Current Affairs 27 April 2024

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Current Affairs 27 April 2024

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1.SJVN Limited inaugurates India’s 1st Multipurpose Green Hydrogen Pilot Project
  • India takes a significant step in renewable energy with the inauguration of its first multi-purpose green hydrogen pilot project at the 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal Pradesh’s Jhakri. Spearheaded by Satluj Jal Vidyut Nigam (SJVN), the project aims to produce green hydrogen through renewable energy sources.
  • The project features a 20Nm3/hr electrolyzer and 25kW fuel cell capacity-based green hydrogen pilot system. It is the nation’s first multi-purpose green hydrogen generation plant, serving both electricity generation and the high-velocity oxygen fuel (HVOF) coating facility of NJHPS.
Foot Note:
About SJVN:
CMD  – Geeta Kapur
Headquarters- Shimla
Established in 1988 
 
2. India’s IFSCA & Kuwait’s CMA signed MoU for Information Sharing
  • International Financial Services Centres Authority(IFSCA) of India signed a Memorandum of Understanding(MoU) with Capital Markets Authority (CMA) of Kuwait to share information regarding technologies and innovation within the financial and regulatory ecosystem The MoU was signed on the sidelines India-Kuwait Investment Conference 2.0 held in Kuwait City, Kuwait.
  • This partnership aims to boost the development of financial market in both India and Kuwait. The conference was organised by Embassy of India in Kuwait in collaboration with Indian Business and Professional Council(IBPC), with the support of Union Investment of Companies(UIC) and Kuwait Chamber of Commerce and Industry(KCCI).
Foot Note:
About IFSCA:
Chairman- K. Rajaraman
Headquarters- GIFT City, Gujarat
Established : 2020
About Kuwait:
Prime Minister : Sheikh Dr. Muhammad Sabah Al-Salem Al-Sabah
Capital- Kuwait City
Currency- Kuwaiti Dinar
 
3. U.S. Places India on Priority Watch List for IP Protection
  • In the recently released 2024 Special 301 Report by the U.S. Trade Representatives (USTR), India finds itself on the Priority Watch List for intellectual property (IP) protection and enforcement. This decision comes amidst ongoing concerns regarding India’s handling of IP security issues.
  • India faces significant challenges in its patent system, with applicants encountering lengthy waiting periods and excessive reporting requirements. Moreover, there are concerns regarding the potential threat of patent revocations, lack of presumption of patent validity, and narrow patentability criteria under the Indian Patents Act, which pose burdens across various sectors.
4. Aramco and FIFA Forge Global Partnership
  • In a groundbreaking announcement, Saudi Arabia’s oil behemoth, Aramco, and the international football governing body, FIFA, have joined forces in a strategic global partnership. The deal, spanning until 2027, designates Aramco as FIFA’s Major Worldwide Partner exclusively in the energy sector, encompassing sponsorship rights for marquee events including the FIFA World Cup 2026 and the FIFA Women’s World Cup 2027.
  • Aramco’s President & CEO, Amin Nasser, emphasized the company’s commitment to leveraging sports, particularly football, as a vehicle for societal impact and community development. This collaboration underscores Aramco’s broader investment in sports, exemplified by their ownership of Al-Qadsiah football team and endeavors in women’s golf and Formula 1 initiatives.
Foot Note:
About Aramco:
Headquarters: Dhahran, Saudi Arabia
CEO: Amin H. Nasser
Founded : 1933
Founders : Lloyd N. Hamilton
About FIFA:
Headquaters:29 May 2007
Chairman: Gianni Infantino
 
5. Gem and Jewellery Sector Granted AEO Status by Indian Government
  • The Gem & Jewellery Export Promotion Council (GJEPC) announces a significant milestone for India’s Gem and Jewellery (GJ) industry as it receives Authorized Economic Operator (AEO) status from the Ministry of Finance. This status, previously denied, now facilitates smoother export-import processes, reduces cargo release times, and lowers bank guarantees by 50%, aiming to enhance ease of doing business.
  • Initially excluded from the AEO program, the GJEPC’s persistent engagement with relevant Ministries successfully advocates for the gem and jewellery industry’s inclusion. The Ministry of Finance now extends eligibility for AEO participation to units within the sector, enabling them to capitalize on associated benefits.
6. Sana Mir Named Ambassador of ICC Women’s T20 World Cup Qualifier
  • The International Cricket Council (ICC) has announced the appointment of Pakistan cricket legend Sana Mir as the ambassador for the upcoming ICC Women’s T20 World Cup Qualifier. Mir, who represented Pakistan in 226 international games, with 137 of them as captain, will bring her invaluable experience to the event.
  • The Women’s T20 World Cup Qualifier will witness 10 teams battling it out for two coveted spots at the ICC Women’s T20 World Cup 2024 in Bangladesh. The teams have been divided into two groups of five, with the top two from each group progressing to the semi-finals. The winners of the semi-finals will secure their place in the T20 World Cup later this year.
7. NIPFP Forecasts India’s FY25 GDP Growth at 7.1%
  • The National Institute of Public Finance and Policy (NIPFP) predicts India’s GDP growth for the fiscal year 2024-25 to be 7.1%. Utilizing high-frequency models, NIPFP underscores the government’s fiscal consolidation efforts, emphasizing tax buoyancy and compression of revenue expenditure.
  • In the fiscal year 2023-24, states witness robust capital expenditure (capex) growth, attributed to substantial transfers from the central government. This highlights the effective utilization of resources at the state level, contributing to economic expansion.
Foot Note :
About NIPFP :
Headquaters : New Delhi
Chairman : Urjit Patel
Established : 1976
 
8. India’s Gita Sabharwal Appointed as the UN Resident Coordinator in Indonesia
  • Gita Sabharwal of India took charge as the United Nations (UN) Resident Coordinator (UN RC) in the Republic of Indonesia. She succeeded Valerie Julliand of France, who held the post since October 2020. Prior to the appointment, Gita Sabharwal was serving as the UN RC in Thailand (since 2020) and as Peacebuilding and Development Advisor at the UN in Sri Lanka.
  • She has an extensive experience of nearly 3 decades in development supporting climate transition, sustainable peace, governance and social policy. Before joining the UN, she served as The Asia Foundation’s Deputy Country Representative for the Maldives and Sri Lanka. She also worked as the Poverty and Policy Advisor for the United Kingdom’s Department for International Department in India and VietNam.
9. Narsingh Yadav Elected Chairman of WFI Athletes Commission
  • The Wrestling Federation of India (WFI) has completed the process mandated by the United World Wrestling (UWW), the global governing body for the sport. As a condition for lifting the suspension of WFI, UWW had instructed the federation to establish an Athletes Commission to address the grievances of wrestlers.
  • Narsingh Yadav, a former Commonwealth Games gold medalist, came into the limelight before the 2016 Olympic Games. Olympic medalist Sushil Kumar had requested a trial match against Narsingh, as Sushil could not participate in the qualification tournament due to injury.
Foot Note:
About WFI:
Headquaters : New Delhi
Chairman : medalist Narsingh Pancham Yadav
Founded : 1958
 
10. World Day for Safety and Health at Work 2024 Observed on 27th April
  • The World Day for Safety and Health at Work is an annual international campaign observed on April 28th to promote safe and healthy working conditions for all workers. This day aims to raise awareness of the importance of occupational safety and health and to honour those who have suffered injuries, illnesses, or lost their lives due to work-related accidents or diseases.
  • The World Day for Safety and Health at Work was first celebrated in 2003 by the International Labour Organization (ILO), a specialized agency of the United Nations. The ILO recognized the need for a global initiative to address the growing concerns over occupational hazards and the alarming number of work-related accidents and illnesses.
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