Daily Current Affairs 3rd April, 2024
Daily Current Affairs 3 April 2024 for Banking/Insurance/SSC and other related exams.
NATIONAL NEWS
Kodaikanal Solar Observatory: Celebrating 125 Years of Unraveling the Mysteries of the Sun
- The 125th anniversary of the iconic Kodaikanal Solar Observatory (KSO) was celebrated on 1 April 2024 by Indian Institute of Astrophysics (IIA), an autonomous institute of the Department of Science and Technology (DST), to remember the history of KSO, felicitate its scientists, and honour its legacy was a milestone for astronomy in India.
- The KSO houses a digital repository of 1.2 lakh digitised solar images and thousands of other images of the Sun recorded every day since the start of the 20th century.
- Established on 1 April 1899 by the British, the Observatory has one of the longest continuous daily records of the Sun in the world, and this unique database has been digitised and is publicly available for astronomers from across the globe.
- 1st April is also celebrated by Indian Institute of Astrophysics as its Foundation Day, commemorating when it was constituted as an institution under the Department of Science & Technology in 1971.
Bihar Postal Circle Set to Release a Special Cover to Commemorate 250 years of ‘Copper Ticket’
- The Department of Posts Bihar Circle has decided to release a special cover to commemorate 250 years of the release of the world’s first postal stamp, the ‘Copper Stamp’ which was issued from Patna (Azimabad), an official said.
- The Copper Stamp issued in Patna (Azimabad) 250 years ago was a pioneering initiative in the field of postal services.
- This postal token, made of fine copper, revolutionised the process of sending mail, which ushered in a new era in communication. Its introduction laid the foundation for modern postal systems throughout the world”.
GoI Introduced new EMPS 2024 scheme from 1st April, after FAME-II
- The govt of India has started a new scheme to promote electric vehicles in India. Implemented by the Ministry of Heavy Industries, the new scheme has come into effect from April 1 after the end of the FAME scheme on March 31.
- Subsidies under the FAME scheme will be eligible for e-vehicles sold till March 31, or till the time funds are available.
- The INR 500 crore Electric Mobility Promotion Scheme 2024 (EMPS 2024) scheme is being introduced by the Ministry of Heavy Industries to further accelerate the adoption of electric vehicles (EVs) in the country.
- Under EMPS 2024, a support of up to INR 10,000 per two-wheeler will be provided. The aim is to provide support for about 3.33 lakh two-wheelers.
Governor R.N. Ravi Inaugurates Param Vir Chakra Garden
- Tamil Nadu Governor R.N. Ravi inaugurated Param Vir Chakra garden and Aikyam exhibition in the Kanchi Mahaswami Vidya Mandir in Tambaram.
- The garden features the history and monuments of India’s 21 Param Vir Chakra honorees, the country’s highest military decoration for courage. The unveiling was attended by Sub Major and Captain Yogendra Singh Yadav, PVC, Sub Major Sanjay Kumar, PVC, family of the late Major R.Parameswaran, PVC, and a number of armed forces.
- The Param Vir Chakra garden serves as a tribute to the courageous heroes who have made the ultimate sacrifice for the nation, ensuring their valor is remembered and celebrated.
IAF’s 10-day mega exercise ‘Gagan Shakti’ begins from April 1-10
- The Indian Air Force (IAF) is commenced a 10-day exercise to test its capabilities and preparedness for high-intensity operations. During the exercise, known as ‘Gagan Shakti-2024,’ the IAF will mobilize all its bases and assets across the country.
- According to an official statement, the Indian Army will provide logistics support for the mega exercise, facilitating a comprehensive pan-India movement of approximately 10,000 IAF personnel and ammunition in order to validate the Operational Rail Mobilisation Plan (ORMP) aspects of the IAF.
- The exercise is being conducted at various locations across the country, including the Pokhran Field Firing Range in Jaisalmer.
India Renews Agreement to Export Electricity to Nepal for 3 Months
- At a time when Nepal is facing a power crisis, India renewed the agreement to export electricity to Nepal for the next three months.
- Under the agreement, which was to expire on March 31, Nepal can import a total of 554 MW electricity, bifrom India between 6 am and 6 pm.
- Nepal’s domestic electricity production currently stands at around 1,200 MW while the country’s demand for electricity is 1,800 MW to 2,000 MW during this period.
- Nepal is experiencing a shortage of electricity as most of the domestic power plants in the country are based on a run-of-the-river system and during winter, there is less water in the rivers.
NHAI’s One Vehicle, One FASTag‘ Rules Come into Force on 1 April 2024
- The National Highways Authority of India (NHAI) has rolled out the ‘One Vehicle, One FASTag’ initiative starting, April 1, 2024.
- This initiative of NHAI aims to discourage the use of a single FASTag for multiple vehicles or linking multiple FASTags to one vehicle.
- NHAI decided to launch this initiative due to recent reports of multiple FASTags being issued for the same vehicle and issuance of FASTags without completing the mandatory KYC process, violating the guidelines set by the Reserve Bank of India (RBI).
INTERNATIONAL NEWS
Germans celebrate as recreational cannabis use becomes legal
- Germany became the largest European Union (EU) nation to legalize recreational cannabis use, despite facing opposition from politicians and medical associations. Under the new law, adults over 18 are now permitted to carry up to 25 grams of dried cannabis and cultivate up to three marijuana plants at home.
- Germany joins Malta and Luxembourg as countries with the most liberal cannabis laws in Europe. The Netherlands, known for its permissive attitude towards the drug, has recently adopted a stricter approach to counter cannabis tourism.
- The law’s implementation was celebrated by around 1,500 people in central Berlin, with some lighting up joints near the Brandenburg Gate.
BANKING & FINANCE
Fincare merges with AU Small Finance Bank
- AU Small Finance Bank (AU SFB) amalgamated Fincare Small Finance Bank (Fincare SFB), marking the first such consolidation in the sector.
- In an all-stock merger deal first announced on October 29, 2023, where the shareholders of Fincare SFB received 579 equity shares in AU SFB for every 2,000 equity shares held in Fincare SFB, the merger received final approval from RBI on March 4, 2024, with the effective date of April 1, 2024.
- The merger is also expected to provide AU SFB with enhanced access to South India, significantly expanding its distribution network, the Jaipur-based lender said.
BUSINESS & ECONOMY
Mahindra Aerostructures signs USD100 million deal with Airbus Atlantic for component production
- Mahindra Aerostructures announced it has signed a multi-year contract worth around USD 100 million with Airbus Atlantic for the manufacturing and delivery of metallic components for the entire Airbus commercial aircraft family, including the A320 family planes. The contract will supply 2,300 metallic components from India’s manufacturing base to France.
- Under the contract, the company will supply close to 2,300 varieties of metallic components to Airbus Atlantic in France from its manufacturing base in India, Mahindra Aerostructures Pvt Ltd (MASPL).
- The contract adds to existing MASPL programmes to deliver parts directly to Airbus at their facilities in France and Germany, it said.
Paradip Port Emerges as India’s Top Cargo-Handling Port in 2023-24
- State-owned Paradip Port in Odisha has emerged as India’s largest major port in terms of cargo volumes by clocking 145.38 million tonne cargo throughput in FY24, surpassing Deendayal Port Authority in Gujarat.
- For the first time in the 56-year history of operation, Paradip Port has surpassed previous records set by Deendayal Port, the Ministry of Ports, Shipping and Waterways said.
- For the first time in the 56 years history of operation, PPA has surpassed previous records, set by Deendayal Port. Paradip Port has also recorded growth of 10.02 million metric tonnes (7.4%) of traffic on YoY basis.
- During the financial year the Port has achieved highest ever coastal shipping traffic of 59.19 million metric tonnes, with a growth of 0.76 million metric tonnes i.e. 1.30% over the previous year. The thermal coal coastal shipping has reached 43.97 million metric tonnes i.e. 4.02% over the previous year cargo handling.
SEBI Unveils SCORES 2.0: Enhancing Investor Complaint Redress System
- SEBI launched the new version of the SEBI Complaint Redress System (SCORES 2.0). The new version of SCORES strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction of timelines, the regulator said.
- SCORES is an online system where investors in securities market can lodge their complaints through web URL and an app.
- SCORES 2.0 will feature reduced and uniform timelines for redressal of investor complaints, which is 21 calendar days from date of receipt of the complaint. Currently, entities are required to submit the action taken report not later than 30 days.
World Bank Raises India’s Growth Projection: FY24 GDP at 7.5%
- The Indian economy is projected to grow at 7.5 percent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 percent.
- The World Bank forecasts India’s output growth to reach 7.5 percent in FY24, driven by resilient activity in services and industry. However, growth is expected to moderate to 6.6 percent over the medium term.
- The World Bank projects India’s output growth to reach 7.5 perecnt in FY24 before moderating to 6.6 percent in FY25. The expected slowdown mainly reflects a deceleration in investment from its elevated pace in the previous year.
- India’s economic activity in 2023Q4 exceeded expectations, with an 8.4 percent growth compared to the previous year, supported by increased investment and government consumption.
IOCL and Panasonic Partner for Lithium-ion Cell Manufacturing in India
- Indian Oil Corporation Ltd. (IOCL) has partnered with Panasonic Energy to create a joint venture for producing lithium-ion cells in India. This collaboration is in response to the expected increase in demand for electric vehicles (EVs) and energy storage solutions in the country.
- The partnership was announced following an initial understanding between the two companies in January about lithium-ion cell production.
- The joint venture seeks to take advantage of India’s ambitious net-zero greenhouse gas emissions target by 2070.
NPTI & PTC India Ltd Signed MoU to Set up CoE for R&D in Energy Domain
- PTC India Ltd and the National Power Training Institute (NPTI) have agreed to set up a research and development centre for the energy sector to promote sustainable development goals.
- As per a memorandum of understanding, the two will set up a Centre of Excellence (CoE) for Research and Development in the Energy Domain to disseminate its research and development findings to the power sector through training and capacity building.
- The CoE will collaborate for research, development, and knowledge sharing.
SPORTS
Maharashtra Men’s and Women National Kho Kho Champion
- The Maharashtra team made a clean sweep at the 56th National Kho Kho Championship 2023-24. It won both the men’s and women’s titles, held at Delhi’s Karnail Singh Stadium and the Indira Gandhi Indoor Stadium. The winning team collected a cash prize of Rs 3 lakh and a trophy. The runner-up got a cash prize of Rs 2 lakh and a Trophy.
- the final match played at the Indira Gandhi Indoor Stadium, the Maharashtra men’s team defeated the Indian Railway team.
- In the women’s category, the Maharashtra team, led by Sampada Maurya, defeated the Airport Authority of India team by 18-16 points.
- The 56th National Kho Kho Championship 2023-24 was organised by the Kho Kho Federation of India at Delhi’s Karnail Singh Stadium and the Indira Gandhi Indoor Stadium from 28 March to 1 April 2024.
APPOINTMENTS
Rajeev Singhal Appointed as MD of Tata International Limited
- Tata Group’s global trading and distribution arm, Tata International announced the appointment of Rajeev Singhal as its Managing Director (MD).
- Singhal whose appointment to the new position is effective from April 1, succeeds Anand Sen, who superannuated on March 31, 2024, Tata International said in a statement.
- Prior to this, Singhal was Executive Director and Chief Operating Officer (COO) at Tata International.
Lt Gen JS Sidana is New Director General of EME
- Lieutenant General JS Sidana has assumed the office of Electronics and Mechanical Engineers Corps as the 33rd Director General (DGEME) and Senior Colonel Commandant. He officially took charge, April 1, succeeding Lt Gen Tumul Varma.
- He has an experience of 38 years wherein he has held significant roles in command, regimental, instructional and staff appointment positions.
- Prior to assuming his current role, Lt Gen JS Sidana served as the Commandant of the Military College of EME for two years. He also held the position of Master General of EME at HQ Central Command and commanded the Army Base Workshop & EME Centre.
Sanjay Nayar Appointed as New ASSOCHAM President
- Sorin Investment Fund Chairman Sanjay Nayar has been appointed as Assocham president for 2024-25, succeeding SpiceJet’s Ajay Singh, who completed his tenure as the chamber’s president.
- Nayar, who is now Founder and Chairman, Sorin Investment Fund, brings with him an experience of four decades in global financial and capital markets, including 25 years at Citi and nearly 14 at KKR, before retiring last year. He had established KKR India operations in 2009 after leaving Citigroup.
- Nayar was recently appointed as a non-official member of the Board of Trade, Government of India, representing the private sector, and is a member of the National Startup Advisory Council. He is also a member of the Board of the US-India Strategic Partnership Forum (USISPF).
Judith Tuluka Appointed as First Female Prime Minister of DR Congo
- Democratic Republic of Congo’s President Felix Tshisekedi has appointed the country’s first-ever female prime minister, naming planning minister Judith Suminwa to the role.
- An economist, she takes over as prime minister from Jean-Michel Sama Lukonde, following Tshisekedi’s sweeping re-election as president on December 20.
- Tshisekedi’s inauguration for a second term in January kick-started a lengthy search for a majority coalition in the National Assembly – a key step before a prime minister could be named and a government formed.
Santosh Kumar Jha Appointed as New CMD of Konkan Railway Corporation
- Santosh Kumar Jha, an Indian Railway Traffic Services (IRTS) officer of 1992 batch, will take the charge as the Chairman and Managing Director (CMD) of Konkan Railway Corporation Ltd., (KRCL), April 1.
- With 28 years of experience in the industry, Jha has worked in various domains, including Operations, Infrastructure Planning, and Business Development. He has held leadership positions in major divisions of Railways and has led significant business units in the logistics sector.
IIT-Kanpur Alumnus Sandeep Jain Steps Into FISME Presidency
- Auto-component manufacturer and alumnus of IIT-Kanpur, Sandeep Jain has been unanimously elected President of the Federation of Indian Micro and Small & Medium Enterprises (FISME) for 2024-25.
- His name was approved at the meeting of the Central Executive Committee of FISME held in New Delhi. Before ascending to the Presidentship, he served as Vice President of FISME.
- Jain has taken over the reins of FISME from Prashant Patel, manufacturer of Dyes and Chemicals having plants in Ahmedabad and Surat.
- Sandeep Jain is a B.Tech in Mechanical Engineering from IIT Kanpur and started his career with TVS Electronics & Tata Unisys and later set-up SOLO Group based in Gurgaon in 1991.
SCIENCE & TECHNOLOGY
Korean Fusion Reactor ‘Artificial Sun’ Sets New Record
- Scientists in South Korea have achieved a groundbreaking milestone in nuclear fusion technology, setting a new world record by sustaining temperatures of 100 million degrees Celsius for an extended period.
- This temperature, seven times hotter than the core of the sun, was maintained during a nuclear fusion experiment, marking a significant advancement in the development of this futuristic energy source.
- Nuclear fusion, which mimics the processes powering the sun and other stars, involves fusing two atoms together to release vast amounts of energy. This clean energy source promises to provide unlimited energy without contributing to carbon pollution, positioning it as a pivotal solution in combating climate change.
OBITUARIES
World’s Oldest Man, Juan Vicente Pérez, Dies at 114
- Venezuelan Juan Vicente Perez Mora, certified in 2022 by Guinness World Records as the oldest man in the world, died at the age of 114.
- In February 2022, when Pérez was 112 years and 253 days old, the Guinness World Records officially said he was the oldest man in the whole world. This made him famous for living such a long life.
- In his very long life, Pérez lived through some major historical events. He was alive during World War I and World War II. He also lived through the Spanish Flu pandemic and the COVID-19 pandemic, which he caught but survived in 2020 when he was 111 years old.
Veteran Actress Barbara Rush Passes Away at 97
- Veteran Hollywood actor Barbara Rush died in Los Angeles. She was 97. Rush was known for her roles in ‘It Came from Outer Space’ and ‘Peyton Place’.
- Rush won a Golden Globe Award in 1954 for the most promising newcomer in ‘It Came from Outer Space’. Her career spanned across seven decades and has appeared in numerous films and television shows. She featured alongside actors such as Paul Newman, Rock Hudson, Dean Martin, Marlon Brando, Frank Sinatra and Richard Burton.