Current Affairs - April 9, 2025 Current Affairs

Indian Oil Corporation Ltd (IOCL) is making its largest-ever single-location investment of ₹61,077 crore to develop a world-class petrochemical complex in Paradip, Odisha. This initiative aims to significantly enhance India’s petrochemical capabilities and boost industrial infrastructure in the eastern region. The project includes a dual-feed cracker and downstream units that will manufacture high-demand petrochemical products like polypropylene, phenol, PVC, and synthetic rubber. Strategically located in Paradip, with its strong coastal connectivity, the complex is expected to catalyze the growth of the Paradip Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR) and generate substantial employment, accelerating Odisha's transformation into a key industrial hub.

India has been elected uncontested to the United Nations' Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) for the term spanning 2025 to 2027. This appointment highlights India's increasing influence in global financial reporting and its commitment to improving transparency and standardization in accounting practices. ISAR, established under the United Nations Conference on Trade and Development (UNCTAD) in 1982, plays a vital role in strengthening international corporate reporting frameworks. India’s participation during this term will contribute to shaping global policies that promote economic stability, enhance investor confidence, and encourage sustainable financial practices.

The Digital Threat Report 2024 was launched to enhance cybersecurity measures specifically in the BFSI (Banking, Financial Services, and Insurance) sector. India spearheaded this initiative to identify existing security gaps and emerging cyber risks in the financial domain. The report advocates for a unified cybersecurity framework and increased collaboration among BFSI institutions to manage threats effectively. By providing a strategic guide to navigate the growing complexity of cyber threats, the report equips financial institutions with the tools needed to build stronger resilience and secure their digital infrastructure against evolving challenges.

Viral Davda has been appointed as the Deputy Chief Information Officer at the Bombay Stock Exchange (BSE) to spearhead its technological advancement initiatives. With over 20 years of experience in IT and finance, including his role as CTO at NCDEX, Davda is expected to play a key role in modernizing BSE’s IT infrastructure. His leadership is crucial for managing large-scale digital transformations, including hybrid cloud adoption and operational optimization. Recognized as CTO of the Year in 2022 (NBFC category), his strategic insight aligns with BSE’s goals of maintaining high performance, processing massive data volumes, and ensuring resilience in a rapidly evolving market.

The MUDRA Scheme, launched in 2015, was designed to offer collateral-free loans to non-corporate, non-farm small and micro-entrepreneurs across India. It is facilitated by the Micro Units Development and Refinance Agency Ltd. (MUDRA). One of its standout achievements is recording the world’s lowest NPA (Non-Performing Asset) rate at just 3.5%. This low NPA rate indicates that the majority of borrowers are repaying their loans on time, reflecting the success of the scheme in empowering small entrepreneurs while maintaining strong financial discipline. The rate underscores the scheme’s impact on financial inclusion and responsible credit usage.

India has approved a significant government-to-government deal with France worth ₹63,000 crore for the procurement of 26 Rafale Marine fighter jets to strengthen the Indian Navy’s air capabilities. The jets will be deployed on INS Vikrant, India’s indigenous aircraft carrier, enhancing maritime strike power and carrier-based operations. The deal includes 22 single-seater carrier-capable jets and 4 twin-seater trainer jets, along with fleet maintenance, weapons systems, training, and logistical support. This strategic defence partnership with France is also expected to stimulate local defence manufacturing and employment through offset obligations, contributing to India's self-reliance in defence production.

Dr. Mohan Rajan, Chairman and Medical Director of Rajan Eye Care Hospital in Chennai, has been elected as the Vice-President of the All India Ophthalmological Society (AIOS), a prominent professional organization comprising over 29,000 ophthalmologists across India. The announcement was made during the AIOS general body meeting at the Asia Pacific Academy Congress in New Delhi on April 5, 2025. Dr. Rajan’s election marks a significant achievement, making him the fifth ophthalmologist from Tamil Nadu to hold this prestigious position in the 84-year history of AIOS. His leadership is anticipated to bring valuable advancements to the field of ophthalmology nationwide.

The renovated Tribal Museum was inaugurated in Bhadrachalam by Telangana Governor Jishnu Dev Varma. This museum serves as a vital cultural space dedicated to preserving and showcasing the rich heritage of tribal communities in the region. Renovated by the Integrated Tribal Development Agency (ITDA), the museum features exhibits that depict tribal lifestyles, traditions, and handicrafts, arranged in a setting that closely resembles a traditional tribal hamlet. The initiative not only honours tribal legacy but also aims to educate visitors and promote cultural tourism. The inauguration ceremony was attended by several dignitaries, including Agriculture Minister T Nageswara Rao and senior officials.

India’s Supreme Court has signed a Memorandum of Understanding (MoU) with Nepal to strengthen judicial cooperation. This partnership focuses on the exchange of information, training, and academic programs aimed at enhancing the efficiency and effectiveness of both judicial systems. Emphasis is placed on leveraging technology to streamline judicial processes and address long-standing issues such as case backlogs. A Joint Working Group will be created to oversee the implementation of collaborative plans, promoting deeper interaction between the two judiciaries. This initiative marks a step forward in regional legal cooperation and capacity building in the justice delivery system.

Bangladesh officially joined the Artemis Accords on April 8, 2025, becoming the 54th nation to commit to safe, transparent, and sustainable space exploration. This move positions Bangladesh as an emerging contributor to global space initiatives, including NASA’s Artemis program which aims to return humans to the Moon and pave the way for future missions to Mars. The signing ceremony in Dhaka featured key officials such as Ashraf Uddin and Muhammad Yunus, along with NASA Acting Administrator Janet Petro. The agreement reaffirms Bangladesh’s dedication to open and peaceful use of outer space in alignment with international treaties and collaboration.

India has entered into a strategic partnership with Israel to bolster agricultural cooperation. The collaboration emphasizes the use of advanced technologies, efficient water management practices, and innovative solutions to improve agricultural productivity. A key focus is on supporting farmers with small landholdings by enhancing profitability through modern techniques. The partnership also targets food security concerns by jointly working on the development of climate-resilient seeds to ensure higher and more stable crop yields. This cooperation reflects the shared commitment of both nations to sustainable agriculture and the application of science and technology in addressing critical global food challenges.