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Ministry of Shakti Sustainable During the opening ceremony of Critical

Mines Energy Foundation Minerals summit held in New Delhi,
Delhi. The main aim of the MoU is to
Secretary of Mines VL Kantha Rao inaugurated facilitate knowledge support in the area
the ‘Critical Minerals Summit: Enhancing of Critical Minerals that are important
Beneficiation and Processing Capabilities’ for India’s economic development,
which took place at the India Habitat Centre in national security and low-carbon energy
Lodhi Estate, New Delhi, from April 29th to transition.
April 30th, 2024.

➢ At the summit, 8 key minerals were identified as key focus areas. The summit was
designed to foster collaboration, share knowledge and promote innovation in the field of
critical minerals beneficiation and processing.

The Army Dental Centre of Research & Referral (ADC R&R), Delhi, a specialist dental care
raised on May 1, 1999, commemorated its 25th anniversary (Silver Jubilee). During the event,
a Special Postal Cover by the Army Postal Service was unveiled by Lieutenant General MK
Katiyar, General Officer Commanding in Chief (GoC-in-C), Western Command.
➢ The ‘Major General RN Dogra Memorial Oration’, an annual event to commemorate the
raising day of ADC R&R was delivered by Major General GK Thapliyal on “India that is
Bharat”.

RailTel Corporation Mohali (Punjab)- To explore and deliver train collision

of India Limited based Quadrant avoidance system ‘KAVACH’
(RailTel) Future Tek Limited implementation projects in India and
other countries.
➢ This MoU provides a framework for Quadrant to partner exclusively with RailTel on
delivering the specific targeted opportunity related to KAVACH. Quadrant is set to receive
final approval by the Research Design and Standards Organisation (RDSO) as an OEM
(original equipment manufacturer) for the KAVACH project.

Comptroller and Toyam Raya, To enhance collaboration and exchange of

Auditor General (CAG) Auditor expertise in the field of auditing between
of India, Girish Chandra General of Supreme Auditing Institutions (SAIs) of
Murmu Nepal India and Nepal.
➢ The agreement marks a major milestone which will help in bolstering ties and
collaboration among the SAIs of India and Nepal.

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The Securities and Exchange Board of India (SEBI) approved amendments to SEBI (Mutual
Funds) Regulations, 1996 to enhance the existing regulatory framework by mandating Asset
Management Companies (AMCs) to execute a strong “institutional mechanism” to curb
fraudulent practices like front-running and insider trading.
➢ SEBI has allowed Foreign Portfolio Investors (FPIs) established in Gujarat International
Finance Tec-City (GIFT City), Gujarat to accept unlimited investments from Non-Resident
Indians (NRIs). More Details

According to the inaugural ‘Aging Well in Asia: Asian Development Policy Report‘ released by
the Asian Development Bank (ADB) on 2nd May 2024, India has the lowest health insurance
coverage among older people standing at only 21%.While, South Korea and Thailand, have
already achieved universal health coverage.
➢ The report emphasizes the urgency for India to expand universal health coverage to
support its rapidly aging population and maintain growth momentum. The aging
population in Asia and the Pacific is set to nearly double by 2050 to 1.2 billion or 25.2% of
the regional population from 13.5% in 2022, emphasizing the need for pension, welfare,
and healthcare programs.

Securities and Exchange Board of India (SEBI) issued a directive and has mandated that any
person or entity involved in the distribution of Portfolio Management Services (PMS) should
obtain registration with Association of Portfolio Managers in India (APMI). The decision
aimed to give boost to Ease of Doing Business initiatives for Portfolio Managers.
➢ This will come into effect from 1st January 2025 and APMI will issue the criteria for
registration of distributors by 1st July 2024.
➢ SES ESG Research Private Limited, 100% subsidiary of Stakeholders Empowerment
Services (SES), received the ‘Certificate of Registration as an Environmental, Social and
Governance (ESG) Rating Provider’ (ERP) from SEBI to commence the business of ERP.
SES ESG Research will function as a Category-2 provider of ESG Ratings with effect from
25th April 2024.

According to “OECD Economic Outlook, Volume 2024 Issue 1”, Paris(France) based
Organisation for Economic Co-operation and Development (OECD) has raised India’s GDP
(Gross domestic product) growth forecast for FY25 (2024-25) by 40 basis points (bps) to 6.6%
from 6.2% projected earlier. Global GDP growth is projected at 3.1% in 2024 and 3.2% in 2025
supported by factors including stronger real income growth and lower policy interest rates.
➢ India’s GDP is projected at 7.8% in FY24, and around 6.5% in both FY25 and FY26, driven
by strong investment despite sluggish private consumption.

A wildlife biologist from Assam, Dr Purnima Devi Barman has been honoured with Whitley
Gold Award 2024 aka ‘Green Oscar’ by the Whitley Fund for Nature (WFN) at a Royal
Geographical Society awards ceremony in London, United Kingdom (UK). The award

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acknowledged her conservation efforts of the endangered Greater Adjutant Stork (known
locally as ‘Hargila‘ in Assamese) and its wetland habitat.
➢ The award, worth Great British Pound (GBP) 100,000 for project funding, supports
grassroots conservation leaders from around the world. The 2024 Whitley Award
conferred upon 6 individuals. The last winner from India for this award was in 2021.
Nuklu Phom (Nagaland) won for Sustainable Communities. More Details

The Appointment Committee of the Cabinet (ACC) has approved the appointment of Sanjaya
Kumar Mishra, the former Chief Justice (CJ) of the High Court (HC) of Jharkhand, as the
President of Goods and Services Tax Appellate Tribunal (GSTAT). He will hold the post for 4
years from the date of his assuming charge or till attaining the age of 70 years, whichever is
earlier.
➢ The Government of India established the GSTAT to facilitate the resolution of disputes
within the business sector. GSTAT aims to commence the operations from 1st July 2024.
GSTAT will comprise one Principal Bench in Delhi to handle inter-state disputes; and 31
State benches to take up all other issues, including rates across various locations
nationwide.

The Competition Commission of India (CCI) has approved the acquisition of 15.43%
shareholding by Sanyo Special Steel Co. Ltd (Sanyo) in Sanyo Special Steel Manufacturing
India Private Limited (SSMI) from Mitsui & Co. Ltd. Sanyo, based in Japan, is a global
manufacturer of steel products. It is part of the Nippon Steel Corporation Group.
➢ SSMI, a joint venture (JV) company between Mahindra & Mahindra Limited (India),
Sanyo (Japan), and Mitsui & Co., Ltd. (Japan), was incorporated in 2012. SSMI is engaged
in manufacturing forged products, hot-rolled products, and cast products. Currently, it
operates as a subsidiary of Sanyo.

China National Space Administration (CNSA) successfully launched an uncrewed lunar

probe, namely “Chang’e-6,” through Long March- 5 Y8 carrier rocket from the Wenchang
Space Launch Center in the southern province of Hainan, China. The name of the mission
‘Chang’e’ is inspired from the name of Chinese Goddess moon.
➢ Aim: It is the world’s first mission to collect and bring back samples from the far side of
the moon.
➢ The spacecraft will land at Apollo Basin (an oldest known impact crater), located in
South Pole –Aitken Basin on the far side of the moon. The entire duration of mission is
expected to about 53 days. The spacecraft has 4 main components which are: an orbiter,
a lander, a ascender and a returner. It also carries a miniature satellite named “ICUBE-
QAMAR cubesat” from Pakistan.

India is set to host the Badminton World Federation (BWF) World Junior Championships
2025 at the Badminton Association of India’s (BAI) National Centres of Excellence (NCOE) in
Guwahati, Assam. This marks the return of the World Junior Championships to India for the

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first time since 2008. Previously, the 2008 World Junior Championships was held in Pune,
Maharashtra.
➢ The BWF Men’s & Women’s World Team Championships 2026 (Thomas Cup & Uber Cup)
will be hosted by Horsens, Denmark. Denmark is set to host the event for the second
time. Previously, Thomas Cup & Uber Cup 2021 was hosted in Aarhus, Denmark.

May 2, 2024 The United Nations (UN)’s World Tuna Day is

annually observed across the globe to spread
Family: Scombridae; Tribe: Thunnini awareness of the importance of tuna, one of
(the group considered true tunas) the most economically important fish species.
It play a vital roles in food composition and
Tunas are extraordinary marine animals nutrition of humans. The day underscores the
and are one of the most commercially importance of sustainable fishing practices to
valuable fish. Tuna is rich in Omega-3, preserve the balance of marine ecosystems;
minerals, proteins, and vitamin B12.

May 3, 2024 The United Nations (UN)’s World Press

Freedom Day is annually observed across the
globe to celebrate the fundamental principles
Theme: “A Press for the Planet: of press freedom and evaluate press freedom
Journalism is the Face of the worldwide. 3rd May 2024 marks the 31st
environmental crisis.” anniversary of World Press Freedom Day. The
celebration of World Press Freedom Day is led
by the United Nations Educational, Scientific
and Cultural Organization (UNESCO).

Adani Energy Solutions arm to acquire 100% stake in Pointleap Projects

Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executive

RBI imposes monetary penalty on Satara Sahakari Bank Limited

EZTax Launched India's 1st AI-Enabled Income Tax Filing Mobile App

Reggie Miller, Predrag Stojakovic selected into 2024 FIBA Hall of Fame

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AFFAIRSCLOUD TODAY
Current Affairs 4 May 2024 : Headlines

Ministry of Mines Signed a MoU with Shakti for Sharing Knowledge in Critical Minerals
Army Dental Centre Research and Referral Releases Special Postal Cover for “Silver Jubilee”
Celebration
RailTel and Quadrant Future Tek signed MoU to implement KAVACH Globally
CAG of India Signed MoU with Auditor General of Nepal to Enhance Audit Expertise
SEBI Amends Mutual Fund Regulations to Curb Fraudulent Practices
India has Low Health Insurance Coverage for Older Citizens: ADB report
SEBI Made Mandatory Registration of PMS Distributors with APMI
OECD Revised India’s GDP Growth Forecast for FY25 to 6.6%
Assam Conservationist Dr Purnima Devi Barman wins Whitley Gold Award 2024
ACC Appoints Sanjaya Kumar Mishra as President of GSTAT
CCI Approves Acquisition of Sanyo Special Steel’s 15.43% Stake in SSMI
China Successfully Launches ‘Chang’e-6,’ World’s 1st Mission to Bring Samples from Moon
India to host BWF World Junior Badminton Championships 2025 in Guwahati
World Tuna Day 2024 – May 2
World Press Freedom Day 2024 – May 3

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NATIONAL AFFAIRS
Ministry of Mines Signed a MoU with Shakti for Sharing Knowledge in Critical Minerals
The Ministry of Mines signed a Memorandum of Understanding (MoU) with Shakti Sustainable Energy
Foundation during the opening ceremony of Critical Minerals summit held in New Delhi, Delhi.

• Key Partners in the MoU are: Ministry of Mines, Shakti Sustainable Energy Foundation(Shakti),
Council on Energy, Environment and Water(CEEW) and The Energy and Resources
Institute(TERI).
Aim:The main aim of the MoU is to facilitate knowledge support in the area of Critical Minerals that are
important for India’s economic development, national security and low-carbon energy transition.
Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities
Secretary of Mines VL Kantha Rao inaugurated the ‘Critical Minerals Summit: Enhancing Beneficiation
and Processing Capabilities’ which took place at the India Habitat Centre in Lodhi Estate, New Delhi,
from April 29th to April 30th, 2024.
• The summit was organised by the Ministry of Mines in partnership with Shakti, CEEW, and
International Institute for Sustainable Development (IISD).
Key Points:
i.At the summit, 8 key minerals were identified as key focus areas: Glauconite(Potash), Lithium-Rare
Earth elements(Laterite), Chromium, Platinum group, Graphite, Tungsten associated with Graphite, Rare
Earths(REs), and Vanadium
ii.The summit was designed to foster collaboration, share knowledge and promote innovation in the field
of critical minerals beneficiation and processing.
iii.The summit addressed the urgent need for securing a domestic supply of Critical Raw
Minerals(CRMs) required for Renewable Energy systems and Electric Vehicles.
About Ministry of Mines:
Union Minister: Pralhad Joshi(Lok Sabha constituency: Dharwad, Karnataka)

Army Dental Centre Research and Referral Releases Special Postal Cover for “Silver Jubilee”
Celebration
On May 1, 2024, the Army Dental Centre of Research & Referral (ADC R&R), Delhi, a specialist dental care
raised on May 1, 1999, commemorated its 25th anniversary (Silver Jubilee). During the event, a Special
Postal Cover by the Army Postal Service was unveiled by Lieutenant General MK Katiyar, General Officer
Commanding in Chief (GoC-in-C), Western Command.
• The ‘Major General RN Dogra Memorial Oration’, an annual event to commemorate the raising
day of ADC R&R was delivered by Major General GK Thapliyal on “India that is Bharat.”

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Note:
ADC R&R is the largest dental establishment of the Armed Forces, offering post-graduate (PG) training in 5
specialities of dentistry.

RailTel and Quadrant Future Tek signed MoU to implement KAVACH Globally
RailTel Corporation of India Limited (RailTel) signed a Memorandum of Understanding (MoU) with Mohali
(Punjab)-based Quadrant Future Tek Limited to explore and deliver train collision avoidance system
‘KAVACH’ implementation projects in India and other countries.
• This MoU provides a framework for Quadrant to partner exclusively with RailTel on delivering
the specific targeted opportunity related to KAVACH.
• Quadrant is set to receive final approval by the Research Design and Standards Organisation
(RDSO) as an OEM (original equipment manufacturer) for the KAVACH project.
KAVACH is an indigenously developed automatic train protection (ATP) system of the Indian Railways. It
was adopted as a ”National ATP System” by the Ministry of Railways in July 2020.
Note: RailTel, incorporated in September 2000, is a “Mini Ratna (Category-I)” Central Public Sector
Enterprise(CPSE) under the Ministry of Railways.

INTERNATIONAL AFFAIRS
CAG of India Signed MoU with Auditor General of Nepal to Enhance Audit Expertise
The Comptroller and Auditor General(CAG) of India, Girish Chandra Murmu signed a Memorandum of
Understanding (MoU) with Toyam Raya, Auditor General of Nepal, to enhance collaboration and exchange
of expertise in the field of auditing between Supreme Auditing Institutions (SAIs) of India and Nepal.

Significance:
i.The agreement marks a major milestone which will help in bolstering ties and collaboration among the
SAIs of India and Nepal.
ii.Through this MoU, a platform will be established for the exchange of knowledge and experience amongst
auditing professionals and technical teams through collaboration in training programs and mutual
assistance in conducting audit.
Note: The MoU was signed on the sideline of Girish Chandra Murmu’s official visit to Nepal on 2nd May,
2024.
• During his visit, he met several important high-ranking officials : Pushpa Kamal Dahal
‘Prachanda’, Prime Minister (PM) of Nepal and Barsha Man Pun, Finance Minister of Nepal,
among others.
About Nepal:
Capital: Kathmandu
President: RamChandra Paudel

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Prime Minister: Pushpa Kamal Dahal “Prachanda”

Currency: Nepalese Rupee(NPR)

BANKING & FINANCE

SEBI Amends Mutual Fund Regulations to Curb Fraudulent Practices
The Securities and Exchange Board of India (SEBI) approved amendments to SEBI (Mutual Funds)
Regulations, 1996 to enhance the existing regulatory framework by mandating Asset Management
Companies (AMCs) to execute a strong “institutional mechanism” to curb fraudulent practices like front-
running and insider trading.

Note:
• SEBI has taken these decisions after encountering front-running practices in Axis AMC and Life
Insurance Corporation.
• The decision was taken during the 205th meeting of the SEBI board held in Mumbai,
Maharashtra.
Features of the Institutional Mechanism:
This Institutional mechanism will involve,
i.Use of technology and data analysis to detect trading activity for doubtful patterns.
ii. Implementing stricter internal policies to prevent
misconduct by employees, dealers, and associated
entities.
iii. Formulating clear guidelines for reporting and
enquiring into suspected misconduct.
iv.The AMC Management according to SEBI will be held
responsible for ensuring that the institutional
mechanism works effectively.
v.AMCs are also required by SEBI to execute a system
through which employees can anonymously report
misconduct within the company.
Note: SEBI will specify the broad framework of the
institutional mechanism and the Association of Mutual
Funds in India (AMFI) will detail the standards for such
an institutional mechanism.
Addressing challenges with recording:
i.SEBI Board has approved that the recording of face-to-face communication, including interactions
outside the office during market hours, will be waived for dealers and fund managers.
ii.This will be executed only after the AMCs successfully implement the institutional mechanism.

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iii.Previously, SEBI required recording all communication by dealers and fund managers. Concerns were
raised about the burden on AMCs and the potential for employee departures.
What is Front Running?
i.Front Running is the illegal practice of using non-public information to trade securities, options, futures
contracts, or other assets before the information becomes public.
ii.Brokers have access to information related to the orders of investors in advance. The illegal use of this
information to trade to obtain profits is called Front running.
Increased investment flexibility for passive funds:
i.Currently, mutual fund schemes are not allowed to invest over 25% of their net asset value (NAV) in
group companies of the sponsor.
ii.SEBI has raised the investment limit for Index Funds and Exchange-Traded Funds (ETFs) in companies
belonging to the sponsor group from 25% to 35% of their total assets.
iii.This allows passive funds to better mimic the underlying index they track, especially if the index has a
high weighting of sponsor group companies (more than 25%).
SEBI allows FPIs in GIFT City to take more investments from NRIs & OCIs
SEBI has allowed Foreign Portfolio Investors (FPIs) established in Gujarat International Finance Tec-
City(GIFT City), Gujarat to accept unlimited investments from Non-Resident Indians (NRIs).
• A 100% contribution limit will be made available subject to the FPI submitting copies of
Permanent Account Number (PAN) cards of all their NRI/OCI individual constituents, and their
economic interest in the FPI.
Note:
i.Prior to this, NRIs and Overseas Citizens of India (OCIs) could invest only up to 50% in FPIs.
ii.At present, the combined holdings of NRIs and OCIs in a global fund must be less than 50% while that of
a single NRI or OCI is capped at 50%.
iii.This will ensure that the NRI route is not used to circumvent rules such as the 25% minimum public
shareholding requirement.
Other Amendments:
i.The SEBI Board has approved a proposal to allow the Venture Capital Funds (VCFs) to migrate to the
Alternative Investment Fund Regulatory Framework due to the difficulties faced by VCFs registered under
the legacy VCF regulations in fully liquidating their investment in the scheme during the said period. This
migration will allow them to take advantage of the provisions on managing unliquidated investments in
the AIF framework.
ii.On debt securities, the SEBI board approved a proposal wherein the issuers can issue non-convertible
debentures (NCDs) and non-convertible redeemable preference shares (NCRPS) through the private
placement mode at a reduced face value of Rs 10,000 along with the need to appoint a merchant banker.
About The Securities and Exchange Board of India (SEBI):
SEBI is a statutory body and a market regulator, that controls the securities market in India.
It was constituted as a non-statutory body on 12th April 1988 and was established as a statutory body in
1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra

India has Low Health Insurance Coverage for Older Citizens: ADB report
According to the inaugural ‘Aging Well in Asia: Asian Development Policy Report‘ released by the Asian
Development Bank (ADB) on 2nd May 2024, India has the lowest health insurance coverage among older
people standing at only 21%.
• While, South Korea and Thailand, have already achieved universal health coverage.

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• The report emphasizes the urgency for India to expand universal health coverage to support its
rapidly aging population and maintain growth momentum
What is in the report?
The report examines progress in Asia and the Pacific in preparing for and achieving well-being among
older people.
It explores 4 dimensions of well-being: health, productive work, economic security, and social engagement.
Key Findings:
The dataset on older people in nine economies in developing Asia found that,
i.On average 57% of older people have at least one diagnosed noncommunicable disease (NCD), but only
40% receive regular health checks and 43% of older people with functional limitation lack long-term care.
ii.Up to 94% of workers aged 65+ in Asia are employed in the informal sector.
The coverage of social pensions is significantly higher than that of contributory pensions, reaching 46% of
older persons, on average.
Highlights:
i.The aging population in Asia and the Pacific is set to
nearly double by 2050 to 1.2 billion or 25.2% of the
regional population from 13.5% in 2022, emphasizing
the need for pension, welfare, and healthcare programs.
• The report urged Governments to invest in
health, education, skills, and retirement
preparedness.
ii.The new financial preparedness index shows the share
of financially prepared near-old people are as high as
86% in Japan and 73% in India. It is lower in China and
South Korea at 64% and 58% respectively.
iii.In India, China, and South Korea, 80-90% of
retirement finances come from private income and
assets, not public pensions or social assistance.
iv.The report notes that from 2022 to 2050, life
expectancy at age 60 is forecasted to increase by 3.7 years for women and 4.1 years for men, raising the
average regional life expectancy at age 60 to 25.3 years for women and 22.3 years for men.
v.Older women in India expected to see highest life expectancy increase (6.4 years), followed by
Kazakhstan; Georgia; and Hong Kong, China at 4.6 years.
• For older men, Armenia will top at 6.1 years, followed by India (5.7 years) and Georgia (5.2
years).
vi.40% of people over 60 in Asia-Pacific lack pension access, with women disproportionately affected due
to unpaid domestic work.

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vii. The average labor force participation rate for people aged 65 and over was 32.0% for men, and 15.2%
for women.
Indian Scenario:
i.India is enhancing health insurance for older citizens through schemes like Ayushman Bharat, which
covers the bottom quartile.
Insurance Regulatory and Development Authority of India (IRDAI) removed the age limit of 65 for buying
health insurance with effect from 1st April 2024, aiming for a more inclusive healthcare system.
ii.But, apart from above, India also needs to extend essential services to optimize older people’s physical
and functional capacity.
• In Bangladesh, Indonesia, and India, over half of those lacking healthcare access are in the
bottom two wealth quintiles.
iii.Notably, India’s economic growth impact from aging population in 2031-2040 is expected to be lower
due to its young population demographs.
Recent Related News:
i.The Department of Economic Affairs (DEA) of Ministry of Finance (MoF) and ADB has signed a USD 200
million loan agreement (Ordinary Operations) for the ‘Climate Resilient Brahmaputra Integrated Flood
and Riverbank Erosion Risk Management(FRERM) Project in Assam’.
ii.ADB has appointed Mio Oka as its new Country Director for India.Mio Oka will take over from the
incumbent Takeo Konishi who has been elevated as ADB Director General for South Asia.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members– 68 members (49 are within Asia and the Pacific and 19 outside)

SEBI Made Mandatory Registration of PMS Distributors with APMI

On 2nd May 2024, Securities and Exchange Board of India(SEBI) issued a directive and has mandated that
any person or entity involved in the distribution of Portfolio Management Services (PMS) should obtain
registration with Association of Portfolio Managers in India(APMI).

• The decision aimed to give boost to Ease of Doing Business initiatives for Portfolio Managers.
• This will come into effect from 1st January 2025 and APMI will issue the criteria for
registration of distributors by 1st July 2024.
Key Points:
i.As per SEBI directives, Portfolio Managers should ensure that any person or entity engaged in
distribution of its services has obtained the registration with APMI. This will facilitate collective oversight
of PMS distributors at the industry level
ii.Portfolio Managers have been asked to ensure that any person or entity engaged in the distribution of its

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services has obtained registration with APMI

iii.Portfolio managers are required to ensure that distributors follow the code of conduct specified under
portfolio managers’ rules.
Background:
i.A working group was constituted to review the present regulatory framework under SEBI (Portfolio
Managers) Regulations, 2020 and recommend measures to promote ease of doing business.
ii.At present, person or entity engaged by a portfolio
managers to act as distributor of PMS are required to
get the certification from the National Institute of
Securities Markets(NISM).
Benefits:
i.This will help in improving the overall efficiency and
transparency of the PMS sector.
ii.It will ensure simplified compliance process, access to
industry data, expedited the grievance redressal
mechanism, among others.
Additional info:
This is in line with the practice followed in the Mutual
Fund(MF) industry. The MF distributors are required to
register with Association of Mutual Funds in
India(AMFI) and get the AMFI Registration
Number(ARN) for providing distribution services.
SES ESG Research received CoR as ESG Rating Provider from SEBI
SES ESG Research Private Limited, 100% subsidiary of Stakeholders Empowerment Services(SES),
received the ‘Certificate of Registration as an Environmental, Social and Governance(ESG) Rating Provider’
(ERP) from SEBI to commence the business of ERP.
• SES ESG Research will function as a Category-2 provider of ESG Ratings with effect
from 25th April 2024.
• This development will enable SES to transfer its ESG business to SES ESG Research.
Key Points:
i.SES published its first ESG Rating in 2019 based on FY 2018 data. At present its coverage has increased to
over 500 companies.
ii.SES in partnership with National Stock Exchange(NSE) will supply ESG Ratings data to NSE for their
indices.
About Securities and Exchange Board of India (SEBI):
Chairman- Madhabi Puri Buch
Headquarter- Mumbai, Maharashtra
Established- 1992

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ECONOMY & BUSINESS

OECD Revised India’s GDP Growth Forecast for FY25 to 6.6%
According to “OECD Economic Outlook, Volume 2024 Issue 1”, Paris(France) based Organisation for
Economic Co-operation and Development (OECD) has raised India’s GDP (Gross domestic product)
growth forecast for FY25 (2024-25) by 40 basis points (bps) to 6.6% from 6.2% projected earlier.
• Global GDP growth is projected at 3.1% in 2024 and 3.2% in 2025 supported by factors
including stronger real income growth and lower policy interest rates.

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Key Points:
i.India’s GDP is projected at 7.8% in FY24, and around 6.5% in both FY25 and FY26, driven by strong
investment despite sluggish private consumption.
• Notably, GDP growth will remain in line with 20-year average in FY26.
ii.Domestic demand will be fueled by gross capital formation, particularly in the public sector, while
private consumption growth remains slow.
iii.There is continued growth in exports, particularly in services like Information Technology (IT) and
consulting. This is also supported by foreign investment.
iv.On the other hand, challenges include new supply chain disruptions, food inflation due to extreme
weather, and global financial market fluctuations.
• India’s Inflation is expected to improve, with estimates of 4.3% in FY25 and 4.2% in FY26,
despite sticky food inflation.
v.The 2024 Interim Union Budget aims for consolidation, setting a fiscal deficit target at 5.1% of GDP for
FY25. OECD recommended that emphasis should be on addressing indebtedness through increased
revenues, spending efficiency, and stronger fiscal rules.

AWARDS & RECOGNITIONS

Assam Conservationist Dr Purnima Devi Barman wins Whitley Gold Award 2024
On May 1, 2024, a wildlife biologist from Assam, Dr Purnima Devi Barman has been honoured
with Whitley Gold Award 2024 aka ‘Green Oscar’ by the Whitley Fund for Nature (WFN) at a Royal
Geographical Society awards ceremony in London, United Kingdom (UK).

• The award acknowledged her conservation efforts of the endangered Greater Adjutant
Stork (known locally as ‘Hargila‘ in Assamese) and its wetland habitat.
• The award, worth Great British Pound (GBP) 100,000 for project funding, supports grassroots
conservation leaders from around the world.

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• She received the trophy from charity patron Princess Anne – the Princess Royal, the sister of
King Charles III.
Note:
Hargila, with a wingspan of 2.4 meters and reaching heights of 1.2 meters, constructs nests up to 1 meter
wide as chicks mature. Despite its size, the bird positively contributes to ecosystem health by recycling
nutrients, serving as a crucial ecological pillar in Assam’s wetlands.
• Hargila means ‘bone-swallower’ in Assamese.
About Dr Purnima Devi Barman:
i.Purnima Devi known as ‘Hargila Baideu (Sister of Storks)’, her efforts in saving the Hargila resulted in
their population increasing from 450 to over 1,800 in Northeast India.
• She transformed local attitudes, mobilized primarily women to protect nests, and collaborated
with her team at Aaranyak wildlife NGO (Non Governmental Organization).
ii.She intends to establish a collaborative network of WFN affiliates, students, scientists, and policymakers
to advance conservation education and knowledge exchange.
• Her Scaling up efforts include providing conservation education to more than 20,000 Assamese
students, and a knowledge exchange program between Bihar University and the University of
Assam.
iii.She also won Whitley Award in 2017 (Terrestrial,Wetland, Wetland and Freshwater), along
with Sanjay Gubbi (Terrestrial).
Other Winners:
The 2024 Whitley Award conferred upon 6 individuals:

Winner Country Project Type

Naomi Longa Papua New Guinea Marine

Raju Sharma Nepal Terrestrial

Aristide Kamla Cameroon Wetland and Freshwater

Kuenzang Dorji Bhutan Terrestrial

Fernanda Abra Brazil Terrestrial

Leroy Ignacio Guyana Terrestrial

• The last winner from India for this award was in 2021. Nuklu Phom (Nagaland) won for
Sustainable Communities.
• The winners receive GBP 40,000 in project funding over one year, in addition to elevated
profile, new connections and training.
Click Here for Official Site

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APPOINTMENTS & RESIGNATIONS

ACC Appoints Sanjaya Kumar Mishra as President of GSTAT
The Appointment Committee of the Cabinet (ACC) has approved the appointment of Sanjaya Kumar
Mishra, the former Chief Justice (CJ) of the High Court (HC) of Jharkhand, as the President of Goods and
Services Tax Appellate Tribunal (GSTAT).

• He will hold the post for 4 years from the date of his assuming charge or till attaining the age of
70 years, whichever is earlier.
About GSTAT:
i.The Government of India established the GSTAT to facilitate the resolution of disputes within the
business sector. GSTAT aims to commence the operations from 1st July 2024.
• It is the forum of the second appeal in GST laws and the first common forum of dispute
resolution between the Centre and States.
ii.GSTAT will comprise one Principal Bench in Delhi to handle inter-state disputes; and 31 State benches to
take up all other issues, including rates across various locations nationwide.
• Uttar Pradesh(UP) will have 3 Benches, the highest in any given State in India.
• Other larger States, such as Gujarat, Karnataka, Rajasthan, Tamil Nadu(TN), and Maharashtra,
will have 2 benches each.
iii.It is a specialised body to handle GST-related disputes efficiently and is vital for providing impartial,
expert, and efficient resolution mechanisms.
About Sanjaya Kumar Mishra:
i.In 1988, he started practice in Balangir District Courts and joined as an Additional District & Sessions
Judge in Jeypore, Odisha in 1999.
ii.He also worked as District & Sessions Judge in Sundergarh, Dhenkanal in Odisha; Special Judge (Central
Bureau of Investigation/CBI) in Bhubaneswar, Odisha; and Registrar General of Odisha HC.
iii.In 2009, he was elevated as Judge of the Odisha HC and served as Acting CJ of the Uttarakhand HC from
2021 to 2022.
iv.In February 2023, he took charge as 14th CJ of the Jharkhand HC and superannuated on 28th December
2023.

ACQUISITIONS & MERGERS

CCI Approves Acquisition of Sanyo Special Steel’s 15.43% Stake in SSMI
The Competition Commission of India (CCI) has approved the acquisition of 15.43% shareholding by
Sanyo Special Steel Co. Ltd (Sanyo) in Sanyo Special Steel Manufacturing India Private Limited (SSMI)
from Mitsui & Co. Ltd.

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Acquirer (Sanyo):
Sanyo, based in Japan, is a global manufacturer of steel products. It is part of the Nippon Steel Corporation
Group.
Target (SSMI):
i.SSMI, a joint venture (JV) company between Mahindra & Mahindra Limited (India), Sanyo (Japan), and
Mitsui & Co., Ltd. (Japan), was incorporated in 2012.
ii.SSMI is engaged in manufacturing forged products, hot-rolled products, and cast products. Currently, it
operates as a subsidiary of Sanyo.

SCIENCE & TECHNOLOGY

China Successfully Launches ‘Chang’e-6,’ World’s 1st Mission to Bring Samples from Moon
On 3rd May, 2024, China National Space Administration (CNSA) successfully launched an uncrewed lunar
probe, namely “Chang’e-6,” through Long March- 5 Y8 carrier rocket from the Wenchang Space Launch
Center in the southern province of Hainan, China.

Aim: It is the world’s first mission to collect and bring back samples from the far side of the moon.
Note: The name of the mission ‘Chang’e’ is inspired from the name of Chinese Goddess moon.
About Chang’e-6 mission:
i.The spacecraft will land at Apollo Basin(an oldest known impact crater), located in South Pole –Aitken
Basin on the far side of the moon.
ii.The entire duration of mission is expected to about 53 days.
iii.The spacecraft has 4 main components which are: an orbiter, a lander, a ascender and a returner.
iv.It carries 4 payloads that were developed in cooperation with other countries, such as: Scientific
instruments from France, Italy and European Space Agency(ESA) are aboard the Lander.
v.It also carries a miniature satellite named “ICUBE-QAMAR cubesat” from Pakistan.
• It is developed by the Institute of Space Technology (IST), Islamabad, Pakistan in partnership
with Shanghai Jiao Tong University (SJTU), Shanghai, China and Pakistan’s space agency,
Space and Upper Atmosphere Research Commission (SUPARCO).
Additional Information:
In November 2020, CNSA successfully launched the 8.2 tonne lunar probe namely “Chang’e-5” through
Long March-5 rocket. It was the world’s 1st near side moon-sample mission in 44 years.
About China:
Capital: Beijing
President: Xi Jinping
Currency: Renminbi(RMB)

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SPORTS
India to host BWF World Junior Badminton Championships 2025 in Guwahati
India is set to host the Badminton World Federation (BWF) World Junior Championships 2025 at the
Badminton Association of India’s (BAI) National Centres of Excellence (NCOE) in Guwahati, Assam.
• This marks the return of the World Junior Championships to India for the first time since 2008.
• Previously, the 2008 World Junior Championships was held in Pune, Maharashtra.
Note:
NCOE in Guwahati, inaugurated in 2023, houses 16 badminton courts and a 4,000 square feet gymnasium.
Denmark to host Thomas and Uber Cup 2026:
The BWF Men’s & Women’s World Team Championships 2026 (Thomas Cup & Uber Cup) will be hosted by
Horsens, Denmark.
Denmark is set to host the event for the second time. Previously, Thomas Cup & Uber Cup 2021 was hosted
in Aarhus, Denmark.
Note: Thomas Cup and Uber Cup have been conducted every two years since 1982 and 1984 respectively.
The 2026 edition will mark the 34th edition of the Thomas Cup and the 31st edition of the Uber Cup.

IMPORTANT DAYS
World Tuna Day 2024 – May 2
The United Nations (UN)’s World Tuna Day is annually observed across the globe on 2nd May to spread
awareness of the importance of tuna, one of the most economically important fish species. It play a vital
roles in food composition and nutrition of humans.

• The day underscores the importance of sustainable fishing practices to preserve the balance of
marine ecosystems;
Background:
i.On 7th December 2016, the UN General Assembly (UNGA) adopted the resolution A/RES/71/124 and
proclaimed the 2 May of every year as World Tuna Day.
ii.The 1st ever World Tuna Day was observed on 2nd May 2017.
About Tuna:
Family: Scombridae; Tribe: Thunnini (the group considered true tunas)
i.The tribe Thunnini contains 15 species in 5 genera: Thunnus, Euthynnus, Allothunnus, Auxis, and
Katsuwonus.
ii.Tunas are extraordinary marine animals and are one of the most commercially valuable fish.
iii.Tuna is highly migratory and is widely distributed throughout all oceans in the world between
equatorial and subpolar latitudes of both hemispheres.

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iv.Tuna are a top predator and food source in the marine food chain and help to maintain a balance in the
ocean environment.
v.Tuna is rich in Omega-3, minerals, proteins, and vitamin B12.
Key Points:
i.Over 7 million metric tons of tuna and tuna-like species are harvested yearly.
ii.Tuna species contribute 20% to the value of marine capture fisheries and over 8% to globally traded
seafood.
iii.Over 96 countries are involved in the conservation and management of tuna, which has an annual value
of almost 10 billion USD.
The Threat to Tuna Stocks:
i.The overwhelming demand threatens tuna populations; In 2017, among the 7 principal tuna species,
33.3% of the stocks were fished at biologically unsustainable levels.
ii.According to the International Seafood Sustainability Foundation, 61% of tuna stocks are at a healthy
level of abundance, but 13% are considered overfished.
Common Oceans Tuna Project (2022-2027):
i.The “Sustainable Management of Tuna Fisheries and Biodiversity Conservation in the Areas Beyond
National Jurisdiction” project, also known as the “ABNJ Tuna Project,” continues its mission from 2014 to
2019.
ii.This initiative focuses on enhancing responsible, efficient, and sustainable tuna production alongside
biodiversity conservation in ABNJ amid environmental shifts.
iii.Funded by the Global Environment Facility (GEF), the project is led by the Food and Agriculture
Organization of the United Nations (FAO)and executed by the Indian Ocean Tuna Commission (IOTC) via a
dedicated Project Management Unit.
iv.This project aims to ensure that all major tuna stocks are fished at sustainable levels by 2027.
Note: From 2014-2019, the Common Oceans Tuna project helped reduce the number of tuna stocks
experiencing overfishing from 13 to 5.
About Food and Agriculture Organization of the United Nations(FAO):
Director-General– QU Dongyu
Headquarters– Rome, Italy
Established in– 1945

World Press Freedom Day 2024 – May 3

The United Nations (UN)’s World Press Freedom Day is annually observed across the globe on 3rd
May to celebrate the fundamental principles of press freedom and evaluate press freedom worldwide.
• 3rd May 2024 marks the 31st anniversary of World Press Freedom Day.

The celebration of World Press Freedom Day is led by the United Nations Educational, Scientific and
Cultural Organization (UNESCO).

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Theme:
The 2024 World Press Freedom Day events were organised under the theme, “A Press for the Planet:
Journalism is the Face of the environmental crisis.”
Background:
i.In 1991, UNESCO during its 26th General Conference recommended the observance of World Press
Freedom Day on 3 May every year.
ii.Following the recommendation, the UN General Assembly (UNGA) proclaimed the day in 1993.
iii.The 1st World Press Freedom Day was observed on 3 May 1994.
Why May 3?
The day commemorates the anniversary of the Declaration of Windhoek, promoting an independent and
pluralistic African Press held in Windhoek, Namibia, from 29 April to 3 May 1991.
Significance:
i.This Day aims to support media workers facing threats to press freedom and pay tribute to the
journalists who lost their lives in pursuit of stories.
ii.The observance serve as a platform to recall the Santiago Declaration adopted during the “Seminar on
the Development of Media and Democracy in Latin America and the Caribbean” on 6th May 1994.
• The declaration emphasizes the crucial role of media pluralism and the significance of
embracing cultural, linguistic, and gender diversity within media platforms.
2024 Events:
i.From 2 – 4 May 2024, the Government of Chile and UNESCO host the 31st World Press Freedom Day
Conference under the theme “A Press for the Planet: Journalism in the Face of the Environmental Crisis” at
the Centro Cultural Gabriela Mistral in Santiago, Chile.
ii.The South Asian region commemorated World Press Freedom Day 2024, with events organised by
UNESCO in collaboration with Transparency International, Bangladesh, and ARTICLE19 in Dhaka,
Bangladesh.
Note: Over 40 side events have been organized by UNESCO and its partners from 2-4 May 2024.
UNESCO/Guillermo Cano World Press Freedom Prize 2024:
The Palestinian journalist covering Gaza have been named the laureates of the 2024
UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an
International Jury of media professionals.
• The Award Ceremony was held on 2 May 2024 during the World Press Freedom Conference in
Santiago, Chile.
• Around 26 journalists and media workers have lost their lives in the line of work since October
7, 2023. UNESCO is actively reviewing numerous other cases.
• The award includes a monetary prize of USD 25,000.
About the Prize:
i.The UNESCO/Guillermo Cano World Press Freedom Prize was established in 1997 is awarded annually
to recognize and honour the contributions of journalists, particularly those who risk their lives to provide
essential information to the public.
ii.The Prize was established on the initiative of UNESCO’s Executive Board and is formally conferred by
UNESCO, on World Press Freedom Day (3 May).
iii.The prize is named after Guillermo Cano Isaza, a Colombian journalist who was tragically assassinated
in front of his newspaper’s offices, El Espectador, in Bogotá in 1986.
• It is the sole prize for journalists within the UN System.
Sponsors of the Prize: Guillermo Cano Isaza Foundation (Colombia); Helsingin Sanomat Foundation
(Finland); Namibia Media Trust, Democracy & Media Foundation Stichting Democratie & Media (The
Netherlands); and Thomson Reuters Foundation.

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