6 April 2024 Current Affairs

6 April 2024 Current Affairs

National News

India’s Goal to End Urea Imports by 2025 :

  • Union Minister Mansukh Mandaviya announces India’s plan to halt urea imports by 2025.
  • Current reliance: India imports 30% of its 35 million tonnes annual urea requirement.
  • Urea production: Increased from 225.08 lakh tonnes in 2014-15 to 284.95 lakh tonnes in 2022-23.
  •   In 2022-23, total urea import was 75.8 lakh tonnes.
  • Major import sources: Oman, Qatar, Saudi Arabia, and the UAE.

About minister: Mansukh Laxmanbhai Mandaviya the Minister of Health and Family Welfare and Chemicals and Fertilizers of India. He is also a Rajya Sabha member from Gujarat

International NEWS:

NATO Celebrates 75th Anniversary of Collective Defense:

  • NATO commemorates 75 years of collective defense across Europe and North America in Brussels.
  • US Secretary of State Blinken and counterparts to attend, witnessing the alliance’s milestone.
  • Alliance’s growth: Ranks nearly tripled from original 12 founding members over seven decades.
  • NATO Secretary General Stoltenberg emphasizes alliance’s foundation on the solemn promise of collective defense.

NATO: Ensuring Collective Security

  • Founded in 1949 to ensure collective security against the Soviet Union.
  • Founding members: United States, Canada, and several Western European nations.
  • Headquarters: Primary and military headquarters located in Brussels, Belgium.
  • Recent membership: Finland became a member on April 4, 2023, 74 years after formation.
  • Upcoming membership: Sweden accepted as the 32nd member, Hungary ratifying its Accession Protocol.

BANKING NEWS:

RBI Keeps Repo Rate Unchanged, Forecasts 7% Growth for FY 25:

  • RBI Governor Shaktikanta Das maintains key Repo Rate at 6.5% for the seventh consecutive time.
  • Indian economy projected to grow by 7% in FY 25, with CPI inflation expected at 4.5%.
  • Inflation deemed under control; RBI to pursue growth with accommodative policy.
  • First bi-monthly Monetary Policy Committee meeting for FY 2024-25 held from April 3 to 5, 2024.
  • Next MPC meeting scheduled for June 5 to 7, 2024.

Rates and Ratios at a glance :

Policy Repo Rate 6.5%
Fixed Reverse Repo Rate3.35%
Bank Rate 6.5%
Standing Deposit Facility(SDF)6.25%
Marginal Standing Facility(MSF)6.75%
Cash Reserve Ratio(CRR)4.50%
Statutory Liquidity Ratio(SLR)18%

J&K Bank Collaborates with Paymart India for Virtual ATM Facility:

  • J&K Bank partners with Paymart India Pvt Ltd to introduce Virtual ATM (VATM) facility.
  • Initiative aims to enhance banking convenience, especially in J&K and Ladakh regions.
  • Virtual ATM allows cardless cash withdrawals through local retailers using smartphones.
  • Customer’s smartphone acts as Virtual Card, merchant’s smartphone as Virtual ATM.
  • Cash withdrawal request validated via OTP sent to customer’s smartphone, ensuring security and convenience.

J&K bank:

  • J&K Bank was established on October 1, 1938, under the Jammu and Kashmir Bank Act, 1938. It was founded by Maharaja Hari Singh, the then ruler of the princely state of Jammu and Kashmir.
  • Ownership: Initially, J&K Bank started as a private sector bank. However, it was later nationalized by the Government of India in 1971.
  • MD and CEO- Baldev Prakash

RBI Projects Consumer price index (CPI) Inflation for FY25 at 4.5%, with Evenly Distributed Risks:

  • RBI Governor Shaktikanta Das announces CPI inflation projection for FY25 at 4.5%, with quarterly breakdown.
  • Q1 projected at 4.9%, Q2 at 3.8%, Q3 at 4.6%, and Q4 at 4.5%.
  • Governor highlights evenly distributed risks, suggesting balanced inflation outlook.
  • Reflects significant decrease from peak of 7.8% in April 2022, indicating improving inflationary scenario.

RBI:

  • Founded: 1 April 1935, Kolkata
  • Headquarters: mumabi
  • Governor: Shaktikanta Das, IAS

World Anti-Doping Agency (WADA)

  • Established in 1999 as an independent international agency funded by the IOC and governments worldwide.
  • Aim: Combat unauthorized use of performance-enhancing drugs (doping) in sports.
  • Headquarters: Montreal, Canada.
  • President: Witold Bańka

Award NEWS:

SJVN Limited Receives 15th CIDC Vishwakarma Award 2024 for CSR Contribution:

  • SJVN Limited awarded the 15th CIDC Vishwakarma Award 2024 for Corporate Social Responsibility (CSR) Contribution.
  • Recognized for ‘Achievement Award for Social Development and Creating Impact’ and ‘CIDC Partners in Progress Trophy’.
  • Awards reflect SJVN’s commitment to driving positive change through innovative CSR initiatives.
  • Geeta Kapur, Chairperson and Managing Director of SJVN, highlights the company’s third consecutive year receiving prestigious awards.

About that award: The Vishwakarma Awards were founded by the Construction Industry Development Council (CIDC), an autonomous organization established by the Planning Commission (now NITI Aayog) of India and the construction industry.

Agreement NEWS:

BEML and BEL Sign MoU to Develop Indigenous Train Control Management System:

  • BEML and BEL collaborate to develop indigenous Train Control Management System (i-TCMS) for revolutionizing rail communication technology.
  • Memorandum of Understanding (MoU) signed to foster self-reliance and innovation in critical domain.
  • Partnership between two major Indian defence PSUs aims to drive advancements in train control systems.

BEML: Bharat Earth Movers Limited,

  • Headquarters: Bengaluru
  • Founded: May 1964, Bengaluru
  • Chairman & MD – Amit Banerjee 

BEL: Bharat Electronics Limited 

  • Headquarters: Bengaluru
  • Founded: 1954, Bengaluru
  • Chairman and MD- Bhanu Prakash Srivastava;

Appoinment NEWS:

Rakesh Mohan, Former RBI Deputy Governor, Invited to World Bank Group’s Economic Advisory Committee:

  • Rakesh Mohan, former RBI Deputy Governor (2002-2009), invited to join World Bank Group’s Economic Advisory Committee.
  • Invitation extended by World Bank President Ajay Banga to Mohan, who is also a member of India’s Prime Minister’s Economic Advisory Council (EAC-PM).
  • Mohan’s extensive experience and expertise in economic matters likely reasons for the invitation.

World bank:

  • Headquarters: Washington, D.C., United States
  • Founded: July 1944, United States
  • President: Ajay Banga

Defence NEWS:

Indian Army Inducts Akashteer Command and Control System for Air Defence:

  • Akashteer Command and Control System inducted into Indian Army’s Air Defence Corps to enhance air defence security.
  • Developed by Bharat Electronics Limited (BHEL) as part of the Self-reliant India initiative.
  • First batch flagged off from BHEL’s Ghaziabad facility for air defence control centers.
  • State-of-the-art hi-tech system aimed at meeting new challenges in air defence.
  • Strengthening Indian Army’s air defence capabilities with this advanced system.

About indian army:

  • The Indian Army was established on 1 April 1895
  • Chief of Army Staff of the Indian Army -General Manoj Pande

ICG Ship Conducts Joint Training with Vietnam Coast Guard on Marine Pollution:

  • Indian Coast Guard ship Samudra Paheredar engages in joint training with Vietnam Coast Guard on marine oil pollution.
  • Samudra Paheredar, specialized in tackling oil spills, embarks on a three-nation tour of ASEAN member countries: Philippines, Vietnam, and Brunei.
  • Tour part of India ASEAN Initiative for Marine Pollution, promoting cooperation in addressing maritime environmental challenges.
  • Previous stops include Manila, Philippines; final port call scheduled in Muara, Brunei.
  • Training reflects commitment to enhancing regional maritime security and environmental protection efforts.

About ICG:

  • The Indian Coast Guard thus came into being on 01st Feb 1977. 
  • The current Director-General is Rakesh Pal, AVSM, PTM, TM.

Important Days:

National Maritime Day 2024: Date, Theme, History, and Significance:

  • Celebrated annually on April 5th, commemorating SS Loyalty’s 1919 voyage from Mumbai to London.
  • Significance: Highlights the importance of maritime transport in global trade and connecting nations.
  • Theme: “Navigating the Future: Safety First” announced by the Union Shipping Ministry.
  • Also recognized globally with ‘World Maritime Day’ celebrated on the last of September; in 2024, it falls on September 26th.

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