NATIONAL UPDATES:
1. India & Nigeria to finalise Local Currency Settlement System Agreement: India and Nigeria have agreed to an early conclusion of the Local Currency Settlement System Agreement to strengthen bilateral economic ties. Under the local currency settlement system, the trade will be settled in India’s local currency and Nigerian local currency, Nigerian naira.This was decided at the 2nd session of the India-Nigeria Joint Trade Committee held in Abuja, Nigeria.
2. Atanu Chakraborty reappointed as Chairman of HDFC Bank: The Reserve Bank of India has approved the re-appointment of Atanu Chakraborty as part-time Chairman of HDFC Bank for three years with effect from May 5.Chakraborty has been the Part-Time Chairman and Independent Director of the Bank since May 2021.He served the Government of India for 35 years as a member of Indian Administrative Service (IAS) in Gujarat cadre.He retired as Secretary to Government of India in the Ministry of Finance- Department of Economic Affairs (DEA) in April 2020.
3. Gautam Singhania appointed as MD of Raymond: Raymond has re-appointed Gautam Hari Singhania as its managing director for a term of five years effective from July 1, 2024. Singhania, a commerce graduate, assumed the role of chairman and managing director of Raymond in September 2000. Over the years, he has been instrumental in strategically restructuring the Raymond Group, including the divestment of its non-core businesses of Steel, Cement, and Synthetics.
4. Sanjaya Kumar Mishra appoints as head of GST Appellate Tribunal: The Appointment committee of Cabinet has approved the appointment of Sanjaya Kumar Mishra as President GST Appellate Tribunal (GSTAT) for 4 years. Mishra is a former Chief Justice of Jharkhand High Court.
The selection was made on the recommendations of a Search-Cum-Selection Committee. This will speed up the process of making the GSTAT functional at earliest. GSTAT will have one Principal Bench located at Delhi and 31 State benches located at various locations across States.
5. 4 May – Coal Miners Day : Coal Miners Day is observed annually on May 4 in India. It honours the hard work and sacrifices of coal miners around the world. The day reminds us of its vital role in providing energy for homes, industries, and communities. Coal mining is a really important job for lots of people. This day helps us understand the tough things coal miners deal with, like staying safe and healthy while they work. Coal Miner’s Day started in 1952 when the Mines Act was made. This law aimed to help coal miners by giving them medical care, safety rules, and rescue places.
INTERNATIONAL UPDATES:
1. India at 159 among 180 countries in World Press Freedom Index: India ranked 159 among 180 countries in the latest annual World Press Freedom Index released by Reporters Without Borders (RSF, short for Reporters sans frontières in French), an international non-profit organization. India had ranked 161 in the 2023 list. Meanwhile, Pakistan ranked seven spots above India at 152. It had ranked 150 in 2023. Norway topped the ranking, while Denmark was on the second rank in World Press Freedom Index. Sweden ranked third on the list.
2. 4 May – International Firefighters Day: International Firefighters’ Day is observed every year on May 4. It honour the brave men and women who risk their lives to keep communities safe from fires and other emergencies. International Firefighter’s Day traces its origins back to a tragic event in Australia. On December 2, 1998, five firefighters lost their lives while battling a fierce blaze in Linton, Victoria.
3. India, Kenya to Discuss Cheetah Sourcing for Wildlife Sanctuary: India has expressed interest in sourcing cheetahs from Kenya for the next stage of Project Cheetah. A delegation of Kenyan officials is due to visit India later this month to discuss the possible translocation, including the number of cheetahs.
4. Putin Inaugurated for Fifth Term Amid Western Boycott: On May 7, 2024, Vladimir Putin has been inaugurated as the President of Russia for a historic fifth term. This followed a March election victory categorised by significant control over electoral proceedings. Despite broad international criticism regarding electoral fairness and ..
OTHER UPDATES:
DEFENCE
1. BSF: On-request posting, Airfare booking etc. in New Guidelines: The Border Security Force (BSF) has introduced new guidelines outlined by the Directorate General (DG) for non-gazetted officers in the force with the aim of improving job satisfaction. The new guidelines come against the backdrop of a high number of ..
SCIENCE AND TECHNOLOGY
1. Marine Heatwaves Trigger Widespread Coral Bleaching in Lakshadweep Sea: Researchers at the Central Marine Fisheries Research Institute (CMFRI) reported widespread bleaching of coral reefs in the Lakshadweep Sea due to marine heatwaves. Extensive surveys across Lakshadweep islands revealed a significant percentage of hard coral species undergoing serious bleaching due
2. NASA’s Ambitious Moon Rail and Mars Transit Projects: NASA’s Innovative Advanced Concepts (NIAC) programme is pushing the boundaries of space exploration with projects that many might deem the stuff of science fiction. These initiatives aim to transform how we interact with space through groundbreaking technologies such as lunar ..
BANKING AND FINANCE
1. Adani Green Energy secures $400 Million Finance from International Banks: Adani Green Energy Ltd (AGEL) has secured USD 400 million finance from a consortium of five international banks for its under-construction solar projects of 750 MW in Gujarat and Rajasthan. One of the projects is being developed in Rajasthan with 500 MW capacity and has a long-term power purchase agreement (PPA) with Solar Energy Corporation of India (SECI). The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster in Khavda, Gujarat.
2. OECD raises the Indian economy growth rate forecast to 6.6% in 2024-25: The Organisation for Economic Co-operation and Development (OECD) has raised its growth forecast for India by 40 basis points to 6.6 per cent for 2024-25. In its earlier report, it had projected a growth rate of 6.2 per cent for the Indian economy in 2024-25. It has also forecasted a growth rate of 6.6 % for 2025-26. Recently International Monetary Fund raised the expected growth rate of the Indian economy in 2024-25 to 6.8%
3. Neobanking startup Fi secures NBFC License from RBI: Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India, enabling it to provide loans from its own books. With this, Fi has joined the likes of Jupiter, Groww and Cred, all of which got into the lending business either by getting a fresh licence or by acquiring another NBFC. Acquiring an NBFC licence empowers fintechs to offer loans from their own books, thus establishing an asset base.
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