02nd May, 2024

1. A decade has passed since the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act came into effect on May 1, 2014, marking a significant milestone after nearly four decades of legal jurisprudence and the tireless efforts of street vendor movements across India.
2. The government’s flagship pension scheme for unorganized sector workers, Pradhan Mantri Shram Yogi Maandhan (PMSYM) yojana, saw just over 5 million (50 lakhs) subscribers since its inception in March 2019 TO April 2024.
3. The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%).
4. The Ministry of Ports, Shipping, and Waterways (MoPSW) has sanctioned Adani Group’s Vizhinjam Port in Kerala as India’s inaugural transshipment port, facilitating cargo transfer between ships.
5. As countries prepare for 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), which will take place in Azerbaijan in November 2024.
6. The inaugural United Nations (UN) Conference on ‘Citizen Stack: Digital Public Infrastructure, Transformative Technology for Citizens’ took place at the UN headquarters in New York, USA, under India’s leadership.
7. The SEBI board has decided to amend norms governing mutual funds, whereby asset management companies (AMCs) need to put in place an “institutional mechanism” for the identification and deterrence of potential market abuse, including front-running and fraudulent transactions in securities.
8. Mumbai-based cross-border payments platform, GoBrisk Technologies Private Limited (BRISKPE), has successfully raised USD 5 million in seed funding from PayU, the payments and fintech arm of Prosus.
9. RBI has announced an 8 per cent interest rate on the Floating Rate Savings Bond (FRSB) 2034.
10. In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the Acemoney (India) Limited (a Non-Banking Financial Company)
11. LSAM 20 (Yard 130), the 6th Ammunition Cum Torpedo Cum Missile (ACTCM) Barge constructed by Suryadipta Projects Private Limited (SPPL) for the Indian Navy, was launched at the SPPL launch site in Thane, Maharashtra.
12. Indian-origin teacher Gina Justus, based in the United Arab Emirates (UAE), has been honored with the 2024 Cambridge Dedicated Teacher Award for the Middle East and North Africa (MENA) region.
13. Alok Shukla, the convenor of the Chhattisgarh Bachao Andolan and founding member of the Hasdeo Aranya Bachao Sangharsh Samiti, has been awarded the 2024 Goldman Environmental Prize for Asia.
14. April 30: International Jazz Day 2024
15. April 30: Ayushman Bharat Diwas
16. In an endeavour towards sustainable development, THDCIL – UJVNL Energy Company Limited (TUECO), A Joint Venture of Tehri Hydro Development Corporation Limited (THDC India Ltd.) & Uttarakhand Jal Vidyut Nigam Limited (UJVNL) Ltd., has signed an MoU with Nagar Nigam Haridwar to establish a Waste to Green Energy Plant worth of Rs. 140 crores.
17. The Ministry of Corporate Affairs (MCA) has approved the appointment of Hitesh Kumar Sethia as Managing Director (MD) and Chief Executive Officer (CEO) of Jio Financial Services Limited (JFSL) for a three-year term.
18. Professor Mohammad Rihan, from the Electrical Engineering Department at Aligarh Muslim University (AMU), has assumed the role of Director General at the National Institute of Solar Energy (NISE), an autonomous body under the Government of India’s Ministry of New and Renewable Energy.
19. Google’s Deepmind has developed TacticAI that can provide experts with tactical insights in Football.
20. This Economic theory was popularised by British economist John Maynard Keynes.
21. In a move signalling the embrace of technology in political campaigning, the Communist Party of India (Marxist) (CPIM) in West Bengal has introduced an Artificial Intelligence (AI) anchor named Samata ahead of the upcoming Lok Sabha elections.

National News

1. A decade of Street Vendors Act, 2014
   • What: A decade has passed since the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act came into effect on May 1, 2014, marking a significant milestone after nearly four decades of legal jurisprudence and the tireless efforts of street vendor movements across India.
   • Why: The law was enacted to safeguard the rights of urban street vendors and regulate street vending activities
   • Tell me more:
     • Provisions of the law
       • The act set the requirement for establishing Town Vending Committees (TVC) in every Local Authority.
         • According to the act, 40% of the members of these committees must be street vendors, and within that group, there should be a further representation of 33% women street vendors.
       • Survey of the Street Vendors, at least once in every five years.
         • Enables the issuance of Certificate of Vending to the identified vendors.
       • A Ceiling limit of 2.5% of the population in a respective area is set for accommodating the vendors.
       • Additionally, the Act outlines mechanisms for addressing grievances and disputes, proposing the establishment of a Grievance Redressal Committee chaired by a civil judge or judicial magistrate.
         Source: The Hindu
2. Pension plan for unorganized sector sees only 5 Million subscribers in 5 years
   • What: The government’s flagship pension scheme for unorganized sector workers, Pradhan Mantri Shram Yogi Maandhan (PMSYM) yojana, saw just over 5 million (50 lakhs) subscribers since its inception in March 2019 TO April 2024.
   • Tell me more:
     • While 4.3 million people had joined the scheme in FY20, merely 130,000 people were inducted in FY21, followed by 161,000 subscribers in the subsequent financial year. Around 255,000 people had exited the scheme in FY22, thus further deteriorating the subscriber base.
     • It added nearly 600,000 subscribers in FY24. This is against a target enrolment of 10 million beneficiaries in each of the financial years, starting 2020-21.
       Source: Business Standard

3. At Rs. 2.1 Trillion, gross GST collections in April 2024 highest ever
   • What: The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%).
     • After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year.
       Source: PIB

4. Adani’s Vizhinjam Port Approved as India’s First Transshipment Hub
   • What: The Ministry of Ports, Shipping, and Waterways (MoPSW) has sanctioned Adani Group’s Vizhinjam Port in Kerala as India’s inaugural transshipment port, facilitating cargo transfer between ships.
     • A transshipment port is a crucial hub where cargo is transferred from one big vessel to several smaller ones before they reach the final port of discharge. It will now help India in its ambition to become a manufacturing hub.
   • Tell me more:
     • Approximately 75 per cent of India’s transshipment cargo is currently processed at ports overseas, with destinations such as Colombo, Singapore, and Klang handling about 85 per cent of this cargo.
     • Current regulations require the shipping ministry’s nod to prevent competing projects from being permitted before capacity at operational ports is saturated.
     • This approval paves the way for customs to set up an office at Vizhinjam port. It will be India’s first full-fledged deep water transshipment port.
     • In December 2015, Adani Ports and Special Economic Zone Limited (APSEZ) initiated the international transshipment project in Vizhinjam, Kerala.
     • Originally targeted for completion within four years by 2019, the Rs 7,700 crore deep water seaport project is now anticipated to commence operations within the current financial year.
     • In its initial phase, the port targets a capacity of handling 1 million twenty-foot equivalent units (TEUs), with subsequent phases aimed at expanding capacity to 6.2 million TEUs.
       • Container volumes are measured in twenty-foot equivalent units (TEUs), with each TEU approximately representing a standard-sized container.
         Source: Business Standard

International News

1. New Collective Quantified Goal (NCQG) on Climate Finance released
   • What: As countries prepare for 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), which will take place in Azerbaijan in November 2024.
     • Parties to the UNFCCC have made new submissions for the New Collective Quantified Goal on Climate Finance (NCQG).
     • NCQG is a global goal set by countries in the Paris Agreement (COP 21) to help nations tackle climate change.
   • Tell me more:
     • In 2009 parties to UNFCCC had decided to mobilise $100 billion annually by 2020 which was subsequently extended to 2025.
       Source: Down To Earth

2. UN’s first international conference on Digital Public Infrastructure hosted by India
   • What: The inaugural United Nations (UN) Conference on ‘Citizen Stack: Digital Public Infrastructure, Transformative Technology for Citizens’ took place at the UN headquarters in New York, USA, under India’s leadership.
   • Tell me more:
     • Aimed at leveraging technology to advance Sustainable Development Goals (SDGs) and promote inclusivity, the conference introduced India’s Digital Public Infrastructure (DPI) framework as a global standard.
     • India showcased its ‘Citizen Stack’ initiative, encouraging other nations to develop their own DPI, building on the success of India Stack, which includes Aadhar, eSign, Digilocker, and Unified Payments Interface (UPI).
     • Hosted by the Permanent Mission of India and the Ministry of Electronics and Information Technology (Meity), in collaboration with iSPIRT, the event was a continuation of India’s G20 Presidency theme in 2023, ‘Vasudhaiva Kutumbakam/ One Earth, One Family, One Future.’
       Source: ANI

Banking and Economy

1. SEBI board takes measures to curb fraudulent trades in mutual funds
   • What: The SEBI board has decided to amend norms governing mutual funds, whereby asset management companies (AMCs) need to put in place an “institutional mechanism” for the identification and deterrence of potential market abuse, including front-running and fraudulent transactions in securities.
     • Front-running, an illegal practice in the stock market, occurs when an entity or individual buys or sells securities based on advance or inside information that is not available to the public.
   • Why: These decisions come after SEBI uncovered instances of front-running in Axis AMC and LIC.
     • In the Axis AMC case, broker-dealers, certain employees and connected entities were found to have front-run the trades of the AMC and in the case of LIC, an employee of a listed insurance company was observed to be front-running the trades of the company.
   • Tell me more:
     • Considering the recent front-running instances observed by Sebi, the board approved amendments to Sebi (Mutual Funds) Regulations, 1996 for enhancing the existing regulatory framework by requiring AMCs to put in place a structured institutional mechanism for identification and deterrence of potential market abuse including front-running and fraudulent transactions in securities,
       Source: Live Mint

   
   

2. PayU invests $5 million in cross-border payments start-up BRISKPE
   • What: Mumbai-based cross-border payments platform, GoBrisk Technologies Private Limited (BRISKPE), has successfully raised USD 5 million in seed funding from PayU, the payments and fintech arm of Prosus.
   • Why: The investment aims to simplify global payments for Indian Micro, Small, and Medium Enterprises (MSMEs) and exporters.
     Source: Business Standard
3. RBI announces 8% interest on Floating Rate Bond 2034
   • What: RBI has announced an 8 per cent interest rate on the Floating Rate Savings Bond (FRSB) 2034.
   • Tell me more:
     • The Government of India is issuing a special type of bond called a Floating Rate Bond (FRB) that matures in 2034.
     • Interest rate changes: Unlike regular bonds with a fixed interest rate, this bond’s interest rate will adjust every six months.
     • How the rate is set: The interest rate is based on the average yield of recent auctions for short-term government debt (called Treasury Bills). Basically, it moves with market conditions.
     • Current rate: For the next six months (from April 30, 2024 to October 29, 2024), the interest rate on this FRB bond will be 8%.
       • This 8% rate is calculated by taking an average of the interest rates from the previous three auctions of short-term government debt, plus a small additional fixed amount (0.98%).
         Source: Business Standard

4. RBI cancels CoR of Acemoney (India) Limited due to irregular lending practices
   • What: In exercise of the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the Acemoney (India) Limited (a Non-Banking Financial Company)
   • Why: The CoR of the abovementioned company has been cancelled on account of violation of RBI guidelines on managing risks and code of conduct in outsourcing of financial services in its digital lending operations undertaken through third party apps.
     • The company was also not complying with the extant regulations pertaining to charging of excessive interest and ensuring confidentiality of customer information.
       Source: RBI

Defence News

1. Launching of LSAM 20: Strengthening Indian Navy’s Operational Capabilities
   • What: LSAM 20 (Yard 130), the 6th Ammunition Cum Torpedo Cum Missile (ACTCM) Barge constructed by Suryadipta Projects Private Limited (SPPL) for the Indian Navy, was launched at the SPPL launch site in Thane, Maharashtra.
   • Why: These barges will significantly enhance the operational commitments of the Indian Navy by facilitating transportation, Embarkation, and Disembarkation of articles/ammunition to IN Ships at both alongside jetties and outer harbors.
   • Tell me more:
     • The ACTCM Barge is designed and built indigenously, with model testing conducted by the Naval Science and Technological Laboratory (NSTL) in Vishakapatnam, Andhra Pradesh.
     • The indigenous construction of these barges aligns with the “Make in India” initiative of the Government of India, promoting self-reliance and indigenous manufacturing capabilities.
     • In March 2021, the Ministry of Defence (MoD) signed a Memorandum of Understanding (MOU) with SPPL for the construction of 11 ACTCM Barges, with LSAM 20 being the latest addition to the fleet.
       Source: PIB

Awards

1. Gina Justus and Meena Mishra Receive 2024 Cambridge Dedicated Teacher Awards
   • What: Indian-origin teacher Gina Justus, based in the United Arab Emirates (UAE), has been honored with the 2024 Cambridge Dedicated Teacher Award for the Middle East and North Africa (MENA) region.
   • Tell me more:
     • Gina, originally from Thiruvananthapuram, Kerala, teaches at Our Own English High School (Girls) in Sharjah, UAE, where she has been dedicated to her profession since 2005.
     • Meena Mishra, another Indian educator, has been named the winner of the award for the South Asia region. Meena teaches at Dr. Sarvepalli Radhakrishnan International School in Mumbai, Maharashtra.
     • Cambridge announced nine regional winners, with one set to be chosen as the overall winner of the Cambridge Dedicated Teacher Awards 2024.
       Source: Cambridge
2. Alok Shukla Wins 2024 Goldman Environmental Prize for Forest Conservation Efforts
   • What: Alok Shukla, the convenor of the Chhattisgarh Bachao Andolan and founding member of the Hasdeo Aranya Bachao Sangharsh Samiti, has been awarded the 2024 Goldman Environmental Prize for Asia.
     • He was recognized for his dedicated efforts to preserve the forests of Hasdeo Aranya in Chhattisgarh, India.
   • Tell me more:
     • The award ceremony, also known as the “Green Nobel Prize,” held at San Francisco, USA.
     • Shukla led a successful grassroots campaign to protect 445,000 acres of the biodiversity rich Hasdeo Aranya forests from the development of 21 proposed coal mines.
     • Winners of 35th Goldman Environmental Prize

Source: Goldman Prize

Important Days

1. April 30: International Jazz Day 2024
   • What: The United Nations (UN)’s International Jazz Day is annually observed across the globe on 30th April to highlight jazz and its role in diplomatic relations of uniting people around the world.

• 2024 edition is Hosted by: the city of Tangier, Morocco, known as a melting pot of cultural expressions, has the honor of being the Global Host.

Source: Jazzday

2. April 30: Ayushman Bharat Diwas
   • What: Ayushman Bharat Diwas is observed annually on April 30 across India to raise awareness about the objectives of Ayushman Bharat, a flagship scheme of the Ministry of Health and Family Welfare (MoHFW), Government of India.
   • The day emphasizes the importance of extending medical facilities to remote areas and ensuring quality healthcare for every citizen, aligning with the goals of Gram Swaraj Abhiyan.
   • Ayushman Bharat, launched in 2018 by Prime Minister Narendra Modi in Ranchi, Jharkhand, is aimed at achieving Universal Health Coverage (UHC) as per the recommendations of the National Health Policy 2017.
   • This initiative seeks to transform healthcare service delivery in India by adopting a comprehensive approach, moving away from segmented and sectoral practices towards holistic healthcare coverage for all citizens.
     Source: Business Standard

Memorandum of Understanding

1. THDC and UJVNL Joint Venture, TUECO inks MoU with Nagar Nigam Haridwar
   • What: In an endeavour towards sustainable development, THDCIL – UJVNL Energy Company Limited (TUECO), A Joint Venture of Tehri Hydro Development Corporation Limited (THDC India Ltd.) & Uttarakhand Jal Vidyut Nigam Limited (UJVNL) Ltd., has signed an MoU with Nagar Nigam Haridwar to establish a Waste to Green Energy Plant worth of Rs. 140 crores.
   • Tell me more:
     • This initiative aims to convert 400 Tons Per Day of Municipal Solid Waste into 140 Tons of Green Charcoal.
       Source: PSU Connect

Appointment

1. MCA approves Hitesh Sethia as Jio Financial Services’ MD and CEO for 3 years
   • What: The Ministry of Corporate Affairs (MCA) has approved the appointment of Hitesh Kumar Sethia as Managing Director (MD) and Chief Executive Officer (CEO) of Jio Financial Services Limited (JFSL) for a three-year term.
   • In July 2023, he was appointed as MD and CEO of Reliance Strategic Investments Limited (RSIL), later renamed Jio Financial Services.
     Source: Hindu Business Line
2. PROF. RIHAN APPOINTED AS DIRECTOR GENERAL NISE
   • What: Professor Mohammad Rihan, from the Electrical Engineering Department at Aligarh Muslim University (AMU), has assumed the role of Director General at the National Institute of Solar Energy (NISE), an autonomous body under the Government of India’s Ministry of New and Renewable Energy.
   • The recommendation was subsequently approved by the Appointments Committee of the Cabinet, Government of India. He will serve at NISE on deputation for an initial period of three years, with the possibility of extension of two years.
     Source: AMU

Miscellaneous

1. TacticAI
   • What: Google’s Deepmind has developed TacticAI that can provide experts with tactical insights in Football.
   • About TacticAI
     • The AI predicts the outcome of Corner kicks, using “Geometric deep learning approach” to create more generalisable models on the field.
       • The approach focuses on developing algorithms and models to process and analyse data with a geometric structure like graphs, point clouds, and meshes etc
     • It helps in Identifying key patterns of tactics implemented by teams, and developing effective responses with tactical insights.
       Source: Google
2. Paradox of Thrift (PoT) Theory
   • What: This Economic theory was popularised by British economist John Maynard Keynes.
   • About PoT
     • A rise in individuals’ savings, by reducing the amount of money spent on goods and services, can cause a fall in overall savings and investments.
     • It believes that higher savings is bad for the wider economy and an economy can grow only by boosting consumer spending.
     • Criticisms of PoT
       • It ignores the potential for saved income to be lent out by banks.
       • It also ignores the potential of inflation and deflation in an economy.
         Source: The Hindu
3. CPI(M) Introduces AI Anchor ‘Samata’ for Lok Sabha campaigning in Lok Sabha Elections
   • What: In a move signalling the embrace of technology in political campaigning, the Communist Party of India (Marxist) (CPIM) in West Bengal has introduced an Artificial Intelligence (AI) anchor named Samata ahead of the upcoming Lok Sabha elections.
     Source: Indian Express

Start Quiz of 02nd May 2024 on Mobile

Start Quiz of 02nd May 2024 on Desktop