Current Affairs One - Liner : 12th April 2024

• National:
• The National Investment and Infrastructure Fund Limited (NIIF) announced an investment of around USD 200 million in iBUS NETWORK AND INFRASTRUCTURE PRIVATE LIMITED (iBUS) on April 10, 2024. The investment is aimed at supporting the growth of India’s digital infrastructure. The funds will be used to scale iBUS’ operations and to develop new infrastructure solutions to address evolving market demands and technological advancements.

• The Pradhan Mantri Mudra Yojana (PMMY) saw a record increase in loan disbursements in FY24. The total disbursements stood at ₹5.20 lakh crore, up from ₹4.40 lakh crore in the previous year. This growth was driven by lower delinquency rates and institutional frameworks that encourage lenders. More than 69% of beneficiaries under this scheme are women. The report was published on April 8, 2024.
• The Command Hospital in Pune successfully performed piezoelectric bone conduction hearing implants on April 10, 2024. The operations were conducted on a 7-year-old child with severe hearing loss and an adult with Single Sided Deafness. The procedures were led by Lt Col (Dr) Rahul Kurkure under the guidance of Colonel (Dr) Nitu Singh.
• Banking:
• On April 11, 2024, PhonePe, eSewa, and the Hotel Association of Nepal (HAN) Pokhara announced a partnership. This collaboration, part of the Fewa New Year Festival, aimed to promote UPI payments in Nepal through the Fonepay Network. The focus was on educating merchants and raising awareness about the convenience of digital payments.
• Aasia Enterprises, a firm of the Hinduja Group, has received approval from the Securities and Exchange Board of India (SEBI) for a change of control in Reliance Wealth Management. This development is part of the resolution plan by IndusInd International Holdings (IIHL), which emerged as the successful bidder to acquire Reliance Capital. The implementation of the plan is set for May 27, 2024.
• The India Post Payments Bank (IPPB) introduced the Aadhaar ATM service on April 9, 2024. This service, part of the Aadhaar Enabled Payment System (AEPS), allows customers to use their Aadhaar number to access their bank account and perform basic banking transactions. The service includes cash withdrawal, balance enquiry, mini statement, and Aadhaar to Aadhaar fund transfer.
• As of December 2023, household debt in India reached a record high, accounting for 40% of the country’s Gross Domestic Product (GDP). At the same time, net financial savings likely dropped to their lowest level, around 5% of GDP. This trend is attributed to weak income growth, robust consumption, and an increase in physical savings.
• Economy:
• India’s renewable energy sector achieved a record addition of 18,485 MW capacity in FY24. This was the highest ever, surpassing the previous high of 15,274 MW in FY23. The majority of the new capacity came from solar power. The announcement was made on April 10, 2024.
• On April 11, 2024, the Asian Development Bank (ADB) upgraded India’s GDP growth forecast for the fiscal year 2024-25 to 7%. This is an increase from the previous projection of 6.7%. The growth is expected to be driven by robust public and private sector investment demand and a gradual improvement in consumer demand.
• According to the World Trade Organization (WTO), The global merchandise trade volume is projected to grow by 2.6% in 2024. This growth is expected to continue into 2025 with a projected increase of 3.3%.
• Science & Technology:
• NASA and Japan’s Ministry of Education, Culture, Sports, Science and Technology (MEXT) signed an agreement on April 9, 2024. The aim is to advance sustainable human exploration of the Moon. As part of the agreement, Japan will design, develop, and operate a pressurized rover for lunar exploration. NASA will provide the launch and delivery of the rover to the Moon.
• Reports:
• The report titled “CO2 Emissions in 2023” was released by the International Energy Agency (IEA) From 2016 to 2022, 57 companies were responsible for 80% of global carbon dioxide emissions. This includes state-controlled entities and investor-owned companies. China’s state-run coal production was the top emitter, accounting for 25.79% of global emissions. Among investor-owned companies, Exxon Mobil, Shell, BP, and Chevron were the top emitters, combining for more than 10% since 1854 and roughly 5% since 2016.
• Appointments & Resignations:
• Manoj Mittal, the current MD and CEO of IFCI, has been recommended by the Financial Services Institutions Bureau (FSIB) to be the next Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI) on April 11, 2024. Sanjay Shukla, currently at Centrum Housing Finance, has been appointed as the Managing Director of the National Housing Bank (NHB) on April 12, 2024.
• Ingmar De Vos, the President of the International Equestrian Federation, was unanimously elected as the new President of the Association of Summer Olympic International Federations (ASOIF) on 9th April 2024. The election took place at the 48th General Assembly of ASOIF in Birmingham, UK.
• Surinder Chawla, the CEO of Paytm Payments Bank, has resigned for personal reasons and to explore better career prospects. His resignation was submitted on April 8, 2024, and he will be relieved from his duties on June 26, 2024. This comes as Paytm Payments Bank faces action from the Reserve Bank of India.
• Awards & Honours:
• Indian-American actress Avantika Vandanapu was honored with the ‘South Asian Person of the Year’ award by Harvard University on April 9, 2024. She is known for her roles in films like ‘Mean Girls’, ‘Spin’, and ‘Boomika’. This award recognizes her contributions to the arts and the importance of Indian representation in global media.
• Obituaries:
• Former NFL star O.J. Simpson passed away at the age of 76 due to cancer. His family announced his death on April 10th. He was surrounded by his children and grandchildren during his last moments.
• Jack Alabaster, a former New Zealand legspinner, passed away at the age of 93. He was among the best legspinners from New Zealand, played 21 Test matches, and was part of New Zealand’s first four Test victories.

Questions:

Q.1 What is the upgraded GDP growth forecast for India for the fiscal year 2024-25 by ADB?
a. 6.7%
b. 7.5%
c. 7%
d. 8%
Q.2 What is the total disbursement of the Pradhan Mantri Mudra Yojana (PMMY) in FY24?
a. ₹4.40 lakh crore
b. ₹5.20 lakh crore
c. ₹6.00 lakh crore
d. ₹3.50 lakh crore