a
Current Affairs by Kush Pandey: April 2 2024
Banking & Finance
1. SBI Mutual Fund Acquires 3% Stake in Savita Oil
Technologies
 Savita Oil Technologies sold 3% equity shares
via a block deal, reducing promoter stake to
59.78%.
 SBI Mutual Fund acquired the stake.
 The company's share price rose by 5.85%.
 Block deal executed at an average price of ₹408
per share.
 Savita Oil Technologies Ltd:
 Renowned manufacturer and distributor of
greases, industrial oils, petroleum products,
and transformer oils.
 Formerly known as Savita Chemicals Limited.
2. GST collections hit Rs 1.78 trillion in March, the
second highest ever
 Gross GST collection (before refunds) grew
11.5% to hit the second-highest figure at Rs
1.78 trillion in March FY24.
 GST receipts net of refunds grew 18.4% at Rs
1.65 trillion in March.
 It had risen 13.6% year-on-year to Rs 1.51
trillion in February.
 With the March numbers, net collection stood
at Rs 18.01 trillion in FY24, an increase of
13.4% over that in the previous year.
 Gross GST collection was the highest — at Rs
1.87 trillion —in April FY24.
 GST collection before refunds touched Rs 20.18
trillion in FY24, showing a growth rate of 11.7
per cent over the Rs 18.07 crore during the
previous financial year
3. In a first, yearly transactions through UPI cross
100 billion in FY24
 India posted a record 57 per cent rise in volume
and 44 per cent rise in value in Financial Year
2023-24
 March 2024 too, the transactions saw 55 per
cent rise in volume to 13.44 billion and 40 per
cent in value to Rs 19.78 trillion compared to
March 2023.
 This was for the first time that UPI transactions
crossed 100 billion and closed at 131 billion in
a financial year, compared to 84 billion in 2022-
23.
 The year also saw record value touching Rs
199.89 trillion, compared to Rs 139.1 trillion.
 The Average ticket size (ATS) were seen at Rs
1,471 in March 2024 compared to Rs 1,623 in
March 2023.
4. Over 80 million people worked under MGNREGA
in FY24
 The demand for work under the flagship
MGNREGA has tapered off during 2023-24 with
almost 83.2 million people working in the
programme down from 87.5 million in FY23.
 MGNREGA refers to the Mahatma Gandhi
National Rural Employment Guarantee Act.
 Centre notifies 3-10% MGNREGA wage hike for
2024-25
 While Goa (10.56 per cent) and Karnataka
(10.4 per cent) have seen the highest
percentage increase,
 wage rates in Uttar Pradesh and Uttarakhand
are set to see the lowest increase at 3 per cent
for FY’24-25.
 Andhra Pradesh (10.29%), Telangana
(10.29%) and Chattisgarh (9.95%) saw robust
percentage increases.
 The average MGNREGA wage increase across
India is ₹28 per day .
 The average wage for 2024-25 will be ₹289 as
against ₹261 for FY’23-24.
5. Salaried workers' real wages dropped between
2012 and 2022: ILO study
 Report by: International Labour Organization
(ILO) and the Institute for Human Development
(IHD)
 Over the decade until 2022, the average
monthly real earnings of regular salaried
workers declined by 1% each year
 Highlights: Poor-quality employment and the
possible adverse impact of the pandemic.
 The average real monthly wage of a regular
wage worker has dipped to Rs 10,925 in 2022
from Rs 12,100 in 2012.
 Wages in urban areas have decreased faster
than in rural areas to Rs 12,616 in 2022 from
Rs 13,616 in 2012, compared to Rs 8,623 in
rural areas from Rs 8,966 over the same period
 According to the India Employment Report
2024
 Regular wage or salaried workers are those
who engage in relatively longer tenures of work
and are usually paid wages or a salary on a
weekly or monthly basis.
 This category includes government employees,
Accredited Social Health Activist (ASHA)
workers, domestic helps, guards, and
individuals working in the vast private sector,
generally considered to be a better form of
employment.
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Current Affairs by Kush Pandey: April 2 2024
6. Reserve assets surge by USD34.8 billion, net
claims of NRI declined by USD12.2 billion
 India's International Investment Position (IIP)
as of December 2023 showed a decline in net
claims of Non-Residents in India by USD 12.2
billion during the period from October to
December 2023 to USD 370.4 billion as the end
of December 2023.
 Reason: Increase in reserve assets, surging by
USD34.8 billion during Q3 FY24
 As per the RBI data, the decline in net claims
was due to an exponential increase in financial
assets of overseas Indian residents which
amounts to USD 40.7 billion as compared to the
increase in foreign-owned assets in India which
is USD 28.5 billion.
 The increase in reserve assets which accounted
for over 85% of increase in foreign assets held
by India residents.
 Increase in reserve assets can help India in
consolidating its financial position at the
international levels.
International
1. IEA launched Clean Energy Transitions
Programme annual report 2023
 Recently, the International Energy Agency
(IEA) launched the Clean Energy Transitions
Programme annual report 2023.
 Clean Energy Transitions Programme
 It is the IEA’s flagship initiative launched in
2017 to accelerate progress toward a global
net-zero energy system.
 It leverages the insights and influence of the
world’s leading energy authority to accelerate
clean energy transitions, particularly in
emerging and developing economies.
 Its goals align with the objectives of the 2015
Paris Agreement and the Sustainable
Development Goals established by the United
Nations.
 About IEA:
 It is an autonomous inter-governmental
organisation within the OECD framework.
 It works with governments and industry to
shape a secure and sustainable energy future
for all.
 It was founded in 1974 to ensure the security of
oil supplies.
 It consists of 31 member countries and eleven
association countries.
 A candidate country to the IEA must be a
member country of the Organisation for
Economic Co-operation and Development
(OECD).
2. Romania and Bulgaria Partially Join Schengen
Area
 Romania and Bulgaria partially joined the
Schengen Area, Europe’s ID-check-free travel
zone.
 Effective from April 1, 2024
 This marks a significant step in the two
countries’ integration with the European Union
(EU).
 However, land border checks will remain in
place due to opposition from Austria, which has
long blocked their bid over concerns about
illegal migration.
 Romania and Bulgaria joined the EU in 2007
 The Schengen Area was established in 1985.
 It comprised 23 of the 27 EU member countries,
along with Switzerland, Norway, Iceland, and
Liechtenstein before the partial admission of
Romania and Bulgaria.
 Around 3.5 million people cross an internal
border each day within the Schengen Area.
National
1. 22 New Products Added to Geographical
Indication (GI) Registry
 The Geographical Indication (GI) registry of
India added 22 new products from the states of
Assam, Uttar Pradesh, Tripura, and Meghalaya.
 These products are now protected under the GI
tag
 GI Tag recognizes their unique qualities and
geographical origin.
 Assam
o The state of Assam saw the inclusion of
12 products in the GI registry:
o Asharikandi terracotta craft
o Pani Meteka craft
o Sarthebari metal craft
o Jaapi (bamboo headgear)
o Mishing handloom products
o Bihu dhol
o Bodo Dokhona (traditional attire of
Bodo women)
o Bodo Gamsa (traditional dress of Bodo
men)
o Bodo Eri silk
o Bodo Jwmgra (a traditional scarf)
o Bodo Thorkha (a musical instrument)
o Bodo Sifung (a long flute)
 Uttar Pradesh
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Current Affairs by Kush Pandey: April 2 2024
o Uttar Pradesh had five products added
to the GI registry:
o Banaras Thandai, a drink made by
blending milk with a mix of nuts, seeds
and spices
o Banaras Tabla
o Banaras Shehnai
o Banaras Lal Bharwamirch
o Banaras Lal Peda
 Tripura
o Two products from Tripura were
granted GI tags:
o Pachra-Rignai (traditional dress worn
on special occasions)
o Matabari Peda (a sweet preparation)
 Meghalaya
o Three products from Meghalaya were
added to the GI registry:
o Meghalaya Garo Textile weaving
o Meghalaya Lyrnai Pottery
o Meghalaya Chubitchi (alcoholic
beverage)
 First GI Tag: Darjeeling Tea (West Bengal)
2. India's record coal output tad shy of 1 billion
tonne target
 India's coal production touched a new high of
997.4 million tonnes in fiscal year 2024 (FY24).
 It marks an 11.67% increase from the previous
year, but falling short of the 1-billion-tonne
target
 In FY23, output stood at 893.19 million tonnes.
 However, the cumulative production of coal
and lignite surpassed the milestone with a
record 1.04 billion tonnes
 Coal India Ltd (CIL) produced 773.6 million
tonnes of the fossil fuel in FY24, an increase of
10% year-on-year.
 Coal output in March hit an unprecedented 88.6
million tonnes, the highest ever in a month.
 For the current financial year, Coal India has set
an ambitious production and supply target of
838 million tonnes, aligning with the
government's objective to eliminate coal
imports for the power sector by the end of
FY26.
3. Adani Total start biogas production in Barsana,
Uttar Pradesh
 Adani Total Energies Biomass Limited (ATBL)
has commissioned the first phase of its Barsana
BioGas plant in Shre Mataji Gaushala, Mathura,
Uttar Pradesh.
 ATBL is a wholly owned subsidiary of Adani
Total Gas Limited (ATGL).
 Adani Total Gas Limited is a joint venture
between Adani Group and Total Energies of
France.
 The Barsana Biogas Project is being developed
in three phases and will have a total capacity of
600 tonnes per day of feedstock after its
completion.
 The project is expected to generate 42 tonnes
per day of Compressed Biogas (CBG) and 217
tonnes per day of organic fertiliser.
 Bio-CNG, or Compressed Biogas, is an advanced
version of biogas produced from nitrogen-rich
agricultural waste, food waste, or animal waste
like cow dung.
 It is produced in the same way as biogas and
has the same calorific value as Compressed
Natural Gas (CNG).
 To produce Bio-CNG, the biogas is
commercially refined to enhance its methane
content to above 90 per cent.
4. Red sea crisis: Gujarat exporters turn to costly
aerial routes
 Global trade has been severely affected
recently, primarily due to the disruption of one
of the critical shipping routes — through the
Red Sea.
 Global trade faces disruptions due to the Red
Sea crisis, impacting Suez Canal routes and
Gujarat exports.
 Bordering Countries:
 Yemen and Saudi Arabia border the Red Sea to
the east.
 It is bordered by Egypt to the north and west
and by Sudan, Eritrea, and Djibouti to the west.
5. Government Forms 14th Task Force to Explore
Use of Biochar in Steel Production
 The Indian government is establishing a task
force to investigate the potential use of biochar.
 It is a proactive steps to address carbon
emissions in the steel industry.
 With the steel sector contributing significantly
to greenhouse gas emissions, this initiative
aims to reduce carbon intensity and promote
sustainability in steel manufacturing processes.
 The task force is dedicated to exploring the
utilization of biochar and other relevant
products in steel production as a means to
mitigate carbon emissions.
 In March 2023, Union Steel Minister
Jyotiraditya Scindia sanctioned the formation
of 13 task forces
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Current Affairs by Kush Pandey: April 2 2024
 These 13 task forces have concentrated on
different dimensions of green steel production,
encompassing raw materials, technological
advancements, and policy frameworks, as
outlined by the steel ministry.
6. Indian arms exports touch record Rs 21,083 cr
in FY24
 India's defense exports touched a record Rs
21,083 crore (approximately $2.63 billion) in
2023-24, amounting to a growth of 32.5% over
the previous financial year's figure of Rs 15,920
crore
 The recent figures indicate that defence exports
have grown by 31 times in the past 10 years,
when compared to FY14.
 The domestic defence industry, including both
the private sector and defence public sector
undertakings (DPSUs), made tremendous
efforts towards achieving the "highest-ever
defence exports".
 The private sector and DPSUs contributed
about 60 per cent and 40 per cent of the defence
exports, respectively.
 There has been a rise in the number of export
authorisations issued to defence exporters
during FY24.
 From 1,414 export authorisations in FY23, the
number jumped to 1,507 in FY24.
 India's annual defence production was
expected to touch Rs 3 trillion by 2028-29,
while exports of military hardware could reach
Rs 50,000 crore.
MoUs
1. Microsoft and OpenAI Unveil $100 Billion
‘Stargate’ AI Supercomputer
 Microsoft and OpenAI unveil plans for
'Stargate,' a $100 billion AI supercomputer.
Scheduled for completion by 2028, it marks the
culmination of a six-year endeavor.
 This ambitious endeavor, estimated to cost a
staggering $100 billion, represents a significant
leap forward in AI infrastructure and
capabilities.
2. India and Nepal agree to promote Sanskrit
research and education
 The Indian and Nepalese Sanskrit scholars have
agreed to work jointly to promote research and
education of the Sanskrit language.
 This was decided at the end of the three-day
Nepal-India International Sanskrit Conclave
organised in the Nepalese capital, Kathmandu.
 The Niti Anusandhan Pratisthan, Nepal,
organised the three-day conclave in
collaboration with the Central Sanskrit
University, Delhi, and India Foundation, Delhi.
 Over 120 Sanskrit scholars, professors, and
government officials from both neighbouring
countries participated in the conference.
 The prime objective of the international
conference was to strengthen the Nepal-Indian
relations and promote Sanskrit education in
Nepal and India.
Important Dates
1. Utkal Diwas 2024 observed on April 1
 Utkal Diwas, also known as Odisha Day or
Utkala Dibasa, is a significant annual
celebration held in the Indian state of Odisha.
 It is observed on 1st April every year to
commemorate the formation of the state of
Odisha on April 1, 1936.
 Odisha Capital: Bhubaneswar
 Odisha Chief Minister: Naveen Patnaik
Appointments
1. Joyshree Das Verma Becomes New President of
FICCI Ladies Organisation
 Joyshree Das Verma has taken over as the 41st
National President of the FICCI Ladies
Organisation (FLO) for the year 2024-25.
 FLO is the oldest women-led and women-
centric business chamber of South East Asia.
2. UN Appoints Saudi Arabia to Lead Women’s
Rights Forum Despite Criticism
 Saudi Arabia chosen to chair UN Commission
on Status of Women despite criticism.
 Appointment of Saudi Ambassador Abdulaziz
Alwasil sparks outrage.
3. Moushumi Basu Takes Over as New President of
JNU Teachers Association
 The Jawaharlal Nehru University Teachers
Association (JNUTA) has appointed a new team
of office-bearers for the term of 2024-2025
 Moushumi Basu, a professor at the School of
International Studies, has been appointed as
the next JNUTA president.
 Syed Akhtar Husain has been appointed as the
secretary, while Vikas Bajpai and Kaushal
Kishore Chandel have been appointed as vice-
secretaries of JNUTA.
Awards
1. REC wins SKOCH ESG Award 2024 in Renewable
Energy Financing Category
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Current Affairs by Kush Pandey: April 2 2024
 REC Limited, a Maharatna Central Public Sector  Government = Forms = 14th = Task = Force = to
Enterprise under the Ministry of Power and a = Explore = Use = of = Biochar = in = Steel =
leading NBFC, has been bestowed with the Production
SKOCH ESG Award 2024 in the 'Renewable  Microsoft = and = OpenAI = Unveil = $100 =
Energy Financing' category. Billion = ‘Stargate’ = AI = Supercomputer
 The award underscores REC's dedication to  India = and = Nepal = agree = to = promote =
sustainable financing, paving the way for a Sanskrit = research = and = education
greener future and accelerating the transition
to renewable energy.
News Connector
 SBI = Mutual = Fund = Acquires = 3% = Stake =
in = Savita = Oil = Technologies
 GST = collections = hit = Rs = 1.78 = trillion = in
= March, = the = second = highest = ever
 Over = 80 = million = people = worked = under
= MGNREGA = in = FY24
 Salaried = workers' = real = wages = dropped =
between = 2012 = and = 2022: = ILO = study
 India = Inc's = credit = quality = remains =
healthy = in = H2FY24: = Rating = agencies
 Reserve = assets = surge = by = USD34.8 =
billion, = net = claims = of = NRI = declined = by
= USD12.2 = billion
 GoI = approved = Bonus = for = PLI = & = RPLI
= Scheme = for = FY25
 IEA = launched = Clean = Energy = Transitions
= Programme = annual = report = 2023
 Romania = and = Bulgaria = Partially = Join =
Schengen = Area
 22 = New = Products = Added = to =
Geographical = Indication = (GI) = Registry
 India's = record = coal = output = tad = shy = of
= 1 = billion = tonne = target
 Adani = Total = start = biogas = production = in
= Barsana, = Uttar = Pradesh
 Indian = arms = exports = touch = record = Rs =
21,083 = cr = in = FY24
 Microsoft = and = OpenAI = Unveil = $100 =
Billion = ‘Stargate’ = AI = Supercomputer
 Utkal = Diwas = 2024 = observed = on = April =
1
 Joyshree = Das = Verma = Becomes = New =
President = of = FICCI = Ladies = Organisation
 UN = Appoints = Saudi = Arabia = to = Lead =
Women’s = Rights = Forum = Despite =
Criticism
 India = and = Nepal = agree = to = promote =
Sanskrit = research = and = education
 Moushumi = Basu = Takes = Over = as = New =
President = of = JNU = Teachers = Association
 Red = sea = crisis: = Gujarat = exporters = turn
= to = costly = aerial = routes