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CURRENT AFFAIRS : BANKING & FINANCE

Pakistan Tops Asia with Highest Cost of Living and 25% Inflation Rate: Asian Development Bank"                

• The Manila-based lending agency Asian Development Bank (ADB) stated that the inflation rate in Pakistan is expected to be 25% in the current fiscal year(2024) -the highest in all of Asia.
• With this inflation rate, Pakistan has become the most expensive nation in Asia, surpassing its previous status as the highest in South Asia.
• The ADB's Asian Development Outlook forecasts a 15% inflation rate for Pakistan in the next fiscal year, which remains the highest among 46 countries.
• Additionally, it projects a 2.8% growth rate for the same period, ranking the 5th lowest for FY 2024-25.
• The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21% for this fiscal year but they are going to miss it despite inflicting huge losses in the shape of a 22% interest rate.
• Pakistan's economic growth rate for the current fiscal year is forecasted to be 1.9%, making it the fourth lowest among surveyed countries.
• The lowest ranks include Myanmar, Azerbaijan, and Nauru.

Recent News :

• In April 2024, the ADB raised India's GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

HDFC ERGO General Insurance Launches Paws n Claws: Comprehensive Pet Insurance Covering Diagnostics                  

• HDFC ERGO General Insurance has launched Paws n Claws, an extensive insurance policy specifically designed for pet dogs and cats.
• The introduction of this product coincides with April 11, 2024 National Pets Day, aiming to safeguard pet owners from unexpected expenses resulting from their pets' injuries, illnesses, and surgeries.

Key Highlights :

• Growth of Pet Care Industry:India's pet care industry is witnessing a consistent annual growth rate of approximately 13% and is expected to reach $800 million by 2025.
• Comprehensive Coverage:HDFC ERGO's Paws n Claws offers comprehensive coverage for pet care, including diagnostics, treatments, medications, and other related expenses, ensuring thorough protection for pets.
• Third-Party Liability Coverage:The policy also includes third-party liability coverage of up to 1 crore, protecting against bodily injury or property damage caused by a pet.
• Optional Covers:Optional covers available under the policy include veterinary audio and video consultations, funeral expenses, and more, providing additional customization options for pet owners.

About HDFC ERGO General Insurance :

• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Ritesh Kumar
• HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector.

Bajaj Allianz Life Introduces Premium Payment Option via WhatsApp                    

• Leading private life insurer Bajaj Allianz Life Insurance has collaborated with Meta (formerly known as Facebook) to introduce premium payment options on WhatsApp.

Key Highlights :

• Enhanced Premium Payment Services: The insurance company has enhanced its premium payment services through WhatsApp, allowing customers to manage policies and payments conveniently on a single platform.
• Variety of Payment Modes: Customers can now pay their premiums seamlessly through various payment modes such as Netbanking, Credit card, and Unified Payments Interface (UPI) directly within the WhatsApp interface.
• Streamlined Experience: This initiative aims to streamline the premium payment process by eliminating the need to switch between different payment apps, ensuring uninterrupted and efficient payments directly within WhatsApp.
• Expansion of Services on WhatsApp: Bajaj Allianz Life Insurance offers more than 25 services on WhatsApp.
• The addition of premium payments further enriches the customer experience, making it more holistic, seamless, and convenient.

About Bajaj Allianz Life Insurance :

• Founded: 2001
• Headquarters: Pune, Maharashtra
• MD & CEO : Tarun Chugh

CURRENT AFFAIRS: NATIONAL NEWS

The government directs e-commerce firms to remove Bournvita, other drinks from the ‘health drinks’ category

• The government has asked all the e-commerce companies to remove drinks and beverages, including Bournvita, from the health drinks category from their portals.
• "National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under section (3) of the Commission of Protection of Child Rights (CPCR) Act 2005 after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the Commerce and Industry Ministry said in an advisory to all e-commerce companies.

Misleading tag

• “All e-commerce companies/ portals are hereby advised to remove drink/beverages including Bournvita from the category of “Health Drinks” from their sites/ platforms
• Recently, FSSAI had also expressed concerns over dairy-based beverage mix, cereal-based beverage mix and malt-based beverage mix being sold on e-commerce sites under categories such as “health drinks”.
• Health Drink is not defined/ standardised anywhere under the FSS Act 2006 or rules/regulations made there under
• It had also directed e-commerce platforms to “remove or delink” such beverages on their sites from the health drinks category.
• FSSAI pointed out that this will “enhance clarity and transparency regarding the nature and functional properties of the products, allowing consumers to make informed choices without any misleading information.”

Government likely to issue green bonds worth ₹20,000 crore- ₹25,000 crore in FY25

• India may boost the sale of green bonds this fiscal year to finance sustainable infrastructure projects riding the increased global interest in Indian government securities.
• The government, which has already decided to borrow ₹12,000 crore via green bonds in the first half of FY25, may borrow a total of ₹20,000 crore–25,000 crore through such bonds during the full year.
• The green bond plan, part of the government's overall borrowing programme, will likely be announced in the full-year budget to be presented in July.
• In FY24, the government issued sovereign green bonds of ₹20,000 crore, even though the budget did not specifically mention the plan.
• Of this, bonds of ₹ 5,000 crore with a tenure of five years were sold in November 2023, and ₹10,000 crore worth of bonds with a tenure of 30 years in two tranches of ₹5,000 crore each in January and February 2024; bonds worth another ₹5,000 crore were sold in March.

India adds record 18 GW renewable energy capacity in FY24

• India has added a record renewable energy capacity of 18.48 GW in 2023-24, which is over 21 per cent higher than 15.27 GW a year ago, according to the latest data of the Ministry of New & Renewable Energy.
• There is a need to add at least 50 GW of renewable energy capacity annually for the next six years to meet the ambitious target of 500 GW of renewables by 2030.
• India's installed renewable energy capacity is 143.64 GW as of March 31, 2024, excluding 47 GW of large hydropower capacity (each plant is more than 25 GW or above).

Key Highlights

• Besides, the MNRE is also targeting bidding of around 50 GW of renewable energy projects per annum to meet the ambitious target of 500 GW.
• The data showed that solar installations of 12.78GW led the renewable energy capacity addition of 15.27 GW in 2023-24, followed by 2.27 GW of wind energy.
• Among the renewable energy capacity, the total solar installed capacity tops the chart at 81.81GW, followed by about 46 GW of wind energy, 9.43 GW of biomass cogeneration and 5 GW of small hydro (up to 25 MW capacity each).
• Among the states, Gujarat and Rajasthan have the largest renewable energy capacities of about 27GW each, followed by Tamil Nadu at about 22 GW, Karnataka at about 21 GW and Maharashtra at about 17 GW.
• Himachal Pradesh and Andhra Pradesh have installed renewable energy capacity of about 11 GW each.

An amendment has been made to the Double Taxation Avoidance Agreement between India and Mauritius.

• India and Mauritius recently signed an amendment to their Double Taxation Avoidance Agreement (DTAA) that includes a principal purpose test (PPT) aimed at preventing tax avoidance.
• This has raised concerns about increased scrutiny of foreign portfolio investments via Mauritius and past investments.
• The amended protocol is yet to be ratified, but once it comes into force, Indian tax authorities will have the power to deny treaty benefits if obtaining them was one of the principal purposes of any transaction.
• This will require existing structures and investments from Mauritius to pass the PPT test, potentially affecting their tax treatment in India.

About Mauritius

• Capital: Port Louis
• Currency: Mauritian Rupee
• Prime minister: Pravind Jugnauth

CURRENT AFFAIRS: BUSINESS NEWS

Index Numbers of Wholesale Price in India for the Month of March, 2024

• The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.53% (Provisional) for the month of March, 2024 (over March, 2023).
• The positive rate of inflation in March 2024 is primarily due to an increase in prices of food articles, electricity, crude petroleum & natural gas, machinery & equipment and other manufacturing etc.
• The index numbers and inflation rate for the last three months of all commodities and WPI components are given below:

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Kristalina Georgieva Secures Second Term as IMF Chief Prior to Spring Meetings

• The Executive Board of the International Monetary Fund (IMF) has chosen Kristalina Georgieva to serve as the IMF Managing Director for a second consecutive 5-year term, commencing on October 1, 2024.
• The announcement was made just before IMF and World Bank spring meetings in Washington next week, which are expected to draw thousands of delegates, observers and journalists from the fund’s 190 member countries.

About Kristalina Georgieva :

• Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since 2019.
• Previously she served as Chief Executive Officer of the World Bank from January 2017.
• From February 1, 2019, to April 8, 2019, she was the Interim President for the World Bank Group.
• She previously served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, and as Vice President for Budget and Human Resources.

About IMF :

• Headquarters : Washington, D.C., United States
• Managing Director : Kristalina Georgieva
• Membership : 190 countries (189 UN countries and Kosovo)

Senior Bureaucrat Vandita Kaul Appointed As Secretary, Department Of Posts               

• In a significant development, Senior Bureaucrat Vandita Kaul, a seasoned professional with a wealth of experience in financial services and banking, has been appointed as the Secretary of the Department of Posts.
• She will succeed Vineet Pandey upon his superannuation.

About Vandita Kaul :

• Kaul, a 1989-batch Indian Postal Service officer, currently serves as a Member (Banking & Direct Benefit Transfer) of the Postal Services Board.
• She is regarded as a veteran of financial services and banking and was an Additional Secretary in the Department of Financial Services, Ministry of Finance.
• She was also appointed government nominee on the board of public sector banks like Bank of India (BoI) and financial services institutions like the New India Assurance and Pension Fund Regulatory and Development Authority (PFRDA).

About India Post :

• Established : 1 October 1854
• Headquarters : New Delhi, Delhi
• India Post is an Indian government-operated postal system in India and is the trade name of the Department of Post under the Ministry of Communications.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Ministry Initiates Procurement of 97 Tejas Mk-1A Fighters for IAF, Valued at ₹67,000 Crore

• The defence ministry has issued a tender to state-run plane-maker Hindustan Aeronautics Limited for the proposed acquisition of 97 light combat aircraft (LCA Mk-1A) to strengthen the Indian Air Force’s (IAF’s) capabilities at a time the force is grappling with a shortage of fighter squadrons.
• The new fighter planes are expected to cost around ₹67,000 crore.
• The development comes around 4 months after the Defence Acquisition Council (DAC), headed by Defence Minister Rajnath Singh, accorded its acceptance of the necessity (AoN) for more Tejas Mk-1A fighters.
• AoN by the council is the first step towards buying weapons and systems under India’s procurement rules.

Key Highlights :

• The contract in the pipeline will be the second one as IAF ordered 83 Mk-1A fighters for ₹48,000 crore in February 2021.
• The first of these 83 fighters was to be delivered to IAF by March 31 but the delivery has been delayed as key certifications are still pending.
• The LCA Mark 1A fighter jets will replace the MiG- 21s, MiG-23s and MiG-27s.
• The indigenous fighter aircraft programme will promote indigenisation as well as give major business to small and medium enterprises.
• HAL has bagged orders for building all types of indigenous fighter aircraft, helicopters along with engines
• The decision to buy 97 LCA Mark 1A fighter jets came after a review meeting of the indigenous fighter jet programme.
• The LCA Mark 1A plane has more advanced avionics and radars than the earlier 40 LCAs being supplied to the Air Force.
• The HAL is also set to bag deals for buying over 200 LCA Mark 2s.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

India and Uzbekistan to Commence 5th Edition of 'Dustlik' Joint Military Exercise in Termez District, Uzbekistan         

• The 5th edition of the 'Dustlik' Joint Military Exercise between India and Uzbekistan is scheduled to take place in the Termez District of Uzbekistan for a duration of 14 days, starting from April 15, 2024 to 28 April 2024.
• Participating Contingents: Contingents from both the Indian Armed Forces (IAF) and the Armed Forces of the Republic of Uzbekistan will participate in the exercise, focusing on collaboration and future military interactions.
• Number of Participants: Each side will contribute 45 soldiers to the exercise, fostering positive relations between the armies of both countries.
• Indian Army Contingent: The Indian Army contingent will consist of troops from the Garhwal Rifles Regiment's infantry battalion.
• Training Sessions: The exercise will involve comprehensive joint training sessions conducted by the Indian Armed Forces and the Armed Forces of Uzbekistan, enhancing mutual understanding and cooperation.

Note :

• The 4th edition of the ‘Dustlik’ joint military exercise was held on February 20, 2023 at the Foreign Training Node, Pithoragarh in Uttarakhand.
• The 1st edition of the Dustlik Joint Military Exercise was held in Uzbekistan in November 2019.

About Uzbekistan :

• President : Shavkat Mirziyoyev
• Prime Minister : Abdulla Nigmatovich Aripov
• Capital : Tashkent
• Currency : Uzbek sum

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Command Hospital, Pune Achieves Milestone as First Government Hospital in India to Acquire and Perform Successful Piezoelectric Bone Conduction Hearing Implant                         

• Command Hospital, Pune has become the first government hospital across the country to procure and conduct such implants.
• The Department of Ear, Nose & Throat (ENT) at Command Hospital (Southern Command) conducted two such implants.
• One was on a 7-year-old male child with congenital external and middle ear anomalies, and the other on an adult suffering from Single Sided Deafness.
• Patients with hearing impairments can benefit from an active piezoelectric bone conduction hearing implant system, an implanted medical electronic device.
• Despite the effectiveness of the implant system, its outreach has been limited due to its high cost.
• Command Hospital (Southern Command), Pune, has been recognized as the top hospital within the entire Armed Forces Medical Services (AFMS) and received the prestigious "Raksha Mantri" trophy.
• The ENT division of Command Hospital (Southern Command) has been accredited as an AFMS Neurotology Centre, indicating its specialized expertise in this area.

United States and Japan Collaborate to Send Japanese Astronaut to the Moon                       

• President Joe Biden announced that Japanese astronauts would participate in future National Aeronautics and Space Administration (NASA) lunar missions, emphasizing closer ties between the United States (US) and
• In the future, two Japanese astronauts will join NASA's lunar missions, and one of them will become the first non-American to land on the Moon.

Key Highlights :

• Artemis Program : Japan's astronauts will take part in the Artemis program, a NASA-led effort to return astronauts to the Moon as early as 2026, more than half a century after the last Apollo mission.
• Collaboration with India : In September 2023, during Indian Prime Minister Narendra Modi's visit to Washington, both countries also announced that NASA would work with India's space agency on a joint mission to the International Space Station.
• In addition, New Delhi agreed to sign the Artemis Accords, a US-backed project, to establish guidelines for activity on the Moon and elsewhere in space.
• JapArtemis Agreement : Japan and India are among three dozen countries to sign the Artemis agreement, with Greece and Uruguay signing in February.
• Artemis Missions Timeline : The first mission to take astronauts to the lunar surface, Artemis 3, is planned for 2026.
• China meanwhile has said it seeks to put humans on the Moon by 2030.
• The Artemis space program was inaugurated in 2022 with Artemis 1, which successfully flew an uncrewed vessel around the Moon.
• Artemis 2 is planned for 2025 and will send four astronauts around the Moon without landing. The crew will consist of three Americans and a Canadian, who are currently in training.
• The first crewed landing on the Moon will be Artemis 3, currently scheduled for 2026.
• NASA has not yet announced who will take part in the mission.

About United States :

• President : Joe Biden
• Capital : Washington, D.C
• Currency : U.S. dollar

About Japan :

• Prime Minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen

CURRENT AFFAIRS: SPORTS NEWS

Arjun-Jeevan duo clinches Challenger crown

• Third seeds Arjun Kadhe and Jeevan Nedunchezhiyan beat second seeds Piotr Matuszewski and Matthew Romios 7-6(5), 6-4 in the doubles final of the $82,000 Challenger tennis tournament in Cuernavaca, Mexico.
• The champion team collected $4665 and 75 ATP points.
• The runners-up got $2700 and 50 points.
• It was the 33rd doubles title for the 35-year-old Jeevan, and his 12th Challenger doubles title.
• For the 30-year-old Arjun, it was his 19th doubles title, and sixth Challenger title.

Badminton Asia Championships 2024: Jonatan Christie Wins Maiden Continental Title As Wang Zhi Yi Grabs Second

• Indonesian shuttler Jonatan Christie captured his first continental title by beating home favourite Li Shi Feng in the men’s singles final at the 2024 Badminton Asia Championships in Ningbo, People's Republic of
• The reigning All England Open champion was in fine form, winning the match in straight games (21-15, 21-16) to upgrade the silver he won in Manila 2022 to gold.
• The opening exchanges of the match were a tight affair, with the first game being a one-point contest until Christie broke away at 8-7.
• He opened a four-point lead, which proved enough of a cushion to stave off Li's challenge in the first game.
• The Indonesian badminton ace found his rhythm in the second game, leading the contest from the first point before pulling well clear at 8-3.
• Li put up some resistance in the latter stages of the game, winning five consecutive points to get within three.
• The Chinese fought valiantly, raising his hopes of forcing the match into a third game, but Christie persevered, scoring three unanswered points to claim the victory.

Stefanos Tsitsipas wins Monte Carlo Masters for third time

• Stefanos Tsitsipas completed a Monte Carlo Masters trophy hat-trick, holding off Casper Ruud 6-1, 6-4 in a display of “ruthless” tennis.
• The 12th-ranked Greek, who will return to top 10, also won the title in the principality in 2021 and 2022.
• Tsitsipas produced 30 winners to the 20 of Ruud who had reached the final with victory over world number one Novak Djokovic.
• He is the fifth man to win three or more Monte Carlo titles, joining Rafael Nadal (11) and Bjorn Borg, Thomas Muster and Ilie Nastase who won three apiece.
• The Greek struck first with a break in the third game of the opening set, then saved three break points to lead 3-1.
• Tsitsipas earned a double break for 4-1 and claimed the set as Ruud double-faulted after 36 minutes.

Wrestling, Asian C’ships: Radhika and Shivanee Pawar add two medals to India’s tally in Bishkek

• Indian grapplers Radhika and Shivanee Pawar won silver and bronze medal respectively at the 2024 Asian Wrestling Championships in Bishkek, Kyrgyzstan.
• Radhika, who had won silver at the Under-23 Asian Championships in 2023, lost the gold medal match to Japan’s Nonoka Ozaki in the women’s 68kg category by technical superiority.
• Radhika reached the final after a win against Kazakhstan’s Albina Kairgeldinova in the opening match and then beat home favourite Gulnura Tashtanbekova by pinning her down to reach the final.

Key Highlights

• Pawar, who was competing in the 50kg category, lost her quarter-final match to Ziqi Feng of China, but reached the bronze medal round when the Chinese wrestler made the final.
• There, Pawar beat Mongolia's Otgonjargal Dolgojrav 9-7 in a high-scoring contest to secure the bronze medal.
• In the other categories, Tamanna (55kg) lost her qualification round match 0-9 to Japanese wrestler Moe Kiyooka. However, the latter making it to the final meant that Tamanna had a chance at a bronze medal, but she lost that contest 0-4 to China's Min Zhang.
• Pushpa Yadav, who was also in contention for a bronze medal in the women’s 59kg, lost 8-11 to Kazakhstan's Diana Kayumova while Priya (76kg) also failed to get past Kazakhstan's Elmira Syzdykova in her bronze-medal match playoff.

Daily CA One- Liner: April 16

• The government has asked all the e-commerce companies to remove drinks and beverages, including Bournvita, from the health drinks category from their portals
• India may boost the sale of green bonds this fiscal year to finance sustainable infrastructure projects riding the increased global interest in Indian government securities.
• India has added a record renewable energy capacity of 18.48 GW in 2023-24, which is over 21 per cent higher than 15.27 GW a year ago, according to the latest data of the Ministry of New & Renewable Energy.
• India and Mauritius recently signed an amendment to their Double Taxation Avoidance Agreement (DTAA) that includes a principal purpose test (PPT) aimed at preventing tax avoidance
• The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.53% (Provisional) for the month of March, 2024 (over March, 2023).
• Third seeds Arjun Kadhe and Jeevan Nedunchezhiyan beat second seeds Piotr Matuszewski and Matthew Romios 7-6(5), 6-4 in the doubles final of the $82,000 Challenger tennis tournament in Cuernavaca, Mexico
• Indonesian shuttler Jonatan Christie captured his first continental title by beating home favourite Li Shi Feng in the men’s singles final at the 2024 Badminton Asia Championships in Ningbo, People's Republic of
• Indonesian shuttler Jonatan Christie captured his first continental title by beating home favourite Li Shi Feng in the men’s singles final at the 2024 Badminton Asia Championships in Ningbo, People's Republic of
• Indian grapplers Radhika and Shivanee Pawar won silver and bronze respectively at the 2024 Asian Wrestling Championships in Bishkek, Kyrgyzstan.
• The Manila-based lending agency Asian Development Bank (ADB) stated that the inflation rate in Pakistan is expected to be 25%in the current fiscal year -the highest in all of Asia.
• HDFC ERGO General Insurance has launched Paws n Claws, an extensive insurance policy specifically designed for pet dogs and cats.
• Leading private life insurer Bajaj Allianz Life Insurance has collaborated with Meta (formerly known as Facebook) to introduce premium payment options on WhatsApp.
• The Executive Board of the International Monetary Fund (IMF) has chosen Kristalina Georgieva to serve as the IMF Managing Director for a second consecutive 5-year term, commencing on October 1, 2024.
• In a significant development, Senior Bureaucrat Vandita Kaul, a seasoned professional with a wealth of experience in financial services and banking, has been appointed as the Secretary of the Department of Posts.
• The defence ministry has issued a tender to state-run plane maker Hindustan Aeronautics Limited for the proposed acquisition of 97 light combat aircraft (LCA Mk-1A) to strengthen Indian Air Force’s (IAF’s) capabilities at a time the force is grappling with a shortage of fighter squadrons.
• The 5th edition of the 'Dustlik' Joint Military Exercise between India and Uzbekistan is scheduled to take place in the Termez District of Uzbekistan for a duration of 14 days, starting from April 15, 2024 to 28 April 2024.
• Command Hospital, Pune has become the first government hospital across the country to procure and conduct such implants.
• President Joe Biden announced that Japanese astronauts would participate in future National Aeronautics and Space Administration (NASA) lunar missions, emphasizing closer ties between the United States (US) and Japan.