
   • Tell me more:
     • Inauguration occurred during his four-day visit to Uzbekistan in April 2024.
     • The request to establish an IT lab was initially made during the Defence Ministers’ meeting in September 2018, and the project gained momentum with the approval in 2019, funded through the Ministry of External Affairs’ Aid to Eurasia initiative.
     • It has been learnt that the bids exceeded the envisaged budget of Rs 6.5 crore. As a result, Rs 8.5 crore was allotted for the project. An Indian company won the contract and made the lab fully operational.
       Source: The Pioneer

3. Indian Navy seizes 940kg drugs in Arabian Sea in 1st interdiction as CMF Member
   • What: Indian Navy seized drugs in Arabian Sea as a part of multi-nation Combined Task Force-150 under Combined Maritime Forces (CMF).
   • Drugs are seized under Operation Crimson Barracuda, first such operation conducted by an Indian Navy after India joined CMF in 2022.
     Source: Hindustan Times

4. India flight-tests Indigenous Technology Cruise Missile
   • What: Defense Research and Development Organization (DRDO) successfully flight-tested the Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range at Chandipur off the coast of Odisha.
     Source: WION

Sports

1. India secures nine medals in Asian Wrestling Championships 2024
   • What: The Indian contingent finished the Asian Wrestling Championships 2024 in Bishkek, Kyrgyzstan, with nine medals, which included four silvers and five silvers.
   • A total of 30 Indian wrestlers competed at the six-day meet.
   • Tell me more:
     • The 2024 Asian Wrestling Championships witnessed the participation of 30 Indian wrestlers, 10 in the men’s Greco-Roman, 10 in the women’s freestyle, and 10 in the men’s freestyle.
     • This tournament will also mark the first competition with Indian wrestlers competing under India’s name and flag after United World Wrestling (UWW) lifted the suspension of the Wrestling Federation of India(WFI) in February 2024.
     • India was ranked 11th in Greco-Roman; 7th in men’s freestyle and 4th in Women’s wrestling.
     • Team Rankings-
       Source: Telangana Today

Memorandum of Understanding

1. IIT Kanpur & BFI Join Forces to Drive Healthcare Innovation in India
   • What: IIT Kanpur has signed a MoU with Bangaluru based Blockchain For Impact (BFI) under the BFI-Biome Virtual Network Program to accelerate healthcare innovations in India.
   • Tell me more:
     • BFI to provide support to IIT Kanpur in promoting entrepreneurial initiatives through the Startup Incubation & Innovation Centre (SIIC).
     • The BFI has pledged to allocate over USD 150,000 across three years to develop programs specifically tailored to healthcare-focused startups at IIT Kanpur’s Startup Incubation and Innovation Centre (SIIC).
       Source: The Statesman
2. BEL and IIT Mandi Ink MoU for Collaboration in Research and Technology
   • What: Defence PSU Bharat Electronics Ltd. (BEL) signed an MoU with the Indian Institute of Technology, Mandi, for co-operation in research and technology, product development, in the areas of semiconductors, quantum technologies, and drones.
   • Why: Aim of the MoU is to utilize the strengths and capabilities of both BEL and IIT-Mandi.
     Source: The Hindu
3. Government of India Grants GI Tags to 6 New Products from Uttar Pradesh
   • What: Geographical Indication Registry of the Government of India awards GI tags to 6 new products from Uttar Pradesh (UP).
   • Newly recognized products include Banaras Tirangi Barfi and Banaras Metal Casting Craft.
   • Tell me more:
     • Total number of GI products from UP rises to 75, maintaining its status as the state with the highest number of GI tagged products in India.
       • These six GI tags were supported by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office.
     • Tamil Nadu holds the second position with a total of 58 GI tagged products.

Source: IPIndia.gov

Appointment

1. Axis AMC elevates R Sivakumar as head of corporate strategy
   • What: Axis AMC said that its fixed income investment team is now being headed by Devang
     Shah as R Sivakumar has been elevated to the position of Head of Corporate Strategy.
     Source: Business Standard

Miscellaneous

1. Russian peacekeepers started withdrawal from Nagorno-Karabakh
   • What: Russian peacekeepers have begun withdrawing from Nagorno-Karabakh following Azerbaijan’s recapture of disputed territory from Armenian separatists.
   • Russia had deployed a 2,000-strong peacekeeping force as part of a deal to end a bloody six-week offensive in 2020 that saw Azerbaijani forces seize swathes of Nagorno-Karabakh and the surrounding areas.
     Source: The Hindu

2. Bitcoin Halving
   • What: Experts are expecting that Bitcoin halving event will occur soon.
   • About Bitcoin Halving
     • It Refers to the 50% reduction in the reward paid to Bitcoin miners.
       • Bitcoin miners successfully process other people’s cryptocurrency transactions so that they can be added to the public digital ledger known as the blockchain.
       • Takes place every four years.
       • The halving policy was written into Bitcoin’s mining algorithm to counteract inflation by maintaining scarcity.
       • In theory, the reduction in the pace of Bitcoin issuance means that the price will increase if demand remains the same.
         Source: Business Standard
3. Kesariya Stupa
   • What: Kesariya stupa is the tallest and largest Buddhist stupa in the world.
   • About Kesariya stupa
     • Located in Bihar.
     • Built in circular shape and structure is made of bricks, mud, and lime mortar.
     • Height of 104 feet, taller than Borobodur Stupa in Java, a world heritage monument.
     • Built in 3rd Century BC by Mauryan emperor Ashoka, who was instrumental in spreading Buddhism across Indian subcontinent.
     • It is believed that stupa was built to commemorate the spot where Lord Buddha gave his 22nd sermon and to mark the place where he announced his impending death.
       Source: CNBC TV18

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