Daily Current Affairs- 2nd April 2025

Daily Current Affairs 2nd April 2025

Court clears transfer of Properties of Tiger Memon

In the News: A special court in Mumbai has ordered the transfer of 14 properties belonging to Tiger Memon, a key accused in the 1993 Mumbai serial bomb blasts, and his family, to the central government. These properties had been under attachment since 1994 following court orders.

Key Points:

1. SAFEMA Implementation: The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA), enacted in 1976, allows for the forfeiture of properties acquired through illegal means related to smuggling and foreign exchange violations.
2. Property Details: The 14 properties include residential flats, office spaces, and plots located in areas such as Bandra, Mahim, Santacruz, Kurla, Dongri, and Mohammed Ali Road in Mumbai.
3. Legal Proceedings: In 1993, the competent authority under SAFEMA ordered the forfeiture of these properties. Subsequently, in 1994, the TADA court attached the properties and appointed the Bombay High Court's receiver as custodian.
4. Court's Recent Order: On March 26, 2025, Special Judge V.D. Kedar directed that the possession of these properties be handed over to the central government, lifting the previous attachment order.
5. Current Status of Tiger Memon: Tiger Memon remains absconding and is believed to be residing in Pakistan. His brother, Yakub Memon, was convicted and executed in 2015 for his involvement in the 1993 blasts. 

PM Modi Announces "Yoga For One Earth, One Health" As 2025 Yoga Day Theme

In the News: Prime Minister Narendra Modi has announced "Yoga for One Earth, One Health" as the theme for the 2025 International Day of Yoga, emphasizing yoga's role in promoting global health and environmental harmony.

Key Points:

1. Theme Announcement: The theme "Yoga for One Earth, One Health" underscores yoga's contribution to global well-being and aligns with international sustainability efforts.
2. Countdown to International Day of Yoga (IDY): With less than 100 days remaining until June 21, Prime Minister Modi encouraged individuals to incorporate yoga into their daily routines, highlighting its benefits for physical and mental health.
3. Global Recognition: Since its inception in 2015, following India's proposal to the United Nations, IDY has evolved into a significant global event, reflecting the universal appeal of yoga.
4. Planned Activities for IDY 2025: The Morarji Desai National Institute of Yoga (MDNIY) is organizing a series of events leading up to IDY 2025.:
5. Prime Minister's Appeal: PM Modi highlighted the growing global interest in yoga and Ayurveda, citing their increasing popularity in countries like Chile and Brazil. He urged individuals worldwide to embrace yoga for its holistic health benefits. 

Poonam Gupta Appointed as RBI Deputy Governor Ahead of MPC Meeting

In the News: On April 2, 2025, the Government of India appointed Dr. Poonam Gupta as the Deputy Governor of the Reserve Bank of India (RBI) for a three-year term. This appointment fills the vacancy left by the retirement of Michael Patra in January 2025 and comes just ahead of the Monetary Policy Committee (MPC) meeting scheduled for April 7-9, 2025.

Key Points:

1. Professional Background:
   • Gupta has served as the Director General of the National Council of Applied Economic Research (NCAER), India's largest economic policy think tank.
   • She has nearly two decades of experience with the World Bank and the International Monetary Fund (IMF), focusing on macroeconomic research and policy.
   • Gupta has held academic positions, including professorships at the Delhi School of Economics and the Indian Council for Research on International Economic Relations (ICRIER).
2. Advisory Roles:
   • She is a member of the Economic Advisory Council to the Prime Minister.
   • Gupta serves as the Convener of the Advisory Council to the 16th Finance Commission.
3. Educational Qualifications:
   • Gupta holds a Ph.D. and a Master’s degree in Economics from the University of Maryland, USA.
   • She also earned a Master’s degree in Economics from the Delhi School of Economics, University of Delhi.
4. Significance of the Appointment:
   • Gupta is the first woman to be appointed as RBI Deputy Governor in over a decade.
   • Her appointment comes at a crucial time as the RBI prepares for the upcoming MPC meeting, where key monetary policy decisions are anticipated. 

Senator Cory Booker delivered a historic 25-hour and 5-minute speech on the Senate floor

In the News: On March 31, 2025, Senator Cory Booker of New Jersey delivered a historic 25-hour and 5-minute speech on the Senate floor, setting a new record for the longest speech in U.S. Senate history. This surpassed the previous record of 24 hours and 18 minutes set by Senator Strom Thurmond in 1957. Booker's speech was a protest against the policies of President Donald Trump's administration.

Key Points:

1. Purpose of the Speech: Senator Booker aimed to draw attention to and oppose various policies enacted by President Trump's administration, which he argued were harmful to democracy and marginalized communities.
2. Symbolic Significance: By surpassing Thurmond's record, who had filibustered against civil rights legislation, Booker's speech symbolized a stand against regressive policies and highlighted the ongoing struggle for civil rights.
3. Democratic Momentum: The speech energized the Democratic base, serving as a rallying point for those frustrated with the current administration's actions and inspiring renewed activism within the party.
4. Public Engagement: Booker's marathon speech garnered significant public attention, with hundreds of thousands tuning in to watch, reflecting widespread concern over the administration's direction.
5. Historical Context: The speech drew parallels to past civil rights movements, emphasizing the moral imperative to oppose policies perceived as unjust, and reinforcing the importance of vocal resistance in pivotal moments.  

Donald Trump Declared Liberation Day

In the News: On April 2, 2025, President Donald Trump declared "Liberation Day" during a White House Rose Garden event, unveiling a series of tariffs aimed at reshaping U.S. trade relationships.

Key Points:

1. Declaration of 'Liberation Day': President Trump proclaimed April 2 as "Liberation Day," asserting it as a pivotal moment to reclaim economic independence for the United States.
2. Implementation of New Tariffs:
   • Baseline Tariff: A universal 10% tariff was imposed on all imported goods entering the U.S., effective April 5, 2025.
   • Reciprocal Tariffs: Higher tariffs were introduced for specific countries based on existing trade imbalances:
     • China: An additional 34% tariff, totaling 54% when combined with previous tariffs.
     • European Union: An additional 20% tariff.
     • Vietnam: An additional 46% tariff.
     • Japan: An additional 24% tariff.
     • Taiwan: An additional 32% tariff.

3. Rationale Behind the Tariffs: The administration described these measures as "reciprocal tariffs," aiming to match or counteract the tariffs and trade barriers that other nations have imposed on U.S. exports. President Trump framed this initiative as a response to what he termed decades of unfair trade practices that disadvantaged American industries.

Impact on India:

1. Tariff Imposition on Indian Goods: President Trump announced a 26% "discounted" reciprocal tariff on Indian imports, citing India's high tariffs on American products.
2. Indian Government's Response: The Indian Commerce Ministry is analysing the impact of these tariffs. A senior official described the situation as a "mixed bag" rather than a setback, emphasizing ongoing negotiations for a bilateral trade agreement aimed at finalizing the first phase by fall 2025.
3. Economic Implications for India: Analyses project significant economic impacts due to the tariffs. Citi Research estimates that India could lose $7 billion annually. An internal Indian analysis indicates that 87% of its total exports to the U.S., valued at $66 billion, could be affected, with sectors like pharmaceuticals and automotive facing the highest impact.
4. Preemptive Measures by India: To mitigate potential tariffs and improve trade relations, India has taken steps such as increasing energy imports from the U.S., reducing tariffs on specific American products like bourbon whiskey and luxury cars, and eliminating the digital advertising tax that affected U.S. tech companies. 

China Conducts drills near Taiwan

In the News: China concluded a two-day series of military drills around Taiwan, named "Strait Thunder-2025A," which involved simulated precision strikes on key Taiwanese infrastructure, including ports and energy facilities.

 Key Points:

1. Exercise Details: The drills encompassed "long-range live-fire drills" aimed at testing the capabilities for blockade, control, and precision strikes on critical targets.
   • China's Shandong aircraft carrier participated, conducting operations to "blockade" Taiwan.
2. Taiwan's Response: Taiwan's defense ministry reported detecting 59 Chinese warplanes and 23 navy ships around the island, with some crossing the median line of the Taiwan Strait.
   • Taiwan condemned the exercises, labeling them as provocations that threaten regional peace and stability.
3. International Reactions:
   • The United States, Japan, and the European Union criticized China's actions, stating that such military activities jeopardize regional security and global prosperity.
   • The U.S. reaffirmed its commitment to Taiwan, emphasizing support against coercive tactics.
4. China's Justification: Beijing described the drills as a response to "separatist" activities by Taiwan's President Lai Ching-te, asserting that the exercises serve as a warning against moves toward formal independence. 

South China Sea Disputes:

The South China Sea is a strategically significant and resource-rich region, leading to complex territorial disputes involving China and several Southeast Asian nations.

• China's Claims: China asserts sovereignty over a vast majority of the South China Sea, demarcated by the "nine-dash line." This claim encompasses numerous islands, reefs, and waters, overlapping with claims from countries such as Vietnam, the Philippines, Malaysia, Brunei, and Taiwan.
• International Arbitration: In 2016, an arbitral tribunal constituted under the United Nations Convention on the Law of the Sea ruled that China's claims within the nine-dash line have no legal basis. China rejected this ruling and continues to assert its claims.