National NEWS
Ajit Doval Attends International Security Meeting in Russia:
- Indian NSA Ajit Doval visits Russia to attend 12th International Meeting of High-Ranking Officials Responsible for Security Matters in St. Petersburg.
- Bilateral Talks: Doval meets Russian Security Council Secretary Nikolai Patrushev, discusses key bilateral issues including counterterrorism, cyber security, and defence cooperation.
- Event Overview: Meeting organized by Russia from April 22-25, 2024, attended by delegates and senior officials from 106 countries.
- Purpose: Facilitate discussions on global security challenges and enhance cooperation among participating nations
Russia:
- Capital: Moscow
- Currency: Russian Ruble
- President: Vladimir Vladimirovich Putin
India’s Pharmaceutical Exports Reach $28 Billion, Growth Expected to Surpass $130 Billion by 2030:
- India’s pharmaceutical exports surge by 10% to $27.9 billion in FY24 from $25.4 billion in FY23, with a notable 12.73% increase in March 2024 alone.
- Top Export Destinations: Key destinations for Indian pharmaceutical exports in FY24 include America, Britain, Netherlands, South Africa, and Brazil.
- America’s Dominance: America accounts for over 31% of India’s total pharmaceutical exports in FY24, highlighting its significance as a major market.
- Industry Projections: Experts predict India’s pharmaceutical industry turnover to exceed $130 billion by 2030, positioning it as the third-largest globally.
- Global Significance: India’s pharmaceutical industry retains its status as the third-largest in the world, reflecting its significant contributions to global healthcare.
Indian Historical Records Commission Adopts New Logo and Motto:
- Indian Historical Records Commission (IHRC) adopts new logo and motto, designed by Shaurya Pratap Singh from Delhi, selected from 436 submissions through an online competition launched on MyGov portal in 2023.
Logo Design Significance:
- Symbolism: Lotus petal-shaped pages depict IHRC as a resilient institution for historical record maintenance.
- Representation: Sarnath pillar at the center symbolizes India’s rich historical heritage.
- Theme: Brown color theme reinforces IHRC’s mission of preserving, studying, and honoring India’s historical records.
About IHRC: The Indian Historical Records Commission (IHRC) was founded in 1891. It has since played a significant role in preserving and promoting India’s historical records and cultural heritage.Top of Form
International NEWS
DARPG Signs MoU with Ministry of Civil Service, Cambodia for HR Development:
- DARPG and Ministry of Civil Service, Cambodia sign MoU for cooperation in Human Resource Development in Civil Service.
- Objective: Enhance cordial ties between India and Cambodia, focusing on HR development in civil service over the next 05 years.
- Signatories: Excellency Mr. Hun Many, Deputy Prime Minister and Minister of Civil Service, Cambodia, and Dr. Devyani Khobragade, Ambassador of India to Cambodia, sign the MoU.
Cambodia:
- Capital: Phnom Penh
- Currency: Cambodian riel
- King: Norodom Sihamoni
Banking NEWS
RBI Unveils FEMA Regulations for Direct Listing on International Exchanges:
- RBI Introduces FEMA Regulations for Direct Listing on International ExchangesThe Reserve Bank of India (RBI) has unveiled regulations under the Foreign Exchange Management Act (FEMA) to facilitate the direct listing of Indian companies on international stock exchanges.
Objective: Facilitate direct listing of Indian companies on international exchanges, streamlining foreign exchange transactions and reporting procedures, providing greater flexibility in fund utilization.
Regulation Overview:
- Mode of Payment: Proceeds from purchase or subscription of equity shares of Indian companies listed on international exchanges must be remitted to an Indian bank account or deposited in a foreign currency account of the Indian company.
- Sale Proceeds: Net of taxes, sale proceeds can be remitted abroad or credited to the bank account of the permissible holder.
- Reporting: Foreign exchange transactions reporting will be conducted by the investee Indian company through an authorized dealer.
- FPI Investment: If Foreign Portfolio Investors (FPIs) invest through a stock exchange, the authorized dealer will report to the RBI.
Benefits:
- Flexibility: Companies gain flexibility in utilizing funds raised through overseas listings.
- Streamlined Process: Simplifies foreign exchange transactions and reporting procedures.
- Access to International Markets: Allows Indian companies to access international capital markets directly.
- Compliance Requirements: Adherence to FEMA Regulations: Indian companies and authorized dealers must comply with the regulations under the Foreign Exchange Management Act.
- Reporting Accuracy: Accurate reporting of foreign exchange transactions is crucial for compliance.
Impact:
- Boost to Indian Companies: Direct listing on international exchanges can enhance visibility and access to global investors for Indian companies.
- Market Development: Encourages the development of the Indian capital market by offering alternative fundraising avenues.
Enforcement:
- RBI Oversight: The Reserve Bank of India will oversee the implementation and enforcement of these regulations.
- Monitoring Compliance: Regular monitoring and audits may be conducted to ensure compliance with FEMA regulations.
RBI:
- Founded: 1 April 1935
- Headquarters: Mumbai
- Governor: Shaktikanta Das
IndusInd Bank Executes RBI’s Programmable CBDC Pilot:
- IndusInd Bank becomes the first to successfully execute RBI’s programmable Central Bank Digital Currency (CBDC) pilot.
- Collaboration: Done in partnership with Circularity Innovation Hub India Private Limited (CIH).
- Innovation: Pilot project introduces an alternate form of CBDC allowing programming of end use of funds, targeting farmers for carbon credit generation.
- Implementation: Programmable CBDC disbursed to 50 farmers in Ratnagiri district, Maharashtra, with plans to cover 1,000 farmers, signaling a milestone in innovative financial solutions for the agriculture sector.
Indusland bank:
- CEO: Sumant Kathpalia (24 Mar 2020–)
- Founded: April 1994, Mumbai
- Headquarters: Mumbai
NABARD Unveils Climate Strategy 2030 for Green Financing:
- NABARD launches Climate Strategy 2030 document on Earth Day to address India’s need for green financing.
- Objective: Aim is to mobilize green financing to meet India’s climate goals, with a focus on rural and agricultural sectors.
- Challenges: Current green finance inflows deemed critically insufficient, with India requiring approximately $170 billion annually to achieve its targets by 2030.
- Importance: Strategy vital for sustainable development, addressing climate change challenges, and promoting environmentally-friendly practices in agriculture and rural areas.
NABARD:
- Headquarters: Mumbai
- Head: Shaji K V
RBI Bans Kotak Mahindra from On boarding New Customers Online:
- RBI orders Kotak Mahindra bank to halt on boarding new customers via online and mobile banking channels, along with ceasing issuance of new credit cards, citing concerns over the bank’s technology platform.
- Issue Overview:
- RBI’s Supervisory Authority: Under Banking Regulation Act 1949, RBI supervises commercial banks, including Kotak Mahindra.
- IT Platform Deficiencies: During 2022 and 2023, RBI’s supervision revealed serious deficiencies in Kotak Mahindra’s IT inventory management, patch and change management, user access management, vendor risk management, and data security.
- Impact: RBI’s directive aims to address concerns about the bank’s technological infrastructure, ensuring the security and reliability of banking services.
Kotak Mahindra bank:
- CEO: Ashok Vaswani (1 Jan 2024–)
- Founded: 21 November 1985
- Headquarters: Mumbai
Appointment NEWS
RBI Deputy Governor T Rabi Sankar’s Term Extended:
- Government of India extends T Rabi Sankar’s term as RBI Deputy Governor by one year from May 3, 2024, or until further orders, whichever is earlier.
- Previous Appointment: Initially appointed as Deputy Governor in May 2021 for a three-year term.
- Career Highlights: T Rabi Sankar joined RBI in 1990, held various positions, including Executive Director before becoming Deputy Governor.
- Additional Roles: Sankar serves as Chairman of Indian Financial Technology and Allied Services (IFTAS) and is a member of the Governing Council of Institute for Development and Research in Banking Technology (IDRBT).
Ranks and Reports NEWS
Passport Affordability Rankings: Indian Passport Second Cheapest, UAE Tops
- Recent study by Compare the Market AU reveals Indian passport as second cheapest globally, with UAE passport ranked most affordable.
- Cost Analysis:
- Acquisition Cost: Indian passport offers low acquisition costs.
- Yearly Expenses: Indian passport leads in cost-effectiveness, with a mere $1.81 expenditure per year of validity.
- Visa-Free Access: Despite affordability, Indian passport’s visa-free access relatively limited compared to higher-priced passports.
- Implications: Affordability of Indian passport provides a cost-effective option for travelers, especially in terms of yearly expenses.
Science and Tech NEWS
NASA’s Solar-Powered Spacecraft: Pioneering Solar Sail Technology
- NASA launches ground-breaking space mission from New Zealand deploying Advanced Composite Solar Sail System spacecraft aboard Rocket Lab’s Electron rocket.
- Solar Propulsion: Spacecraft equipped with solar sail harnesses solar energy for propulsion, marking significant advancement in space exploration technology.
- Mission Overview:
- Launched from New Zealand, spacecraft set to orbit 1,000 kilometers above Earth.
- Solar sail measures approximately 80 square meters, utilizing sunlight for navigation in space.
- Key Objectives:
- Demonstrate effectiveness of solar sail propulsion.
- Pave the way for future missions with reduced reliance on heavy propulsion systems, ensuring cost-effectiveness and sustainability in space exploration.
Sports NEWS
Narsingh Yadav Elected Chairman of WFI Athletes Commission:
- Former Commonwealth Games gold medalist Narsingh Pancham Yadav elected Chairman of Athletes Commission of Wrestling Federation of India (WFI) on April 24, 2024.
- Completion of Mandate: Yadav’s election completes the process mandated by the world governing body of sports, United World Wrestling (UWW).
- UWW Requirement: UWW stipulated the formation of an Athletes Commission as a condition for lifting the suspension of WFI, aiming to address wrestlers’ complaints effectively.
- Purpose: Athletes Commission aims to resolve grievances and represent athletes’ interests within the national wrestling federation.
Wrestling Federation of India (WFI)
- Founded: 27 January 1967
- Head: Sanjay Singh
Deepanshu Sharma Clinches Gold in Javelin at Asian U20 Athletics Championships:
- Deepanshu Sharma of Uttar Pradesh secures gold in men’s javelin event at Asian U20 Athletics Championships in Dubai, UAE.
- Runner-up: Rohan Yadav, also from Uttar Pradesh, claims silver in the same event with a throw of 70.03 metres.
- Distance Thrown: Deepanshu clinches gold with a throw of 70.29 metres.
- Championship Details: The 21st Asian Under 20 athletics championship, organized by the Asian Athletics Association and UAE Athletics Federation, is held in Dubai from April 24 to April 2024.
Usain Bolt Named Brand Ambassador for 2024 ICC T20 World Cup:
- Legendary sprinter Usain Bolt chosen as ambassador for 9th ICC Men’s T20 World Cup, hosted jointly by West Indies and USA from June 1 to June 29, 2024.
- Role: Bolt to promote the event, attend matches in West Indies, and engage fans in the United States to promote cricket.
- Track Record: Bolt, a world record holder in sprinting, holds three gold medals in consecutive summer Olympics (2008, 2012, 2016) in 100m, 200m, and 4x100m relay.
Important Days
World Malaria Day 2024: Accelerating the Fight for Equity
- World Malaria Day is observed annually on April 25th, highlighting global efforts to combat malaria.
- Theme: The theme for World Malaria Day 2024 is “Accelerating the fight against malaria for a more equitable world.”
- History: Originating from ‘Africa Malaria Day,‘ which began in 2001, the initiative aimed to control and reduce malaria mortality rates in African nations.
- Significance: World Malaria Day raises awareness worldwide about the ongoing battle against malaria and emphasizes the importance of collective action to eradicate the disease.
Science and Tech NEWS
DRDO Develops Lightweight Level 6 Bulletproof Jacket for Army Soldiers:
- Defence Establishment DMSRDE, a unit of DRDO, has developed a lightweight bulletproof jacket.
- The jacket is classified as Level 6, capable of protecting against 7.62×54 R API ammunition.
- Weighing 9.5 kg, it provides enhanced protection without compromising mobility.
- The jacket ensures soldiers’ safety against AK-47 and sniper rifle fire from a distance of up to ten meters.
- Developed to meet the highest threat levels, it enhances the safety of soldiers during operations.
DRDO:
- Date founded: 1958
- Headquarters: DRDO Bhavan, New Delhi
- Head: Samir V Kamat
