Daily Current Affairs 09 April 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Proposes Direct Reporting of Alternative Investment Funds’ Private Placement Memorandum Changes to Reduce Compliance Costs

• To facilitate ease of doing business, the Securities and Exchange Board of India (SEBI) has proposed that certain changes in the private placement memorandum (PPM) of alternative investment funds (AIF) can be submitted directly to the regulator rather than through a merchant banker.
• Also, the proposed move would rationalise the cost of compliance for AIFs.
• In its draft circular, SEBI stated that certain changes carried out in PPM are not required to be filed through merchant bankers and can be filed directly to the regulator.
• These included changes in the size of the fund, information related to affiliates, commitment period, key investment team of the manager and key management personnel of AIF, and reduction in expense or fee or cost charged to fund/investors.
• Additionally, changes in contact details of AIF, sponsor, manager, trustee or custodian, risk factors and track records of investment manager, among others, are not required to be filed through a merchant banker.

Key Highlights :

• The SEBI has sought public comments on the proposal by April 26, 2024.
• Presently, any changes in the terms of PPM must be submitted to SEBI through a merchant banker, accompanied by a due diligence certificate in a specified format.
• Changes in the PPM terms and fund/scheme documents must be communicated to investors and SEBI on a consolidated basis within one month of the end of each financial year.
• This ensures transparency and regulatory compliance.
• Such changes in the terms of PPM and in the documents of the fund/scheme are required to be intimated to investors and SEBI on a consolidated basis within 1 month of the end of each financial year.
• In its circular, the regulator also recommended that large-value funds for accredited investors (LVFs) should be exempted from the requirement of intimating any changes in the terms of PPM through a merchant banker.
• Moreover, it suggested that LVFs should directly file any changes in the terms of PPM with SEBI, along with a duly signed and stamped undertaking by the CEO of the manager of the AIF and compliance officer of the manager of the AIF in a specified format.

What is a private placement memorandum?

• PPM is a document used to present details of an investment opportunity offered by a company or fund to potential investors.
• It outlines investment terms, risks, and potential returns to inform investors’ decision-making.

Recent News :

• In March 2024, the Capital market regulator Securities and Exchange Board of India (SEBI) directed the Association of Mutual Funds to stop inflows into overseas exchange-traded funds (ETF) from April 1, 2024 as it is approaching the overall limit of $1 billion set by the Reserve Bank of India (RBI).

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (the first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Foreign Portfolio Investments withdraw ₹325 crore from Indian equities so far in April 2024

• Foreign Portfolio Investments (FPIs) have turned cautious as they pulled out ₹325 crore from Indian equities in the first week of April 2024 owing to relatively high valuations and the upcoming general elections.
• The net outflow came after a staggering investment of ₹35,000 crore in March and ₹1,539 crore in February, 2024.
• The US 10-year yield has spiked to 4.4%, potentially impacting FPI investment flows into India in the near term.

Key Highlights :

• Indian government securities (G-Sec) 10-year yield standing at 7.1% and the US 10-year at 4.3% present a compelling case for FPIs.
• Moreover, FPIs have been pumping money into the debt markets for the past few months, driven by the upcoming inclusion of Indian government bonds in the JP Morgan Index.
• They invested ₹22,419 crore in February 2024, ₹19,836 crore and ₹18,302 crore in January 2024.
• JP Morgan Chase & Co announced that it would add Indian government bonds to its benchmark emerging market index from June 2024.
• This landmark inclusion is anticipated to benefit India by attracting around $20-40 billion in the subsequent 18 to 24 months.
• In terms of sectors, FPIs have turned into big sellers in the FMCG segment and buyers in telecom and realty.
• Overall, the total inflow for this year so far stood at more than ₹10,500 crore in equities and over ₹57,000 crore in the debt market.

What is foreign portfolio investment (FPI)?

• Foreign Portfolio Investment (FPI) refers to the investment made by foreign individuals, institutions, or investors in the financial assets of another country.
• These financial assets include stocks, bonds, money market instruments, and other securities.
• FPI is a crucial component of international capital flows and plays a significant role in global financial markets.

Types of Investments :

• FPI can take various forms, including equity investments (stocks), debt investments (bonds), and investments in other financial instruments like derivatives and exchange-traded funds (ETFs).

Nippon India Mutual Fund, ICICI MF, HDFC MF Witness Double-Digit Growth in assets under management for FY24   

• Nippon India Mutual Fund, ICICI Mutual Fund, and HDFC Mutual Fund are among the top 10 fund houses that registered double-digit growth in average assets under management (AUM) in the last fiscal year.

Performance Highlights:

• Nippon India MF’s average AUM increased 14% to ₹4.31 lakh crore in the fiscal ended March, compared to ₹3.78 lakh crore in FY’23
• ICICI MF and HDFC MF logged an 11% rise to ₹6.83 lakh crore (₹6.14 lakh crore) and ₹6.12 lakh crore (₹5.51 lakh crore), respectively.
• SBI MF topped the table with an average AUM jump of 7% at ₹9.14 lakh crore (₹8.51 lakh crore).
• Beyond the top 10, Tata MF registered a 12% rise in average AUM to ₹1.47 lakh crore (₹1.32 lakh crore).
• Overall, the average AUM last fiscal was up 10% at ₹54.13 lakh crore (₹49.22 lakh crore), largely aided by the rally in the market on the back of steady inflows from retail investors through mutual funds.
• The benchmarks Sensex and Nifty have gone up by 25% and 29%, respectively, while Nifty SmallCap 100 and Nifty MidCap 100 have zoomed 70% and 60% even as the market regulator SEBI raised concern over valuation.
• Foreign portfolio investors contributed a whopping ₹2.06 lakh crore last fiscal year against being a net seller to the tune of ₹1.7 lakh crore in FY22.
• The schemes’ performance, strong risk management, and investments in digital infrastructure have also been the key drivers for the growth.

What is Assets under management (AUM)?

• AUM, short for Assets Under Management, represents the collective market value of investments overseen by a financial entity like a bank, mutual fund, or hedge fund, acting on behalf of its clientele.
• The computation of AUM can vary, as it hinges on the firm’s discretion.
• It may be determined either by considering the total capital under the firm’s management or by individually assessing each client’s investments.
• AUM is subject to daily fluctuations, mirroring the dynamic returns from various sources such as stocks, mutual funds, and alterations in the prices of fixed investments.

Reserve Bank of India Maintains FY25 Real GDP Forecast at 7%; Retail Inflation Expected to Remain at 4.5%    

• The Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) maintained the policy repo rate at 6.50% at its first meeting of FY25 due to persisting retail inflation above the 4% target.
• The policy repo rate under the liquidity adjustment facility (LAF) was also kept unchanged at 6.50%, alongside the standing deposit facility (SDF) rate at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
• The decisions align with the objective of achieving the medium-term target for Consumer Price Index (CPI) inflation of 4% within a band of +/- 2% while supporting economic growth.

Key Highlights :

• Projected Inflation: CPI inflation for the 2024-25 period is projected at 4.5%, indicating expectations for a moderate inflationary environment.
• The RBI persisted with its “withdrawal of accommodation” stance, indicating a cautious approach towards monetary policy adjustments.
• 5 out of 6 MPC members, namely Shashanka Bhide, Dr. Ashima Goyal, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra, and Shri Shaktikanta Das, voted to maintain the policy repo rate at 6.50%.
• Jayanth R. Varma dissented and voted to reduce the policy repo rate by 25 basis points.
• The MPC had last changed the repo rate in February 2023, when it upped it by 25 basis points from 6.25 per cent to 6.50 per cent.
• It has been on pause since then.
• The Reserve Bank retained the GDP growth forecast of 7% for the 2024-25 financial year.
• This forecast is lower than the 7.6% expansion estimated for FY24, indicating a potentially slower pace of economic growth.
• The next meeting of the Monetary Policy Committee (MPC) is scheduled for June 5 to 7, 2024.
• Under Section 45ZB of the amended RBI Act, 1934, the central government has the authority to constitute a six-member MPC.

Recent News :

• In April 2024, The Reserve Bank of India (RBI) proposed allowing cash deposit facility at Cash Deposit Machines (CDMs) through Unified Payments Interface (UPI), which is currently accessible only through the use of debit cards.
• In April 2024, The Reserve Bank of India (RBI) decided to allow eligible foreign investors in the International Financial Services Centre (IFSC) to invest in Sovereign Green Bonds (SGrBs), aiming to broaden non-resident participation in these bonds.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Compulsory Adoption of e-Insurance in Demat-Like Format for All New Policies Starting April 1, 2024                      

• Starting from April 1, 2024, it is mandatory for insurance policies to be held in electronic format, akin to shares in a demat account.
• This highlights a significant shift towards digitalization in the insurance sector.
• The Insurance Regulatory and Development Authority of India (IRDAI) has mandated this transition and requires insurers to have a Board-approved policy for issuing electronic insurance policies.
• To issue policies in the electronic format, the insurers must fulfil two conditions:

1. Provided that the authority, on being satisfied that it is in the interest of policyholders and for orderly growth of the insurance industry, allow such exemptions to this requirement
2. Provided further that the insurer shall mandatorily seek the choice of the prospect in the proposal form for availing physical policy document,

What is e-Insurance?

• e-Insurance simply means buying insurance policies in a digital format.
• electronic insurance policies will be held in a demat account termed e-Insurance Account, or eIA.
• There are 4 insurance repositories – CAMS Insurance Repository, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India that facilitate the opening of e-Insurance accounts in India.

CURRENT AFFAIRS: NATIONAL NEWS

Producing green hydrogen is commercially viable, even without government support

• India’s first green hydrogen plant commissioned, highlighting commercial viability; Hygenco aims for three more by FY25.
• Hygenco, a Haryana-based company, commissioned India’s first green hydrogen plant for steel production in March and plans to build three more by FY25.
• Anshul Gupta, Co-founder of Hygenco, emphasised the importance of producing green hydrogen at the lowest cost and in the most efficient way for various applications like steel and glass production.
• Factors influencing the choice of renewable energy source include operational requirements of the electrolyser, such as solar for daytime operation and wind for continuous supply.

Key Initiatives to Promote Green Hydrogen In India :

National Hydrogen Mission:

• Aims to establish India as a global green hydrogen hub.
• Includes provisions for demand creation, R&D, skill development, and policy framework.

Green Hydrogen Consumption Obligations:

• Proposed for fertiliser and petroleum refining industries.
• Mandates a certain percentage of green hydrogen consumption.

Green Hydrogen Hubs:

• Identified by MNRE for large-scale production and utilisation.
• Aimed at developing regions as centres for green hydrogen activities.

Over 6500 booked for drunk driving in 3 months: Delhi Police

• The number of drunken driving challans issued in the first three months of 2024 saw a staggering rise of 1,550 per cent compared to the same period in 2022, according to Delhi Traffic Police.
• During the year 2024, from January 1 to March 31, the Delhi Traffic Police initiated special drives against drunken driving and booked 6,591 violators compared to 399 in 2022 in the same period
• Compared to the corresponding period last year, a rise of 22 per cent was witnessed with 5,384 challans issued for this offence in 2023 

AGEL to invest ₹1.5 trillion in developing world’s largest RE park in Khavda

• Adani Green Energy Ltd plans to invest about ₹1.5 trillion through 2030 to develop the world’s largest renewable energy plant with a 30-gigawatt capacity at the Khavda renewable energy park in Gujarat
• The project, part of the Adani Group’s renewable energy flagship’s plan to achieve 45 gigawatt (GW) installed renewable energy capacity in the country by 2030, will see 26 GW of solar and 4 GW of wind generation capacity coming up.
• Currently, AGEL has an operating renewable portfolio of 10.93 GW—7.39 GW solar, 1.4 GW wind, and 2.14 GW of hybrid—across 12 states.

CURRENT AFFAIRS : INTERNATIONAL NEWS

North Atlantic Treaty Organization Commemorates 75th Anniversary as Foreign Ministers Convene in Brussels   

• North Atlantic Treaty Organization (NATO) Foreign Ministers gathered at NATO Headquarters, Brussels, Belgium to mark 75 years since the signing of the Washington Treaty.
• NATO approved a proposal for a 100-billion-euro, 5-year fund to Ukraine.
• Since 1949, the Alliance has ensured peace, democracy and prosperity for its members, now counting 32 Allies and one billion people on both sides of the Atlantic.
• This year’s NATO Day comes just weeks after Sweden joined as the thirty-second member of the Alliance.

About Washington Treaty :

• The Washington Treaty, or North Atlantic Treaty, forms the basis of the North Atlantic Treaty Organization (NATO).
• It was signed in Washington D.C. in 1949, by 12 founding members.
• The Treaty derives its authority from Article 51 of the United Nations Charter, which reaffirms the inherent right of independent states to individual or collective defence.
• Collective defence is at the heart of the treaty and is enshrined in Article 5.
• It commits members to protect each other and sets a spirit of solidarity within the Alliance.

About NATO :

• Headquarter: Brussels, Belgium
• Secretary General Jens Stoltenberg
• It is a military alliance established by the North Atlantic Treaty.
• It currently has 32 alliance members from North America and Europe.
• Its fundamental goal is to safeguard the Allies’ freedom and security through political and military means.
• It is a system of collective defence where independent member states agree for mutual defence in case of an attack by an external party.

CURRENT AFFAIRS: BUSINESS NEWS

Former Gazprom unit rejects GAIL demand for compensation of $1.8 billion

• A former unit of Russian energy giant Gazprom has rejected state-owned GAIL (India) Ltd’s demand for compensation for non-delivery of LNG supplies in the aftermath of Russia’s invasion of Ukraine.
• In a stock exchange filing, GAIL said SEFE Marketing Trading Singapore Pte Ltd has stated that it does not owe anything other than the defaulted cargoes.
• GAIL in December last year filed an arbitration claim before the London Court of International Arbitration seeking $1.8 billion for “non-supply of LNG cargoes under a long-term contract
• This included compensation for non-supply besides making up for the defaulted volumes.
• GAIL in 2012 signed a 20-year deal to buy as much as 2.85 million tonnes per annum of liquefied natural gas (LNG) with Russian energy giant Gazprom.
• The deal was signed with Gazprom Marketing and Singapore (GMTS), which at the time was a unit of Gazprom Germania, now called Sefe.
• The Russian parent gave up ownership of Sefe after Western sanctions were imposed on Moscow over its invasion of Ukraine in 2022.

Vistara to cut 25-30 flights daily; 10 pc reduction in capacity mostly in domestic routes

• Facing disruptions due to the non-availability of crew, Vistara announced reducing 10 per cent of its capacity or 25-30 flights daily and most of the cancellations are in the domestic network as the Tata Group airline strives to stabilise operation
• The full-service carrier is to operate daily in the ongoing summer schedule and witnessed significant disruptions earlier this week as many pilots reported sick, resulting in cancellations of flights.
• The airline hopes to have stable operations in April and beyond.
• The cancellations by Vistara will further reduce the overall available capacity amid rising domestic air passenger traffic and the fares could rise on certain routes due to a lesser number of services.

India’s February 2024 coal imports up 13%

• India saw a 13% increase in coal imports, reaching 21.64 million tonnes (MT) in February 2024, attributed to buyers taking new positions to restock ahead of the summer season, reports Mjunction, an online
• This marked a rise from the 19.15 MT imported during the same period in FY23.
• mjunction’s data indicates that non-coking coal imports surged to 13.77 MT in February, up from 11.68 MT in the previous year, while coking coal imports slightly increased to 4.56 MT compared to 4.40 MT in February 2023.
• The overall coal import trend for FY24 reveals a total of 244.27 MT, up from 227.93 MT in the corresponding period of the previous fiscal year, as disclosed by the online marketplace.
• Specifically, non-coking coal imports for the April-February period of FY24 stood at 160.63 MT, increasing from 148.58 MT in FY23. Coking coal imports during the same period reached 51.87 MT, rising from 50.50 MT recorded in April-February 2022-23.
• Meanwhile, India’s domestic coal production for the April-February period of FY24 amounted to 880.72 million tonnes.

PC imports rose amid licence uncertainty, China’s share spiked after plan scrapped

• In January 2024, nearly 90 per cent of the laptops and personal computers (PCs) imported by India came from China.
• Beijing’s share was well over 89 per cent and, in November 2023, the figure was 83 per cent.
• In all, until January in the 2023-24 financial year (FY), nearly eight out of 10 laptops sold in India came from China, shows an Indian Express analysis of the Commerce Ministry’s import-export data bank.
• Between August and October, amid uncertainty around the deferred notification, China’s share came down to around 70 per cent.
• From November 2023 to January 2024, after the licence plan was dropped, Beijing’s share in imports of the goods shot up to 87.5 per cent

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

New Appointments Made to Securities Appellate Tribunal: P S Dinesh Kumar as new Presiding Officer and Dheeraj Bhatnagar as new Technical Member

• The Finance Ministry appointed P S Dinesh Kumar, a retired judge, as the presiding officer of the Securities Appellate Tribunal (SAT) for a tenure of 4 years.
• The ministry has also appointed Dheeraj Bhatnagar as a technical member of the tribunal for 4 years or till he reaches the age of 67, whichever is earlier.
• Bhatnagar retired as principal chief commissioner of Income Tax, Delhi.

About  P S Dinesh Kumar :

• With a career spanning over 34 years, Kumar started in 1990 and gradually became an additional judge in Karnataka High Court in 2015.
• Kumar is a former chief justice of the Karnataka High Court.
• He was a judge at the High Court since 2015 and vacated office in February, 2024.
• He has served as the standing counsel in the Central Bureau of Investigation (CBI), and senior standing counsel for BSNL, Union Public Service Commission (UPSC), University Grants Commission (UGC), All India Council for Technical Education (AICTE), and National Council for Teacher Education (NCTE).
• SAT comprises a presiding officer who will be a retired judge and two members – one judicial and one technical.
• The presiding officer’s position was vacant for over 3 months after justice Tarun Agarwala retired in December 2023.
• Justice Meera Swarup was the only technical member on the bench after Justice Agarwala retired.

About SAT :

• Securities Appellate Tribunal is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992.
• SAT hears and disposes of appeals against orders passed by SEBI, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRDA).

Meenesh Shah was Chosen as Chairman of the National Cooperative Dairy Federation of India Limited                   

• The apex body of dairy cooperatives, National Cooperative Dairy Federation of India Limited. (NCDFI), in its Board elections, unanimously elected Meenesh Shah as the Chairman.
• Meenesh Shah is also serving as Director on the Board of the International Dairy Federation (IDF).
• The election was conducted by Praveen Chaudhary, IAS, District Collector of Anand who served as the Returning Officer.
• Before this, NCDFI in its General Body meeting held on April 04, 2024 elected 8 directors on the Board unopposed.
• This included Dr Meenesh Shah, Jharkhand Milk Federation, Dr. Mangal Jit Rai, Sikkim Milk Union, Shamalbhai B. Patel, Gujarat Milk Federation, Randhir Singh, Haryana Milk Federation, K. S. Mani, Kerala Milk Federation, Balachandra L. Jarakiholi, Karnataka Milk Federation, Narinder Singh Shergill, Punjab Milk Federation and Sameer Kumar Parida, West Assam Milk Union.

About NCDFI :

• NCDFI is a national-level apex dairy cooperative registered on December 7, 1970 and is governed under the provisions of the Multi-State Cooperative Societies (Amendment) Act, 2023.
• It has 20 Regular Members, 14 Associate Members and the National Dairy Development Board (NDDB) as its Institutional Member.

CURRENT AFFAIRS: RANKING AND REPORTS

In 2022, India was at the top of WADA’s list of doping offenders.

• According to the 2022 World Anti-Doping Agency (WADA) report, India has the highest percentage of doping offenders among countries. Out of 4,064 samples collected from Indian athletes, 127 individuals tested positive for banned substances, which is 3.26% of the sample size.
• Trailing India, South Africa, and Bangkok’s laboratories were ranked second and third, with doping failures at 2.04% and 1.93%
• India’s count surpassed sporting nations like Russia, the United States, Italy, and France.
• Meanwhile, China led in the sheer volume of tests conducted, with 17,357 samples and a relatively low AAF percentage of 0.25%.
• This trend is alarming and highlights the need for comprehensive measures to address this growing problem in Indian sports.
• Furthermore, the report reveals a 6.4% increase in the total number of samples analyzed compared to the previous year.
• The percentage of Adverse Analytical Findings (AAFs) also rose from 0.65% in 2021 to 0.77% in 2022, indicating a growing issue worldwide.
• Olivier Niggli, WADA’s director-general, emphasized that intelligence-led testing, values-based education, investigations, and other strategies must be employed to combat doping effectively. This multi-faceted approach aims to protect athletes and maintain the integrity of sports.

CURRENT AFFAIRS: SPORTS NEWS

Max Verstappen, representing the Red Bull team, dominated the Japanese Grand Prix.

• At the Japanese Grand Prix, Red Bull’s Max Verstappen put on a dominant display, securing his third victory out of four races in the 2024 season.
• Verstappen, who is a triple world champion, started the race from pole position and led his teammate Sergio Perez to the first turn.
• He maintained his lead throughout the race, showcasing his exceptional driving skills and control of the car.
• Verstappen’s performance at the Japanese Grand Prix was a remarkable comeback after he had to retire from the previous race due to a brake issue.
• He said that his car kept getting better and better throughout the race, allowing him to maintain his lead and secure the win.
• With this victory, Verstappen has taken an early lead in the world championship, putting him in a strong position for the title race.
• The championship will resume in two weeks with the Chinese Grand Prix in Shanghai, a race that has not been held since 2019 due to the pandemic.
• Overall, Max Verstappen and Red Bull’s performance at the Japanese Grand Prix was impressive and showcased their strong pace and reliability.
• Their competitors in the 2024 Formula 1 title race will undoubtedly be concerned about their performance, given their exceptional driving skills and control of the car.

CURRENT AFFAIRS : OBITUARIES

Iconic Ramsay Brothers’ Cinematographer Gangu Ramsay Passed Away                             

• Cinematographer-filmmaker Gangu Ramsay, one of the seven Ramsay Brothers known for cult horror films such as Purani Haveli and Tehkhana, passed away at the age of 83.

About Gangu Ramsay :

• Gangu Ramsay’s career spanned decades as he worked on over 50 iconic films under the Ramsay Brothers banner, including classics like Veerana, Purana Mandir, Bandh Darwaza, Do Gaz Zameen Ke Neeche, Saamri, Tahkhana, Purani Haveli, and Khoj.
• He worked with Bollywood actor Saif Ali Khan on his debut film Aashik Aawara, and also collaborated with Bollywood superstar Akshay Kumar on the Khiladi series like Khiladiyon Ka Khiladi, Sabse Bada Khiladi, and Pandav.
• He also worked in the medium of television with the Horror Show, Naagin, and Zimbo.
• His legacy extends beyond borders, having worked with renowned actors like Vishnu Vardhan in the southern film industry.
• He also served as cinematographer on Aashiq Awara, one of Saif Ali Khan’s initial movies.

Daily Ca One- Liner: April 9

• To facilitate ease of doing business, the Securities and Exchange Board of India (SEBI) has proposed that certain changes in the private placement memorandum (PPM) of alternative investment funds (AIF) can be submitted directly to the regulator rather than through a merchant banker.
• Foreign Portfolio Investments (FPIs) have turned cautious as they pulled out ₹325 crore from Indian equities in the first week of April 2024 owing to relatively high valuations and the upcoming general elections.
• Nippon India Mutual Fund, ICICI Mutual Fund, and HDFC Mutual Fund are among the top 10 fund houses that registered double-digit growth in average assets under management (AUM) in the last fiscal year.
• The Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) maintained the policy repo rate at 6.50% at its first meeting of FY25 due to persisting retail inflation above the 4% target.
• Starting from April 1, 2024, it is mandatory for insurance policies to be held in electronic format, akin to shares in a demat account.
• India’s first green hydrogen plant commissioned, highlighting commercial viability; Hygenco aims for three more by FY25
• The number of drunken driving challans issued in the first three months of 2024 saw a staggering rise of 1,550 per cent compared to the same period in 2022, according to Delhi Traffic Police.
• Adani Green Energy Ltd plans to invest about ₹1.5 trillion through 2030 to develop the world’s largest renewable energy plant with a 30-gigawatt capacity at the Khavda renewable energy park in Gujarat
• A former unit of Russian energy giant Gazprom has rejected state-owned GAIL (India) Ltd’s demand for compensation for non-delivery of LNG supplies in the aftermath of Russia’s invasion of Ukraine
• Facing disruptions due to the non-availability of crew, Vistara announced reducing 10 per cent of its capacity or 25-30 flights daily and most of the cancellations are in the domestic network as the Tata Group airline strives to stabilise operations
• India saw a 13% increase in coal imports, reaching 21.64 million tonnes (MT) in February, attributed to buyers taking new positions to restock ahead of the summer season, reports mjunction, an online
• In January 2024, nearly 90 per cent of the laptops and personal computers (PCs) imported by India came from China
• According to the 2022 World Anti-Doping Agency (WADA) report, India has the highest percentage of doping offenders among countries. Out of 4,064 samples collected from Indian athletes, 127 individuals tested positive for banned substances, which is 3.26% of the sample size.
• North Atlantic Treaty Organization (NATO) Foreign Ministers gathered at NATO Headquarters, Brussels, Belgium to mark 75 years since the signing of the Washington Treaty.
• The Finance Ministry appointed P S Dinesh Kumar, a retired judge, as the presiding officer of the Securities Appellate Tribunal (SAT) for a tenure of 4 years.
• The apex body of dairy cooperatives, National Cooperative Dairy Federation of India Limited. (NCDFI), in its Board elections, unanimously elected Meenesh Shah as the Chairman.
• Cinematographer-filmmaker Gangu Ramsay, one of the seven Ramsay Brothers known for cult horror films such as Purani Haveli and Tehkhana, passed away at the age of 83.
• At the Japanese Grand Prix, Red Bull’s Max Verstappen put on a dominant display, securing his third victory out of four races in the 2024 season.