04th May, 2024

1. The share of coal in India’s total installed electricity capacity fell below 50% for the first time in history in 2023-24, according to a report released by the CEEW Centre for Energy Finance (CEEW-CEF).
2. The National Anti-Doping Agency (NADA), India concluded #PlayTrue Campaign.
3. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme which was launched in 2019, is an initiative by the Ministry of Heavy Industries (MHI) to promote electric vehicles (EV) in the country.
4. On 27th April, South Africa marked 30 years since the end of apartheid and the birth of its democracy.
5. A white paper titled ‘At the Helm: Women Entrepreneurs Transforming Middle India’ released by Reserve Bank Innovation Hub (RBIH) at an event organized by Federation of Indian Chambers of Commerce & Industry (FICCI).
6. SES ESG Research Private Limited, a subsidiary of Stakeholders Empowerment Services (SES), received the ‘Certificate of Registration as an Environment, Social, and Governance (ESG) Environment Rating Provider’ (ERP) from SEBI.
7. Foreign portfolio investors (FPI) who are registered with SEBI and operating in the GIFT International Financial Services Centre (IFSC) can now issue offshore derivative instruments (ODIs), which are also known as participatory notes (P Notes).
8. India’s services exports experienced a decline in FY24, reaching a three-year low with a modest increase of 4.9% to $341.1 billion, according to data from the Reserve Bank of India (RBI)
9. The inaugural ‘Aging Well in Asia: Asian Development Policy Report’ released by the Asian Development Bank (ADB) sheds light on the challenges faced by aging populations in the region in Asia and the Pacific.
10. INDIA’S PURNIMA DEVI BARMAN WINS 2024 WHITLEY GOLD AWARD\
11. May 3: World Press Freedom Day
12. May 3: World Tuna Day
13. Army Dental Centre Celebrates Silver Jubilee
14. India to host BWF World Junior Badminton Championships 2025 in Guwahati
15. RailTel Corporation of India Limited (RailTel) has partnered with Quadrant Future Tek Limited to explore and implement the train collision avoidance system ‘KAVACH’ in India as well as other countries.
16. Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, has signed a MoU with Toyam Raya, the Auditor General of Nepal.

vAtanu Chakraborty has been re-appointed as the Part-Time Chairman of HDFC Bank for a period of three years. This re-appointment was approved by the Reserve Bank of India (RBI) and is effective from May 5, 2024, until May 4, 2027.

17. Gaming unicorn Games24x7 announced that it had elevated Tridib Mukherjee to the position of Chief Data Science and Artificial Intelligence Officer.

vIndia protested Chinese road construction at Shaksgam Valley in Pakistan-occupied Kashmir

18. The University of Tokyo Atacama Observatory (TAO) telescope site completion ceremony held in Santiago, Chile.

National News

1. For the first time, coal’s share in India’s total electricity capacity fell below 50%: CEEW Study
   • What: The share of coal in India’s total installed electricity capacity fell below 50% for the first time in history in 2023-24, according to a report released by the CEEW Centre for Energy Finance (CEEW-CEF).
   • Why: During that fiscal year 2023-24, India added 26 gigawatts (GW) of new power generation capacity. Out of this, a remarkable 71% came from renewable energy sources.
     • This increase in renewable energy capacity played a big part in reducing the proportion of electricity generated from coal.
   • Tell me more:
     • India’s total installed capacity reached 442GW, with renewables contributing 144GW (33%) and hydro 47 GW (11%).
       • Installed capacity is the total amount of electricity that all the power plants in India can generate if they are all running at full capacity simultaneously
     • Share of Solar energy in RE: 15 GW (81% of renewables added).
     • Share of Nuclear energy: A capacity of 1.4 GW was added for the first time
     • Despite declines in share, the net coal capacity addition increased four times as compared to FY23.
     • Dues to Discoms: The dues of discoms reduced to Rs 49,451 crore (Rs 91,061 crore in FY23).
       • Discoms, short for “Distribution Companies,” are entities responsible for distributing electricity to consumers. In India, they are typically owned or controlled by state governments.
     • EV adoption: EV sales grew by around 45% (compared to FY23)
       Source: Hindustan Times

2. NADA India organizes #PlayTrue Campaign to create awareness about clean sports
   • What: The National Anti-Doping Agency (NADA), India concluded #PlayTrue Campaign.
   • Why: The campaign commemorated World Anti-Doping Agency (WADA) Play True Day and aimed at fostering awareness about the importance of clean sport and anti-doping practices in India.
   • Tell me more:
     • The #PlayTrue Campaign highlights NADA India’s commitment to equipping athletes, coaches, and the entire sporting community with a thorough understanding of anti-doping regulations, empowering them to champion clean play in India. The campaign was  held from 15th to 30th April, 2024.
       Source: PIB
3. 90% funds for FAME-II used until deadline
   • What: The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme which was launched in 2019, is an initiative by the Ministry of Heavy Industries (MHI) to promote electric vehicles (EV) in the country.
   • Tell me more:
     • As per the recent data issued by the MHI, the government has spent Rs.10,253 crore (90%) of total Rs.11,500 crore earmarked for the five year FAME-II scheme as on March 31, 2024. This funding facilitated the support of 1.5 million vehicles in the past five years.
       • The fund allocation was not fully achieved before the deadline. This was due to the government’s decision in October 2023 to increase the target of the scheme from Rs. 10,000 crore to Rs.11,500 crore.
       • This adjustment came after the MHI exhausted the funds allocated for e2Ws and e4Ws
     • Highest fund Utilization: The electric three-wheeler (e3W) category, with the allocated Rs. 991 crore being fully used.
     • The government has also spent Rs. 633 crore out of the allocated Rs. 839 crore on EV chargers.
     • FAME I budget: In the scheme’s initial phase in 2015, the government allocated Rs. 900 crore.
     • Recent measures
       • In March 2024, the MHI announced a new scheme, the Electric Mobility Promotion Scheme (EMPS), 2024, with a budgetary allocation of Rs. 500 crore, to promote the sale of e2Ws and e3Ws in the country.
         Source: Business Standard

International News

1. South Africa celebrates 30 years of the end of Apartheid, a system of racial discrimination
   • What: On 27th April, South Africa marked 30 years since the end of apartheid and the birth of its democracy.
     • The apartheid system was abolished on 27th April, 1994.
   • The apartheid system was a set of laws that separated people based on their race, mostly in South Africa.
     • It made sure that white people had more rights and privileges than non-white people. This separation affected many parts of life, like where people could live, go to school, or work. It wasn’t fair, as it treated non-white people unfairly and limited their opportunities.
       Source: AP News

Banking and Economy

1. ‘At the Helm: Women Entrepreneurs Transforming Middle India’ released by RBIH
   • What: A white paper titled ‘At the Helm: Women Entrepreneurs Transforming Middle India’ released by Reserve Bank Innovation Hub (RBIH) at an event organized by Federation of Indian Chambers of Commerce & Industry (FICCI).
     • In total around 300 women were surveyed.
   • Why: This study is aimed at understanding the complex socioeconomic dynamics affecting women’s entrepreneurship in Middle India.
     • The Middle India refers to the middle ground between the highly developed metropolitan cities (tier 1 cities) and the smaller towns and rural areas. These cities are experiencing rapid growth and development, both in terms of their economy and urban infrastructure.
   • Tell me more:
     • Key challenges faced by women entrepreneurs
       • Capital Gap: The document states that only 3% women entrepreneurs in tier 2 and 3 cities in India out of the 300 surveyed had access to external funding to start or expand their businesses.
         • External funding refers to money that comes from sources outside of the business itself. This could include loans from banks, or funds from government programs.

       • Network Gap: Marriage is the primary factor behind women’s migration with 87% women’s migration being due to marriage, posing challenges in rebuilding social networks and slowing career progression.
       • Care Gap: Caregiving responsibilities, including maternity leave, delays entrepreneurial success.
         • About 35% respondents reported pausing their entrepreneurial efforts due to caregiving responsibilities.
       • Data Gap: Absence of gender-disaggregated data hampers policy interventions.
       • Visibility Gap: Societal undervaluation leads to low visibility and limited recognition
     • Other key highlights from the paper
       • 90.2% of women are primary decision-makers in their ventures, highlighting their autonomy and leadership.
       • The paper states that India will become the world’s third-largest economy by 2027 and the third-largest stock market by 2030.
         • Large-scale urbanisation and migration to tier 1 cities have been key to this growth but have also led to choking infrastructure and lack of diversified growth and employment opportunities
       • Tier 2 and tier 3 cities, interchangeably referred to as Middle India, are emerging as pivotal economic and urban centres.
       • Only around 20 percent of India’s MSMEs are women-led, of which the majority are sole proprietorships. Within these, 5.2 percent of small enterprises are women-led and 2.6 percent of medium enterprises are women-led
     • Policy Recommendations:
       • Utilize gender-disaggregated data for effective policy interventions.
       • Breaking capital barriers through State-sponsored grants, female focused incubators, and strengthening women’s support networks.
       • Fiscal incentives for childcare leave and expenses.
     • Other Important points.
       • RBIH is developing a fintech entrepreneurs programme in partnership with IIM Ahmedabad and Lucknow, BITS Pilani and Indian School of Business.
       • Following the launch of the white paper, two panel discussions ‘Taking the Train to Middle India’, and the second event, ‘Discussing the Capital and Data Gap’ were held
         Source: RBIH

     
     
2. SES ESG Research Granted SEBI CoR for ESG ratings
   • What: SES ESG Research Private Limited, a subsidiary of Stakeholders Empowerment Services (SES), received the ‘Certificate of Registration as an Environment, Social, and Governance (ESG) Environment Rating Provider’ (ERP) from SEBI.
   • Tell me more:
     • The certification allows SES ESG Research to operate as a Category-2 provider of ESG Ratings.
     • This enables SES to transfer its ESG business to SES ESG Research.
     • SES initiated ESG Ratings in 2019, covering over 500 companies presently.
       Source: The Hindu
3. FPIs domiciled at GIFT City allowed to issue P-notes
   • What: Foreign portfolio investors (FPI) who are registered with SEBI and operating in the GIFT International Financial Services Centre (IFSC) can now issue offshore derivative instruments (ODIs), which are also known as participatory notes (P Notes).
     • P-notes are investment vehicles used by overseas investors to gain exposure to the domestic markets without registering with local regulators.

   • Why: This change in rules could encourage more issuance of these instruments and attract more investment into the Indian markets.
   • Tell me more:
     • At present (in Phase 1 in 2023), the IFSCA, the unified regulator for GIFT City, allows only banking units to issue P-notes.
     • Now in Phase 2, it has been decided to permit non-bank entities registered with IFSCA and SEBI as FPIs to also issue derivative instruments backed by Indian securities, within GIFT-IFSC.
     • Currently, about 46 FPIs are domiciled at the GIFT IFSC.
       Source: Business Standard

4. India’s Services Exports Growth Decelerates to Three-Year Low in FY24
   • What: India’s services exports experienced a decline in FY24, reaching a three-year low with a modest increase of 4.9% to $341.1 billion, according to data from the Reserve Bank of India (RBI).
   • Why: Slower growth in services exports could be because there’s not as much demand because the economies in developed countries, where a lot of our services are bought, are not growing much.
   • Tell me more:
     • Despite the slowdown in services exports, net services exports saw robust growth, increasing by 13.6% to $162.8 billion, as services imports contracted by 2% to $178.3 billion during the fiscal year.

Source: Business Standard

Reports and Indices

1. Aging Well in Asia: Asian Development Policy Report’ released by ADB
   • What: The inaugural ‘Aging Well in Asia: Asian Development Policy Report’ released by the Asian Development Bank (ADB) sheds light on the challenges faced by aging populations in the region in Asia and the Pacific.
   • Tell me more:
     • Health Insurance Coverage: India has the lowest health insurance coverage among older people, standing at only 21%.
     • Dimensions of Well-being: The report examines four dimensions of well-being among older people: health, productive work, economic security, and social engagement.
     • Up to 94% of workers aged 65+ in Asia are employed in the informal sector.
     • Social pension coverage is significantly higher than contributory pensions, reaching 46% of older persons, on average.
     • Aging Population Projection: The aging population in Asia and the Pacific is set to nearly double by 2050, emphasizing the need for pension, welfare, and healthcare programs.
     • Financial Preparedness: In India, 73% of near-old people are financially prepared.
     • Labor Force Participation: The average labor force participation rate for people aged 65 and over is relatively low, with disparities between men and women.
     • Economic insecurity with 40% older people in Asia and Pacific lacking access to any form of pension.
     • Developing Asia is aging rapidly with risk of not having adequate resources to support ageing populations.
     • Older people (aged 60 and above) accounted for 13.5% of the regional population in 2022, it is expected to nearly double to 25.2% (1.2 billion) by 2050.
     • Indian Scenario:
       • India is enhancing health insurance coverage through schemes like Ayushman Bharat and removing age limits for buying health insurance.
       • Economic growth impact from aging population in India is expected to be lower due to its young population demographics.
       • Notably, India’s economic growth impact from aging population in 2031-2040 is expected to be lower due to its young population demography.
       • Lowest health insurance coverage among older people at 21%
         • 80%–90% of financial resources for retirement come from private income and assets, not public pensions or social assistance
           Source: ADB

Awards

1. INDIA’S PURNIMA DEVI BARMAN WINS 2024 WHITLEY GOLD AWARD
   • What: Whitley Fund for Nature (WFN) has recognized Dr Purnima Devi Barman from India (Assam) with the 2024 Whitley Gold Award for her work to save the Greater Adjutant Stork – known locally as Hargila – whose numbers have quadrupled in Assam to more than 1,800.
   • The awards are also known as Green Oscars.
   • Greater Adjutant Stork – also known as Hargila.

• Tell me more:
• Nagaland’s Y Nuklu Phom was the last Indian to win the Whitley Award (in 2021) for his ‘biodiversity peace corridor.
• The 2024 award was given to total Six individuals

Source: Whitley Award

Important Days

1. May 3: World Press Freedom Day
   • What: World Press Freedom Day is annually observed on May 3rd worldwide.
   • Hosted by: This year, the Government of Chile and UNESCO will host the 31st World Press Freedom Day Conference in Santiago.
   • The theme for 2024: “A Press for the Planet: Journalism is the Face of the environmental crisis.”
     Source: Indian Express

2. May 3: World Tuna Day
   • What: World Tuna Day is observed annually on May 2nd to raise awareness about the significance of tuna, a crucial fish species economically and for human nutrition.

3. Army Dental Centre Celebrates Silver Jubilee
   • What: On May 1, 2024, the Army Dental Centre of Research & Referral (ADC R&R) in Delhi marked its 25th anniversary (Silver Jubilee).
   • Established on May 1, 1999, ADC R&R is the largest dental establishment of the Armed Forces, offering post-graduate training in five dental specialities.
   • Lieutenant General MK Katiyar, General Officer Commanding in Chief (GoC-in-C), Western Command, unveiled a Special Postal Cover by the Army Postal Service during the celebration.
     Source: PIB

Sports

1. India to host BWF World Junior Badminton Championships 2025 in Guwahati
   • What: India will host the BWF World Junior Badminton Championships 2025 in Guwahati, Assam, at the National Centres of Excellence inaugurated in 2023.
   • Tell me more:
     • This marks India’s return as a host after the 2008 Championships held in Pune, Maharashtra.
     • Denmark will host the BWF Thomas and Uber Cup 2026 in Horsens, marking its second time hosting the event.
     • The Thomas Cup and Uber Cup are held every two years since 1982 and 1984 respectively.
     • The 2026 edition will be the 34th Thomas Cup and the 31st Uber Cup.
       Source: Sports Keeda

Memorandum of Understanding

1. RailTel and Quadrant Future Tek Collaborate to Implement KAVACH Globally
   • What: RailTel Corporation of India Limited (RailTel) has partnered with Quadrant Future Tek Limited to explore and implement the train collision avoidance system ‘KAVACH’ in India as well as other countries.
   • Why: The partnership aims to deliver the KAVACH system, an automatic train protection (ATP) system developed by the Indian Railways, to enhance safety measures in train operations.
     Source: Business Standard

2. CAG of India and Auditor General of Nepal Sign MoU to Enhance Collaboration in Auditing
   • What: Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, has signed a MoU with Toyam Raya, the Auditor General of Nepal.
   • Why: This agreement aims to enhance collaboration and exchange of expertise in the field of auditing between the two countries.
   • Tell me more:
     • Through this MoU, a platform will be established for the capacity development and exchange of knowledge and experience amongst auditing professionals and technical teams through collaboration in training programs and mutual assistance in conducting audits.
     • The MoU was signed during the official visit of Mr. G.C. Murmu to Nepal.
       Source: CAG

Appointment

1. Atanu Chakraborty re-appointed HDFC Bank chairman for 3 years
   • What: Atanu Chakraborty has been re-appointed as the Part-Time Chairman of HDFC Bank for a period of three years. This re-appointment was approved by the Reserve Bank of India (RBI) and is effective from May 5, 2024, until May 4, 2027.
     Source: CNBC TV18
2. Games24x7 appoints Tridib Mukherjee as Chief Data Science and AI officer
   • What: Gaming unicorn Games24x7 announced that it had elevated Tridib Mukherjee to the position of Chief Data Science and Artificial Intelligence Officer.
     Source: Business Standard

Miscellaneous

1. Shaksgam Valley
   • What: India protested Chinese road construction at Shaksgam Valley in Pakistan-occupied Kashmir.
   • About Shaksgam valley
     • It is a part of territory of India, strategically located in Jammu and Kashmir.
       • Through China-Pakistan boundary agreement of 1963, Pakistan unlawfully ceded the area to China.
     • Also known as the Trans Karakoram tract, an area along both sides of the Shaksgam River.
     • It is bounded by Kun Lun Mountains and by Karakoram peaks and is adjacent to the Siachen Glacier.
       Source: The Hindu
2. The University of Tokyo Atacama Observatory (TAO) Project
   • What: The University of Tokyo Atacama Observatory (TAO) telescope site completion ceremony held in Santiago, Chile.
   • It is the world’s highest astronomical site
     Source: TAO

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