Current Affairs Quiz 10th April 2024 Quiz

Exp. India secures second overseas port: Sittwe agreement approved by MEA

After Chabahar, India has gained the rights to operate a second overseas port, Sittwe, in Myanmar.

The Ministry of External Affairs (MEA) has approved a proposal for India Ports Global (IPGL) to take over the operations of the entire port located on the Kaladan River.

IPGL is a company 100 per cent owned by the Ministry of Ports, Shipping and Waterways.

In the Indian Ocean, China and India are engaged in a struggle to expand their economic influence. Ports have become highly significant in this rivalry. China, in particular, has been aggressively seeking to acquire operating rights for numerous ports.

About Myanmar

• Capital– Naypyidaw
• Currency– Myanmar Kyat
• Official language– Burmese

Exp. EU and India join hands to nurture startups in EV battery recycling field

The European Union (EU) and India have launched an Expression of Interest (EoI) for startups working in Battery Recycling Technologies for Electric Vehicles (EVs) for a matchmaking event.

The matchmaking aims to enhance the cooperation between European and Indian Small and Medium-sized Enterprises (SMEs) and startups in the clean and green technologies sector.

The intended exchange of knowledge and expertise will be instrumental in advancing the circularity of rare materials and transitioning towards carbon neutrality in both India and the EU.

This initiative takes place under the India-EU Trade & Technology Council (TTC), announced by India and the European Commission in New Delhi on 25th April 2022.

This event is also part of a broader effort to promote a sustainable agenda, foster innovation, and forge stronger economic relations between the European Union and India.

Exp. India eyes 100 GW nuclear power by 2047: AEC

India aims to increase its nuclear power production to 1 lakh MW by 2047, a significant jump from the current 8,000 MW.

This goal was highlighted by Atomic Energy Commission Chairman A K Mohanty at the release of a report on energy transitions.

He said the breeder reactors would contribute 3 GW of nuclear power, while 17.6 GW would come from light water reactors built with international cooperation and another 40-45 GW would come from the pressurized heavy water reactors.

Exp. Zimbabwe launched new gold-backed currency to tackle inflation

Zimbabwe’s central bank has launched a new “structured currency” backed by gold to tackle sky-high inflation and stabilise the country’s long-floundering economy.

The new currency – called Zim Gold (ZiG) – will be backed by foreign currencies, gold and precious minerals, John Mushayavanhu, the governor of Zimbabwe’s Reserve Bank.

The move is aimed at fostering “simplicity, certainty, predictability” in Zimbabwe’s financial affairs, and he also presented the new banknotes that come in eight denominations ranging from one to 200 ZiG.

The new notes feature a drawing of gold ingots being minted, as well as Zimbabwe’s famous Balancing Rocks, which already appeared on the old ones.

Zimbabweans have 21 days to convert their old cash into new money, Mushayavanhu said.

About Zimbabwe

• Capital – Harare
• Continent – Africa
• President – Emmerson Mnangagwa

Exp. 57 companies account for 80% of greenhouse gas emissions since 2016

According to a report released by thinktank ‘InfluenceMap’. Just 57 companies are responsible for 80% of the world’s carbon emissions from fossil fuels and cement since 2016.

These 57 companies are involved in the production of oil, gas, coal and cement in the world.

Although governments pledged in Paris to cut greenhouse gases, the analysis reveals that most mega-producers increased their output of fossil fuels and related emissions in the seven years after that climate agreement, compared with the seven years before.

In the database of 122 of the world’s biggest historical climate polluters, the researchers found that 65% of state entities and 55% of private-sector companies had scaled up production.

During this period, the biggest investor-owned contributor to emissions was ExxonMobil of the United States, which was linked to 3.6 gigatonnes of CO2 over seven years, or 1.4% of the global total. Close behind were Shell, BP, Chevron and TotalEnergies, each of which was associated with at least 1% of global emissions.

The most striking trend, however, was the surging growth of emissions related to state and state-owned producers, particularly in the Asian coal sector.

Exp. REC sanctions record Rs 3.59 lakh crore loan in FY24

State-owned REC Limited has made record loan sanctions worth Rs 3.59 lakh crore during 2023-24, posting a year-on-year rise of 33.66 percent.

It had sanctioned Rs 2.68 lakh crore as loan during the preceding 2022-23 fiscal.

Of the total Rs 3.59 lakh crore, Rs 1.36 lakh crore were “renewable energy sanctions” for green projects.

The disbursements were 66.72 percent higher as compared to Rs 96,846 crore worth of loans disbursed in FY’23.

As of March 31, 2024, the company’s loan book was at Rs 5.09 lakh crore, higher 17.13 percent as against Rs 4.35 lakh crore in FY’23.

REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector financing in India.

Exp. SINE, IIT Bombay Collaborates with Canara Bank for Financing of Startups

The Society For Innovation & Entrepreneurship (SINE), IIT Bombay and Canara Bank entered into a MoU to provide financial support to startups.

Under its Canara Start-Up Scheme, Canara Bank is providing financial support for the creation, promotion, diversification, and modernization of industrial units across India.

SINE, as a technology business incubator, offers comprehensive incubation and acceleration support from start to finish for technology startups.

Recent MoUs Signed in Banking Sector

• J&K Bank partnered with Paymart India to launch virtual ATM Facility
• SIDBI partners fintech platform KarmaLife for micro loans to gig workers
• Central Bank of India partners with Veefin Solutions to commence supply chain finance
• Ujjivan Small Finance Bank partners with Veefin Solutions for MSME growth
• Star Housing Finance partnered with Tata Capital Housing Finance to leverage domain of Star HFL in low ticket affordable housing finance space

Exp. Manoj Panda appoints as member of 16th Finance Commission

The Centre has appointed economist Manoj Panda as a full-time member of the Sixteenth Finance Commission, tasked with formulating recommendations on the revenue sharing formula between the Centre and States for the five-year period beginning April 2026.

The Government had constituted the Commission on December 31, and named former Niti Aayog vice chairman and Columbia University professor Arvind Panagariya as its chairman.

Other members of the Commission — Ajay Narayan Jha, Annie George Mathew, Niranjan Rajadhyaksha and Soumya Kanti Ghosh — were notified a month later.

About Finance Commission

• The Finance Commission is a constitutionally-mandated body established once every five years to devise a formula for distributing net tax proceeds between the Centre and the states as well as among states and local bodies.
• Currently, India shares 41 per cent of federal taxes with states as recommended by the 15th panel.

Exp. Harendra Singh appointed as national women’s hockey coach

Former Indian Hockey player and Dronacharya awardee Harendra Singh has been selected by Hockey India as the coach of the senior national women’s hockey team.

He will be appointed coach until the 2028 Los Angeles Olympics.

Harendra Singh will replace Janneke Schopman of Holland Janneke Schopman.

Schopman is a former Dutch hockey player, resigned last month as the coach of the national women’s team after the Indian team failed to qualify for the Paris Olympics 2024.

Recent Appointment

• Head of committee to protect Delhi’s forests – Justice Najmi Waziri
• CEO of Wipro – Srinivas Pallia (replace Thierry Delaporte)
• Chairman of National Cooperative Dairy Federation of India Ltd – Meenesh Shah
• DG of Electronics & Mechanical Engineers – J S Sidana
• CMD of Konkan Railway Corporation Ltd. – Santosh Kumar Jha

Exp.  Coastal security exercise ‘Sagar Kavach’ conducted off Lakshadweep Islands

A two-day exercise involving all maritime security agencies of the country was conducted off the Lakshadweep Islands.

The primary objective of the exercise was to validate the effectiveness of the coastal security mechanism in dealing with asymmetric threats emanating from the sea.

The exercise involved the participation of all maritime security agencies, including the Indian Navy, Indian Coast Guard, Marine Police, Fisheries, Customs, and other security agencies.

Recent Exercise

• 2nd edition of India-Mozambique-Tanzania Trilateral Exercise (IMT TRILAT 24) – Nacala, Mozambique.
• Exercise “TIGER TRIUMPH 2024” between India and USA – Eastern Seaboard
• 10th edition of Military Exercise LAMITIYE-2024 between India and Seychelles – Seychelles
• 5th edition of Military Exercise ‘Dharama Guardian’ between India and Japan – Mahajan Field Firing Ranges, Rajasthan
• 12th edition of MILAN Naval Exercise – Visakhapatnam

Exp. Tata launches India’s first private earth observation satellite

Tata Advanced Systems (TASL), Tata Sons’ wholly-owned subsidiary, has launched India’s first private sector-built sub-metre resolution earth observation satellite, TSAT-1A, in collaboration with Satellogic.

The satellite was launched from the Kennedy Space Center, Florida, by SpaceX.

The satellite was assembled at TASL’s facility in Karnataka. Elon Musk’s SpaceX launched a total of 11 satellites in its maiden Bandwagon flight.

TSAT-1A will provide high-resolution satellite images with low-latency delivery. The Indian armed forces are expected to be one of its major users.

This is the first sub-metre high-resolution earth observation satellite by the private sector in India. The satellite, weighing less than 50 kg, is in low-earth orbit.

TASL is focusing on four areas: assembly, integration, and testing of the satellite and launching it from either SpaceX or ISRO; data download; processing raw data and adding layers of AI; and satellite control centre.

Exp. Indian Army gets portable Igla-S Air defence system

The Indian Army has received the first batch of 24 Russia-made Igla-S Man Portable Air Defence Systems (MANPADS) and 100 missiles as part of a larger deal that includes domestic production in India.

This procurement aims to enhance the Army’s Very Short-Range Air Defence (VSHORAD) capabilities, particularly in high mountainous terrain along the northern border.

The Igla-S is a hand-held defence system that can be operated by an individual or crew. It is designed to bring down low-flying aircraft and can also identify and neutralise air targets such as cruise missiles and drones.

India signed a contract with Russia in November last year for 120 launchers and 400 missiles.

About MANPADS

• MANPADS are portable surface-to-air missile systems and air defence units in high mountainous regions use MANPADS to neutralise low-altitude aerial threats such as aircraft, drones, and missiles.

Exp. Dr. Agarwal’s Eye Hospital wins ‘Best Scientific Poster Award’ 2024

Dr Agarwal’s Eye Hospital’s research team have been honoured with the prestigious ‘Best Scientific Poster Award’ at the 2024 Annual Meeting of the American Society for Cataract and Refractive Surgery (ASCRS).

This recognition comes in light of their groundbreaking study on ‘The efficacy of RevitalVision vision-training software in improving best-corrected vision in stable keratoconus patients post Crosslinking surgery.’

In the study by Dr. Agarwal’s Eye Hospital, stable keratoconus patients undergoing RevitalVision vision-training software post Crosslinking surgery experienced a significant improvement in their vision.

Statistical analysis revealed an average improvement of 2.5 lines on the visual acuity test chart, providing tangible evidence of the software’s efficacy in enhancing patient outcomes.

Recent Awards

• “Medal of Honour” at Consular Day 2024 – Neeraj A Sharma
• “On The Spot Unit Citation” for anti-piracy ops by Navy Chief – INS Sharda
• American Surgical Association (ASA) Fellowship – Dr Raghu Ram
• 15th CIDC Vishwakarma Awards 2024 – SJVN Limited
• SKOCH ESG Award 2024 in Renewable Energy Financing Category – REC Limited
• International Culture Award 2024 – Meena Charanda

Exp. Neeraj Sharma receives prestigious “Medal of Honour” at Consular Day 2024

Neeraj A Sharma, the Honorary Consul General of The Republic of Palau in India, was honored with the esteemed “Medal of Honour” by the Honorary Consular Corps Diplomatique-India (HCCD-India) during the annual Consular Day event held at the ITC Grand Chola in Chennai.

The Consular Day 2024 event, organized by HCCD-India, was a gathering of distinguished guests, representing elite individuals and the international fraternity.

The award was presented by Tamil Nadu Governor R. N. Ravi during the ceremony.

About Honorary Consular Corps Diplomatique (HCCD)

• Established in 1995, HCCD-India aims to promote mutual understanding among Honorary Consular officers in India and abroad.
• Through the exchange of information, ideas, and suggestions, the organization endeavors to enhance the role of Honorary Consuls General and Honorary Consuls in international relations.

Exp. 10 April – World Homeopathy Day

World Homeopathy Day is observed on April 10. The day commemorates the birth anniversary of Dr Samuel Hahnemann.

Objective – To raise awareness about homeopathy by bringing practitioners, and supporters together from all around the world.

Theme 2024 – Homeoparivar: One Health, One Family

The name homeopathy is derived from the Greek ‘homeo’, which denotes similar, and ‘pathos’ means suffering or disease. It is a practice that believes in curing the disease based on the principle of ‘like cures like’.

What is Homoeopathy?

• Homoeopathy is a therapeutic method of treatment based on the concept of individualisation and holism.
• Homoeopathy is a unique system of medicine in terms of its sources and preparation.
• Method of preparation includes the potentisation of medicinal substance to the minute level by which the most inert substance can become the most potent dynamic medicine, enough to stimulate the body’s self-healing capability.