Current Affairs One - Liner : 2nd May 2024

• National:
• The Godrej family, founders of the 127-year-old Godrej Group, decided to split their business empire on April 30, 2024. The conglomerate was divided into two main entities: Godrej Enterprises Group (GEG) and Godrej Industries Group (GIG). Adi and Nadir Godrej retained ownership of Godrej Industries, while their cousins, Jamshyd Godrej and Smita Crishna, took over Godrej & Boyce.

• The Cellular Operators Association of India (COAI) has requested the Indian government to ban the sale of Wi-Fi 6E routers. These routers use the 6 GHz spectrum band, which is not yet regulated in India. The COAI claims these routers are being sold illegally and could lead to unauthorized transmissions, posing risks to consumers.
• Banking:
• The Reserve Bank of India (RBI) lifted restrictions on Bajaj Finance’s eCOM and Insta EMI Card on May 2, 2024. These restrictions were initially imposed in November 2023 due to violations of RBI’s digital lending guidelines. With the lifting of these restrictions, Bajaj Finance can now resume loan sanctions and disbursals in these two business segments.
• The US Federal Reserve decided to keep the key interest rate unchanged at 5.25 to 5.50 percent on April 30, 2024. This is the sixth consecutive time that the rate has been held steady. The decision was made in light of recent inflation trends and economic indicators.
• Economy:
• On May 2, 2024, the Organisation for Economic Co-operation and Development (OECD) raised India’s GDP growth forecast for FY25 by 40 basis points to 6.6%. This is due to strong public investment and improved business confidence.
• The Manufacturing PMI for India in April 2024 was 58.8, indicating an expansion in the sector. This data was released on 2nd April 2024. Despite the slight decline from the previous month, the sector’s performance remained robust, supported by strong demand conditions. The rate of expansion was the third-strongest since early 2005.
• The Government of India has indeed reduced the windfall tax on petroleum crude. The tax was reduced from Rs 2,300 per tonne to Rs 1,700 per tonne, effective from January 16, 2024. This tax is levied in the form of Special Additional Excise Duty (SAED) on domestically produced crude oil. The windfall tax was sharply increased on January 2, 2024, from Rs 1,300 per tonne.
• On May 1, 2024, the International Monetary Fund (IMF) raised India’s GDP growth forecast for the fiscal year 2024 (FY24) to 7.8%. This upward revision was driven by resilient domestic demand and public investment. The IMF also increased its growth forecast for the Asia and Pacific region.
• Science & Technology:
• ISRO, in collaboration with various research institutions, published a study on April 30, 2024, revealing the increased likelihood of water ice in the Moon’s polar craters. The research indicates a larger presence of subsurface ice compared to surface ice in both lunar poles.
• The world’s deepest blue hole, Taam Ja’ Blue Hole (TJBH), is located in Chetumal Bay, Mexico. It was first discovered in 2021. A recent study published on May 2, 2024, revealed its depth to be 1,380 feet (420 meters), surpassing the previous record holder, the Dragon Hole in the South China Sea. The measurements were taken during a scuba-diving expedition in December.
• Defence:
• The Defence Research and Development Organisation (DRDO) of India successfully tested a long-range ‘SMART’ (Supersonic Missile Assisted Release of Torpedo) anti-submarine missile system on May 1, 2024. The test was conducted from Dr APJ Abdul Kalam Island off the coast of Odisha. The SMART system is designed to enhance the anti-submarine warfare capability of the Indian Navy.
• Reports:
• The State of India’s Birds Report 2023, a collaborative effort of 13 organizations, reveals that carnivorous bird species in India are declining at a faster rate than omnivorous ones. This decline is indicative of environmental degradation and imbalances. The report emphasizes the need for continued monitoring and conservation efforts to protect these species and maintain biodiversity.
• Appointments:
• Air Marshal Nagesh Kapoor took charge as the Air Officer Commanding-in-Chief of the Training Command on 1st May 2024. He has over 3400 hours of flying experience and was awarded the Vayu Sena Medal in 2008 and the Ati Vishisht Seva Medal in 2022.
• Hitesh Kumar Sethia has been appointed as the Managing Director and CEO of Jio Financial Services. His appointment, approved by the Ministry of Corporate Affairs (MCA), took effect on November 15, 2023, and is valid for three years.
• Awards & Honours:
• Dr. Bina Modi, Chairperson and Managing Director of Modi Enterprises - KK Modi Group, was honoured for her ‘Outstanding Contribution to Corporate Social Responsibility (CSR)’ by the Vice President of India, Jagdeep Dhankar, on May 1, 2024. The recognition was for her initiatives in supporting farmer communities in Andhra Pradesh and empowering young girls through education via Project Khushi.
• Obituaries:
• Renowned Tamil playback singer Uma Ramanan passed away at the age of 72 on May 1, 2024. She had a successful career spanning three decades, performing in over 6000 concerts and singing over 100 songs for music composer Ilaiyaraaja.
• Acclaimed author Paul Auster passed away at the age of 77 due to complications from lung cancer. He was known for his award-winning novels such as The New York Trilogy and 4 3 2 1. His death is a great loss to the literary world.

Questions:

Q.1 Where is the Taam Ja’ Blue Hole (TJBH) located?
a. South China Sea
b. Chetumal Bay, Mexico
c. Great Barrier Reef, Australia
d. Red Sea, Egypt
Q.2 What organization conducted the test of the SMART system?
a. Defence Research and Development Organisation (DRDO)
b. Indian Navy
c. Indian Space Research Organisation (ISRO)
d. Bharat Electronics Limited (BEL)