Month: March 2024

India TB Report 2024: 16% decline in new TB cases, 18% reduction in mortality in IndiaAccording to the “India TB Report 2024” released by the Ministry of Health and Family Welfare(MoHFW) on 27th March 2024, India saw a decline of 16% in the incidence of Tuberculosis(TB) cases (means new cases per year) and 18%  reduction in mortality due to TB, since 2015.
Key Findings of the report:
i.The incidence rate in India decreased from 237 per lakh population in 2015 to 199 per lakh population in 2022.
ii.The mortality rate had declined from 28 per lakh population in 2015 to 23 per lakh population in 2022.
iii.A total of 25.5 lakh instances were reported in 2023, the highest ever since 60s.
About the Ministry of Health and Family Welfare(MoHFW):
Union Minister– Mansukh L. Mandaviya(Rajya Sabha: Gujarat)
Minister of State(MoS)– Bharati Pravin Pawar(Constituency: Dindori, Maharashtra) , Satya Pal Singh Baghel(Constituency: Agra, Uttar Pradesh)

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India adds 24 GW of solar PV manufacturing capacity in 2023According to a report published by Mercom India titled ‘State of Solar PV Manufacturing in India 2024‘, in Calendar Year (CY) 2023, India has added 24 Giga Watt (GW) of solar module and cell capacity in 2023.

• In December 2023, India’s total solar module capacity reached 64.5 GW, with an addition of 20.8 GW. Additionally, the solar cell capacity increased to 5.8 GW, with a 3.2 GW addition.
• India’s solar module manufacturing capacity is projected to surpass 150 GW, and cell capacity is expected to reach over 75 GW by 2026.

Toppers:
i.Gujarat led India’s photovoltaic (PV)  manufacturing capacity with 46.1% of the India’s solar module capacity in December 2023.
ii.Rajasthan and Tamil Nadu followed, ranking second and third with 9.3% and 7.6%, respectively, for solar module production capacities.
iii.Telangana had the highest annual solar cell production capacity at 39% nationwide.

• Gujarat and Himachal Pradesh (HP) ranked second and third in solar cell production, contributing 34.7% and 13.9% of total capacities in the country, respectively.

Key Points
i.New manufacturing capacity in 2023 was mainly due to the domestic demand for the anticipated return of the Approved List of Models and Manufacturers (ALMM) order in April 2024 and potential export prospects.
ii.The top 10 manufacturers accounted for 62% of module and 100% of  cell production capacity by December 2023.
iii.Around 60% of module manufacturing capacity could produce solar modules in M10 and G12 wafer sizes.
iv.In 2023, solar module imports hit a record high at 16.2 GW, up 158% from 2022, while domestic exports surged to 4.8 GW, a 204% increase.
v.Solar cell imports in India rose to 15.6 GW in 2023, up 169%, with exports reaching 286.3 MW (Mega Watt), up 2,765% from 2022.
vi.67.5% of the nation’s module production capacity was made up of monocrystalline modules, with polycrystalline and Tunnel Oxide Passivated Contact (TOPCon) modules coming in second and third.

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CII and ETS India Signs MoU to train Indian workforce for Global Employability  
Educational Testing Service (ETS) India and the Confederation of Indian Industry (CII) have signed a Memorandum of Understanding (MoU) to enhance the global employability of the Indian workforce.

• The partnership aims to improve the employability of India’s young professionals by focusing on English language proficiency and key 21st-century skills.
• It seeks to streamline the hiring process for Indian talent, ensuring that they secure jobs that match their skill sets on an international level.

About ETS India:
i.ETS India is a subsidiary of ETS, The United States of America (USA).
ii.ETS India offers assessments such as the Test of English as a Foreign Language (TOEFL) and Graduate Record Examinations (GRE) tests, as well as other learning tools, to help individuals improve their skills.

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UNESCO Adds 18 New Geoparks to UNESCO Global Geoparks NetworkThe United Nations Educational, Scientific and Cultural Organization’s (UNESCO)’s  Executive Board has approved the addition of 18 new sites situated in Brazil, China, Croatia, Denmark, Finland, France, Greece, Hungary, Poland, Portugal, and Spain to the UNESCO Global Geoparks network.

• Additionally, a transboundary geopark spans Belgium and the Kingdom of the Netherlands.
• With this, the total number of geoparks in the network becomes 213 geoparks in 48 countries.

About United Nations Educational, Scientific and Cultural Organization (UNESCO):
Director-General– Audrey Azoulay
Headquarters– Paris, France
Established in– 1945 (came into force in 1946)

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GoI Updates List of Banks Authorized to Import Gold & Silver During FY25The Government of India(GoI) updated the list of banks authorized by the Reserve Bank of India(RBI) to import gold and silver during the Financial year 2024-2025 (FY25).

• As per the list, RBI has authorised 11 banks to import Gold and Silver and 3 banks to import only gold with effect from 1st April 2024.
• The authorisation will be valid up to 31st March 2025.

List of Banks Authorised to import Gold/Silver: 
Axis Bank Limited; Federal Bank Limited; HDFC Bank Limited; Industrial and Commercial Bank of China Limited; ICICI Bank Limited; IndusInd Bank Limited; Kotak Mahindra Bank Limited; Karur Vysya Bank Limited(KVB); RBL Bank Limited; State Bank of India(SBI); and Yes Bank Limited.
List of Banks authorised to import only Gold: 
Indian Overseas Bank(IOB); Punjab National Bank(PNB); and Union Bank of India(UBI).
Note: During April 2023-February,2024, India’s Gold imports increased 38.76% to USD 44 billion and the Silver imports decreased 11.53% to USD 4.62 billion.
Exports and Imports of Gold & Silver (India): 
According to Observatory of Economic Complexity(OEC) data,
i.India has exported Gold worth USD124 million in 2022. Thus, India is the 93rd largest exporter of Gold in the world.

• India’s Top 3 Destinations: The United Arab Emirates(UAE), Hong Kong and Türkiye.

ii.India imported USD35.8 billion in Gold in 2022, making India the World’s 5th largest importer of Gold.

• India’s Top 3 Source: Switzerland, South Africa and UAE.

iii. India has exported Silver worth USD33.9 million in 2022. Thus, India is the 41st largest exporter of Silver in the world.

• India’s Top 3 Destinations: The United Kingdom (UK), The United States of America(USA), and Germany.

iv.India imported USD1.32 billion in Silver in 2022, making India the 8th largest importer of Gold in the world.

• India’s Top 3 Source: Russia, China, and Kazakhstan

Points to note: 
i.Top 3 exporters of Gold Compounds are Germany (USD 643M), Switzerland (USD 447M) and USA (USD 199 M) and top 3 silver exporters are China (USD 3.75B), UK (USD 3.2B), and Mexico (USD 2.49B).
ii.Top 3 Gold importers are UK, France, and Singapore, and top 3 silver importers are USA, Canada and Hong Kong.

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Bank of Baroda wins co-branding rights for three Delhi Metro stations
Bank of Baroda (BoB), an Indian public sector bank(PSB), has acquired the co-branding rights for three Delhi Metro stations namely, Rajouri Garden, South Extension, and Inderlok.
Ajay K Khurana, Executive director of BoB inaugurated the new station branding at Inderlok Metro station.

• Delhi Metro Rail Corporation (DMRC) has awarded the naming rights to the BoB for a period of 10 years, starting from 2024.
• As a part of this partnership, BoB will also get a dedicated space for branding, display of products and installation of an ATM(Automated Teller Machine)/Digital Banking Unit (DBU)/ kiosk to serve customers.

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Fiscal deficit widens in April-Feb 2024 to Rs 15.01-lakh crore: CGAAccording to data from the Controller General of Accounts (CGA), Department of Expenditure (DoE), Ministry of Finance, the Indian government’s  fiscal deficit widened in April 2023-February 2024 to Rs 15.01 lakh crore from Rs 11.03 crore in April 2023-January 2024.

• The fiscal deficit for April 2023-February 2024 accounts for 86.5% of the revised estimate of Rs 17.35 lakh crore.
• The fiscal deficit in April-February 2023 stood at Rs 14.53-lakh crore which was 82.8% of revised estimate.

Note:
i.The original budget estimate was Rs 17.87 lakh Cr.
ii.In the interim Budget (February 2024), the government has narrowed its fiscal deficit target for FY24 by 10 basis points (bps) to 5.8% of Gross domestic product (GDP).
iii.The government aims to bring it down further to 5.1% in the financial year 2025.
Key Points:
i.February 2024 saw a surge in Government’s fiscal deficit to Rs 4-lakh Cr, partly due to higher tax devolution released compared to February 2023.

• In absolute terms the fiscal deficit, which is the difference between the total expenditure and revenue of the government, is pegged at Rs 17.35 lakh Cr in 2023-24, marginally down from Rs 17.55 lakh Cr in 2022-23.

ii.The government’s total receipts stood at Rs 22.45 lakh Cr in April 2023-February 2024, which is 81.5%of the full fiscal target.
iii.Total expenditure for April 2023-February 2024 was Rs 37.47-lakh Cr, reaching 83.4% of the annual target.
iv.Capital expenditure (Capex) was Rs 8.05-lakh Cr between April 2023-February 2024.
v.Significant shortfalls were observed in agriculture (Rs 20,668 Cr); rural (Rs 48,088 Cr); chemicals and fertilizers (Rs 16,150 Cr); roads (Rs 26,000 Cr) and consumer affairs (Rs 35,117 Cr).
vi.Indian economy is expected to grow close to 8% this fiscal, surpassing the government’s projected growth level of 7.6%.
vii.Central Government’s net tax revenues for April 2023-February 2024 reached Rs 18.5-lakh Cr, 79.6% of the target.

• Non-tax revenue for April 2023-February 2024 stood at Rs 3.6-lakh Cr, achieving 95.9% of the target.

viii.Total receipts for the 12-month period were Rs 22.5-lakh Cr, reaching 81.5% of the target.

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JAM & MAE Partners to Invest Rs 2700 crore to set Carbon Fibre PlantJindal Advanced Materials Private Limited(JAM) has collaborated with MAE S.p.A., an Italy-based chemical fibre manufacturer, to set up a carbon fibre plant of 35000 Metric Tonnes (MT) annual capacity with an investment of Rs 27,000 crore.
Significance:
The collaboration between JAM and MAE S.p.A. is set to redefine the landscape of the carbon fibre industry. This will consolidate India’s position as a global leader in advanced materials manufacturing.
Key Points:
i.JAM has signed the project framework agreement with MAE S.p.A. at JEC World 2024 held in Paris(France), the largest global industry show for composite materials.
ii.JAM plans to produce low-tow to high-tow carbon fibres and aims to expand production to 10,000 MT by 2027.
iii.The facility will offer a range of intermediates such as prepregs, fabrics, multiaxial and carbon fibre composites to meet the diverse industrial needs.
iv.The facility is expected to commence its operation within 30 months and the project will cover the entire value chain from Polyacrylonitrile(PAN)- precursor to carbon fibre intermediates.
Carbon Fibres:
The carbon fibre has several features that make it more reliable than traditional materials like steel, aluminium, wood etc. The main features of carbon fibre are Corrosion resistance; light weight; X-ray transparency; Thermal and electrical conductivity; Chemical resistivity etc.
Applications: Carbon fibre-reinforced composite materials are used to make parts for aircraft and spacecraft, racing car bodies, golf club shafts, bicycle frames, automobile springs etc.
About Jindal Advanced Materials Private Limited(JAM):
JAM is a part of OP Jindal Group of companies.
Incorporated in 2017
Headquarters– Gurugram, Haryana

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Sterlite Power & Singapore’GIC Partners to Develop Power Transmission Projects in India
Sterlite Power Transmission Ltd (SPTL), a part of the Vedanta Group, and Singapore’s  GIC Private Limited has signed a definitive agreements to set-up a new platform to develop and operate power transmission projects in India.

• This Joint Venture(JV) platform will target the new opportunities emerging from the need for over USD 13.0 billion of Capital expenditures announced by the Government of India.
• Sterlite Power will own the majority stake of 51% and GIC will own the remaining 49% stake.
• Sterlite Power is advised by Deutsche Bank, AZB Partners, and Khaitan & Co and GIC is advised by Avener Capital, Shardul Amarchand Mangaldas & Co., and PWC for the transaction.

Note: GIC, formally known as Government of Singapore Investment Corporation Private Limited, is a Singaporean sovereign wealth fund that manages the country’s foreign reserves.

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Nidhu Saxena named as MD & CEO of Bank of MaharashtraNidhu Saxena was appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the Bank of Maharashtra (BOM) for a period of three years, with effect from March 27, 2024.
Note: He will be replacing A.S Rajeev upon his election as Vigilance Commissioner in Central Vigilance Commission (CVC).
About Nidhu Saxena
i.Nidhi Saxen started his banking career at Bank of Baroda (BOB) where he worked for 10 years after which he joined United Commercial Bank (UCO).
ii.He served as the Executive Director of Union Bank of India (UBI) from February 1, 2022, to March 26, 2024.
iii.He has also been identified as a `Subject Expert’ for assisting the Union Public Service Commission(UPSC).
iv.He has also been a member of the Academic Council of National Institute of Bank Management, Pune (Maharashtra) and Governing Body of Indian Institute of Bank Management, Guwahati (Assam).
Note – Pankaj Dwivedi was appointed as the Executive Director of Union Bank of India on March 27, 2024. He had previously served as the general manager in Punjab & Sind Bank.
About Bank of Maharashtra (BOM)
MD & CEO – Nidhu Saxena
Headquarters – Pune, Maharashtra
Establishment – 1935
Tagline – Ek Parivaar, Ek Bank (One Family One Bank)

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PR Sreejesh & Camila Caram Appointed Co-chairs of New FIH Athletes CommitteeIndian hockey goalkeeper Parattu Raveendran (PR) Sreejesh and Chilean women’s hockey player Camila Caram are appointed as co-chairs of the International Hockey Federation’s (FIH) new Athletes Committee.

• Camila Caram has been assigned Co-Chair and Athletes Committee Representative on the Executive Board.
• PR Sreejesh is the Co-Chair and he will lead the planning and meetings alongside Camila Caram.

Note: The FIH Athletes Committee serves as a consultative body making recommendations to the FIH Executive Board, FIH Committees, Advisory Panels, and other bodies.
About PR Sreejesh:
i.From Ernakulam, Kerala, Sreejesh made his senior debut at the 2006 South Asian Games in Colombo, Sri Lanka.
ii.So far, he represented India at the Olympics 3 times in 2012 London (United Kingdom), 2016 Rio (Brazil), and 2020.
iii.Notable victories include the:

• Gold at the 2014 Asian Games in Incheon, South Korea;
• Bronze at the 2015 FIH Hockey World League Final, Raipur, Chhattisgarh (India);
• Bronze at the 2020 Tokyo Olympics (Japan) (first medal in the Summer Games in over four decades);
• Gold at the 2022 Asian Games in Hangzhou, China.

Awards: In 2015- Arjuna Award; 2017- Padma Shri (Sports); 2021- The World Games Athlete of the Year, and also Major Dhyanchand Khel Ratna Award  in 2021.
About Camila Caram:
i.She has played around 266 matches (As of March 28, 2024) for the Chile Women’s Hockey team since her debut in 2006.
ii.She represented Chile as one of the Co-Captains in the FIH Women’s Hockey Olympic Qualifiers 2024 held in Ranchi, Jharkhand in January 2024.
About FIH Athletes Committee and New Members:
The Committee will be established on a 4-yearly basis and is composed of:

• 2 Co-Chairs,
• 8 Ordinary Members

Regular Members:
i.Juliani Binti Mohamad Din (Malaysia)
ii.Catherine Thaggard-Fabiano (Fiji)
iii.Mohamed Mea (South Africa)
iv.Marlena Rybacha (Poland)
v.Matt Swann (Australia)
viCesar Garcia (Mexico)
vii.Jacqueline Mwangi (Kenya)
Responsibilities of FIH Athletes Committee:
i.Advocating for athlete welfare, anti-doping, social media, and career management.
ii.Collaborating with the International Olympic Committee (IOC) Athletes’ Commission and other sports organizations for information exchange.

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Standard Chartered Bank Sold a 7.18% stake in CDSL for Rs 1,266.48 crore
The Standard Chartered Bank sold its entire 7.18% stake in Central Depository Services (India) Ltd (CDSL) in a block deal worth over Rs 1,266.48 crore.
About CDSL:
i.CDSL facilitates the holding of securities in electronic form. CDSL and National Stock Exchange (NSE)-promoted National Securities Depository Ltd(NSDL) are the only two depositories in India.
ii.CDSL was promoted in 1999 by the BSE (formerly Bombay Stock Exchange), along with banks such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank and Union Bank of India.

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Skyroot Aerospace Successfully Test-Fired Kalam 250, Stage 2 of Vikram-1 Skyroot Aerospace Private Limited, a Hyderabad (Telangana)-based aerospace company, has successfully test-fired the Kalam-250, otherwise called Stage-2 of the Vikram-1 space launch vehicle.

• The test was conducted at the propulsion testbed of the Indian Space Research Organisation (ISRO) at Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh(AP).

Kalam 250: 
i.Kalam-250, a high-strength carbon composite rocket motor, uses solid fuel and a high-performance Ethylene-Propylene-Diene terpolymers (EPDM) thermal protection system (TPS).
ii.The stage-2 houses a carbon ablative flex nozzle and high-precision electro-mechanical actuators for thrust vector control of the vehicle.
About the Test: 
i.The test lasted 85 seconds and achieved a peak sea level thrust of 186 kilonewtons (kN), which is equivalent to fully expanded vacuum thrust of ~235kN in flight.
ii.With this, Kalam-250 becomes the largest propulsion system designed and manufactured by the Indian private sector. This is also the first carboncomposite-built motor tested at ISRO.
Points to note: The proprietary head-mounted safe arm (HMSA) for the test was supplied by the Vikram Sarabhai Space Centre (VSSC) of ISRO.  HMSA is used for the safe operation of the rocket stage.
Additional info: Skyroot is set to achieve the maiden orbital launch of the Vikram-1 in 2024.
Note – Space launch vehicles consist of multiple stages: Stage-2 is a critical stage in the ascent of the launch vehicle, as it propels from atmospheric phase to the deep vacuum of outer-space.
About Skyroot Aerospace:
Co-founders, CEO & CTO– Pawan Chandana &
Co-founder & COO– Bharath Daka
Headquarters– Hyderabad, Telangana
Established – 2018

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Tejas Mark-1A fighter aircraft completes first flight in Bengaluru On March 28, 2024, the Tejas Mark (Mk)-1A fighter aircraft made its successful maiden flight from the Hindustan Aeronautics Limited (HAL) facility in Bengaluru, Karnataka.

• HAL’s chief test pilot, Group Captain KK Venugopal (retd) flew the light combat aircraft (LCA) Mk-1A.

About Tejas Mark-1A:
i.Tejas Mark-1A fighter features advanced radar, electronic warfare, and improved combat capabilities.

• The Tejas Mark-1A is designed by the Aeronautical Development Agency (ADA) under the Defence Research and Development Organisation(DRDO) and manufactured by Hindustan Aeronautics Limited(HAL).

ii.Major upgrades include an active electronic scanned array (AESA) radar, a combined interrogator and transponder (CIT) and a digital map generator.

• The digital map generator, designed and developed by HAL’s Mission and Combat Systems Research and Development Centre (MCSR&DC), had thermal issues and was a failure point in the Tejas Mark 1. This has been replaced with computers designed by MCSR&DC.

iii.HAL has integrated the ASRAAM (advanced short range air-to-air missile) for the Mark 1A’s outboard stations.
iv.Cockpit floor modification allows 95% of IAF pilots (even the bigger pilots), including with shoe size 10,  to fly comfortably.
Note:
IAF ordered 83 Mk-1A fighters for Rs. 48,000 crore in February 2021 and planned to buy 97 more Mk-1A’s at a cost of around Rs. 67,000 crore.
About Hindustan Aeronautics Limited (HAL):
Addl. Charge of Chairman and Managing Director– CB Ananthakrishnan
Headquarters– Bengaluru, Karnataka
Establishment– 1940

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World Piano Day 2024– March 28The World Piano Day is observed annually on the 88th day of the year, which represents the 88 keys of the Piano, to celebrate the Piano, an acoustic, keyboard, stringed percussion instrument. The day usually falls on 28th or 29th of March.

• It aims to create a community platform to bring together piano players from all around the world.

MoRD Notifies 3-10% hike in MGNREGA Wage Rates for FY25The Ministry of Rural Development (MoRD) has notified a 3-10% increase in the wage rate of workers under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in nominal terms for the financial year 2024-25(FY25).

• The notification was issued under Section 6 (1) of the MGNREGA, 2005.
• The new wage hike ranking from Rs 7 and Rs 26 will come into force from 1st April 2024.

Note: The last revision in MGNREGA wages was notified on 24 March 2023 and the wage increase for 2023-24 ranged from 2-10%.
Highlights:
i.The wages have seen an average increase of about 7% from the existing all-India average wage rate of Rs 267.32 per day to Rs 285.47 per day for FY25.
ii.Goa witnesses the highest hike of 10.56% over the current wage rate, while Uttar Pradesh(UP) and Uttarakhand have recorded the lowest raise of 3.04% each.

• Goa, Karnataka (10.4%), Andhra Pradesh (10.29%), and Telangana (10.29%) have seen a significant hike of over 10% increase.

iii.Kerala (3.90%) and Lakshadweep (3.62%) have a hike below 4%.
iv.Haryana sees the highest NREGS wage rate at Rs 374 per day, while Arunachal Pradesh and Nagaland have the lowest at Rs 234 per day.
Points to note:
i.MGNREGA wage rates are determined by changes in the Consumer Price Index for Agricultural Labor (CPI-AL), reflecting rural inflation.
ii.Union Budget 2024-25 has allocated Rs 86,000 crore for MGNREGA. This was at par with the revised estimate for MGNREGA in the ongoing financial year 2023-24.
iii.States can also provide wage rates exceeding the Centre’s notified levels for the beneficiaries.
Note: In the fiscal year 2023-24(FY24), the average employment days per household nationwide stood at 51 days, falling short of the promised 100 days.

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Israel Aerospace Industries opens its Indian subsidiary “AeroSpace Services India”
Israel Aerospace Industries (IAI) has opened its Indian subsidiary AeroSpace Services India (ASI) in New Delhi, Delhi.

• ASI acts as the sole authorised original equipment manufacturer’s (OEM) technical representative for the entire Medium Range Surface-to-Air Missile (MRSAM) system used by the Indian Army, Indian Air Force(IAF), and Indian Navy.
• The MRSAM system includes an advanced phased array radar, command and control, mobile launchers and interceptors with advanced RF seeker.
• MRSAM has been jointly developed by IAI and the Defence Research & Development Organisation (DRDO) and produced at Bharat Dynamics Limited (BDL) for the Indian forces.

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UNEP Report: Globally, Around 19% of the Food Produced was Wasted in 2022On March 27, 2024, the United Nations Environment Programme (UNEP) released its ‘Food Waste Index Report 2024-Think Eat Save Tracking Progress to Halve Global Food Waste‘ which tracks the progress of countries to halve food waste by 2030.

• As per it, world wasted an estimated 19% of the food produced globally in 2022, or about 1.05 billion metric tons. This equals to 132 kilograms per person, amounting to nearly one-fifth of all available food.
• The report is co-authored by UNEP and Waste and Resources Action Programme (WRAP), an international charity.
• Researchers analyzed country data on households, food service and retailers.

Note:
Sustainable Development Goal 12.3 is committed to halve per capita global food waste at the retail and consumer levels and to reduce food loss across supply chains by 2030.

• This report was first released in 2021.

Key Points:
i.Globally, each person wastes about 79 kilograms of food annually, totaling at least 1 billion meals wasted daily.
ii.Household waste contributes to 60% of food wastage, followed by 28% from food service and 12% from retailers.
iii.783 million people facing chronic hunger globally and escalating food crises in many regions.
iv.150 million children under the age of five suffer stunted growth and development due to a chronic lack of essential nutrients in their diets.
v.Food loss and waste produce 8-10% of global greenhouse gas emissions, ranking third after China and the US if considered as a country.
vi.Governments and industry groups employ public-private partnerships to reduce food waste, focusing on measurement and redistribution strategies.

• Only a few G20 countries like Australia, Japan, the United Kingdom, the United States and the European Union (EU) have suitable food waste tracking systems, emphasizing the need for consistent measurement and reporting to guide progress toward 2030 goals.

vii.As of 2022, only 21 countries have incorporated food loss and waste reduction into their national climate plan.

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IRDAI Retains the ‘D-SIIs’ status for LIC, GIC Re and New India Assurance Company

The Insurance Regulatory and Development Authority of India (IRDAI) retained the Domestic Systemically Important Insurers (D-SIIs) status for Life Insurance Corporation of India (LIC), General Insurance Corporation of India Limited (GIC Re) and the New India Assurance Company Limited.

• This means, these public sector insurance companies will continue to be identified as D-SIIs, as in the 2022-23 list of D-SIIs.

Key Points:
i.D-SIIs are insurers considered ‘too big or too important to fail’ (TBTF) due to their size, market significance, and interconnectedness.
ii.D-SIIs face additional regulatory measures to address systemic risks and moral hazards, necessitating enhanced corporate governance and comprehensive risk management frameworks.
iii.LIC and New India are the largest life and general insurance companies in India, with GIC Re serving as the sole Indian reinsurer.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Establishment– 1999 (Incorporated in 2000)

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RBI modifies norms for Lenders Having Exposure into AIFsOn March 27, 2024, the Reserve Bank of India (RBI) issued directive to address the regulatory concerns related to the investment by regulated entities (REs) in the Alternative Investment Funds (AIFs).

• The instructions were issued in exercise of its powers conferred by Sections 21 and 35A of the Banking Regulation (BR) Act, 1949 read with Section 56 of the Act ibid; Chapter IIIB of the RBI Act, 1934 and Sections 30A, 32 and 33 of the National Housing Bank (NHB Act, 1987

Key Points:
i.According to the new directive, downstream investments for Regulated Entities (REs) should exclude equity shares of the debtor company but include other investments, including hybrid instruments.
ii.Provisioning should be required only to the extent of RE’s investment in the AIF scheme, which will be invested by the AIFs in a debtor’s company and not the entire investment in the AIF scheme.
iii.The scope of the directive does not include the Investments by REs in AIFs through intermediaries such as fund of funds or mutual funds
Click here to know more 
Background:
In December 2023, RBI had restricted banks and NBFCs (Non-Banking Financial Companies) from investing in AIFs, which have downstream investments in debtor companies. If banks or NBFCs had such investments in AIFs, they were given 30 days to liquidate their holdings or make 100% provisions against them.
Innoviti Payments, Concerto Software get RBI payment aggregator licences
Offline point-of-sales(PoS) deploying company Innoviti Payments and payment gateway Vegaah, which is run by Concerto Software and Systems, have secured the online payment aggregator (PA) licence from RBI.
Key Points:
i.CCAvenue, under Infibeam Avenues, also received its PA license from the RBI recently.
ii.MSwipe, a point-of-sales (PoS) company, has also acquired the PA license, offering online payment services to its offline customers seeking an omnichannel experience.
iii.PAs are authorized to settle ecommerce transactions, subjecting them to RBI regulations.

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India releases 2nd tranche of Rs 500 Crore to Bhutan for GyalSung Infrastructure ProjectOn 26th March 2024, India released the 2nd tranche of Rs 500 Crore for the development of infrastructure related to GyalSung Project to Bhutan.

• Sudhakar Dalela, Indian Ambassador to Bhutan handed over the tranche to Lyonpo D.N. Dhungyel, Minister of Foreign Affairs and External Trade, Bhutan.

MoU related to GyalSung Infrastructure Project:
i.A Memorandum of Understanding(MoU) on the concessionary financing arrangements for the GyalSung Infrastructure Project was signed between India and Bhutan on January, 2024.
ii.The MoU laid down the framework for the disbursal of Rs 1,500 Crore as concessionary financing to the Royal Government of Bhutan.
iii.The 1st tranche of Rs 500 Crore was released on 28th January, 2024.
iv.Till Now, Government of India(GoI) has released Rs 1000 Crore to Government of Bhutan.
 Note: Earlier, MoU was signed between Indian Government and GyalSung in February, 2023. Government of India(GoI) has provided financial assistance of Rs 200 Crore for the DeSuung for GyalSung programme.
About GyalSung:
i.It is an important national initiative envisioned by His Majesty King, Jigme Khesar Namgyel Wangchuck to build the strong foundation for the future of Bhutan.
ii.It was launched by King of Bhutan, during 112th National Day of Bhutan on 17th December, 2019.
iii.Its primary objective is to enhance the capabilities of youth of Bhutan which will enable them to participate in the nation building.

• It also aims to empower youngsters of Bhutan to realize their potential as competent and productive citizens in service of the Tsawa Sum.

iv.It is a one-year integrated training programme mandatory for all youths attaining the age of 18.
v.Simultaneously, GyalSung Infra has been set up as a separate entity to carry out design work and build infrastructure for five academies as greenfield projects.
About Bhutan:
Prime Minister: Tshering Tobgay
Capital: Thimphu
Currency: Bhutanese Ngultrum (BTN)

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Morgan Stanley raises India’s GDP growth estimate to 6.8% for FY24-25Brokerage Firm Morgan Stanley in its report titled ‘Building Stronger Recovery’ has increased India’s Gross Domestic Product (GDP) forecast for FY24-25 to 6.8% from 6.5% estimated earlier amid continued traction in industrial and capex activity.

• For Calendar Year (CY) 2024 Indian economy will grow at 6.8% as compared to 6.4%.
• For FY24, India’s GDP growth will be at 7.9%, and for Q4FY24 (January- March) GDP growth is at 7% with gross value added Growth of 6.7%.

Key Points:
i.India’s growth in FY25 to be broad-based, with narrowing rural-urban consumption gaps and Private-Public Capex (Capital Expenditure).
ii.Consumer Price Index (CPI) inflation projected to moderate to 4.5%, with the current account deficit around 1% of GDP.

• Capex expected to exceed nominal GDP growth in 2024-25 and 2025-26.

iii.Consumption remains dominant, accounting for 60.3% of GDP, with private consumption rebounding close to pre-pandemic levels.
iv.Global growth to slightly decline to 2.8% in 2024, stabilizing at 2.9% in 2025.
v.India aims to increase export market share from 2.4% to 4.5% by 2031 through supply-chain diversification and manufacturing policies.

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Ritu Raj Awasthi Sworn in as Judicial Member of LokpalOn 27th March 2024, Ritu Raj Awasthi sworn in as one of the three Judicial member of Lokpal of India. The oath of office was administered by Justice AM Khanwilkar, Chairperson of Lokpal of India at the ceremony held in Lokpal of India office at New Delhi, Delhi.

• Prior to the appointment, Ritu Raj Awasthi was serving as the Chairperson of 22nd Law Commission of India since November 2022. He resigned from the post on 26th March 2024 to join Lokpal.

About Ritu Raj Awasthi:
i.Ritu Raj Awasthi has previously served as the Chief Justice(CJ) of Karnataka High Court from 11 October 2021 to 2 July 2022.
ii.He also served as the Judge of Allahabad High Court from 13 April 2009 to 10 October 2021.
Other Appointments: 
During the event, Pankaj Kumar, a 1986 batch IAS officer from Gujarat cadre(retired), and Ajay Tirkey, a 1987 batch IAS officer from Madhya Pradesh (MP) cadre(retired), took charge as the non-judicial members of Lokpal.
About Pankaj Kumar:
Pankaj Kumar served as the Chief Secretary of Gujarat from 2021 till his retirement in January 2023.
About Ajay Tirkey:
i.Ajay Tirkey served as Secretary of the Department of Land Resources, Ministry of Rural Development until his retirement in December 2023.
ii.He also served in various other ministries, including women and child development and defense.
iii.He served as the Principal Secretary to the Governor of Madhya Pradesh from 2015 to 2017.
Background:
The appointments were made after two existing Judicial Members Justice P. K. Mohanty and Justice Abhilasha Kumari and three non-judicial Members D. K. Jain, Archana Ramasundaram and Mahender Singh completed their tenure in Lokpal on 26th March 2024.
About Lokpal:
i.The Lokpal  is an anti-corruption authority or body of ombudsman who represents the public interest in the Republic of India.
ii.It is the first institution of its kind in independent India, established under Lokpal and Lokayuktas Act 2013.
iii.It consists of a chairperson and 8 members of whom 50% are judicial members.
iv.The chairperson and other members hold the office for a term of 5 years from the date on which they enter upon or until they attain the age of 70 years.

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India’s Kamal Kishore Appointed as UNSG’s Special Representative in UNDRROn 27th March 2024, United Nations (UN) Secretary-General (SG) Antonio Guterres appointed Kamal Kishore of India as Assistant Secretary-General and Special Representative of the SG for Disaster Risk Reduction, United Nations Office for Disaster Risk Reduction (UNDRR).

• He is currently serving as the Head of the Department of National Disaster Management Authority (NDMA)(rank of Secretary to the Government of India), the apex body for Disaster Management in India.
• He succeeds Mami Mizutori of Japan who held the post since January 2018.

Note: UNDRR Director, Paola Albrito will serve as the Acting Special Representative until Kamal Kishore takes charge.
About Kamal Kishore:
i.Prior to joining NDMA, Kamal Kishore served in the United Nations Development Programme (UNDP) in Geneva(Switzerland), New Delhi(India) and New York(the United States of America).
ii.He has also served as Director of Information and Research, and Manager of the Extreme Climate Events Programme at the Asian Disaster Preparedness Centre in Bangkok (Thailand) from 1996 to 2002.
iii.He led the G20 Working Group on Disaster Risk Reduction, as part of India’s Group of 20 (G20) presidency in 2023.
iv.He also contributed to developing the Coalition for Disaster Resilient Infrastructure, launched by Narendra Modi, Prime Minister(PM) of India at the Climate Action Summit in 2019.
About United Nations Office for Disaster Risk Reduction (UNDRR):
UNDRR was established to ensure the implementation of the International Strategy for Disaster Reduction.
Headquarters– Geneva, Switzerland
Established in 1999

SBI Mutual Fund Acquires 3% Stake in Savita Oil Technologies
On 22nd March 2024, SBI Mutual Fund(MF) acquired a 3% stake, equivalent to 20.73 lakh equity shares, in Savita Oil Technologies Ltd, via a block deal.  SBI MF bought the shares at an average price of Rs. 408 apiece from its promoter entity Mehra Syndicate.

• Before the sale, promoters held 62.78% stake, equivalent to 43,383,855 shares. Post-sale, promoter stake reduced to 59.78%, comprising 41,310,855 shares.
• As of March 26, 2024, Savita Oil Technologies Ltd’s market capitalization has crossed the Rs 3,000 crore mark value.
• Apart from SBI Mutual Fund, HDFC Mutual Fund has a 7.4% stake in Savita Oil Technologies.

Note: Mumbai(Maharashtra) based Savita Oil Technologies (Previously Savita Chemicals Limited) is a manufacturer and distributor of greases, industrial oils, petroleum products, and transformer oils.

China Successfully Launched Yunhai-3 02 Satellite to Monitor Atmospheric, and Space Environments China launched a new satellite “Yunhai-3 02” from the Taiyuan Satellite Launch Center located in north China’s Shanxi Province. The satellite was launched atop a modified version of the Long March-6 rocket.

• This launch marks the 514th mission of the Long March series carrier rockets, highlighting China’s extensive experience in space missions.

Note: The 95-foot-long (29 meters) Long March 6 is the smallest of China’s new-generation launchers.
Focus Areas:
Yunhai-3 02 has entered the preset orbit and this state-of-the-art satellite is specifically designed to conduct:

• Atmospheric and marine environment surveys.
• Space environment monitoring.
• Disaster prevention and reduction efforts.
• Scientific experiments.

About China:
Capital– Beijing
President– Xi Jinping
Currency–  Renminbi (RMB), also known as the Chinese yuan

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Starburst Accelerator & IIT Madras Signed MoU to Establish 100 Million Euros Startup Hub
French aerospace and defence firm Starburst Accelerator (SARL) collaborated with the Indian Institute of Technology-Madras (IIT Madras) to establish an innovative hub for start-ups with the funding support of 100 million Euros. A Memorandum of Understanding (MoU) formalizing this collaboration was signed at the IIT Madras campus in Chennai, Tamil Nadu.

• Under this partnership, IIT Madras will enable Starburst to set up accelerator programs to strengthen India’s Aviation, Space, and Defence (ASD) ecosystem.
• The collaboration aims to foster entrepreneurship, and innovation within the ASD sector in India.

Signatories: The MoU was signed by François Chopard, Founder and Chief Executive Officer (CEO) of Starburst Aerospace; Prof V Kamakoti, Director of IIT Madras; and  Manu Santhanam, Dean (ICSR) of IIT Madras.
ASD Venture Capital Funds: Starburst Accelerator SARL intends to establish venture capital funds for ASD technology, driving economic transformation and global integration for Indian startups.

• This collaboration will facilitate export promotion and provide avenues for Indian ASD startups to access international markets via Starburst’s extensive network.

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Sahitya Akademi Awardee Dr Gurulinga Kapse Passed AwayA renowned Kannada Writer and Sahitya Akademi Awardee Dr Gurulinga Kapse passed away on 26th March 2024 in Dharwad, Karnataka. He was was born on 2nd April 1928 in Loni village in Vijayapura district, Karnataka.
About Gurulinga Kapse:
i.He has written more than 50 books on children’s literature, folklore, and Aurobindo’s philosophy.
ii.Gurulinga Kapse worked as a professor at Karnatak University, Dharwad.
iii.He also served as the president of Karnataka Sahitya Academy, Government of Karnataka,  from 2001–2004.
Awards:
i.He won the Sahitya Akademi Translation Prize in 2021 for his book “Ondu Putada Kathe” (A short story), the Kannada translation of the Autobiography of Marathi Writer V. S. Khandekar titled “Eka Panachi Kahani” originally written in Marathi.
ii.In 2004, He received the Rajyotsava Award for Literature, the second-highest civilian award given by the Karnataka government. The award is annually presented on the 1st November, the formation day of Karnataka.

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Psychologist Daniel Kahneman, a Nobel Laureate in Economic Sciences Passed AwayDaniel Kahneman, Renowned Israeli-American and the first and only psychologist to win a Nobel Prize(Economics), passed away at the age of 90. He was born on 5 March 1934, in Tel Aviv, British Mandate of Palestine (now Israel).
Awards/Honours:
i.He won the Nobel Prize in Economic Science – formally known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobe in 2002 for integrating insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty.

• He shared the award with an American economist Vernon Lomax Smith.

ii.In 2007, he received the Lifetime Contribution Award from the American Psychological Association.
iii.He received the United States of America(USA)’s Presidential Medal of Freedom in 2013
About Daniel Kahneman:
i.Dr. Kahneman held the position of professor of psychology at the:

• Hebrew University in Jerusalem (1970-1978);
• University of British Columbia (UBC), Canada (1978-1986); and
• University of California, Berkeley, United States (US) (1986-1994).

ii.He was the Eugene Higgins Professor of Psychology Emeritus, and a professor of psychology and public affairs at the Woodrow Wilson School of Public and International Affairs (now SPIA), at Princeton University, New Jersey, US since 1993.
iii.He has authored several books and some of his notable works include:

TRAI Release Recommendations on ‘Usage of Embedded SIM for M2M Communications’The Telecom Regulatory Authority of India (TRAI),released the recommendations on Usage of Embedded Subscriber Identity Module (SIM) for Machine-to-Machine Communications (M2M) under the TRAI Act 1997.
Key Points
i.The introduction of 5G services in India provides more opportunities for the M2M ecosystem offering increased scope for applications in various sectors such as agriculture, transportation, healthcare and industrial automation.
ii.These recommendations will streamline the regulatory landscape of M2M embedded SIM (eSIM) in India.
iii. By these recommendations, the TRAI has emphasized the importance of implementing appropriate Know Your Customer (KYC) procedures to maintain network security, reduce fraud threats, and improve the M2M eSIM ecosystem’s overall integrity.
iv.Additionally, TRAI has suggested a framework for eSIM profile switching and Subscription Manager-Secure Routing (SM-SR) swapping. This framework will encourage healthy competition in the market and offer M2M eSIM consumers a great deal of choice.
v.The implementation of these Recommendations by the Government will promote growth in the M2M eSIM segment of the telecom sector in India
vi.It stimulates the development of a  M2M eSIM ecosystem in the country, thus enabling the growth of modern M2M communications.
About Telecom Regulatory Authority of India(TRAI) 
TRAI is a statutory body that regulates the telecommunications sector in India.
Chairman – Anil Kumar Lahoti
Headquarters – New Delhi, Delhi
Establishment – 1997

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ILO report: Youth Unemployment in India Rises to 83%According to the ‘India Employment Report 2024: Youth education, employment and skills’ jointly published by the International Labour Organization (ILO) and the Institute of Human Development (IHD), India’s youth accounts for almost 83% of the unemployed workforce in India.

• The report was released by V.Anantha Nageswaran, Chief Economic Advisor (CEA) of India.
• He mentioned that the report showed the youth employment and underemployment increased between 2000 and 2019 but declined during the COVID-19.
• The report projected that youth population which accounts for 27% of total population in 2021 will decrease to 23% by 2036.

About International Labour Organisation(ILO):
Director-General -Gilbert Fossoun Houngbo
Headquarters –  Geneva, Switzerland
Established –  1919
Member States – 187 Member States

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Axis Bank introduces Digital Opening of US Dollar FD for NRI customers at GIFT CityOn March 26, 2024, Axis Bank has introduced digital opening of US (United States) dollar Fixed Deposits (FD) for NRI (Non-Resident Indian) customers at its International Financial Services Centre/IFSC Banking Unit (IBU) in Gujarat International Finance Tec (GIFT) City in Gandhinagar, Gujarat.

• With this, Axis Bank becomes the first bank to offer digitization of GIFT City Deposits.

Key Points:
i.NRI customers can now open US dollar fixed deposits at GIFT City through ‘Open by Axis Bank’, the bank’s mobile banking application.
ii.This digital offering simplifies the process, providing an end-to-end digital solution and eliminating physical documentation.
iii.Customers can conveniently manage their FD digitally and enjoy flexible investment tenures ranging from seven days to ten years.
iv.Partial or full premature closure of the FD can also be requested through the Axis Bank mobile application.
About Axis Bank Limited:
Managing Director and CEO– Amitabh Chaudhry
Headquarters– Mumbai, Maharashtra
Established – 1993 (Commenced operation on 1994)
Tagline– Badhti Ka Naam Zindagi

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NTPC signs pact with Japanese agency for USD 200 million loanThe NTPC Limited (formerly known as National Thermal Power Corporation) has inked a pact with Japan Bank for International Cooperation (JBIC) for sourcing foreign currency loans of USD 200 million (Japanese Yen (JPY) 30 billion or around Rs 1,650 crore).

• JBIC will provide 60% of the facility amount and the balance amount will be provided by other commercial banks under JBIC guarantee

Key Points:
i.Agreements signed for JPY 15 billion loans each for NTPC Ltd and NTPC Renewables Energy Ltd (NREL).

• Of the 30 billion, the JBIC’s portion is only JPY 9 billion each.

ii.The loan is co-financed by Sumitomo Mitsui Banking Corporation and the Bank of Yokohama Ltd.
iii.Loans are extended under JBIC’s ‘Global action for Reconciling Economic growth and Environment preservation’ (“GREEN”) initiative for environment-friendly projects.
iv.NTPC will utilize the funds for Flue Gas Desulphurization (FGD) to reduce Sulphur oxide (SOx) emissions, promoting environmental sustainability.
v.This marks the second loan for NTPC under JBIC’s GREEN operations in India.
vi.NREL will use the funds for renewable energy projects, aligning with its mission for reliable, affordable, and sustainable energy.
About NTPC Limited:
Chairman & Managing Director– Gurdeep Singh
Headquarter– New Delhi, Delhi
Establishment– 1975

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PayU Introduces Industry-First Downpayment EMI Solution for Online Retail
PayU Payments Private Limited(PayU), a leading payments solution provider in India, introduced a first-of-its-kind Downpayment EMI (Equated Monthly Instalment) solution for online retail. This replicates the flexibility and convenience of downpayment options available in offline EMIs.

• This will enable the users to make a partial payment upfront while the remaining can be converted into easy EMIs.
• With this, the PayU merchant partners can offer flexible options to their customers to decide on a downpayment amount with Credit Card EMI.  This no-code solution offers No-cost EMI with a pre-decided downpayment.

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Star Housing Finance Signs Co-lending Partnership with Tata Capital Housing Finance
Star Housing Finance Limited (Star HFL) has signed a co-lending partnership with Tata Capital Housing Finance Limited (TCHFL) to provide loans to economically weaker sections (EWS) and low-income groups (LIG) at more affordable rates.

• The partnerships aim to serve consumers across different geographies by offering diverse origination capacities and levels of franchise to the borrower base.

Note:TCHFL is a wholly owned subsidiary of Tata Capital Limited and is registered with the National Housing Bank as a housing finance company.

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CAD narrows to 1.2% of GDP at USD 10.5 billion in Oct-Dec FY24: RBIOn March 26, 2024, the Reserve Bank of India (RBI) released the Preliminary data on India’s Balance of Payments (BoP) for October-December 2023-24 i.e. Q3FY24. As per it, India’s Current Account Balance (CAD) for Q3FY24 showed a deficit of USD 10.5 billion which is 1.2% of GDP (Gross Domestic Product).

• It is lower than Q2FY24’s USD 11.4 billion (1.3% of GDP) and Q3FY23’s USD 16.8 billion (2.0% of GDP).

Highlights:
i.Merchandise trade deficit in Q3FY24 was higher at USD 71.6 billion as compared to Q3FY23’s USD 71.3 billion.
ii.Services exports increased by 5.2% year-on-year, driven by software, business, and travel services, contributing to cushioning the current account deficit.
iii.Primary income account’s net out go rose to USD 12.7 billion from USD 11.5 billion a year ago, reflecting higher payments of investment income.
iv.Private transfer receipts, primarily remittances from Indians abroad, amounted to USD 31.4 billion, up 2.1% from Q3FY23.
v.Foreign Direct Investment (FDI) saw a net inflow of USD 4.2 billion, compared to USD 2.0 billion in Q3FY23.
vi.Foreign Portfolio Investment (FPI) recorded a net inflow of USD 12 billion, higher than Q3FY23’s USD 4.6 billion.
vii.External commercial borrowings resulted in a net outflow of USD 2.6 billion in Q3FY24, compared to USD 2.5 billion outflow in Q3FY23.
viii.Non-resident deposits saw a higher net inflow of USD 3.9 billion compared to USD 2.6 billion in Q3FY23.
ix.Foreign exchange reserves decreased by USD 6 billion in Q3FY24, compared to USD 11.1 billion in Q3FY23.
BoP During April-December 2023:
i.India’s CAD improved to 1.2% of GDP, down from 2.6% April-December 2022, mainly due to a reduced trade deficit.
ii.Net FDI inflow was USD 8.5 billion, lower than April-December 2022’s USD 21.6 billion. iii.Portfolio investment saw a net inflow of USD 32.7 billion in April-December 2023.
iv.The foreign exchange reserves increased by USD 32.9 billion during April-December 2023.

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Brand Finance Insurance 100 2024: India’s LIC Emerged as World’s Strongest Insurance Brand According to the “Insurance 100 2024” report by Brand Finance, independent brand valuation and strategy consultancy, India’s Life Insurance Corporation of India (LIC) has emerged as the world’s strongest insurance brand, with brand value up 0.04% to USD 9.8 billion. It has an Brand Strength Index (BSI) score of 88.3 and an associated AAA brand strength rating.

• LIC is followed by Taiwan based Cathay Life Insurance(brand value up 9% to USD4.9 billion) and Australia based NRMA Insurance (brand value up 82% to USD1.3 billion) as 2nd and 3rd strongest insurance brands respectively.

According to the report, China’s Ping An continues its reign as the world’s most valuable insurance brand for 6 consecutive years, showcasing a 4% increase in brand value to USD 33.6 billion.

• Following China’s Ping An, Germany’s Allianz (brand value up 17% to USD24.6 billion), China Life Insurance (brand value up 2% to USD17.5 billion) have retained their spot as the 2nd and 3rd valuable insuance company in the world.

Note: Insurance 100 is an annual report of Brand Finance on the most valuable and strongest Insurance brands
About Brand Finance:
Chairman & CEO– David Haigh
Headquarters– London, UK
Established in– 1996

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SC Appoints Expert Committee for Great Indian Bustard PreservationThe Supreme Court(SC) bench led by Dhananjaya Yeshwant (DY) Chandrachud, Chief Justice of India (CJI), has appointed a seven-member expert committee for the preservation of the Critically Endangered Great Indian Bustard(GIB).

• The SC has directed the committee to submit a report by July 2024 and listed the matter for the 2nd week of August 2024.
• This is in line with the efforts to protect the GIB population from extinction caused by collision with power cables in Gujarat and Rajasthan.

Note: The 3-judge bench included Justice Jamshed Burjor Pardiwala and Justice Manoj Misra.
About the Committee:
i.Member of the committee includes, Virendra R. Tiwari, Director of Wildlife Institute of India(WII), Dehradun(Uttarakhand); Hari Shankar Singh, Member of the National Board for Wildlife(NBWL); Niranjan Kumar Vasu, former Principal Chief Conservator of Forests, Head of Forest Force, Assam; B Majumdar, former Chief Wildlife Warden and Principal Chief Conservator of Forest, Maharashtra; Devesh Gadhavi, Deputy Director, The Corbett Foundation and others.
ii.Ashok Kumar Rajput, Member, Power Systems, Central Electrical Authority, and P.C. Garg, Chief Operating Officer, Central Transmission Utility of India Limited will be the special invitees of the committee
Functions of the committee:
i.The expert committee will determine the scope, extent and feasibility of underground and overhead electric lines in areas identified as priority spots for GIB in Rajasthan and Gujarat.
ii.This will also look into alternatives to balance sustainable development goals (SDGs) and conservation of GIB.
iii.The committee will also recommend additional measures to identify additional priority areas.
Points to note: 
i.In April 2021, SC ordered a total ban against the installation of overhead transmission lines across 80,688 square kilometres in Gujarat and Rajasthan,  to protect the GIB.
ii.SC is considering to lift the total ban and has notified the government of India to define a priority habitat areas where the overhead lines should be completely banned whereas the rest of the 80,688 square kilometres could be freed of the restriction.
Note: GIB are listed as critically endangered by the International Union for Conservation of Nature (IUCN) in its Red List of threatened species. They are also protected under the Wildlife (Protection) Act, 1972
About Supreme Court(SC)
Chief Justice of India(CJI) – Dhananjaya Yeshwant (DY) Chandrachud
Headquarters – New Delhi, Delhi

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ACC Appoints Sadanand Vasant Date as DG of NIA; Rajeev Kumar as DG of BPR&D & Piyush Anand as DG of NDRFThe Appointments Committee of the Cabinet (ACC) has approved the Prime Minister(PM) Narendra Modi has approved the appointment of

• Sadanand Vasant Date as the Director General(DG) of the National Investigation Agency (NIA).
• Piyush Anand as DG of the National Disaster Response Force (NDRF).
• Rajeev Kumar as DG of the Bureau of Police Research and Development (BPR&D).

About National Investigating Agency(NIA):
NIA, under the Ministry of Home Affairs, is the central counter-terrorism agency of India. It was constituted under the NIA Act,2008.
Established in 2008
Headquarter– New Delhi, Delhi

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CCI approval on March 26, 2024On March 26, 2024, the Competition Commission of India (CCI) has approved the following:
CCI approves subscription to CCPS B of API Holdings by MEMG LLP and 360 ONE
(CCI) has approved the subscription to Compulsorily Convertible Preference Shares (CCPS) B of API Holdings Limited by MEMG Family Office LLP (MEMG LLP) and 360 ONE Private Equity Fund (Fund) through its investment manager, 360 ONE Asset Management Limited (AML).

• Target: API Holdings Limited
• Acquirer 1: MEMG LLP
• Acquirer 2: 360 ONE Private Equity Fund and 360 ONE AML (together referred to as 360 One)

Key Points:
i.MEMG LLP is an Indian limited liability partnership under the Pai Family Group, providing consulting and advisory services in India.
ii.360 ONE Private Equity Fund , managed by 360 ONE Asset Management Limited (AML), is a Category II AIF (Alternate Investment Fund) registered with Securities and Exchange Board of India (SEBI), investing in diverse sectors globally and in India.
iii.API Holdings Limited is an unlisted public company active in the pharmaceutical and healthcare sector in India.
CCI approves 100% acquisition of Lanco Amarkantak Power Limited by Adani Power Limited
CCI approved acquisition of 100% equity share capital of Lanco Amarkantak Power Limited, a part of the Lanco Group, by Adani Power Limited, a part of the Adani Group.

• Target: Lanco Amarkantak Power Limited
• Acquirer: Adani Power Limited

Key Points:
i.Adani Power Limited specializes in thermal power generation in India, operating plants in multiple states.
ii.Lanco Amarkantak Power Limited is involved in thermal power generation in India and is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).

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ECI Launched Saksham App to Facilitate Easier Voting for PwDs The Election Commission of India (ECI) has launched a new app called ‘Saksham’ to facilitate easier voting for Persons with Disabilities(PwDs).This will also enable the PwDs to avail facilities(like wheelchair) at the polling stations.
Features of Saksham:
i.Saksham will offer customised services to ensure easing voter identification and registration process for PwDs. This will help the PwDs to find their polling station, and cast their vote.
ii.This will offer Voice assistance(for visually imparied); Text-to-speech(for hearing impaired).
iii.The app is available for both Android and iOS phones.
ECI announced Vote From Home option for senior citizens & PwDs
To ensure “No Voter to be left behind”, ECI has announced that citizens above the age of 85 and PwDs with 40 per cent benchmark disability can vote from home.

• This is the first time the ECI is providing ‘vote-from-home’ option.
• ECI will also arrange transport facilities for PwDs and the elderly.

About Election Commission of India(ECI):
ECI was established on 25 January 1950 in accordance with constitutional provisions (Article 324).
Chief Election Commissioner(CEC) – Rajiv Kumar
Election Commissioner – Gyanesh Kumar and Sukhbir Singh Sandhu
Headquarters – New Delhi, Delhi
Established – 26 January 1950

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Akums developed India’s 1st indigenous Hydroxyurea oral suspension for sickle disease
Akums Drugs and Pharmaceuticals Limited, a New Delhi (Delhi)-based pharmaceutical company, has developed India’s first homegrown indigenous Hydroxyurea oral suspension for the treatment of sickle disease in a cost-effective way. This product has received Drug Controller General of India (DCGI) approval following rigorous review and bioequivalence studies

• This is in line with the efforts of India towards achieving the National Sickle Cell Anaemia Elimination Mission launched by Prime Minister(PM) Narendra Modi in 2023.

About Hydroxyurea Oral Suspension: 
i.This will be used for symptomatic management of sickle cell syndrome for the prevention of recurrent painful vaso-occlusive crises like acute chest syndrome in adults, adolescents and children older than 2 years.
ii.The dosage of the Hydroxyurea Oral Suspension, available as a capsule and solution, is based on the patient’s body weight.
iii.The Indian Council of Medical Research (ICMR) will support Akums to conduct the Post Marketing Surveillance (PMS) study.

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Ferrari’s Carlos Sainz Jr. Wins F1 Australian Grand Prix 2024 Ferrari’s Carlos Sainz Vázquez de Castro (Carlos Sainz Jr.) of Spain won the Formula 1 (F1) Australian Grand Prix (GP) 2024, held from 22nd to 24th March 2024 at Albert Park Circuit, Melbourne, Australia.

• Ferrari‘s Charles Leclerc(Monaco) and United Kingdom’s Lando Norris won the second and third positions, respectively.

Winners of Australian Grand Prix 2024:

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Kerala Animal Husbandry Minister Released a book Titled “A Compendium on Non-Native Organisms of India”
Animal Husbandry Minister J. Chinchurani, the government of Kerala a book titled “A Compendium on Non-Native Organisms of India” in a event held at T.K. Madhava Memorial (TKMM) College, Nangiarkulangara, Kerala.
The book was co-authored by K.V. Jayachandran, honorary professor of Aquatic Biology and Fisheries department, Kerala University along with TKMM College faculties: Sheela S., Jasmin Anand and Vinod Haridas.

• The book offers information about invasive species discovered in various parts of Alappuzha (Kerala), the issues they pose, and strategies to prevent their spread.
• The book was published following a 3-day national workshop on ‘invasive species- monitoring and management’ organised by the Zoology department of TKMM College.

Earth Hour 2024 – March 23 Earth Hour is annually observed across the world observed on the last Saturday of March by turning off the lights for 60 minutes as a global symbol of unity and commitment towards protecting the planet and preserving the environment.

• Occasionally, in the years when Holy Saturday(Easter Eve) falls on the last Saturday of March, Earth Hour is held a week earlier.

Earth Hour 2024 was observed on 23rd March 2024 since Holy Saturday 2024 falls on 30th March 2024. 2024 marks observance of 18th year of Earth Hour.
2024 observance:
i.People across the globe observed the Earth hour 2024 from 8.30 PM to 9.30 PM.
ii.Earth Hour 2024 aims to create the Biggest Hour for Earth with its call-to-action “Give an hour for Earth”
Background:
i.The World Wide Fund for Nature (WWF) (formerly World Wildlife Fund) and partners first launched Earth Hour as a “lights off” movement in Australia in 2007.
ii.The first Earth Hour event was held on 31 March 2007 in Sydney, Australia.

CBI and Europol sign Working Arrangement for Cooperative RelationsThe Central Bureau of Investigation (CBI) and European Union Agency for Law Enforcement Cooperation (Europol) signed a Working Arrangement cooperative relations between the law enforcement authorities of the Republic of India and the Europol to prevent and combat serious crime and terrorism.
Signatories: The working arrangement was signed virtually by Catherine De Bolle, Executive Director of Europol and Praveen Sood, Director of CBI and was concluded simultaneously in New Delhi and the Hague with the presence of senior CBI and Europol officials.
Significance of Working Arrangement
i.This arrangement promotes direct cooperation between CBI and Europol to leverage their respective mandates and strategies.
ii.It establishes the clear mechanisms for communication, cooperation, and collaboration, between the respective law enforcement agencies.
iii.It also enables cooperation between all law enforcement agencies in India and the 27 European countries represented by Europol, as well as third countries and organizations associated with Europol.
iv.This Working Arrangement is extensive, with 26 in-depth articles listing the procedures for broad collaboration in more than 30 distinct criminal categories.
v.In addition to the exchange of information, it also includes the exchange of specialist knowledge, general situation reports, results of strategic analysis, participation in training activities, and providing advice and support in individual criminal investigations.
Note: The CBI and the Independent Commission Against Corruption (ICAC), Mauritius, had signed a Memorandum of Understanding (MoU) to enhance all round cooperation in combating corruption, money laundering and related crimes in March 2024.
Additional info
i.CBI is the National Central Bureau for the International Criminal Police Organization (INTERPOL) in India and coordinates assistance for all law enforcement agencies in India via Interpol channels.
ii.It is also a member of the Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network).
iii.Europol, supports EU member states combating serious international and organized crime, cybercrime and terrorism but it does not have the power to make arrests or initiate investigations on its own.
About Central Bureau of Investigation (CBI)
Director – Praveen Sood
Headquarters – New Delhi, Delhi.
Establishment – 1963
About Europol
Executive Director – Catherine De Bolle
Headquarters – The Hague, The Netherlands.
Establishment – 1999

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Indian Navy’s Maritime Security Operations Reach 100-Day Milestone Under ‘Op Sankalp‘On 23rd March 2024, The Indian Navy completed 100 days of maritime security operations “Operation Sankalp”, which was launched on 14th December 2023.

• As a part of the Op Sankalp, the Indian Navy played a major role as the First Responder and Preferred Security Partner in the Indian Ocean Region(IOR).

About Operation Sankalp:
i.As a part of the Op Sankalp, The naval ships, aircraft, and Special Forces played a major role in protecting the maritime community from various non-traditional threats present in the IOR.
ii.Indian navy conducted security operations across 3 areas: the Gulf of Aden and adjoining areas, the Arabian Sea, and off the East Coast of Somalia.
iii.Indian Navy deployed 5000 personnel at sea, over 450 ship days (with over 21 ships deployed), and 900 hours of flying by the maritime surveillance aircraft to address threats
Highlights:
i.During the operation, the Indian Navy saved over 110 lives (including 45 Indian Seafarers), and escorted over 15 lakh tons of commodities like fertilisers, crude oil, and finished products.
ii.The Indian Navy undertook 1000 boarding operations, seized over 3000 kgs of narcotics.
iii.Since 2023, the Information Fusion Centre – Indian Ocean Region (IFC-IOR) of the Indian Navy at Gurugram(Haryana), acted as the principal hub for enabling information exchange in IOR.
Points to note: 
i.Indian Navy re-oriented and enhanced the scope of Operation Sankalp to respond to the manifestation of the Israel – Hamas conflict in the maritime domain.
ii.The navy action during the Hijack of Malta-flagged merchant vessel (MV) Ruen on 14th December 2023, by Somali pirates.
iii.On 23rd March 2024, INS (Indian Naval Ship) Kolkata returned to Mumbai(Maharashtra) with 35 surrendered pirates. This was a part of the Op Sankalp.
About Indian Navy
Chief of the Naval Staff (CNS) – Admiral R Hari Kumar
Headquarters – New Delhi, Delhi
Motto – Sham no Varunah

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TRAI Amends MNP Regulations to Curb Fraudulent SIM Swap ActivitiesOn 14th March 2024, The Telecom Regulatory Authority of India (TRAI) released Telecommunication Mobile Number Portability(MNP) (ninth amendment) Regulations 2024, to eliminate porting of mobile numbers using fraudulent Subscriber Identity Module (SIM) swap or replacement by unscrupulous elements.

• The regulations will come into effect from 1st July 2024.

Amendment:  TRAI has amended the Telecommunication MNP Regulations 2009 in the exercise of the power conferred by sub-section (1) of section 36, read with sub-clauses (i), (iii), and (v) of clause (b) of sub-section (1) of section 11, of the Telecom Regulatory Authority of India Act, 1997
Note: The MNR Regulations 2009 laid down the regulatory framework for MNP in India.
Key Features: 
i.The amendment prohibits the telecom operators from issuing a “Unique Porting Code (UPC)”, the 1st step to changing service providers using MNP.
ii.As per the amendment, if a SIM card is swapped or replaced, the associated mobile number cannot be ported out to another telecom operator for 7 days. 

• The UPC will not be allocated if the UPC request was made before the expiry of 7 days.

iii.This applies only for users who have lost their SIM card and applied for a replacement. for users who are upgrading their SIM card, there is no restriction on porting.
Note: This is a part of TRAI’s several anti-spam measures due to an increase in concerns over fraudulent and spam calls.
What is MNP? 
i.MNP facility was launched in Haryana telecom circle in November 2010 on pilot basis.
ii.The full MNP was implemented in July 2015, enabling users to retain their number across various telecom circles in India.
iii.SIM porting or MNP allows users to switch between different network providers without changing the phone number.
About Telecom Regulatory Authority of India (TRAI):
TRAI is a statutory body that regulates the telecommunications sector in India.
Chairman – Anil Kumar Lahoti
Headquarters – New Delhi, Delhi
Establishment – 1997

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4th Shanghai Cooperation Organisation Startup Forum held in New Delhi
The fourth edition of the Shanghai Cooperation Organisation (SCO) Startup Forum was held on March 19, 2024, in New Delhi, Delhi.

• The initiative aimed to increase startup relationships among SCO Member States, establish an atmosphere conducive to innovation, encourage job creation, and inspire young talent to develop new solutions.
• The delegates from member countries attended a workshop conducted by Startup India on ‘Establishing a Seed Fund: A Strategic Approach to Fostering Innovation and Entrepreneurship’.
• India will host the second meeting of the Special Working Group (SWG) in November 2024 and SCO Startup Forum 5.0 in January 2025.

Note: SCO is a permanent intergovernmental international organization established on June 15, 2001, in Shanghai, China.  It has 9 member countries including India.

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2024 Hurun Global Rich List: Mukesh Ambani becomes world’s 10th Richest man; Mumbai Becomes Asia’s Billionaire CapitalAccording to the “2024 Hurun Global Rich List”, Mukesh Ambani, Chairman & Managing Director(CMD) of Reliance Industries Limited(RIL), has been ranked as the World’s 10th richest Person with a total net worth of USD 115 billion.

• Elon Musk, Chief Executive Officer (CEO) of Tesla Motors, topped the list for the 3rd time, with a total net worth of USD 231 billion followed by Jeff Bezos, founder of Amazon (USD 185 billion) and Bernard Arnault, CEO of LVMH Moët Hennessy Louis Vuitton (175 billion).
• Mumbai(Maharashtra), overtakes Beijing(China) to become the billionaire capital of Asia. 91 billionaires of India are based in Mumbai while Beijing houses 91 billionaires.

About Hurun Report Inc. (Hurun Report):
It is a leading research, luxury publishing and events group established in 1998 in London (U.K.). Hurun India was launched in 2012.
MD & Chief Researcher– Anas Rahman Junaid
Headquarters (Hurun India)– Mumbai, Maharashtra

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UNCTAD’s Global Trade Update (March 2024): Global Trade Set to Rebound in 2024According to the Global Trade Update (March 2024) from the United Nations Conference on Trade and Development (UNCTAD), global trade is set to rebound in 2024, after a 3% contraction in 2023, totaling USD 1 trillion, compared to the record high of USD 32 trillion in 2022.

• The downturn was driven primarily by less demand in developed economies and weaker trade within East Asia and Latin American regions.
• The services sector was resilient with an 8% increase (USD 500 billion) in 2022, while goods trade declined by 5% (USD 1.3 trillion) compared to 2022.

Regional Dynamics:
i.Developing countries, especially in Africa, East Asia, and South Asian regions, witnessed growth in trade during the 4th quarter of 2023.
ii.Notable exceptions in merchandise trade include China (+5% imports) and India (+5% exports), while the European Union (EU) and Russia experienced declines.
Trade performance:
i.Trade performance during 2023 diverged between developing and developed countries, with the developing countries experiencing a decline of approximately 4% and the developed countries around 6%.
ii.South-South trade, or trade between developing economies, saw a decline of about 7%.
iii.Developing countries and South-South trade resume growth in the last quarter of 2023, contrasting with stable trade in developed countries.
Geopolitical Influences:
i.Geopolitical tensions reshape bilateral trade flows, with shifts in trade dependence observed, notably between Russia, China, and the EU.
ii.South-South trade resumes growth while trade interdependence between China and the United States of America (US) decreases.
iii.Regional trade between African economies sees a 6% increase in 2023, while intra-regional trade in East Asia (-9%) and Latin America (-5%) lags behind the global average.
Sectoral Analysis:
i.Industries like pharmaceuticals, and transportation equipment, show resilience, while apparel and textiles face declines.
ii.Motor vehicle sectors grew by 14%, driven by electric vehicle (EV) demand.
iii.Tourism and travel-related services exhibit a robust rebound, increasing by nearly 40% in 2023.
About UNCTAD Global Trade Update:
i.The UNCTAD publishes a periodic update providing fundamental data and analysis of global trade.
ii.It covers trade flows for goods and services, trade trends regionally and globally, the key factors affecting trade, and the prospects for trade in the coming quarters.

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IRDAI Approved 8 Regulations for Insurance Products, PolicyholdersThe Insurance Regulatory and Development Authority of India (IRDAI) has approved eight principle-based consolidated regulations during its 125th Authority meeting held on 19th March 2024, at IRDAI headquarters in Hyderabad, Telangana.

• They aim to make the Indian insurance industry more efficient and effective, moving closer to the goal of providing insurance to everyone by 2047.

The 8 regulations are: 
i.IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
ii.IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024
iii.IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024
iv.IRDAI (Corporate Governance for Insurers) Regulations, 2024
v.IRDAI (Insurance Products) Regulations, 2024
vi.IRDAI (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024
vii.IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024
viii.IRDAI (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI It was constituted in 1999 and was incorporated as a statutory body in April, 2000.
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana

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SEBI directs AMFI to stop inflows into Overseas Schemes of MFs from April 1The Securities and Exchange Board of India (SEBI) has instructed the Association of Mutual Funds in India (AMFI) to halt inflows into overseas exchange traded funds (ETFs) from April 1. This decision comes as the current limit of USD 1 billion, set by the Reserve Bank of India (RBI), is nearing exhaustion.
Key Points:
i.SEBI’s January 2022 directive barred MFs from fresh subscriptions in overseas stocks. Despite recent market downturns, SEBI relaxed restrictions with a USD 7 billion industry cap.
ii.13 international MF schemes manage Rs 7,743 crore in passive funds, with many others investing in international ETFs.
iii.India’s MF industry offers two overseas investment avenues: direct and through foreign-managed ETFs.
iv.AMFI and fund houses seek raised limits for investor diversification and capitalizing on developed market rallies.
v.The current limit was set in 2007-08 and hasn’t been revised despite India’s doubled forex reserves.
vi.SEBI mandates valuing overseas investment utilization based on acquisition cost, not current market valuation.
vii.Mutual funds accept investments in overseas schemes based on available headroom within fund house caps.
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– SEBI was constituted as a non-statutory body on April 12, 1988, and it was established as a statutory body in 1992.

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Aditya Birla Housing Finance Launches Digital Lending Platform “ABHFL-Finverse” 
Aditya Birla Housing Finance Limited (ABHFL), a wholly-owned subsidiary of Aditya Birla Capital Limited, has launched a unified digital lending platform called ‘ABHFL-Finverse’ for its home loan customers.

• The platform would digitise the entire lending process, from prospecting to disbursement.
• It will offer customers a seamless experience, a quick turnaround of loan applications, real-time updates, and greater transparency of loan status.
• The ABHFL-Finverse platform has been co-created in association with Tata Consultancy Services (TCS).

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Neeraj Chopra Appointed as the Brand Ambassador for Eveready Industries 
The 2020 Tokyo Olympics gold medallist Neeraj Chopra has been appointed as the brand ambassador for Eveready Industries India Limited (EIIL).

• Neeraj Chopra will feature Eveready’s campaigns like “Give Me Red,” which was previously endorsed by Amitabh Bachchan and Akshay Kumar.
• This collaboration is a key milestone for Eveready, as it looks to reinforce its commitment to excellence and innovation with the introduction of the new Ultima Alkaline battery series.

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Tata Sons sold a 0.6% stake in TCS for over Rs 9,300 crore
Tata Sons, the holding company of Tata Group, sold around 2.02 crore shares (0.65% equity) in Tata Consultancy Services (TCS) in a block deal worth over Rs 9,300 crore.

• The average share price for the sale was Rs 4,043 per share.
• As of 26th March 2024, Tata Sons holds 71.9% of the stake in TCS.

Points to Note:
i.Tata Sons had a net debt of Rs 20,642.47 crore as of March-end 2023, with financial year 2022-23 revenue of Rs 35,058.47 crore.
ii.Holding companies and promoter entities typically sell holdings in group companies to raise funds to pay down debt and stabilise balance sheets.

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ISRO’s POEM-3 Achieves Zero Debris Re-entry in OrbitThe Indian Space Research Organisation (ISRO) announced that Polar Satellite Launch Vehicle Orbital Experimental Module-3 (POEM-3) re-entered the Earth’s atmosphere with zero debris in orbit.
The milestone was achieved on 21st March, 2024 and that PSLV C58/XPoSat mission has practically left no debris in orbit.
About PSLV Orbital Experimental Module-3(POEM-3):
i.It is ISRO’s unique cost effective space platform which used the spent PS4 stage of the PSLV-C58 launch vehicle and launched XPoSat (X-Ray Polarimeter Satellite) on 1st January, 2024.

• POEM-3 mission was conceptualized by Vikram Sarabhai Space Centre (VSSC).

ii.On completion of Primary mission, the terminal stage of PSLV was transformed into a 3-axis stabilized platform, POEM-3.
iii.After deploying the satellite into targeted orbit at 650 km, the vehicle was lowered to 350 km circular orbit to minimize the time of orbit decay after the completion of experiment and also expedite re-entry process.
iv.It is configured with a total 9 different experimental payloads to conduct scientific experiments on the newly developed indigenous systems.
v.From the total payloads, 6 payloads were delivered by NGEs (Non-Government Entities) through IN-Space(Indian National Space Promotion and Authorization Centre).
vi.The orbital altitude of upper stage continued to decay under the influence of natural forces.
vii.For smooth conduct of experiments on POEM-3 platform, body rates were stabilized to less than 0.5 degree/second throughout.
viii.Innovative schemes like: controlled dumping of residual propellant were introduced to minimize disturbances due to passivation.
ix.The payload operations were carried out by the spacecraft operations team from the mission operations complex (MOX) at ISRO Telemetry, Tracking and Command Network (ISTRAC).

• ISRO’s System for Safe and Sustainable Spacecraft Operations Management (IS4OM) has monitored and analyzed the orbital decay.

Significance of POEM-3 mission:
i.It serves as a very cost-effective platform for carrying out short-duration space –borne experiments.
ii.Various Startups, Universities and NGEs(Non-Government Entities) has effectively used POEM-3 for conducting experiments in space such as: electric thrusters, satellite dispensers and star-tracking.
Salient Features of POEM:
It included some new features such as:
i.Total avionics in chain configuration
ii.Industrial-grade components in avionics packages including: Mission Management Computer, Standard interfaces for electric power, telemetry and telecommand.
iii.New in-orbit navigation algorithms making use of rate-gyro, sun sensor and magnetometer.
Click here to know more
About Indian Space Research Organisation (ISRO):
Chairman – Sreedhara Panicker Somanath
Headquarter – Bengaluru, Karnataka
Established – 1969

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IAU Approves to Name Chandrayaan-3’s Landing Site as ‘Statio Shiv Shakti’International Astronomical Union (IAU)’s  Working Group for Planetary System Nomenclature (WGPSN) has approved the name “Statio Shiv Shakti” for the landing site of Chandrayaan-3’s Vikram lander.

• The approval was given on 19th March 2024. 
• The term Shiv Shakti is derived from Indian mythology describing the masculine (“Shiva”) and feminine (“Shakti”) duality of nature.

Note: The WGPSN of IAU is responsible for formulating and coordinating all topographic nomenclature on the planetary bodies of the solar system.
Background:
i.On 23rd August 2023, the Vikram lander of Chandrayaan-3, the 3rd mission in the Chandrayaan programme, successfully soft landed near the moon’s south pole.
ii.Narendra Modi, Prime Minister (PM) of India announced that the landing site will be name “Shiva Shakti” and the 23rd August of every year will be observed as National Space Day in India.
Additional info: The crash site of Chandrayaan-2 on the lunar surface was named ‘Tiranga Point’.
Click here to know more 
ISRO gets Aviation Week’s 2023-2024 Laureate Award for Chandrayaan-3 
Indian Space Research Organisation(ISRO) has been honoured with the Aviation Week Network’s 2023-2024 Laureates Award under Space category for its achievements in Chandrayaan-3.

• Aviation Week Network’s 66th Laureate Awards (2023-2024) ceremony was held on 14th March 2024 in National Building Museum,
• Ambassador Sripriya Ranganathan, Deputy Chief of Mission, Embassy of India in Washington DC, USA, received the award on behalf of ISRO.

Note: New York(USA) based Aviation Week Network, provides multimedia information and services for the global aviation, aerospace, and defense industries.
About the Laureate Award: 
i.The Laureate Awards recognize the extraordinary achievements of individuals and teams in the aviation industry.
ii.The award is presented in 6 major categories:  Business Aviation, Commercial, Defence, MRO(maintenance, repair, and overhaul), Space, And Lifetime Achievement Award.
Click here for the complete list of 2024 winners

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Table Tennis: India’s Sreeja Akula Wins Women’s Singles Title at WTT Feeder Beirut II 2024India’s Sreeja Akula(Hailing from Telangana) won the women’s singles title at the World Table Tennis (WTT) Feeder Beirut II 2024 by defeating Sarah De Nutte (Luxembourg) in the finals.

• WTT Feeder Beirut II 2024 was held from 22nd to 24th March 2024 at the Al Kawthar Secondary School in Beirut, Lebanon.

Indian Winners:
i.India’s Manush Utpalbhai Shah(Gujarat) and Manav Vikash Thakkar(Gujarat) won the men’s doubles title by defeating Indian duo Mudit Dani(Maharashtra) and Akash Pal(West Bengal) in the all-Indian finals.
ii.Akash Pal and Poymantee Baisya(West Bengal) won the mixed doubles title by defeating compatriots Sathiyan Gnanasekaran(Tamil Nadu) and Manika Batra(Delhi) in the finals. It marks their first WTT title.
Other Winners:
i.Hong Kong China’s Doo Hoi Kem and Zhu Chengzhu won the women’s doubles title by defeating Indian pair Sreeja Akula and Diya Chitale(Maharashtra) in the finals.
ii.Chuang Chih-yuan(Chinese Taipei) won the men’s singles title by defeating Kirill Gerassimenko of Kazakhstan in the finals.
Prize Money: The total prize money of the event was USD 22,500.
Winners & Runners of WTT Feeder Beirut II 2024:

World Tuberculosis Day 2024 – March 24 World Tuberculosis Day is annually observed across the globe on 24 March to raise public awareness about the devastating health, social, and economic consequences of tuberculosis (TB) and to strengthen efforts to end the global TB epidemic.

• The 2024 theme of World Tuberculosis Day is, “Yes! We can end TB, ” which is the continuation of the 2023 theme.

Background:
i.In 1982, on the centenary of Dr. Koch’s discovery of tubercle bacillus, the International Union Against Tuberculosis and Lung Disease (IUATLD) proposed that 24 March be proclaimed an official World TB Day.

• IUATLD was previously known as the International Union Against Tuberculosis (IUAT).

ii.This was part of a year-long centennial effort by the IUATLD and the World Health Organisation (WHO) under the theme “Defeat TB: Now and Forever.”
iii.The first World TB Day was officially observed in 1983.
iv.In 1995, WHO and the Royal Netherlands Tuberculosis Foundation (KNCV) hosted the first World TB Day advocacy planning meeting in Den Haag, Netherlands.
v.In 1996, WHO, KNCV, the IUATLD, and other concerned organisations joined to conduct a wide range of World TB Day activities.
About World Health Organisation (WHO):
Director General– Dr Tedros Adhanom Ghebreyesus
Headquarters– Geneva, Switzerland
Established on– 7 April 1948

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International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims 2024 – March 24 The United Nations(UN)’s International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims (Right to Truth Day) is annually observed across the globe on 24th March to pay tribute to human rights activist Monsignor Óscar Arnulfo Romero, who was murdered on 24th March 1980.

• He was engaged in denouncing violations of the human rights of the most vulnerable individuals in El Salvador.

Background:
i.The United Nations General Assembly (UNGA) adopted the resolution A/RES/65/196 on 21st December 2010 and proclaimed the 24th March of every year as International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims.
ii.The day was observed for the first time on 24th March 2011. 

International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade 2024 – March 25 The United Nations (UN) International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is annually observed across the globe on 25 March to honour and remember the lives of those who suffered and died as a result of the transatlantic slave trade.

• This Day also aims to raise awareness about the dangers of racism and prejudice.

The International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade 2024 was observed under the theme “Creating Global Freedom: Countering Racism with Justice in Societies and Among Nations.”
Background:
i.On 17 December 2007, the UN General Assembly (UNGA) passed the resolution A/RES/62/122 and proclaimed the 25 March of every year as an International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade.
ii.The resolution entitled “Permanent memorial to and remembrance of the victims of slavery and the transatlantic slave trade”, also called for the establishment of a programme of educational outreach.
iii.The 1st ever International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade was observed on 25 March 2008.

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MeitY Notifies PIB’s Fact Check Unit as Authorised Body for Centre under IT Rules 2021The Ministry of Electronics and Information Technology (MeitY) notified the Fact Check Unit (FCU) under the Press Information Bureau (PIB) as a statutory body with powers to flag misinformation about the Central government and its departments across social media platforms.

• FCU under the PIB of the Ministry of Information and Broadcasting (MIB) has been designated as the FCU of the government of India.
• This was notified in exercise of power conferred by Rule 3(1)(b)(v) of the  Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (IT Rules 2021).

Points to note:
i.The rule mandates all social media and internet intermediaries’  to make reasonable efforts to prevent the spread of deceptive or misleading content from their users, related to the central government.
ii.It is stated that the social media platforms could lose legal immunity for user-generated content if they choose to keep notified misinformation online.
Note: Not just social media companies, but even internet and telecom service providers will have to block that information, meaning that a web link of a particular report could potentially be blocked.
Categories: The PIB FCU classifies any received information into 3 categories: Fake, Misleading, and True.
Operational Structure:
i.FCU is managed by 3 Joint Director rank officers of the Indian Information Service, overseen by the Principal Director General (DG) of the PIB.
ii.Principal DG of PIB functions as the Principal Spokesperson of the Government of India (GoI).
Recent Amendments:
i.In April 2023, MeitY amended the IT Rules 2021 to introduce the provisions for a government-run FCU to verify any information about the central government.
ii.The amendments included a provision for an FCU by the government to identify “fake or false or misleading” online content related to the “business” of the central government.
About PIB’s FCU:
i.The FCU under PIB was founded in November 2019 to deter the spread of fake news and misinformation.
ii.Its primary goal is to counter misinformation regarding government policies, initiatives, and schemes.
iii.Alternative text (ALT) is provided by PIB’s FCU alongside social media posts to ensure accessibility for persons with disabilities (PWDs).

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Highlights of PM Modi’s state visit to Bhutan from 22-23 March 2024Prime Minister (PM) Narendra Modi was on a 2-day state visit to Bhutan from 22nd to 23rd March 2024. He was received by Tshering Tobgay, PM of Bhutan at the Paro International Airport, Bhutan.
i.Jigme Khesar Namgyel Wangchuck, King of Bhutan, honoured PM Modi with the Order of the Druk Gyalpo, Bhutan’s highest civilian decoration in a public ceremony at the Tendrelthang, Thimphu, Bhutan.  He became 1st foreign head of government to receive this award.
ii.Several Memorandum of understandings (MoUs)/agreements in the fields of energy, trade, digital connectivity, space and agriculture, were exchanged in the presence of PM Modi and Tshering Tobgay, Bhutan’s PM.
iii.On 23rd March 2024, PM Modi and Tshering Tobgay, PM of Bhutan, inaugurated the Gyaltsuen Jetsun Pema Wangchuck Mother and Child Hospital in Thimphu, Bhutan.
About Bhutan:
Prime Minister– Tshering Tobgay
Capital– Thimphu
Currency– Bhutanese Ngultrums(BNTs)

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India leads ITU’s Digital Innovation Board; Dr Neeraj Mittal elected as Co-Chair Dr Neeraj Mittal, Secretary of the Department of Telecommunications(DoT), Ministry of Communications, Government of India(GoI), was unanimously elected as the Co-Chairman of the Digital Innovation Board of the International Telecommunication Union (ITU).

• The board was formed under the aegis of the Innovation and Entrepreneurship Alliance for Digital Development.

Note: ITU is a United Nations (UN) specialized agency for information and communication technology(ICT)
About Digital Innovation Board: 
i.The board includes Ministers and Vice Ministers of Telecom/ICT of 23 Member Countries of ITU.
ii.The other 2 co-chairmen of the board are,

• Dr Cosmas Luckyson Zavazava, Director of the Telecommunication Development Bureau (BDT) at ITU.
• Dr. ‘Bosun Tijani, Minister of Communications, Innovation and Digital Economy, Federal Republic of Nigeria.

Points to note: 
i.Dr Neeraj Mittal, led a high-level delegation for a series of meetings at ITU Headquarters at Geneva (Switzerland) from 18-20 March 2024.
ii.Dr Neeraj Mittal invited ITU to host the next meeting of the Digital Innovation Board in India alongside the World Telecommunication Standardization Assembly (WTSA) 2024.
iii.The ITU has selected 17 organizations from around the world to host the Network of Acceleration Centers with the Global Innovation Centre at ITU Area Office and Innovation Centre, New Delhi, Delhi.
About Innovation and Entrepreneurship Alliance
i.The ITU has started the Innovation and Entrepreneurship Alliance for Digital Development to respond to significant unmet needs of ITU Membership in the area of innovation, as articulated in the Kigali Action Plan which was adopted at World Telecommunication Development Conference 2022 (WTDC-22) and the Outcomes of ITU Plenipotentiary Conference 2022(PP-22).
ii.The Alliance has three main vehicles: Digital Transformation lab; Network of Acceleration centers; and Digital Innovation Board.
iii.Digital Innovation Board was established to provide strategic guidance, expertise and advocacy regarding its mission of building critical local enablers and fostering innovation and entrepreneurship in digital development and to create a more inclusive and equitable digital future for all.
About the International Telecommunication Union (ITU)
The ITU was established in 1865 as the “International Telegraph Union” and was renamed as the International Telecommunication Union in 1934.
Secretary-General – Doreen Bogdan-Martin
Headquarters – Geneva, Switzerland

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UN’s 4th GEM Report: Global e-waste Generation Rising 5 Times Faster than RecyclingAccording to the United Nations (UN) Global E-waste Monitor (GEM) 2024, the global electronic waste (e-waste) generation is rising 5 times faster than documented e-waste recycling. Globally the e-waste generation is increasing by 2.6 million tonnes (Mt) annually.

• The report revealed that the world generated 62 Mt of e-waste in 2022, up 82% from 2010. This is equivalent to filling 1.55 million (40-tonne average capacity) trucks.

Note: This marks the 4th edition of the Global E-Waste Monitor. The previous editions were published in 2014, 2017 and 2020.
About the Report:
i.GEM has served as a pivotal tool in understanding and addressing the escalating issue of electronic waste (e-waste) since its inception in 2014.
ii.The 2024 GEM report is funded and prepared in partnership, with the United Nations Institute for Training and Research – Sustainable Cycles Programme (UNITAR-SCYCLE), the International Telecommunication Union (ITU), and the Fondation Carmignac.

• This is an essential reference tool for both policymakers and industry that shows the position of the world in terms of the global e-waste challenge.

Key Findings:
i.Only 22.3% (less than a quarter) of the e-waste was documented, properly collected, and recycled in 2022.
ii.This leaves USD 62 billion worth of natural resources unrecovered and escalates pollution risks globally.
iii.E-waste generation is set to reach 82 Mt by 2030, a 33% increase from 2022.
iv.The documented collection and recycling rate is expected to drop to 20% by 2030 from 22.3% in 2022.
Challenges and Factors:
i.Technological advancements, increased consumption, and limited repair options contribute to the widening gap.
ii.Shorter product life cycles, inadequate e-waste management infrastructure, etc. worsen the issue.
Health and Environmental Impacts:
i.E-waste contains hazardous substances like mercury, which can damage the human brain and coordination system, posing health risks to humans and ecosystems.
ii.E-waste, any discarded product with a plug or battery, is a health and environmental hazard.
Points to note:
i.Bringing e-waste collection and recycling rates to 60% by 2030 could yield benefits exceeding costs by over USD 38 billion.
ii.Continued reliance on a few countries for rare earth elements underscores the urgency for sustainable practices in technology production and disposal.
iii.Billions of dollars worth of valuable resources are dumped, with just 1% of rare earth element demand met by recycling.
What is e-waste?
i.E-waste encompasses discarded electrical and electronic equipment (EEE) and its components, posing significant challenges to both the environment and human health.
ii.E-waste is also known as Waste Electrical and Electronic Equipment (WEEE), or e-scrap in different regions and under different circumstances in the world.

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United Nations adopts 1st Global Resolution on Artificial Intelligence On 21st March 2024, The United Nations General Assembly(UNGA) unanimously adopted the 1st global resolution on Artificial Intelligence (AI) which encourages nations to safeguard human rights, protect personal data, and monitor AI for risks.

• The nonbinding resolution was proposed by the United States of America(USA) and was co-sponsored by 123 countries, including China, Cuba, and Russia.

Note: The draft resolution was adopted without a vote highlighting the respect, protection and promotion of human rights in the design, development, and use of AI.
Key Points:
i.This is the first time the UNGA has adopted a resolution on regulating an emerging field.
ii.The primary objective of the resolution is to use AI which can help in achieving the UN Sustainable Development Goals (SDGs) by 2030 such as:

• Ending Global Hunger and Poverty
• Improving health worldwide
• Ensuring Quality Secondary Education for All Children
• Achieving Gender Equality.

Significance:
i.It aims to remove the digital divide between rich developed countries and poor developing countries.
ii.The resolution ensures that developing countries will have access to technology and capabilities to take benefits from AI such as: detecting diseases, predicting floods and provide training to the next generation of workers.
Other Legislation on AI:
i.On 13th March 2024, the European Union (EU) Parliament passed the Artificial Intelligence (AI) Act, 2024, the world’s 1st comprehensive legislation on Artificial Intelligence.

• The act aims to regulate the use of AI in fields like biometric authentication and facial recognition. this also aims to protect fundamental rights from AI-generated threats like deep fakes.

ii.In November 2023, The USA, The United Kingdom(UK) and more than 12 other countries unveiled a 20-page document, described as the “1st international framework on how to keep AI safe from rogue actors”.

• The framework encourages tech companies to develop AI systems that are secure by design.

About United Nations(UN):
Secretary-General– Antonio Guterres (Portugal)
Headquarters– New York, USA
Established– 1945
Member countries– 193

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Federal Bank Partners with NPCI to Introduce ‘Rupay Smart Key Chain –FlashPay’ for Contactless PaymentsThe Federal Bank and National Payment Corporation of India(NPCI), launched a Rupay Smart Key Chain – ‘FlashPay’ for Contactless National Common Mobility Card (NCMC) payments at enabled metro stations and Point Of Scale (POS) terminals.
Features of FlashPay:
The customers can make payments up to Rs.5000 without using a Personal Identification Number (PIN) and whereas above Rs. 5000, requires a PIN authentication with a daily limit of Rs.1,00,000 at any POS terminal.
About FlashPay
i.FlashPay is a type of payment instrument that is linked to the bank account and can be used to carry out contactless transactions, which is similar to the ‘Tap and Pay‘ (Card) feature.
ii.It combines a cutting edge technology with unparalleled convenience by offering users compact and stylish solutions for seamless transactions.
iii.The key chain allows users to make secure payments with just a tap, eliminating the need for physical cards or cash.
iv.The contactless machines and cards have limited range hence the FlashPay should be within 3-4cms from the POS terminal for successful transactions.
About Federal Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Shyam Srinivasan
Headquarters – Aluva, Kerala
Established – 1931
Tagline – Your Perfect Banking Partner
About National Payment Corporation of India (NPCI)
NPCI is the initiative of the Reserve Bank of India (RBI) and the Indian Bank’s Association (IBA), under the provisions of Payment and Settlement System Act 2007, for creating a robust Payment and Infrastructure in India.
CEO – Dilip Asbe
Headquarters – Mumbai, Maharashtra
Incorporated – 2008

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India’s growth expected to be between 6.5% – 7% in FY25: DEAThe Monthly Economic Review report for February 2024, released by the Department of Economic Affairs (DEA) and the Ministry of Finance, mentioned that various agencies have expected India’s growth to be between 6.5% and 7% in the Financial Year 2024–2025 (FY25).

• The report mentioned that economic outlook for FY25 is bright due to rise in private investment, strong growth and stable inflation rate.

Projections made by various agencies related to India’s growth rate are:
i.Reserve Bank of India (RBI) has estimated growth rate of 7% for the next fiscal year(FY25). Similarly, Government of India (GoI) has also projected growth rate of over 7%.
ii.The Ministry of Statistics and Programme Implementation’s second advance estimate report has revised India’s growth rate for FY24 from 7.3% to 7.6%.
Key Findings:
i.The report projected a positive inflation outlook for next months of FY (2024-2025).

• It indicates downward trend of inflation which further shows a broad-based moderation in price pressures.

ii.Retail inflation remained stable and within the target range for the 6th consecutive month.
iii.The report mentioned that overall core inflation is declining continuously due to strong domestic growth and stable global commodity prices.
iv.Decreasing merchandise trade deficit and increasing net services receipts are expected to improve the current account balance in FY24.
v.The report cautioned that government needs to monitor the current account deficit in FY25.

• It is imperative for government to increase the domestic household savings in order to finance the private sector’s capital formation in the economy.

vi.The report highlighted that inclusion of Indian bonds in Bloomberg index from January, 2025 should bolsters investment inflows.
vii.The report highlighted some headwinds  such as: indications of hardening crude oil prices and global supply chain bottlenecks to trade.
viii.According to Ministry of Finance that increased demand for residential properties in tier-2 and tier-3 cities gives the required boost to construction activity.
About Ministry of Finance:
Union Minister: Nirmala Sitharaman (Rajya Sabha: Karnataka)
Minister of State (MoS): Bhagwat Kishanrao Karad (Rajya Sabha: Maharashtra), Pankaj Chaudhary (Lok Sabha constituency: Maharajganj, Uttar Pradesh)

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UBS Estimates India’s GDP to Grow at 7% in FY 2024-25According to UBS Securities India Private Limited, India’s Gross domestic product (GDP) growth is predicted to slow down from the projected 7.6% in FY24 to 7% in fiscal year 2024-25(FY25).

• The moderation in growth is due to weaker global growth and public capex.
• India’s GDP growth in FY 2025-26 is expected to ease further to 6.8%.

Note: UBS Securities India Private Limited is a subsidiary of UBS AG headquartered in Switzerland.
Key Points: 
i.It is noted that India’s GDP growth has averaged above 8% in the 1st three quarters of FY24.
ii.India’s current account deficit (CAD) is expected to narrow to less than 0.8% of GDP in FY24. In FY25, this is expected to increase to 1.3% of GDP on slowing global growth and supported domestic demand
iii.The beginning of the rate cut cycle will also be positive for fixed income markets and see a good opportunity to add duration.
iv.Indian bond yields will likely remain range bound in the near term without fixed income.
Equity outlook: 
i.UBS stated that Indian equity market is set to remain volatile in the near term as geopolitical and economic risks remain elevated.
ii.Nifty index is estimated to rise by 12% and reach 25,200 by March 2025. The Nifty target is based on March 2026 Earnings Per Share (EPS) estimates of Rs 1,226.

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French mathematician Michel Talagrand Honoured with the 2024 Abel PrizeThe Norwegian Academy of Science and Letters announced Michel Pierre Talagrand, the French mathematician, as the 2024 Abel Prize winner in Oslo, Norway.

• Michel Talagrand, a 72- year-old retired mathematician of French National Center for Scientific Research (CNRS), was honoured for his work in probility theory involved understanding random phenomenon particularly, Gaussian process.
• Michel Talagrand is the 27th recipient of the Abel Prize, also known as the Nobel Prize for Mathematics, and he is the 5th Frenchman to receive the award.

Highlights:
i.Norway’s King Harald V will present the Abel Prize to Michel Talagrand at an award ceremony in Oslo, Norway on 21st May, 2024.
ii.In 2023, the Abel Prize was won by Latin American mathematician Luis A Caffarelli for his contributions to regularity theory for non-linear partial differential equations.
iii. The Abel Prize is given for three specific areas of Talagrand’s work:

• Suprema of stochastic processes – A stochastic process produces a sequence of random values, and the “supremum” is the largest value to be expected from a collection of those values.
• Concentration of measures – Counter-intuitively, when a process depends on a range of different sources of randomness, instead of getting more complicated, it is possible for the different random factors to compensate for each other and produce more predictable results.
• Spin glass – Leaving abstract probability theory behind, a “spin glass” is a special form of matter that atoms can arrange themselves in, much to the initial surprise of physicists.

About Michel Talagrand:
i.Michel Talagrand was born in France, in 1952. He obtained his PhD in mathematics in 1977 from the University of Paris VI.
ii.He was recruited by the French National Centre for Scientific Research (CNRS) in 1974, and he retired in 2017.
iii.He was elected as correspondent of the French Academy of Sciences in 1997 and later, became its full time member in 2004.
iv.Michel Talagrand’s other prominent awards include: Fermat Prize for mathematical research(1997), Shaw Prize in mathematics(2019).
v.He was honoured by French Government with Chevalier of the Order of the Legion of Honor in 2011.
About Abel Prize:
i.The Abel Prize was established in 2002 by Norwegian Parliament (The Storting) in the honor of Norwegian mathematician Niels Henrik Abel.
ii.The award carries a cash prize of 7.5 million Norwegian Krone(USD 7,10,000).
iii.The Prize is awarded by the Norwegian Academy of Science and Letters, on behalf of Ministry of Education.

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Indian Airline IndiGo Named ‘Airline of the Year’ at 2024 Air Transport Awards
The Indian airline IndiGo was named as the “Airline of the Year” at the 2024 Air Transport Awards held at Ekali, Greece.

• IndiGo became the first Indian airline to carry 100 million passengers in a single calendar year (2023).
• It was also the first Indian airline to fly 2,000 flights in a single day.
• The 2024 Air Transport Awards was organised in partnership with Hermes – Air Transport Organisation and Air Transport News (ATN) to recognize the contributions made in the aviation sector.
• Dr. Venkataramani Sumantran is the Chairman and Non-Executive Independent Director of the Company.

Click here to view other Awardees

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Luis Montenegro Named as the Prime Minister of PortugalThe Portugal President Marcelo Rebelo de Sousa named Luis Filipe Montenegro Cardoso de Morais Esteves, the head of  center-right of Democratic Alliance(DA), as the Prime Minister(PM) of Portugal.
About the PM Election:
i.Montenegro won the parliamentary election by securing 80 seats of the total  230 seats while Socialist Party (Pedro Nuno Santos) got 78 seats and Chega Party (Andre Ventura) got 50 seats which was held on March 10 2024.
ii.In order to form a majority, the Party needs 116 seats.
iii.He will succeed Antonio Cosa and is expected to be sworn-in as the Prime Minister on April 2 2024.
iv.He was invited by the President Marcelo Rebelo de Sousa, to form the new minority government after eight years of Socialist rule.
About Luis Montenegro:
i.Luis Montenegro(51), was born in Porto on 16 February 1973.
ii.He has been serving as the Leader of Opposition since 2022.
iii.He also served on the City Council from 1997 to 2001.
About Portugal
Prime Minister – Luis Montenegro (As of April 2, 2024)
Capital – Lisbon
Currency – Euro

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FSIB Selects Girija Subramanian as CMD of NIAC; Bhupesh Sushil Rahul as CMD of UIIC
The Financial Services Institutions Bureau (FSIB) has selected Girija Subramanian as the next Chairperson and Managing Director (CMD) of New India Assurance Company (NIAC). She currently holds the position of CMD of the Agriculture Insurance Company (AIC) of India Limited.

• It also selected Bhupesh Sushil Rahul, who holds the position of AIC General Manager, as CMD of United India Insurance Company (UIIC).
• Girija Subramanian will succeed Neerja Kapur, who will retire in April 2024 as CMD of the NIAC.
• Bhupesh Sushil Rahul succeeds Satyajit Tripathy, who retired in February 2024 as CMD of UIIC.
• These names will be sent to the Department of Financial Services (DFS) which will send them to the Appointments Committee of Cabinet (ACC) headed by Prime Minister Narendra Modi for final approval.

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(215884)Jayantmurthy: IAU Named Asteroid after Indian Professor Jayant Murthy 
The International Astronomical Union (IAU) has designated the asteroid 2005 EX296 as “(215884) Jayantmurthy”, named after Indian Prof. Jayant Murthy in recognition of his work in the National Aeronautics and Space Administration (NASA) New Horizons Science Team to observe the ultraviolet background radiation in the universe.

• The announcemnet was made on 18th March 2024 by the IAU’s Working Group on Small Bodies Nomenclature,  designated body to provide official names to all asteroids, comets and other small objects in the Solar System.

i.This Asteroid was discovered by M.W. Buie at Kitt Peak National Observatory in Arizona, United States of America(USA), in 2005. It goes around the Sun in an orbit between Mars and Jupiter once every 3.3 years.
ii.He retired as the acting director of the Indian Institute of Astrophysics (IIA) in Bengaluru, Karnataka.
Note: Prof. M.K. Vainu Bappu and Prof. J.C. Bhatacharyya, former directors of IAA also have asteroids named after them — 2596 Vainu Bappu (1979 KN) and 8348 Bhattacharyya (1988 BX).

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MoS Shobha Karandlaje Releases a Dwarf Coconut Variety and two Hybrid Cocoa Varieties Developed by CPCRI
Union Minister of State (MoS) Sushri Shobha Karandlaje, Ministry of Agriculture, Farmers’ Welfare, and Food Processing Industries, released a new dwarf coconut variety named ‘Kalpa Suvarna’ and two new hybrid varieties of cocoa, “VTL CH I” and “VTL CH II”.

• MoS released new varieties at the event held at the Central Plantation Crops Research Institute (CPCRI) in Kidu, Dakshina Kannada, Karnataka.
• Both the dwarf coconut variety and hybrid varieties of cocoa were developed by the CPCRI.
• The tender nut water content of Kalpa Suvarna is 431 ml(milli liter), and the copra content is around 186 grams with an oil content of 64.5%.
• VTL CH II is tolerant to black pod rot disease which is high in high-rainfall regions.
• The two new cocoa varieties yield 1.5 kg to 2.5 kg of dry beans per tree per year.

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Table Tennis: India’s Sathiyan Gnanasekaran won Men’s Singles title at WTT Feeder Beirut 2024India’s Sathiyan Gnanasekaran(hailing from Tamil Nadu) won the men’s singles title World Table Tennis (WTT) Feeder Beirut 2024 by defeating compatriot Manav Vikas Thakkar(Gujarat) in the finals.

• He became the first ever Indian player to Men’s Singles trophy at a WTT Feeder Series event.
• WTT Feeder Beirut 2024 was held from 19th to 21st March 2024 at the Al Kawthar Secondary School in Beirut, Lebanon.

Key Points:
i.This marks Gnanasekaran first Men’s Singles success at a WTT event.
ii.This is also his first singles title at an international ranking event since International Table Tennis Federation (ITTF) Czech International Open 2021.
India’s Manush Shah & Diya Chitale won Mixed Doubles title:
India’s Manush Utpalbhai Shah(Gujarat) and Diya Parag Chitale (Maharashtra) won the Mixed Doubles title at WTT Feeder Beirut 2024 by defeating compatriots Manav Vikash Thakkar and Archana Girish Kamath(Karnataka) in the finals.
Other winners:
i.Women’s Singles: Xia Lian Ni of Luxembourg won the women’s singles title by defeating Suh Hyo Won(South Korea) in the finals. This marks her 2nd Women’s singles WTT Feeder title.
ii.Men’s Doubles: Andy Pereira and Jorge Campos of Cuba won the Men’s Doubles title by defeating Indian duo Manush Shah and Manav Thakkar in the finals. They became the first cuban duo to win the WTT title.
iii.Women’s Doubles: Doo Hoi Kem and Zhu Chengzhu of Hong Kong won the title by defeating Chantal Mantz (Germany) and Izabela Lupulesku(Serbia) in the finals.
Winners & Runners of WTT Feeder Beirut 2024:

World Water Day 2024 – March 22  The United Nations (UN) World Water Day is annually observed across the globe on 22 March to celebrate water, promote action to tackle the global water and sanitation crisis and focus on the significance of freshwater.

• The theme of UN’s World Water Day 2024 is “Water for Peace”/ “Leveraging Water for Peace.”

The annual observance of the day is led by the UN-Water and co-ordinated by UN Water members and partners and a dedicated task force in support of UN Member state and other stateholders.
Background:
i.The idea of celebrating World Water Day was first proposed during the UN Conference on Environment and Development (UNCED) held in Rio De Janeiro, Brazil in 1992.
ii.In December 1992, the UN General Assembly (UNGA) adopted the resolution A/RES/47/193 and proclaimed the 22 March of every year as World Water Day.
iii.The 1st World Water Day was observed on 22 March 1993.

World Meteorological Day 2024 – March 23 The United Nations (UN) World Meteorological Day (WMD) is annually observed across the globe on 23 March to raise awareness about weather, water, and climate-related issues, and about the Earth’s atmosphere and highlight individuals’ role in protecting it.

• Every 23 March, WMD commemorates the coming into force of the Convention establishing the World Meteorological Organization (WMO) on 23 March 1950.

The 2024 theme for World Meteorological Day 2024 is, “At the Frontline of Climate Action.”

• The themes chosen for WMD reflect topical weather, climate, or water-related issues.

Background:
i.The WMO during its 12th session of the executive committee adopted the resolution Resolution 6 (EC-XII) and proclaimed the 23 March of every year as World Meteorological Day.

• The 1st ever WMD was observed on 23 March 1961.

About World Meteorological Organisation (WMO):
Secretary-General– Professor Celeste Saulo
Headquarters– Geneva, Switzerland
Established on– 23 March 1950
WMO Members– 193 Members, including 187 Member States and 6 Territories

IMT TRILAT-2024: 2nd edition of India, Mozambique, Tanzania Maritime Exercise Begins2nd edition of India Mozambique Tanzania (IMT) Tri-Lateral (TRILAT) Exercise (IMT-TRILAT 2024), the joint maritime exercises between the navies of India, Mozambique and Tanzania commenced on 21st March 2024.  The exercise is set to conclude on 29th March 2024. 
Aim: To strengthen cooperation between India, Mozambique, and Tanzania.
Note: The first edition of the IMT TRILAT exercise was held in October 2022 at Dar Es Salaam, Tanzania.
About IMR TRILAT 2024: 
i.The exercise is scheduled to be held in two phases, the harbour Phase (21st to 24th March 2024) and the Sea Phase (24th to 27th March 2024).
ii.As a part of the exercise, the Indian Naval Ship (INS) Tir and INS Sujata will engage with the respective Navies at the ports of Zanzibar in Tanzania and Maputo in Mozambique.
iii.The exercise will conclude with a joint debrief scheduled at Nacala, Mozambique.

• During the exercise, Training visits for sea trainees of 106 Integrated Officers Training Course(IOTC) will be conducted at the respective ports.

Harbour Phase: 
i.Starting with the Planning Conference, the harbour phase includes joint harbour training activities like Damage Control, Fire Fighting, Visit Board Search and Seizure procedures, Medical Lectures, Casualty Evacuation and Diving operations.
ii.The INS Tir and Sujata will be open for visitors and partake in sports & cultural exchanges with the Navies of Tanzania and Mozambique.
Sea Phase: 
i.The Sea phase of IMT TRILAT-2024 includes practical aspects of countering asymmetric threats, Visit Board Search and Seizure procedures, boat handling, manoeuvres and firing exercises.
ii.A joint Exclusive Economic Zone (EEZ) surveillance is also planned during the sea phase.
About Indian Navy:
Chief of the Naval Staff (CNS)- R Hari Kumar
Headquarters- New Delhi, Delhi
Motto- “Sam no Varunah” meaning: “Be auspicious unto us Oh Varuna”

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Rajasthan Becomes 1st State to Launch Water Resource DashboardOn 16th March 2024, Rajasthan became the 1st Indian state to launch the State Water Resources Information Systems dashboard to forecast drought and to enable better water management based on water availability.

• Suresh Singh Rawat, Minister of Water Resources, Government of Rajasthan launched the initiative at the event held in Sinchai Bhawan, Jaipur, Rajasthan.
• The portal was developed by the Department of Water Resources under the National Hydrology Project.

About State Water Resources Information Systems:
i.The portal offers real-time information about water availability, which will benefit farmers in planning their crop cycles and irrigation.
ii.The complete data of 805 dams, daily data of 242 dams and the live data of 88 dams will be available in the portal.
iii.The rainfall module of the portal will enable the users to view and download the analyzed data of 326 rain gauge stations from 1957 till date.
iv.Information about canal network will be available in the Canal module. This network has also been mapped on Geographic Information System(GIS).

• The data of Ganga and Bhakra canal system, Bisalpur, Jawai, Gudha Jawahar Sagar dams will be available live through SCADA (supervisory control and data acquisition).

v.Pre and post-monsoon data of 9022 piezometers/dig wells/observation wells from 2011 will be available in the groundwater module.
vi.The real time data of rainfall, waterlogging, temperature etc. for every hour will be available in the Real-Time Data Ambition System(RTDAS). 
About National Hydrology Project
i.It is a Central Sector Scheme implemented by the Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti, with the support of the World Bank.
ii.It aims to extent, quality and accessibility of water resources information and to strengthen the capacity of targeted water resources management institutions in India.
About Rajasthan
Chief Minister- Bhajan Lal Sharma
Governor- Kalraj Mishra
National Park– Desert National Park; Keoladeo Ghana National Park
Wildlife Sanctuary– Mount Abu Wildlife Sanctuary; Sitamata Wildlife

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MeitY & NIXI launched BhashaNet portal at Universal Acceptance Day Event The Ministry of Electronics and Information Technology (MeitY) and the National Internet Exchange of India (NIXI) launched the BhashaNet portal to advance the vision of digital inclusion.

• The portal was launched during the Universal Acceptance Day India event held on 21st March 2024 at Dr. Ambedkar International Centre in New Delhi, Delhi.
• BhashaNet aims to create a multilingual internet where local language website names and email IDs work seamlessly everywhere.

Theme:
The event was held under the theme “BhashaNet: Impetus Towards Universal Acceptance”.

• The theme highlights the commitment of Meity and NIXI to ensure that everyone can fully participate in the digital world irrespective of linguistic or textual barriers.

About Regional Universal Acceptance Day Event- India: 
i.The event was organised by MeitY and NIXI with the support of Internet Corporation for Assigned Names and Numbers (ICANN) to advance digital inclusion and promote universal acceptance across India.
ii.This regional event prepares for the upcoming Global Universal Acceptance Day which will take place on 28th March 2024 in Belgrade, Serbia.
About Universal Acceptance Day:
i.Universal Acceptance Day is annually celebrated to create awareness about the importance of ensuring that all domain names and email addresses can be used by all internet users.
ii.UA Day is annually organised by the community-led Universal Acceptance Steering Group (UASG) and ICANN.
iii.The first-ever UA Day was held on 28th March 2023.
About National Internet Exchange of India (NIXI):
NIXI is a not-for profit organization registered under section 8 of the Companies Act, 2013
Chief Executive Officer(CEO)– Dr. Devesh Tyagi
Incorporated on 19th June 2003
Headquarters– New Delhi, Delhi

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Exercise Tiger Triumph – 24: 3rd Edition of India & USA Tri-Service HADR Exercise Commenced in AP“Exercise Tiger Triumph – 24”, the 3rd edition of the Bilateral Tri-Service Humanitarian Assistance and Disaster Relief (HADR) Amphibious Exercise between India and the United States of America (USA) was commenced on 18th March 2024 in Visakhapatnam, Andhra Pradesh (AP).
Aim: To share best practices and Standard Operating Procedures in undertaking multinational HADR operations and refine Standard Operating Procedures (SOPs) to enable rapid and smooth coordination between forces of both countries.
Participating Units:
i.Indian Navy (IN): IN is represented by a Landing Platform Dock, Landing Ship Tanks including Landing Crafts and helicopters, guided missile Frigate and Long Range Maritime Reconnaissance Aircraft.
ii.Indian Army (IA): The participating units from IA include one infantry battalion group including mechanised forces.
iii.Indian Air Force(IAF): IAF will be represented by medium lift aircraft, transport helicopters and a Rapid Action Medical Team (RAMT).
Special Operations Forces (SOF) from all three services will also participate in the exercise.
iv.USA Navy: The US Task Force would deploy USA Navy Landing Platform Dock including its integral Landing Craft Air Cushions and helicopters, a Destroyer, maritime reconnaissance and medium lift aircraft, along with US Marines Corps and US Army.
Phases:
Harbour Phase: 
i.The Harbour Phase of the exercise is being conducted at Visakhapatnam from 18th March to 25th March 2024.
ii.Activities such as pre-sail discussions, Subject Matter Expert Exchange, and deliberations on planning and execution procedures of various tasks will be carried out during this phase.
Sea phase:
i.The Sea Phase of the exercise will be conducted from 26th March to 31st March 2024. The troops will undertake Maritime, Amphibious and HADR operations.
ii.In this phase, a joint Command and Control Centre and a Joint Relief and Medical Camp will be conducted by the units of India and the USA.
Key Points:
i.On 19th March 2024, the exercise was held onboard the Indian Naval Ship (INS) Jalashwa.
ii.A Planning and Coordination Exercise will also be conducted parallel to Exercise Tiger Triumph – 24 to discuss and refine Standard Operating Procedures (SOP).
iii.The first Tiger Triumph exercise was held in 2019 in Visakhapatnam.

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‘Operation Indravati’ Launched to Evacuate Stranded Indians in Haiti
The Government of India (GoI) launched ‘Operation Indravati’ to evacuate stranded Indians in Haiti after armed gangs seized control of most of the Caribbean nation.

• On 21st March 2024, Union Minister Subrahmanyam (S.) Jaishankar, Ministry of External Affairs (MEA), announced that the twelve Indians were evacuated through Operation Indravati.
• Acting President and Prime Minister Ariel Henry of Haiti resigned on 12th March 2024, due to the ongoing crisis.

About Haiti:
Haiti, Located between the Caribbean Sea and the North Atlantic Ocean, borders the Dominican Republic on the eastern side of the island. Its closest neighbors include Jamaica to the west and Cuba to the northwest.
Capital – Port-au-Prince
Currency – Haitian Gourde

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IOB Launches 2 Gold Loan Products IOB Gold Powered Card & Jewel Loan SuvidhaIndian Overseas Bank (IOB) has launched 2 new jewel loan products:

• IOB Gold Powered Card to provide borrowers with instant access to a card linked directly to their jewel loan overdraft accounts, and
• Jewel Loan Suvidha, to serve the unique needs of housing loan borrowers, not only from IOB but also from other Financial Institutions (FIs).

IOB Gold Powered Card:
i.IOB Gold Powered RuPay Credit Card can be sanctioned as an overdraft facility for consumption and contingencies.
ii.Limit sanctioned based on borrower’s declaration; no speculative loans.
iii.Loan range: Rs. 25,000 to Rs. 25 lakh.
iv.Target Group: Individuals above 18 years with gold assets and IOB accounts (Single/Joint), including staff. No age limit for exit.
v.It will provide the flexibility for borrowers to service both interest and principal at the maturity of the loan i.e., 12 months from the date of sanction.
vi.Cash withdrawal limit: Rs 20,000 per transaction; Rs 1 lakh daily.
v.The transaction limit for e-commerce and POS is Rs 25 lakh. Interest is charged only on the amount utilised.
Click here to know more about
Jewel Loan Suvidha:
i.Jewel Loan Suvidha is a non-speculative loan scheme for individuals against security of gold ornaments. This will offer reimbursement within a 12-month timeframe from the date of incurring expenses.
ii.Loan range: Rs 25,000 to Rs 50 lakh.
iii.Target: Individuals above the age of 18 with gold assets and housing loan accounts with IOB or with any bank or FIs and individuals with a steady source of income including pensioners.
Click here to know more about Jewel Loan Suvidha
About Indian Overseas Bank (IOB):
Managing Director (MD) & Chief Executive Officer (CEO)- Ajay Kumar Srivastava
Headquarters– Chennai, Tamil Nadu
Established on– 10 February 1937
Tagline– Good People to Grow with

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Global Economic Outlook: S&P Global revised India’s GDP to 6.8% for FY25According to ‘Global economic outlook: March 2024’ released by S&P Global Market Intelligence India’s Gross Domestic Product (GDP) forecast  is revised to 6.8% for the fiscal year 2024-25 (FY25) from its prior prediction of 6.5% due to strong growth momentum and improving global prospects.

• For FY24, India’s GDP growth is revised to 7.3% from 6.9%
• The Indian economy is likely to grow 6.1% in FY26 and 6.2% in FY27.

Key Points:
i.In the first three quarters of FY24 (April 2024 – December 2024) Indian economy was expanded at 8.2%.
ii.The economic growth was higher than expected during the first three quarters of FY23.
iii.The economic growth in FY25 will be eased by lower public infrastructure spendings.
Inflation:
i.S&P Global also reduced inflation forecast to 5.1% from earlier estimate of 5.6% for FY25.
ii.For FY24, the average inflation is expected to be at 5.7%.
iii.It also lowered the FY26 inflation estimate to 4.9% from 5.15%.
iv.S&P Global Market is also expecting a possible rate cut by the Reserve Bank of India (RBI) in either June or August 2024.
Global Forecast:
i.S&P Global revised global growth projections to 2.6% from 2.3% for FY24.
ii.This revision is due to higher forecasts for growth in countries like United States of America (USA), United Kingdom (UK), and India.
iii.For FY25, the world economy is expected to grow at 2.6%.
iv.After experiencing a growth rate of 0.4% in the fourth quarter(Q4 – January to March) in FY24, the global economy is expected to grow at 0.8% in the second half (H2 –  July to December) of 2024.

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SAIC Motor and JSW Group Launched a Joint Venture ‘JSW MG Motor India Pvt Ltd’ 
The new Joint Venture (JV) company ‘JSW MG Motor India Pvt Ltd’ was launched in collaboration between JSW Group and M G Motor India Private Limited, a wholly-owned subsidiary of Shanghai(China) based SAIC Motor.

• JV aims to have sold 1 million electric vehicles in India by 2030 and plans to launch new models, including New Energy Vehicles (NEVs), every three to six months starting in September 2024.
• It also plans to invest USD 750 million (about Rs 5,000 crore) to produce 300,000 units a year.
• Through this partnership, MG Motor will raise its annual production capacity from 100,000 to 300,000 units at its plant in Halol, Gujarat.
• JSW will own 35% of the stakes in the JV, while Everstone, a few dealers, and employees will own around 16%, bringing Indian investors’ total stake to 51%.

Note:
In January 2024, the Competition Commission of India (CCI) approved the acquisition of around 38% of the paid-up share capital of M G Motor India Private Limited by JSW Ventures Singapore Pte. Limited.

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Naveen Jindal was Elected as President of Indian Steel Association
On 24th March 2024, Naveen Jindal, Chairman of Jindal Steel and Power (JSP), took charge as President of the Indian Steel Association (ISA), the apex body of the domestic steel industry.

• He succeds Dilip Oommen, Chief Executive Officer (CEO) of ArcelorMittal Nippon Steel (AMNS) India, and Executive Vice President of ArcelorMittal.
• He will also hold the post as the Chairman of the Apex Committee, , the Governing body of ISA.

Note: Naveen Jindal was unanimously elected as the President of ISA by the Apex Committee.
About Naveen Jindal:
i.Naveen Jinda served as Member of Parliament(MP-Lok Sabha) representing the Kurukshetra constituency (Haryana) for 2 terms from 2004–2014.
ii.Jindal is the President of Flag Foundation of India, a non-governmental organization and the founding Chancellor of O. P. Jindal Global University in Sonipat, Haryana.
Note: As per the World Steel Association (World Steel), India is the second largest steel producer in the world.
About Indian Steel Association (ISA):
ISA is the apex body of the domestic steel industry and works collectively to highlight the issues of the sector.
ISA represents all the major Public Sector and Private Sector Steel Enterprises of India.
Headquarters– New Delhi, Delhi
Established in–  2014

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ISRO Successfully Conducts ‘Pushpak’ Reusable Launch Vehicle Landing Experiment at ATR in Chitradurga, KarnatakaOn 22nd March 2024, the Indian Space Research Organisation (ISRO) successfully conducted the “Pushpak” – Reusable Launch Vehicle Autonomous Landing Mission (RLV-LEX-02) at the Aeronautical Test Range (ATR) in Chitradurga, Karnataka.

• This landing is the 2nd of the series of experiments conducted by ISRO at ATR, with the first mission RLV-LEX-01 being conducted in 2023.

About the Mission:
i.Pushpak (RLV-Technology Demonstrator (TD)), the winged vehicle was lifted and released by an Indian Air Force (IAF) Chinook Helicopter at a 4.5 kilometer (km) altitude.
ii.After releasing at a distance of 4 km from the runway, Pushpak approached the runway autonomously, correcting cross-range and down-range dispersions, and executed a precise landing.
About Pushpak:
i.Pushpak RLV has been designed as an all-rocket and fully reusable single-stage-to-orbit (SSTO) vehicle.
ii.It includes several important elements like the X-34 testbed technology demonstrator, the X-33 advanced technology demonstrator, as well as the upgraded Delta Clipper-Experimental Advanced (DC-XA) flight demonstrator.
Simulated Conditions:
i.The mission successfully simulates the approach and high-speed landing conditions of RLV returning from space.
ii.ISRO has revalidated indigenously developed technologies in navigation, control systems, landing gear, and deceleration systems.
Reuse Capability:
i.The winged body and flight hardware and systems from RLV-LEX-01 were reused in this mission after certification.
ii.The observations from the RLV-LEX-01 strengthened the airframe structure and landing gear to tolerate higher loads.
iii.Repeated success could master the terminal phase maneuvering, landing, and energy management in a fully autonomous mode that is critical for future Orbital Re-entry missions.
Note: ISRO successfully conducted the RLV-LEX-01 in April 2023 at ATR, Chitradurga.
Mission Accomplishment:
The mission was accomplished by Vikram Sarabhai Space Centre (VSSC) in Thiruvananthapuram, Kerala along with the Liquid Propulsion System Centre (LPSC) and the ISRO Inertial Systems Unit (IISU).
Mission Team:
i.The team was guided by Sunil P, Program Director, Advanced Technology and Systems Program; VSCC;
ii.J Muthupandain, Project Director, RLV was the Mission Director; and
iii.B Karthik, Deputy Project Director, RLV was the Vehicle Director for this mission.
About Indian Space Research Organisation (ISRO):
Chairman – S. Somanath
Headquarters–  Bengaluru, Karnataka
Established in– 1969

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Indian Army Inducts IDD&IS System along Northern Borders with China
The Indian Army (IA) has deployed initial batch of seven new indigenous Integrated Drone Detection and Interdiction Systems (IDD&IS) along the northern borders with China.

• The IDD&IS systems were togetherly developed by the Defence Research and Development Organisation (DRDO) and Bharat Electronics Limited (BEL).
• This Mark-1 variant IDD&IS was inducted by the Army Air Defence (AAD).
• Soft Kill: IDD&IS can jam signals of hostile drones through jamming technology, disrupting their operation at a range of 2 to 5 kilometers.
• Hard Kill: The systems are also equipped with lasers for physical destruction of drones within an effective range of over 800 meters.

Note: BEL is a Navratna Public Sector Unit (PSU) under the Ministry of Defence (MoD).

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Brucethoa Isro: A New Species of Deep-Sea Isopod identified in Kerala is Named After ISRO
The researchers have discovered a new species of deep-sea isopod called ‘Brucethoa Isro’ off the Kollam coast in Kerala.

• The species is named after the Indian Space Research Organisation (ISRO), the national space agency of India for their successful space missions including ‘Chandrayaan-3’.
• Brucethoa Isro is a tiny fish-parasitic crustacean that resides within the gill cavity of the Spinyjaw greeneye (Chlorophthalmus Corniger), a fish species found off the Kerala coast.
• The species belongs to the genus Brucethoa. Brucethoa isro is the second species within this genus to be discovered in India.
• The discovery was published in the journal ‘Systematic Parasitology’.

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Sharath Kamal to be India’s flag bearer; Mary Kom as the chef de mission of the Indian contingent at 2024 Paris OlympicsThe Indian Olympic Association (IOA) named table tennis player Achanta Sharath Kamal as India’s flagbearer for the 2024 Paris Olympics, set to be held from 26th July to 11th August 2024 in Paris, France.

• Sharath Kamal will be the 19th flag bearer for India at the Olympics.
• The IOA also appointed boxer Mangte Chungneijang Mary Kom as the chef de mission of the Indian Olympic contingent.
• Luge player Shiva Keshavan was appointed as the deputy chef de mission.
• Gagan Narang has been tasked with overseeing India’s operations at the shooting range at the Paris Olympics.

About Indian Olympic Association (IOA):
IOA is the governing body for the Olympic Movement and the Commonwealth Games in India.
President– P.T. Usha
Headquarters– New Delhi, Delhi
Established in– 1927

International Day of Forests 2024 – March 21 The United Nations (UN) International Day of Forests (IDF) is annually observed across the globe on 21 March to celebrate and raise awareness of the significance of all types of forests.
The theme for International Day of Forests 2024 is “Forests and Innovation: New Solutions for a Better World”.
Background:
i.On 21st December 2012, the UN General Assembly (UNGA) adopted the resolution A/RES/67/200 and proclaimed the 21 March of each year as the International Day of Forests.
ii.The 1st ever International Day of Forests was observed on 21 March 2013.

International Day of Nowruz 2024 – March 21 The United Nations (UN) International Day of Nowruz is annually observed across the globe on 21 March to foster cultural exchange and promote peace, solidarity, and good neighbourliness.

• The Day aims to contribute to cultural diversity and friendship among people and different communities.

Note: The word Nowruz (Novruz, Navruz, Nooruz, Nevruz, Nauryz), means new day; its spelling and pronunciation may vary by country.
Background:
i.International Nowruz Day was proclaimed under the agenda item of “culture of peace” at the 64th session of the UN General Assembly (UNGA).
ii.On 23 February 2010, the UNGA during its 71st plenary meeting, officially adopted the resolution A/RES/64/253 and recognised 21 March as the International Day of Nowruz.
iii.The 1st ever International Day of Nowruz was observed on 21 March 2010.

GRID-INDIA granted Miniratna Category-I status by Ministry of PowerGrid Controller of India Limited (GRID-INDIA) has designated as a Miniratna Category-I Central Public Sector Enterprise (CPSE) by the Ministry of Power, Government of India, highlighting its crucial role in India’s power landscape.

• GRID-INDIA, formerly known as Power System Operation Corporation Limited (POSOCO).

Key Points:
i.Established in 2009, GRID-INDIA oversees the seamless operation of the Indian Power System.
ii.It manages the All India synchronous grid, one of the world’s largest and most complex power systems, through five Regional Load Despatch Centres (RLDCs) and the National Load Despatch Centre (NLDC).
iii.It facilitates efficient power transfer within and across regions, enabling trans-national power exchanges with a focus on reliability, economy, and sustainability, while also managing competitive wholesale electricity markets and settlement systems.
Criteria for Maharatna Status:

• Must hold Navratna status.
• Listed on an Indian stock exchange with the minimum prescribed public shareholding under SEBI regulations.
• Average annual turnover of more than Rs. 25,000 crore during the last 3 years.
• Average annual net worth of more than Rs. 15,000 crore during the last 3 years.
• Average annual net profit after tax of more than Rs. 5,000 crore during the last 3 years.
• Significant global presence/international operations.

Criteria for grant of Navratna status :-
The Miniratna Category – I and Schedule ‘A’ CPSEs, which have obtained ‘excellent’ or ‘very good’ rating under the Memorandum of Understanding (MoU) system in 3 of the last 5 years, and have composite score of 60 or above in the six selected performance parameters, namely,

• Net profit to net worth (25)
• Manpower cost to total cost of production/services (15)
• Profit before depreciation, interest and taxes to capital employed (15)
• Profit before interest and taxes to turnover (15)
• Earning per share (10)

and

• Inter-sectoral performance (20)

The maximum weight (score) is 100.

Criteria for Miniratna Status:

Miniratna Category-I:

• Must have made profit in the last three years continuously.
• Pre-tax profit of Rs. 30 crores or more in at least one of the three years.
• Positive net worth.

Miniratna Category-II:

• Must have made profit for the last three years continuously.
• Positive net worth.
• No defaults in repayment of loans or interest payment to the Government.
• Should not depend on budgetary support or Government guarantees.

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MNRE Issues Guidelines to Set Up Green Hydrogen Hubs in IndiaThe Ministry of New and Renewable Energy (MNRE) has notified the scheme guidelines for establishing hydrogen hubs in India under the National Green Hydrogen Mission(NGHM).
About the Scheme:
The scheme will offer support to develop core infrastructure at hydrogen hubs for common services.

• The core infrastructure includes Storage and transportation facilities for green hydrogen and its derivatives; Development or upgradation of pipeline infrastructure; Green hydrogen-powered vehicles re-fuelling facility etc,.

Budgetary outlay: Rs 200 crore till the financial year 2025-2026(FY26).

• The budget provisions under the NGHM head will be used for the expenditure of the scheme.

Implementing Agency: MNRE and its nominated Scheme Implementing Agency (SIA).
Funding: Under the scheme, at least 2 green hydrogen hubs will be established with Central Financial Assistance (CFA) of up to Rs 100 crore each to support the core infrastructure.

• The CFA will be disbursed to the winning projects as follows: 20% on the date of issue of administrative approval, 70% based on milestones achieved, and 10% on the completion of construction and commissioning.

Salient features of the scheme: 
The hydrogen hub should have a planned capacity of at least 100,000 Million Tonnes Per Annum (MTPA).
The scheme will encourage leveraging existing infrastructure for hydrogen production, transportation, storage, and utilisation.
Evaluation: 
The projects will be evaluated based on the planned production capacity (weightage 50%), technology, applications and end use (20%), and financial commitment (30%).
Click here to know more about the scheme
About National Green Hydrogen Mission(NGHM):
i.NGHM, launched in January 2023, aims to make India a global hub for the production, usage, and export of green hydrogen and its derivatives.
ii.The total budget of NGHM is Rs 19,744 crore up to FY 2029-30.
iii.The Mission Secretariat, headquartered in MNRE, undertakes the programme implementation.
About Ministry of New and Renewable Energy (MNRE):
Union Minister– Raj Kumar Singh(Constituency- Arrah, Bihar)
Minister of State(MoS)– Bhagwanth Khuba(Constituency- Bidar, Karnataka)

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CAG Signs MoU with IIT Delhi on Artificial Intelligence
The Comptroller and Auditor General (CAG) of India has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Delhi in New Delhi on Artificial Intelligence(AI).

• The MoU was signed in the presence of the CAG Girish Chandra Murmu.
• Under this MoU, CAG and IIT-Delhi would partner in four key areas, such as the use of AI in audits, audits of AI systems, capacity building, and knowledge sharing.
• Auditors use AI to analyze massive amounts of data with unprecedented speed and precision, allowing them to more accurately identify trends, abnormalities, and possible risks.

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RBI Issues Omnibus Framework for Recognizing SROs for Regulated Entitiesi.On March 21, 2024, the Reserve Bank of India (RBI) finalized the ‘Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for Regulated Entities (REs) of RBI’. The framework sets general standards like objectives, responsibilities, eligibility, governance, and application procedures for all recognized SROs by RBI.
ii.Specific guidelines related to number of SROs and membership will be provided separately by relevant Reserve Bank departments for each sectoral SRO.
iii.In response to a request from the Government of India (GoI), the RBI will keep all branches of banks handling government transactions open on March 31, 2024 (Sunday) to ensure all transactions for the fiscal year 2023-2024 (FY24) are accounted for.
iv.The RBI announced a Financial Literacy Ideathon for postgraduate students on February 26, 2024, originally with a submission deadline of March 20, 2024. Responding to extension requests, the RBI extends the submission deadline to April 15, 2024.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra

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DBS Bank India Announced USD 250 Million Lending Support for Startups & New Economy CompaniesDBS Bank India Limited announced a USD 250 million lending commitment for new-age startups and new economy companies, focusing on enterprises redefining industry standards through emerging technologies and innovative solutions.

• This initiative aligns with the bank’s vision of fostering innovation and entrepreneurship in India.

Holistic Support and Exclusive Benefits:
i.DBS Bank India offers holistic support through advanced digital expertise, Asian connectivity, and ecosystem partnerships.
ii.Offerings extend beyond banking to streamline operations, manage logistics, and access larger business networks.
iii.DBS aims to become a trusted partner supporting start-ups across sectors throughout their business lifecycle.
iv.Recognising the unique challenges faced by startups in the digital economy, DBS Bank India provides exclusive benefits curated from across partners to enhance agility and foster growth.
Note –
DBS Businessclass FoundED is an initiative that interacts with Indian incubators and start-ups.
Advanced Risk Assessment Framework:
i.The bank utilises a sophisticated risk assessment framework combining traditional metrics with modern analytical tools.
ii.Ensures tailored banking solutions aligned with the dynamic needs of start-ups.
About DBS Bank India Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Surojit Shome
Headquarters– Mumbai, Maharashtra
Established in– 1994
Tagline – Live more, Bank Less
Note:

• In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited.
• DBS was named the Best Bank for Sustainable Finance – India by Global Finance in 2024.

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SBI Card and Titan launch ‘Titan SBI Card’
SBI Card and Payment Services Ltd has collaborated with Titan Company Limited to introduce co-branded ‘Titan SBI Card’ offering exclusive benefits such as cashbacks, Titan gift vouchers, and Reward Points, totaling over Rs 2 lakh per annum. Cardholders enjoy 5% cashback on purchases from Mia, Caratlane, and Zoya, and receive Titan gift vouchers worth 3% of spend at Tanishq stores.
Click Here for Official Information

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RBI Imposes Monetary Penalty on TMB & DCB Bank, for Rule Violations
The Reserve Bank of India (RBI) has imposed monetary penalty on Tamilnad Mercantile Bank Limited(TMB) and DCB Bank Limited for non-compliance with certain directions issued by RBI.

• RBI has imposed a penalty of Rs 1,31,80,000 on TMB for non-compliance with RBI directions on  ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’.
• RBI has imposed a penalty of Rs 63,60,000 on DCB Bank for non-compliance with RBI directions on ‘Interest Rate on Advances’.

Note:

i.The Statutory Inspection for Supervisory Evaluation (ISE 2022) of TMB and DCB were conducted by RBI with reference to its financial position as on 31st March 2022.
ii.These penalty were imposed in exercise of provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.

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MCX & JFX Inked an MoU for Knowledge Sharing and Regional DevelopmentThe Multi Commodity Exchange of India Limited (MCX), and Jakarta Futures Exchange (JFX) entered into a Memorandum of Understanding (MoU) to bolster collaboration in key areas such as knowledge sharing, research, education, training, awareness creation, and market development initiatives.

• The MoU will contribute to the advancement of both marketplaces through the key areas and facilitate market development in their respective regions.
• MCX and JFX formalised the MoU on 26 February 2024, at MCX headquarters in Mumbai, Maharashtra.

Note:
i.MCX is India’s 1st listed, national-level electronic exchange and the leading Exchange in the Commodity Derivatives Market segment.
ii.JFX (i.e. PT. Bursa Berjangka Jakarta) is the first futures exchange in Indonesia.
Signatories:
The MoU was signed by P. S. Reddy, Managing Director (MD) and Chief Executive Officer (CEO) of MCX; and Stephanus Paulus Lumintang, President Director of JFX.
Significance of the Partnership:
i.MCX and JFX anticipate mutual benefits, fostering cooperation and collaboration.
ii.This collaboration signifies a milestone in enhancing opportunities for traders in both countries’ derivatives markets.
iii.The partnership aims to leverage strengths, resources, and expertise to create opportunities and achieve shared objectives.

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Noted Poet and Author Prabha Varma Selected for Saraswati Samman  2023The renowned Malayalam poet and author Prabha Varma has been named the recipient of Saraswati Samman 2023 for his poetic work titled “Roudra Sathwikam”. 

• He is the 33rd recipient of Saraswati Samman which is annually presented by the K.K Birla Foundation.
• This becomes the first Malayalam work to win the award after 12 years. Malayalam poetess Sugathakumari won the award in 2012 for her poetry collection ‘ Manalezhuthu ‘.

About Roudra Sathwikam: 
Roudra Sathwikam was published in 2022 by DC Books(DCB) as a novel in poetic verse. The book deals with the perennial conflict that exists between power and politics, individual and state, art and power.
About Prabha Varma:
i.Prabha Varma hailing from Kerala is currently serving as a media advisor to the Kerala Chief Minister(CM) Pinarayi Vijayan.
ii.He is a prolific writer in both English and Malayalam and published over 30 books which includes several poems, 3 novels in verse, 8 books on contemporary socio-political and literature and 7 collections of essays in criticism.
iii.Noted works: Souparnika (1990), Arkkapoornima (1995), Kanal Chilambu(2019), etc.
Awards: 
i.He received the Kendra Sahitya Akademi (2016) and 37th Vayalar Rama Varma Memorial Literary Award for 2013 for his work “Shyama Madhavam”, a collection of poems.
iii.He received the Kerala State Film Award for best lyricist three times in 2006, 2012, and 2013.
iv.He received the National Film Award for best lyricist in 2019 for the Malayalam film Kolaambi.
About Saraswati Samman:
i.Saraswati Samman, instituted in 1991, recognises outstanding literary works in Indian languages, mentioned in Schedule 8 of the constitution, published in the last 10 years.
ii.The award carries a cash prize of Rs 15 lakh, a citation and plaque.
iii.The inaugural award was presented to Harivansh Rai Bachchan in 1991 for his four-volume autobiography Kya Bhooloon, Kya Yaad Karoon, Need Ka Nirman Phir, Basere Se Door, Dashdwar Se Sopan Talk.
Additional info: Besides the Sarawati Samman, the Vyas Samman and Bihari Puraskar are other awards instituted by the foundation.

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Matam Venkata Rao Elected as Chairman of IBA for 2023-24On 21st March 2024, Matam Venkata Rao (MV Rao), Chief Executive Officer (CEO) and Managing Director (MD) of the Central Bank of India, was elected as the Chairman of the Indian Banks’ Association (IBA) for the term 2023-2024.

• He succeeds Atul Kumar Goel(AK Goel), MD & CEO of Punjab National Bank(PNB) who served as chairman of IBA (2022-23).

Other Appointments: 
i.Dinesh Kumar Khara, Chairman of the State Bank of India(SBI), has been re-elected as one of the three deputy Chairmen of IBA.
ii.Shanti Lal Jain(SL Jain), MD & CEO of  Indian Bank, and N Kamakodi, MD & CEO of City Union Bank (CUB) have been elected as the other two Deputy Chairmen of IBA.
iii.Madhav Nair, Country Head & CEO of the Bank of Bahrain and Kuwait, will serve as the honorary secretary of IBA. He served as the Deputy Chairman of IBA for 2022-2023.
About MV Rao:
i.MV Rao began his career with erstwhile Allahabad Bank (Indian Bank) in 1988, and has over three decades of professional banking experience in leadership roles.
ii.He has been serving as the MD & CEO of Central Bank of India since March 2021.
iii.He has also served as the Executive Director of Canara Bank.
iv.He is also a member of different committees formed by the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India(IRDAI) and the Indian Bank Association.
About Indian Bank Association (IBA):
IBA is a premier service organisation of the banking industry in India.
Chairman– Matam Venkata Rao
Headquarters– Mumbai, Maharashtra
Established in 1946

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Kiren Rijiju took additional charge as Union Minister of Food Processing IndustriesOn 20th March 2024, Union Minister Kiren Rijiju, Ministry of Earth Sciences, was given additional charge of the Ministry of Food Processing Industries (MoFPI) following the resignation of Pashupati Kumar Paras.
About Kiren Rijiju:
i.He is representing Arunachal West Constituency (Arunachal Pradesh) in the current 17th Lok Sabha.
ii.He was the Union Minister of State (Independent Charge) of Youth Affairs and Sports; and Minister of State (MoS) of Minority Affairs, from May 2019 to July 2021.
iii.He was also the Union Minister of Law and Justice from July 2021 to May 2023.
iv.He served as the MoS for Home Affairs from 2014 to 2019
v.He was previously elected to the Lok Sabha in 2004 and 2014.
Pashupati Kumar Paras:
i.Pashupati Kumar Paras of Rashtriya Lok Janshakti Party (RLJP)was elected to the Hajipur Lok Sabha Consitunceny in Bihar in 2019.
ii.He served as the Union Minister of Food Processing Industries from 7th July 2021- 20th March 2024.
iii.He served as a Member of the Bihar Legislative Council from 2017 to 2019.
iv.He represented two terms as a member of the Bihar Legislative Assembly.
Note:
Under Article 75 of the Indian Constitution, the president has the power to appoint ministers on the advice of the Prime Minister.
About Ministry of Food Processing Industries (MoFPI):
Union Minister – Kiren Rijiju (Constituency – Arunachal West, Arunachal Pradesh)
Minister of State (MoS) – Sushri Shobha Karandlaje(Constituency – Udupi Chikmagalur, Karnataka)

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Mohammad Mustafa Named as the Prime Minister of Palestinian Authority Palestinian President Mahmoud Abbas has appointed Mohammad Mustafa as the Prime Minister (PM) of the Palestinian Authority (PA), formerly the Palestinian National Authority, officially known as the State of Palestine.

• He succeeds Mohammad Shtayyeh, who resigned from the post in February 2024 due to developments related to the Israeli conflict in Gaza.
• Mustafa has been serving as a senior economic affairs adviser to President Abbas since 2005.

Note: The PA was formed in 1994 as part of the Oslo Accords peace process between Israel and the Palestinian territories.
About Mohammad Mustafa:
i.Mohammad Mustafa has been Chairman of the Board of Directors of the Palestine Investment Fund (PIF) since 2015.
ii.He has previously served as Deputy PM and Minister of National Economy for the State of Palestine from 2013-2014.
iii.He has also held various senior positions at the World Bank in Washington, D.C.,United States of America(USA), for 15 years.
iv.He has also served as the Founding Chief Executive Officer(CEO) of the Palestine Telecoms Company (PalTel).
v.He founded Wataniya Mobile, and Massader for Natural Resources and Infrastructure, as well as investment funds, such as the Rasmala Palestine Equity Fund and the Sharakat Fund for Small and Medium-sized Enterprises(SMEs).
About Palestine:
Palestine has no specific currency form, and it mainly uses three currencies: Israeli shekels (ILS), United States dollars (USD), and Jordanian dinars (JOD).
President– Mahmoud Abbas
Prime Minister– Mohammad Mustafa
Capital – Jerusalem

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Prabowo Subianto Elected as New President of Indonesia Indonesian Defence Minister Prabowo Subianto Djojohadikusumo has been elected as the new President of Indonesia by the General Election Commission.

• He is scheduled to become the eighth president of Indonesia in October 2024 and will replace Joko Widodo.
• After running for president three times, he was victorious in the February 2024 presidential election with 58.6% of the total vote.

About Prabowo Subianto
i.Prabowo Subianto was born in Jakarta on 17 October 1951.
ii.He is an Indonesian Politician, former Lieutenant General in the Indonesian Armed Forces.
iii.He has been described as a right-wing nationalist (Gerindra Party).
Awards and honors
i.He was awarded the honorary Four-star general rank in February 2024.
ii.Also he won the ‘Darjah Utama Bakti Cemerlang (Tentera)’ Distinguished Service Order (Military), the highest military award of Singapore.
About Indonesia
President  – Joko Widodo (Prabowo Subianto will take over the presidentship  from October 2024)
Capital – Jakarta
Currency –  Indonesian Rupiah

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HDFC Bank closes USD1.15bn Stake Sale in Education Finance Arm HDFC Credila
HDFC Bank sold its stake in HDFC Credila, its education finance arm, for Rs 95.53 billion (USD 1.15 billion) to private equity firms BPEA EQT and ChrysCapital. This sale, announced in June 2023, was a regulatory requirement before the merger of Housing Development Finance Corp with HDFC Bank.
About HDFC Bank:
CEO– Sashidhar Jagdishan
Headquarters– Mumbai, Maharashtra
Tagline– We Understand Your World
Establishment– 1994

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CSIR-NIIST Signs MoU with VSSC to Scale up Advanced Materials for Space Missions
The Council of Scientific & Industrial Research -National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) has signed a memorandum of understanding (MoU) with the Vikram Sarabhai Space Centre (VSSC) to scale up research and delivery of strategically-advanced materials for India’s space programme.

• NIIST Director C. Anandharamakrishnan and VSSC Director S. Unnikrishnan Nair exchanged the MoU in the presence of Indian Space Research Organisation (ISRO) Chairman S. Somanath.
• Under the agreement, the VSSC and the NIIST will work together for the delivery of advanced materials such as engineered alloys, coatings, and functional materials that hold applications in ISRO missions.
• The research areas will will be covered under the agreement include near-net shaping and advanced manufacturing, smart coating, hydrogen gas storage, and materials for electronic and magnetic applications.

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YES Bank Partners with IOA for Paris Olympics 2024; named Official Banking Partner for Team India
YES BANK partnered with the Indian Olympic Association (IOA) and has been named the Official Banking Partner for Team India for the upcoming Paris Olympics 2024, which is scheduled to take place from 26th July to 11th August 2024 in Paris, France.
The collaboration was announced during an event at YES Bank’s headquarters in Mumbai, Maharashtra.

• As part of the partnership, YES Bank launched the campaign ‘Milkar Jitayengey,’ (“Together We Win”) for the Indian Olympic team, highlighting the shared effort behind every victory.
• The Bank also launched a special savings account ‘YES Glory‘ specially designed for India’s Olympic athletes, which offers exclusive benefits to both the athletes and their immediate families.
• The benefits include complimentary Orthopaedic consultations, etc, and a limited edition ‘YES Glory Debit Card,’ exclusively designed for Indian players.

World Poetry Day 2024 – March 21 The United Nations (UN) World Poetry Day is annually observed across the globe on 21 March to support linguistic diversity through poetic expression across cultures and languages.

• The Day aims to renew the art of poetry and promote the practice of reading, writing, publishing, and teaching poetry.

21 March 2024 marks the 25th Edition of World Poetry Day.

• The 2024 theme of World Poetry Day is, “Standing on the Shoulders of Giants.”

Background:
i.In 1999, the United Nations Educational, Scientific and Cultural Organization (UNESCO) first adopted 21 March as World Poetry Day during its 30th General Conference in Paris, France.

• The adoption was to recognise the unique ability of poetry to capture the creative spirit of human minds, promote cultural diversity, and encourage dialogue and peace.

ii.The 1st ever World Poetry Day was observed on 21 March 2000.
About United Nations Educational, Scientific and Cultural Organisation (UNESCO):
Director-General – Audrey Azoulay
Headquarters– Paris, France
Founded in– 1945

Union Minister Amit Shah Launches Digital CCMS Platform of NIA & ‘Sankalan’ app of NCRBUnion Minister Amit Shah, Ministry of Home Affairs (MHA), virtually inaugurated a unique digital Criminal Case Management System (CCMS), designed by the National Investigation Agency (NIA) in New Delhi, Delhi.

• He also launched a mobile app ‘Sankalan’ – A compendium of New Criminal Laws by the National Crime Records Bureau (NCRB).
• He inaugurated 2 new branch offices of NIA in Jammu (Jammu and Kashmir-J&K) and Kochi (Kerala), and a residential complex in Raipur, Chhattisgarh.

About CCMS:
i.CCMS enables NIA personnel to better coordinate in terrorism and organised crime cases, improving justice delivery.
ii.The new stand-alone version of CCMS has been developed as user-friendly, and easy-to-deploy, customisable, browser-based software to aid State Police forces, enhancing their investigations and prosecution.
iii.CCMS will assist the State Police forces in organise, integrating, and digitalise investigation data such as case documents, extracted data, collected evidence, and the charge sheets presented to the court.
Benefits: 
i.CCMS standardises investigations and compiles terror-related data compilation nationwide.
ii.This also addresses the challenges in the form of extensive use of cyber-space, dark web, drones, crowd-funding, crypto-currencies, and encrypted communication.
Future Prospects:
i.CCMS supports NIA and State Police forces’ readiness to implement newly legislated criminal laws in the form of Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and the Bharatiya Sakhsya Sanhita.
ii.It would further strengthen cooperation between the central and state agencies, including the Anti-Terror Squads of the State Police.
Sankalan App:
i.Sankalan is designed to navigate new criminal laws, bridging the gap between old and new criminal laws.
ii.The App will serve as a comprehensive guide for all stakeholders.
iii.This also offers offline accessibility, ensuring stakeholders can access crucial information anytime, anywhere.
iv.The app is available in both Android and iOS versions and the desktop version of Sankalan is also available. Click here for Sankalan portal

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Six Madhya Pradesh Heritage Sites Included in UNESCO’s Tentative ListSix heritage sites in Madhya Pradesh (MP) were included in the tentative list of the United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Sites (WHS).

• The six sites are Gwalior Fort, Khooni Bhandara, Bhojeshwar Mahadev Temple, the Rock art sites of Chambal Valley, the historic ensemble of Dhamnar, and the Gond monuments of Ramnagar.
• The Tentative list consists of sites that can be either cultural or natural areas or objects for having outstanding universal value.
• The heritage sites in the Tentative list will be considered for nominations to the UNESCO World Heritage List.
• As of 21st March 2024, India has 57 sites in UNESCO’s Tentative list of heritage sites.

About United Nations Educational, Scientific and Cultural Organization(UNESCO):
Director-General – Audrey Azoulay
Headquarters – Paris, France
Established in – 1945 (came into force in 1946)

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India’s 1st Integrated Oil Palm Processing Unit Began Operations in Arunachal Pradesh
On 16th March 2024, 3F Oil Palm Private Limited started the commercial operation of India’s 1st Integrated Oil Palm Processing Unit at Roing, Lower Dibang Valley, Arunachal Pradesh (AR).
i.This factory marks the first Oil Palm factory in AP and India’s first Oil Palm Factory under the National Mission on Edible Oils – Oil Palm (NMEO-OP).
ii.The factory encompasses a state-of-the-art oil palm factory (palm oil processing and refinery), a zero-discharge effluent plant, a palm waste-based power plant, and supporting structures.
iii.This project aligns with Mission Palm Oil, catalysing India’s path to self-sufficiency in edible oils, supported by NMEO-OP, and is in line to encourage domestic oilseeds production.
iv.The Unit has been designed to process fresh fruit bunches (FFBs) into high-quality palm oil with a capacity of 10 metric tons per hour.
Note: AR offers 1,30,000 hectares of suitable land for oil palm cultivation. The Northeast region holds 33% (9.6 Lakh hectares) of the government – designated area fit for cultivation.

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Odisha CM Naveen Patnaik Opens India’s 1st Indoor Athletics Centre in BhubaneswarNaveen Patnaik, Chief Minister (CM) of Odisha, has inaugurated India’s first Indoor Athletics Centre and a state-of-the-art indoor aquatic hub at Kalinga Stadium in Bhubaneswar, Odisha.
About the Indoor Athletics Centre & Aquatic Centre: 
i.Mondo SpA, an Italian firm, has set up a 10,000 sq metre track, a first of its kind in India. The stadium has facilities to conduct long jump, triple jump,100m, and 200m race, Pole vault and shot put.
ii.The indoor aquatic centre features a temperature-controlled 50m Olympic-size swimming pool and 25m warm up pool.
iii.The aquatic centre with a seating capacity for 1,000 spectators, can host international championships.
Points to note: 
i.The centre, developed for Rs 120 crore, will assist the athletes to train and compete around the year without any external weather disturbances.
ii.The facility also has provision of residential accommodation for full-time coaching.
iii.This world-class facility will also be the training ground for the Odisha Reliance Foundation Athletics High-Performance Centre (HPC).
CM laid the Foundation stone for the Indoor Diving Centre
i.He also laid the foundation stone for the Indoor Diving Centre at the Kalinga Stadium.
ii.This will feature a temperature-controlled diving pool of 25 meters(m), with an additional 5m for Synchronized Swimming and a seating capacity for 500 spectators.
Kalinga Stadium: 
i.The Kalinga Stadium, India’s largest indoor athletics stadium, is a multi-purpose international sports complex in Bhubaneswar, Odisha
ii.Kalinga Indoor Athletics Arena Track and Field received the World Class 1 Athletics Facility Certificate from World Athletics in December 2023.

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APBL in Partnership with Noise & Mastercard launched Airtel Payments Bank SmartwatchAirtel Payments Bank Limited (APBL) has developed the Airtel Payments Bank Smartwatch in partnership with Gurugram (Haryana) based Nexxbase Marketing Private Limited (Noise) and Mastercard.

• This smartwatch is equipped with Near Field Communication (NFC) technology powered by Mastercard.

About Airtel Payments Bank Smartwatch:
i.The smartwatch comes with a Tap-and-Pay feature for contact less payments directly from the smartwatch.
ii.Upon linking the smartwatch with Airtel Payments Bank account, a customer can make payments between Rs 1 to Rs 25,000 per day in Point of Sale (POS) machines.
iii.As a New Way to Pay, the device will empower users to unlock the full potential of smart wearables and democratise convenient financial solutions.
iv.This smartwatch is the first wearable device of APBL.
Other Features:
i.The smartwatch comes with other health and productivity features including 130 different sports modes.
ii.The smartwatch is rated IP68 for water and dust resistance.
About Airtel Payments Bank Limited (APBL):
APBL is the first payment bank of India which was launched in January 2017, by Bharti Airtel Limited.
Managing Director (MD) & Chief Executive Officer (CEO) – Anubrata Biswas
Headquarters – New Delhi, Delhi

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Guyana Signs USD 23.27mn LOC Agreement with Exim Bank for Aircraft ProcurementThe government of the Co-operative Republic of Guyana has signed a USD 23.27 million Line of Credit (LOC) Agreement with the Export-Import Bank of India (India Exim Bank) for the procurement of two Dornier aircraft.
Signatories: The LOC agreement was signed between Ashni Singh, Senior Minister in the Office of the President of Guyana, and Sanjay Lamba, Sanjay Lamba, Deputy General Manager of EXIM Bank.

• The LOC was signed in the presence of Dr Amit Telang, High Commissioner of India to Guyana; Brigadier Omar Khan, Chief of Staff of Guyana Defence Force (GDF); and Dr Tarachand Balgobin, Chief Planning Officer of the Ministry of Finance, Guyana.

About LOC:
i.Under this LOC, Guyana will purchase two Dornier (Hindustan 228-201) transport aircraft from Hindustan Aeronautics Limited (HAL) for USD 23.37 million.
ii.This LOC is in line with the Indian government’s commitment to modernise and equip the GDF for the evolving security challenges in the region.
iii.The acquisition of 2 aircraft under this agreement marks the largest investment in the capitalisation of the force.
Points to note: 
i.With this LoC, EXIM Bank has now in place 292 LOC with 62 countries, offering credit worth of USD 2.72 billion.
i.Guyana has so far received eleven (11) LOCs from the EXIM Bank.
About Guyana:
President – Dr Mohamed Irfaan Ali
Prime Minister – Mark Anthony Phillips
Capital – Georgetown
Currency – Guyanese Dollar

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Ratan Tata Receives PV Narasimha Rao Memorial Award for PhilanthropyRatan Naval Tata was awarded the prestigious PV Narasimha Rao Memorial Award for his outstanding contributions in the field of Philanthropy. The award presentation took place at Mumbai, Maharashtra.
About Ratan Tata
i.The Chairman Emeritus of Tata Sons was born on 28 December 1937, in the erstwhile Bombay Presidency (Mumbai, Maharashtra).
ii.He served as the Chairman of Tata Sons from 1991 to 2012 and as Interim Chairman from October 2016 to February 2017.
iii. He was also a former chairperson of Jaguar Land Rover.
iv.He was one of the most renowned Industrialist, Philanthropist who has donated 60-65% of his income to the charity both at individual level and through Tata Trusts.
Achievements
i.His philanthrophic initiatives has covered diverse sectors such as health, education, rural development and environmental sustainability, reflecting his broad vision and deep concern towards social well-being.
ii.Also, his pet-project the state-of-art veterinary hospital is set to open in Navi Mumbai.
iii.In addition to this award, he also won Padma Bhushan in 2000, Padma Vibhushan in 2008  in the field of Trade and Industry and Order of Australia in 2023.
About the award
i.The award was named after Pamulaparthi Venkata Narasimha Rao the former Prime Minister of India.
ii.It was given for the recognition of individuals who have demonstrated exceptional dedication to social welfare and humanitarian causes.

On February 9, 2024, the Prime Minister of India, Narendra Modi, announced that PV Narasimha Rao would be posthumously awarded the Bharat Ratna, the India’s highest civilian award.

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C.P. Radhakrishnan Took Additional Charge as Governor of Telangana & LG of PuducherryJharkhand Governor C.P. Radhakrishnan took additional charge as the Governor of Telangana on 20th March 2024. He was administered the oath of office by Alok Aradhe, Chief Justice(CJ) of the High Court of Telangana, in the presence of Chief Minister A. Revanth Reddy at a ceremony held in the Raj Bhavan, Hyderabad, Telangana.

• He was also given additional charge of the Lieutenant Governor (LG) of Puducherry.
• Radhakrishnan is the 3rd person from Tamil Nadu(TN) to become the governor of Telangana, after ESL Narasimhan(2014-2019) and Tamilisai Soundararajan(2019-2024).

Background
i.Tamilisai Soundararajan, Governor of Telangana and LG of Puducherry resigned from the post on 19th March 2024.

• She served as the Governor of Telangana from 31st August 2019, and the LG of Puducherry from 18th February 2021, till her resignation.

ii.In the exercise of power under Article 155 of the Indian constitution, President Draupadi Murmu has appointed C.P. Radhakrishnan as a governor of Telangana and LG of Puducherry.
About C.P. Radhakrishnan:
i.C.P. Radhakrishnan has been serving as the Governor of Jharkhand since February 2023.
ii.He served as the Member of Parliament (MP – Lok Sabha) from 1998-99 and from 1999 to 2004. He was elected from the Coimbatore (Tamil Nadu) constituency.
Points to Note:
i.Under Article 159, The oath of office to the governor is administered by the chief justice(CJ) of the concerned state high court, and in his absence, the senior-most judge of that court.
About Telangana:
Chief Minister– Anumula Revanth Reddy
Governor– C.P. Radhakrishnan
Festivals – Sammakka Saralamma Jathara or Medaram Jathara, Peerla Panduga or Muharram, Nagoba Jathara

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India Tests Indigenously-Made 1500 Horsepower (HP) engine of MBT at BEML, MysuruOn March 20 2024, India successfully completed the Maiden Test-firing of its first indigenously developed 1500 Horse Power(HP) engine for the Indian Army’s Main Battle Tanks (MBT), at BEML Limited Engine division complex in Mysuru, Karnataka.
Key People:
Giridhar Aramane, Defence Secretary; Shantanu Roy, Chairman & Managing Director (CMD) of BEML, and other Senior officials were also present at the event.
About 1500HP engine
i.The 1500 HP engine is a symbol of the revolution in military propulsion technology.
ii.It also has the cutting-edge features such as high power-to-weight ratio which can be operated under the extreme conditions including high altitudes, sub-zero temperatures of minus 40 degree Celsius and desert environments upto 55 degree Celsius.
iii.With the equipped advanced technologies including electronic control with Common Rail Direct Injection (CRDi) fuel injection systems, self-air filter cleaning electronic warning control, it stands on part with most advanced engines globally.
Key Points:
i.The first test-firing of this engine signifies the completion of Generation One, which focuses on technology stabilization.
ii.The Generation Two will look into the BEML engines for various trials at Combat Vehicles Research and Development Establishment (CVRDE), a Defence Research and Development Organization (DRDO) laboratory and their integration into actual vehicles for user testing.
iii. This engine will also enhance the power of Arjun MK-1A tanks.
Background
The project was initially commenced on August 2020, which has been meticulously structured into five major milestones ensuring time completion and quality standards and it is expected to be completed by mid of 2025.
Additional info: The Defence Secretary also inaugurated the ‘Wall of Fame’ to recognizing the extra-ordinary efforts of BEML. .
About BEML Limited:
BEML Limited (formerly Bharat Earth Movers Limited) is a ‘Schedule A’ company under the Ministry of Defence.
CMD  – Shantanu Roy
Headquarters  – Bengaluru, Karnataka
Establishment  – 1964

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China Launches ‘Queqiao- 2’ Relay Satellite for Earth-Moon CommunicationsOn 20th March 2024, the China National Space Administration (CNSA) launched a Long March-8 rocket carrying Queqiao-2, a relay satellite designed to provide Earth-Moon communication services, from the Wenchang Space Launch Site in South Chian’s Hainan province.

• The rocket also carried Tiandu-1 and Tiandu-2, two miniature satellites to conduct tests for the construction of a constellation of data relay and navigation satellites.

Note: The term Queqiao means Magpie bridge in Chinese. The term is derived from Chinese folklore, a love story of the Cowherd and the Weaver Girl.
About Queqiao-2
i.This will enable a communication link between Earth and the moon for more than 8 hours.
ii.Queqiao 2 will go into the 300 x 8600 km altitude elliptical orbit around the moon.
iii.The satellite with a planned lifetime of over 8 years will support communication with the Chang’e-4 mission and the future Chang’e-6, -7, and -8 missions. Chang’e-6 mission will be launched in May 2024.
Payload:
i.Queqiao 2 ( or Magpie bridge-2) weighs about 1.2 metric tons and has a 4.2-meter(m) parabolic antenna for communications with lunar probes and a 0.6-m parabolic antenna to transmit data to ground control.
ii.It carries 3 science payloads: an Extreme Ultraviolet Camera (EUC), a Grid-based Energetic Neutral Atom imager (GENA), and a very long baseline interferometer, the Lunar Orbit VLBI(Very Long Baseline Interferometer)  EXperiment (LOVEX).
Additional info:
This marks the first deep space launch mission of the Long March 8 model and the 3rd flight for the Long March 8 series.
About Tiandu-1 & Tiandu-2:
i.Tiandu-1, weighing 61 kilograms (Kg), has a Ka-band communications system and a laser retroreflector.  It was developed by the Shanghai Academy of Spaceflight Technology.
ii.Tiandu-2, weighing 15 Kg, also has a communications system. it was developed by the Harbin Institute of Technology.
About China:
President– Xi Jinping
Premier– Li Qiang
Capital– Beijing
Currency– Chinese yuan renminbi

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UK Successfully Tested its 1st Laser Weapon “DragonFire“The Ministry of Defence (MoD) of the United Kingdom (UK) has successfully tested its 1st-ever Laser-Directed Energy Weapon (LDEW), named “DragonFire”, at the Hebrides Range, located off the northwest coast of Scotland, UK.

• The DragonFire LDEW system achieved the UK’s 1st high-power firing of a laser weapon against aerial targets.
• Designed to target and neutralise drones, DragonFire offers a cost-effective alternative to traditional missiles.

Note: The MOD Hebrides Range is a 115,000-square-kilometer site of sanitised airspace with unlimited altitude.
About DragonFire
i.DragonFire is led by the Defence Science and Technology Laboratory (Dstl), on behalf of the UK MOD, in collaboration with its industry partners MBDA, Leonardo, and QinetiQ.
ii.The trial was sponsored by the MOD’s Defence Science and Technology (DST) organisation and Strategic Programs and enabled by many other agencies across the government.
iii.DragonFire significantly reduces reliance on expensive ammunition. Firing the laser for 10 seconds costs less than 10 Pound sterling per shot (~ Rs 1000).
iv.The laser weapons engage targets at the speed of light, using an intense beam of light to go through the target, leading to structural failure.
Future Deployment and Capabilities:
i.DragonFire will enhance air defence capabilities for both the Army and the Royal Navy.
ii.DragonFire is a line-of-sight weapon that boasts pinpoint accuracy and can engage with any visible target, marking a significant advancement in military technology.
Technological Advancement:
The weapon system is supported by a 100 million Pound sterling joint investment by MOD and industry and is a result of sustained investment in cutting-edge science and technology.
Technology Demonstrator for Future Developments:
i.DragonFire serves as a technology demonstrator, gathering data for the development of a second-generation weapon system.
ii.The future system aims to replace overseas-built components with British versions, further advancing the UK’s military technology and capabilities.

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CMFRI Launches ‘MARLIN@CMFRI’ App to Help Citizen Science Initiative in Marine Fisheries Research
The Indian Council of Agricultural Research(ICAR)-Central Marine Fisheries Research Institute (CMFRI) has developed an android mobile app, ‘MARLIN@CMFRI’, to encourage citizen science initiatives in marine fisheries research.

• The app was developed under a project by Eldho Varghese at the Fishery Resources Assessment, Economics and Extension division (FRAEED) of the CMFRI.
• MARLIN stands for MARine Fishery Machine Learning Routines of INdian Exclusive Economic Zone (EEZ).

i.Geotagging feature of the app will enable the users to provide the exact location where the marine species landed.
ii.The app will allow the users to upload photos of marine fish species encountered in the Indian EEZ and develop a visual repository of marine fishery resources.
iii.This will lead to the development of an Artificial Intelligence(AI)-powered system for automated identification of marine fishery resources.

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Frans de Waal, a Dutch-American primatologist & Author, Passed Away 
A renowned Dutch-American primatologist, ethologist and author, Frans de Waal, who founded the Origins of Morality in Apes, passed away at the age of 75 in Stone Mountain in Georgia, United States.

• He was a C. H. Candler Professor in the Psychology Department of Emory University in Atlanta, Georgia and Director of the Living Links Center at  Yerkes National Primate Research Center(YNPRC) at Emory University.
• He, along with Jennifer Pokorny, received the Ig Nobel Award for Anatomy in 2012.
• He won the PEN/E.O. Wilson Literary Science Writing Award in 2020 for Mama’s Last Hug: Animal Emotions and What They Tell Us about Ourselves(2019).

Noted books: “Chimpanzee Politics” (1982); “Our Inner Ape: A Leading Primatologist Explains Why We Are Who We Are” (2005); and “Are We Smart Enough to Know How Smart Animals Are?” (2016).
Note: A primatologist is a scientist who studies primates, which can include monkeys, apes, and lemurs and an ethologist is a scientist who studies the behaviour of animals in their natural environments.

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Oscar-winning British screenwriter David Seidler Passed Away
Oscar-winning British screenwriter David Seidler passed away at the age of 86 in New Zealand. He was born on 4 August 1937 in London, England, the United Kingdom (UK).
i.He got his 1st screenwriting credit in 1966, working on a seafaring Australian series called “Adventures of the Seaspray.”
ii.In 2011, he won the Academy Award(Oscar) for Best Original Screenplay for the film ‘The King’s Speech’.

• He also won the 2011 British Academy of Film and Television Arts (BAFTA) Awards for Original Screenplay and Outstanding British Film Award for the same.
• He also wrote the stage adaptation of the play, “The King’s Speech,” which 1st premiered at the Wyndham’s Theatre on London’s West End in 2012.

iii.His noted works includes TV movies like “Onassis: The Richest Man in the World” (1988); “Come On, Get Happy: The Partridge Family Story” (1999); and animated movies like “The King and I” (1999).
iv.He won the Writers Guild of America award in 1989 for “Onassis: The Richest Man In The World, the biopic of Aristotle Onassis.

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World Day of Theatre for Children and Young People 2024 – March 20 World Day of Theatre for Children and Young People is annually observed across the globe on 20 March to draw the public’s attention to the art of theater for children and young people and highlight the importance and impact of theater for young people in communities.

• The Day aims to raise awareness of the transformative power of theatre and performing arts in nurturing creativity, imagination, and empathy among young audiences.
• The Day is a campaign led by the International Association of Theatre for Children and Young People (ASSITEJ International).

The Day is promoted and celebrated through the message ‘Take a Child to the Theatre, Today’.
About International Association of Theatre for Children and Young People (ASSITEJ International):
The ASSITEJ International Secretariat is located in Copenhagen, Denmark, while the registered office is in Bologna, Italy.
President– Sue Giles (ASSITEJ Australia (Theatre Network Australia))
Secretary General– Louis Valente Sørensen (ASSITEJ Denmark)
Founded in– 1965

World Sparrow Day 2024 – March 20 World Sparrow Day (WSD) is annually observed across the globe on 20 March to raise awareness about the importance of sparrows or house sparrows (Passer domesticus) for biodiversity and the ecosystem, and to promote actions to protect and conserve them.

MoRD Signs a Non-Financial MoU with BFIL to Boost Livelihood Intervention in Rural Livestock & Fisheries Sector i.The Ministry of Rural Development (MoRD) signed a Non-Financial Memorandum of Understanding (MoU) with Bharat Financial Inclusion Limited (BFIL) to enhance livelihood interventions of the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM).
ii.The Ministry of Rural Development (MoRD) signed a Memorandum of Understanding (MoU) with the Abdul Latif Jameel Poverty Action Lab (J-PAL) South Asia based at the Institute for Financial Management and Research (IFMR), to expand the ‘Samaveshi Aajeevika’ program across India.
About Ministry of Rural Development (MoRD):
Union Minister– Giriraj Singh (Constituency: Begusarai, Bihar)
Ministers of State– Faggan Singh Kulaste (Constituency: Mandla, Madhya Pradesh); Sadhvi Niranjan Jyoti (Constituency: Fatehpur, Uttar Pradesh)

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MSDE Announces Exchange of MoUs, Strategic Initiatives, and Launch of New Courses
Union Minister Dharmendra Pradhan, Ministry of Skill Development and Entrepreneurship (MSDE) unveiled a series of strategic partnerships aimed at enhancing the scale and efficiency of India’s skill ecosystem.
Initiatives Launched:
i.The Minister launched Mock Test 2.0 by National Instructional Media Institute (NIMI), made in 12 languages and 4 New Age courses under the Craftsmen Training Scheme (CTS) in Artificial Intelligence and Cyber Security

• The  four new-age courses were introduced for Industrial Training Institute (ITI) and National Skill Training Institute (NSTI) candidates

ii.Two Centres of Excellence (CoE) viz. Media and HVAC (Heating, Ventilation, and Air Conditioning) were inaugurated at the Skill Development Institute (SDI) in bhubaneswar, Odisha.
iii.The Skill Gap Assessment Report on Green Hydrogen, which was produced by the Skill Council for Green Jobs in collaboration with United States Agency for International Development (USAID), was also released at the occasion.
Signing of MoUs:
i.MSDE signed 19 Memorandums of Understanding (MoUs) across various departments to foster skill development and entrepreneurship.

• One led by the Directorate General of Training (DGT).
• Three by the National Institute for Entrepreneurship and Small Business Development (NIESBUD).
• Five under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY).
• One under PM Vishwakarma.
• Nine through the National Skill Development Corporation (NSDC).

ii.Collaborations with private sector and ministerial departments aim to transform India into ‘Kushal Bharat Viksit Bharat,’ empowering youth for global leadership and innovation.
iii.MoU signatories include government associations, industry players, and academic institutions. Collaborations also include NEISBUD with Ministry of Labour and Employment (MoLE), The Department of Food & Public Distribution, and the Export Promotion Council for Handicrafts to enhance entrepreneurial skills and self-employment opportunities.

• DGT renewed partnership with Future Right Skills Network (FRSN) facilitated by Quest Alliance along with partners Accenture, Cisco, JP Morgan, and SAP to further skills development initiatives.

Participants:
Dr. Nirmaljeet Singh Kalsi, Chairman, National Council of Vocational Education and Training (NCVET)
Shri Atul Kumar Tiwari, Secretary, MSDE
Shri Sanjeev Chopra, Secretary, Department of Food and Public Distribution
Shri Ved Mani Tiwari, CEO, NSDC, and MD, NSDC International

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Cabinet Approved Rs. 2207.50 Cr Budgetary Support to Run CAPFIMS as a Campus of AIIMS, Delhi; MoA Signed between CAPFIMS & AIIMSA Memorandum of Association (MoA) was signed between the Central Armed Police Forces Institute of Medical Sciences (CAPFIMS) and All India Institute of Medical Sciences (AIIMS), New Delhi, Delhi to run the 970-bed super-specialty and tertiary care hospital (of CAPFIMS) as a campus of AIIMS.

• The Union Cabinet approved budgetary support of Rs 2207.5 crore in the 15th Finance Commission (FC) cycle to run CAPFIMS as a campus of AIIMS, Delhi.

Points to Note:
i.Construction of CAPF institute was completed in 2013; operationalised in 2016 under the sanction of the Ministry of Home Affairs (MoHA).
ii.The CAPFIMS hospital will provide healthcare services to all CAPF employees, their dependents, pensioners, Central Government Health Scheme (CGHS) beneficiaries, Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) beneficiaries, and the general public.
Objective:
This strategic partnership aims to leverage AIIMS’s expertise to enhance healthcare services at CAPFIMS.
Funding and Support:
The MoHA will provide the funds to AIIMS for the procurement of medical equipment, furniture, and the recurring cost towards operations and maintenance of the campus.
Staffing and Patient Care:
i.AIIMS faculty and resident doctors will serve on a roster basis at CAPFIMS to ensure quality patient care.
ii.Patients would be directed to CAPFIMS if they are unable to find beds or intensive care unit (ICU) services at AIIMS Delhi’s emergency department.
Infrastructure Overview:
i.CAPFIMS boasts a 970-bed referral and research hospital, a 500-bed general hospital, and a 300-bed super-specialty hospital. It also houses 170 (ICU) / critical care beds.
ii.Additional facilities include a medical college, college of nursing, and school of paramedics.
Scope of Services:
i.The “AIIMS-CAPFIMS Campus” is committed to offering super-specialty healthcare, nursing, paramedical training, and trauma care.
ii.Specialised services like Artificial Limb Centre, Mental Health Counseling Centre, and Physical Rehabilitation Centre will cater to specific needs.

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India, Brazil Hold First ‘2+2’ Defence and Foreign Ministerial Dialogue
On 14th March 2024, India and Brazil held their first 2 plus 2 Secretary level Political and Military Dialogue in New Delhi, Delhi. The dialogue was co-chaired by,

• India: Godavarthi Venkata Srinivas, Additional Secretary (Latin American and Caribbean-LAC), Ministry of External Affairs (MEA) and Vishwesh Negi, Joint Secretary (International Cooperation), Ministry of Defence(MoD).
• Brazil: Marcelo Camara, Director, Ministry of Foreign Affairs (MoFA), and Rear Admiral Fernando de Luca Marques de Oliviera, MoD

Both countries discussed a variety of subjects, including defence, space, energy, critical minerals, technology, counter-terrorism, and regional, multilateral, and other issues of mutual interest.

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Maharashtra CM Eknath Shinde Inaugurates India’s First LNG-Powered Bus
Maharashtra Chief Minister(CM) Eknath Shinde has inaugurated India’s first Liquefied Natural Gas (LNG) powered bus, which will be operated by Maharashtra State Road Transport Corporation(MSRTC).

• MSRTC announced that it will convert its 5,000 diesel vehicles into LNG alternative fuel vehicles in phases.
• MSRTC has signed a memorandum of understanding (MoU) with M/s Kings Gas for the conversion of diesel buses to LNG. It includes the usage and supply of fuel.
• It will set up LNG distribution facilities at 90 depots across Maharashtra.

Note:
i.MSRTC operates around 16,000 buses and serves approximately 60 lakh passengers every day.
ii.LNG vehicles have 30% lower Carbon di-oxide (CO2) emissions and 90% lower particulate matter(PM) emissions when compared to diesel.

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IA’s Gorkha Rifles Participates in the 10th Edition Joint Military Exercise ‘LAMITIYE-2024’ in SeychellesThe Indian Army (IA) contingent ‘Gorkha Rifles’ embarked for Seychelles to participate in the 10th Joint Military Exercise “LAMITIYE-2024” between IA and Seychelles Defence Forces (SDF).

• The exercise, meaning ‘Friendship’ in Creole, started on March 18 and goes until March 27, 2024.
• This exercise is a biennial event being held in Seychelles since 2001.
• 45 personnel from each side participate in the exercise.

Key Points:
i.The exercise aims to bolster interoperability in Sub-conventional Operations within a SemiUrban environment under Chapter VII of the United Nations Charter on Peace keeping Operations.
ii.It seeks to enhance cooperation and interoperability during Peacekeeping Operations while fostering bilateral military relations through skill, experience, and practice exchange.
iii.The joint training will encompass tactical drills for neutralizing potential threats in a Semi-Urban setting, leveraging new-generation equipment and technology.
iv.The 10 day-exercise will feature Field Training, combat discussions, lectures, and demonstrations, culminating in a two-day Validation Exercise.
v.It is expected to significantly enhance mutual understanding, jointness, collaborative partnership, and the sharing of best practices between both armies.
About Seychelles:
President– Wavel Ramkalawan
Capital– Victoria
Currency– Seychellois Rupee

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SEBI nod to T+0 settlements for Limited Stocks, Eases Norms for FPIs The Securities and Exchange Board of India (SEBI)  approved same day settlement (T+0) for 25 scrips with select brokers along measures to bring flexibility for Initial Public Offerings (IPOs), Alternative Investment Funds (AIFs), and Foreign Portfolio Investments (FPIs).

• It also endorsed a standardized approach for market rumor verification through an Industry Standards Forum (ISF).

Key Points:
i.FPIs with over 50% of Indian equity in one group exempt from extra disclosures if holdings in a listed company with no identified promoter stay below 3%.
ii.There are relaxed timelines for FPIs’ material change disclosures; reactivation within 30 days of registration expiry or disposal within 180 days, with unsold securities transferred to escrow after 360 days.
iii.IPO norms eased: Non-individual shareholders can contribute to minimum promoters’ contribution without being identified as promoters. Offer size adjustments based on either rupee value or share numbers.
iv.Compliance for listed entities’ market capitalization based on six-month average ending December 31.
v.SEBI to specify objective criteria for rumor verification based on share price movements.
vi.AIFs can encumber equity of investee companies in infrastructure for debt raising, and deal with unliquidated investments during winding up.
vii.Framework for subordinate unit issuance by privately placed InvITs (Infrastructure Investment Trust) established.
About Securities and Exchange Board of India (SEBI):
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra

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RECPDCL & BHEL Signed MoU to Develop Utility-Scale Renewable Energy ProjectsOn 15th March 2024, REC Power Development and Consultancy Limited(RECPDCL) and Bharat Heavy Electricals Limited (BHEL) signed a Memorandum of Understanding (MoU) to jointly develop Utility-Scale Renewable Energy Projects across India.

• Aim: To contribute to the clean energy targets of the nation, through a dedicated Special Purpose Vehicle (SPV).

Note: 
i.RECPDCL a wholly owned subsidiary of REC Limited, provides electric distribution services. REC Limited is a ‘Maharatna’ Central Public Sector Enterprise(CPSE) under the Ministry of Power.
ii.BHEL is a Maharatna CPSE under the Ministry of Heavy Industries and Public Enterprises.
Key People: Vivek Kumar Dewangan, Chairman and Managing Director (CMD) of REC; Koppu Sadashiv Murthy, CMD of BHEL; Rajesh Kumar, Chief Executing Officer (CEO) of RECPDCL were present during the signing.
About the MoU: 
i.Under this MoU, RECPDCL and BHEL will establish an SPV to develop Renewable Energy (RE) products to supply Distribution Company(Discoms).
ii.The SPV will benefit from the core engineering expertise of BHEL and the infrastructure investment expertise of REC Limited.
Key Points:
i.Initially, the SPV will focus on catering energy requirements of the Commercial and Industry (C&I) Segment with a capacity of 1 Gigawatt(GW).
ii.The SPV will play a major role in achieving India’s target of 500 GW of RE capacity by 2030 and contribute to a cleaner and greener future.
Note: Renewable energy projects of 10 Mega Watt(MW) or more are referred to as utility-scale projects.
About REC Power Development and Consultancy Limited(RECPDCL): 
RECPDCL was formerly known as REC Power Distribution Company Limited.
Chairman– Vivek Kumar Dewangan
CEO–  Rajesh Kumar
Incorporated in 2007
Headquarters– Gurugram, Haryana
About Bharat Heavy Electricals Limited (BHEL):
CMD– Koppu Sadashiv Murthy
Headquarters– New Delhi, Delhi
Incorporated in 1964

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T M Krishna selected for Sangita Kalanidhi Award of Music Academy
Thodur Madabusi Krishna (TM Krishna), a renowned Carnatic vocalist & Ramon Magsaysay Award (2016) receipient, has been selected for the Sangita Kalanidhi award 2024 by The Music Academy, Madras in Chennai, Tamil Nadu(TN).

• He is recognized for “his powerful voice,” “adherence to tradition when it comes to the art,” “focusing on its exploratory as opposed to tightly defined structures,” and for using music as “a tool for social reform.”
• He has also authored several books like The Spirit of Enquiry (2021), ‘Sebastian and Sons: A Brief History of Mridangam Makers(2020), and ‘A Southern Music: The Karnatic Story(2016).

Other Awards:
i.The Music Academy, Madras has also honoured,

• Mohiniyattam exponent Neena Prasad with Nritya Kalanidhi.
• Mridangam guru Professor Parasalla Ravi and Carnatic vocalist Geetha Raja with Sangeet Acharya Awards.
• S. Narasimhan, S. Venkatesan, and H. K. Narasimhamurthy with TTK awards(in memory of TT Krishnamachari).
• Dr. Margaret Bastin will receive the Musicologist Award.

ii.The awards will be presented at the 98th Annual Conference and Concerts of The Music Academy, which will be held between 15th December 2024 and 1st January 2025.

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Vladimir Putin won 5th term as the President of RussiaRussian President Vladimir Putin (71 years old) has secured a record fifth term as President of Russia by winning the 2024 Presidential elections. He secured around 88%(87.97%) of the total votes.

• He is scheduled to be inaugurated on 7th May 2024.
• With this new 6-year term, Putin becomes the longest-serving Russian or Soviet leader in history since Joseph Stalin and the longest-reigning president in post-Soviet Russia.

Note: Joseph Stalin served as leader of the Soviet Union from 1924 until his death in 1953.
About Vladimir Putin:
i.Vladimir Putin was born in Leningrad on October 7, 1952.
ii.He served as Prime Minister (PM) of Russia in 1999 under the Premiership of Boris Yeltsin.
iii.In December 1999, he became the acting President of Russia after Yeltsin resigned.
iv.He served as President of Russia from 2000 to 2004, 2004-2008, 2012 to 2018, and 2018 to 2024.
v.He also served as the PM of Russia from 2008 to 2012.
Awards and honours: 
i.Time magazine named Vladimir Putin as TIME’s Person of the Year in 2007.
ii.The China International Peace Research Centre awarded the Confucius Peace Prize to Putin in 2011.
About Russia
Prime Minister– Mikhail Mishustin
Capital– Moscow
Currency– Russian ruble

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CCI Approvals on 19th March 2024On 19th March 2024, The Competition Commission of India (CCI) has approved the following,
i.Acquisition of Kesoram Cement Business from Kesoram Industries Limited by UltraTech Cement Limited
ii.Acquisition of certain shareholding of Shriram Investment Holdings Private Limited (SIHL) by Shriram Ownership Trust(SOT).
CCI approves Ultratech’s acquisition of Kesoram’s cement unit
Proposed combination:
UltraTech Cement Limited will acquire the Kesoram Industries Limited’s grey cement business through a composite scheme of arrangement and an Implementation Agreement dated November 30, 2023, under Sections 230 to 232 of the Companies Act, 2013.
Key Points:
i.UltraTech, a publicly listed Indian company, manufactures and sells grey cement, white cement, ready-mix concrete, clinker, and building products in India.
ii.Kesoram manufactures grey cement through its Kesoram Cement Business and is involved in other sectors such as rayon, transparent paper, and chemicals in India, which are not part of the Proposed Combination.
CCI approves acquisition of certain shareholding of SIHL by SOT
Proposed combination:
Shriram Ownership Trust (SOT) will buy a 9.44% stake in Shriram Investment Holdings (SIHL) held by APRN Enterprises Private Limited (APRN) and another 20% held by Piramal Enterprises Limited (PEL).

• SOT and SCPL already hold a combined 70.56% stake in SIHL.

Key Points:
i.SIHL is an unregistered core investment company with assets worth Rs. 3,976 crore and a turnover of Rs. 1,881 crore as of March 31, 2023.
ii.The Shriram Group aims to increase its stake in SIHL and its financial services business by acquiring shares from PEL and APRN, who are minority shareholders expressing interest in exiting.

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Indian Army Introduces New-Tech Unit “STEAG”On 18th March 2024, the Indian Army launched the “Signals Technology Evaluation and Adaptation Group (STEAG)”, a first-of-its-kind specialised technology unit to enhance its communication infrastructure, in New Delhi, Delhi.
Note: This is not a new raising, the Indian Army has transformed 21 Signals Group with the fresh mandate as STEAG.
About STEAG:
i.The STEAG unit will be headed by a Colonel-rank officer from the Corps of Signals, a combat support arm handling military communications.
ii.STEAG unit with a strength of around 280 personnel will operate under the Signals Directorate. The unit will be based in Delhi.
Function: 
i.The STEAG unit will carry out technical scouting, evaluation, development, and management of core Information and communication technology (ICT) solutions.
ii.It will provide user interface support by maintaining and upgrading available contemporary technologies.
iii.The unit will develop customized technologies for a wide range of wired and wireless systems to include electronic exchanges, mobile communications, Software Defined Ratios (SDR), Electronic Warefare Systems (EWS), 5G and 6G networks, quantum technologies, artificial intelligence(AI), machine learning(ML) etc.
Key Points:
i.The STEAG unit will boost the Indian army’s capabilities in the digital domain.
ii.This will meet the requirements of modern warfare which necessitates new equipment to provide seamless communication support to units and formations during operations.
iii.STEAG, in line with the efforts of Atmanirbhar Bharat and Start-Up India, will bridge the between the Armed Forces and the industry & academia.
About Indian Army
Chief Army Staff– General Manoj Pande
Vice-chief of Army Staff– General Upendra Dwivedi
Headquarters– New Delhi, Delhi

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Padma Shri Awardee & Handloom artist Kapil Dev Prasad Passed Away Padma Shri Awardee Kapil Dev Prasad, a renowned handloom artist, passed away at the age of 70 in Basman Bigha village, Nalanda district, Bihar.
About Kapil Dev Prasad:
i.Kapil Dev Prasad has been promoting the traditional art of handloom after receiving formal training at the Biharsharif Nav Ratna Mahal school from 1963 to 1965.
ii.He received the Padma Shri award for art in 2023. He was honoured for popularising Bihar’s Buddhist art of weaving Bawan Buti (52 motifs) on Sareers.
About Bawan Buti:
i.‘Bawan Buti’ (52 motifs) are traditionally woven on pit-loom or frame-loom by using extra weft threads to create 52 motifs along the sari’s length.
ii.The saris originate in the Nalanda district of Bihar, one of the important Buddhist centre since 5th century.
iii.The designs include Buddhist iconographies such as the peepal, the bull, the lotus, the stupa, the deer and the elephant.

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SIDBI’s CMD S. Ramann Presented 2 Books to Finance Minister Nirmala Sitharaman
S.Ramann, Chairman & Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI) presented 2 books titled ‘Prabhaav’ and  ‘Diagnostic Mapping of Cluster- Charting the Path Ahead through Intervention’ to Union Minister, Nirmala Sitharaman, Ministry of Finance.
i.Prabhaav is an impact assessment report on the Fund of Funds for Startups (FFS) released by SIDBI. The 3rd-party assessment of the scheme was undertaken by CRISIL.

• It details the outcomes of FFS which made a commitment of Rs 10,000 crore to 100 Alternative Investment Funds (AIF).

ii.Diagnostic Mapping of Cluster is the first of SIDBI’s information series aimed at kindling cluster development.

• The book identified the mapping of skill, technology development, and credit gap as important issues of policy interventions.

International Day of Happiness 2024 – March 20 The United Nations (UN) International Day of Happiness is annually observed across the globe on 20 March to recognise the significance of well-being and happiness in people’s lives globally and advocate for inclusive, equitable, and balanced economic growth.
The theme of International Day of Happiness 2024 is ‘Happier Together.’
Background:
i.In 2012, the UN General Assembly (UNGA) adopted a resolution (A/RES/66/281) and proclaimed the 20 March of every year as the International Day of Happiness.
ii.The first-ever International Day of Happiness was observed on 20 March 2013.
World Happiness Report (WHR) 2024:
According to the World Happiness Report (WHR) 2024, Finland has been named the World’s happiest country for the 7th consecutive time. Finland is followed by Denmark, Iceland, Sweden and Israel.

• India has maintained its rank at 126th (out of 146 countries), which indicates low levels of happiness.

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UN French Language Day 2024 – March 20The United Nations (UN) French Language Day is annually observed across the globe on 20 March to celebrate multilingualism and cultural diversity, and to promote equal use of all 6 official languages of the UN throughout the Organisation.

• This Day is part of an initiative to raise awareness and respect for the history, culture, and achievements of each of the 6 official languages.

The Day is recognised by the International Organization of La Francophonie (OIF) as the International Day of La Francophonie or International Francophonie Day.

• In 2024, the OIF marks the celebrations of the International Day of La Francophonie under the theme “Create, innovate, undertake in French.”

Background:
i.On 21 February 2010, on the occasion of International Mother Language Day, the UN Department of Public Information (DPI) announced the launch of “Language Days at the UN”, a new initiative that aims to celebrate multilingualism and cultural diversity.
ii.The UN observes 6 Language days annually dedicated to the 6 official languages of the UN namely, Arabic, Chinese, English, French, Russian, and Spanish.

PM Narendra Modi unveils ‘Dekho Apna Desh People’s Choice 2024: Launches Projects over Rs 6,400 cr in KashmirThe Prime Minister (PM) of India Narendra Modi visited Jammu and Kashmir (J&K) to address the Viksit Bharat Viksit Jammu Kashmir program at Bakshi Stadium in Srinagar.

• He unveiled Dekho Apna Desh, People’s Choice 2024, the first-ever nationwide tourist destination poll by the  Ministry of Tourism to identify the pulse of the nation on tourism.
• He also launched the Chalo India Global Diaspora Campaign and dedicated to the nation multiple development projects worth more than Rs 6,400 crore.

About Jammu & Kashmir (J&K):
Lieutenant Governor– Manoj Sinha
Wildlife Sanctuaries– Limber Wildlife Sanctuary, Nandini Wildlife Sanctuary
Airports– Srinagar International Airport (Sheikh ul-Alam International Airport), Jammu airport Satwari Airport

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Integrated Tri-Service Firepower and Manoeuvre Exercise ‘Bharat Shakti’ held in RajasthanA 50-minute-long synergised demonstration of indigenous defence capabilities in the form of a Tri-Services Live Fire and Manoeuvre Exercise ‘Bharat Shakti’ was held at Pokhran during PM Modi’s visit to Rajasthan on 12th March 2024.
Key People:
i.The event was witnessed by Prime Minister (PM) Narendra Modi; Union Minister Rajnath Singh, Ministry of Defence (MoD); Chief Minister of Rajasthan, Shri Bhajan Lal Sharma; General Anil Chauhan, Chief of Defence Staff (CDS); Admiral Radhakrishnan Hari Kumar, Chief of the Naval Staff (CNS), and Vivek Ram Chaudhari, Chief of the Air Staff.
ii.Delegates from around 30 nations were present at the event.
About Bharat Shakti:
i.‘Bharat Shakti’ exercise displayed an array of indigenous weapon systems and platforms to showcase India’s unprecedented excellence in global military equipment production.
ii.The exercise demonstrated the firepower capabilities of indigenous weapons and the operational readiness of all three defence forces namely Indian Army (IA), Indian Navy (IN) and Indian Air Force (IAF).
iii.The exercise also simulated realistic, synergised, multi-domain operations displaying integrated operational capabilities of the Indian Armed Forces to counter threats across land, air, sea, cyber, and space domains.
Showcased weapons:
IA:
IA was represented by T-90 (IM) Tanks, Main Battle Tank Arjun, K-9 Vajra, Dhanush (howitzer) and Sarang Gun Systems, Akash Weapons System, Logistics Drones, Robotic Mules, Advanced Light Helicopter (ALH) and an array of unmanned aerial vehicles along with Pinaka rocket system.
IN:
IN showcased Naval Anti-Ship Missiles, Autonomous Cargo Carrying Aerial Vehicles, and Expendable Aerial Target to highlight maritime strength and technological sophistication.
IAF:
Indian Air Force showcased the indigenously developed Light Combat Aircraft (LCA) Tejas, Light Utility Helicopters, Advanced Light Helicopters (ALH) Mk-IV Dhruv and Prachand helicopters. demonstrating air superiority and versatility in air operations.

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PM Modi Inaugurates Marathwada Rail Coach Factory in Latur , Maharashtra; Launched Various Projects Prime Minister (PM) Narendra Modi virtually inaugurated the Marathwada Rail Coach Factory in Latur, Maharashtra. He also dedicated to the nation 506 railway projects including  a wagon repair workshop at Badnera and Vande Bharat chair car maintenance-cum-workshop depot in Pune.

• The projects were launched during PM Modi’s Gujarat visit on 12th March 2024.

About Marathwada Rail coach Factory: 
i.The Marathwada Rail Coach Factory will be pivotal in supplying Vande Bharat Train sets, comprising a 16-car formation, to the Indian Railways in coordination with its technology partners.
ii.Equipped with state-of-the-art machinery and plants, the factory is poised to revolutionise rail manufacturing in the region.
iii.The factory will provide direct employment to around 1,300 persons and indirect employment to more than 10,000 persons in terms of various outsourced activities.
Points to note: 
The wagon repair workshop at Badnera will cater to two major freight depots of the Central Railway in Bhusaval and Nagpur and enhance the availability of wagons.
Others Highlgihts: 
i.The PM also inaugurated 5 Jan Aushadi Kendras (JAKs), offering affordable and quality generic medicines.

• These Kendras are located at strategic points including the Lokmanya Tilak Terminus (LTT) (Mumbai), Manmad (Nashik), Pimpri, Solapur, and Nagbhir (Chandrapur).

ii.PM Modi inaugurated 4 rail coach restaurants at Nashik Road, Akola, and Mumbai’s Andheri and Borivali stations.
iii.He also dedicated to the nation, 150 One Station One Product (OSOP) stalls; 170 Electronic Interlocking Systems; 130 solar panels; 18 new lines/ doubling of lines/gauge conversion across Maharashtra; 12 goods sheds; 7 automatic signalling systems; 4 Gati Shakti cargo terminals; and 3 electrification projects.

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Union Minister Hardeep Singh Puri Launched ‘ETHANOL 100’, an automotive fuelOn 15th March 2024, Union Minister Hardeep Singh Puri, Ministry of Petroleum & Natural Gas(MoPNG), launched Ethanol 100 (E100 Fuel), a cleaner greener automotive fuel alternative to gasoline.

• E100 was launched at Indian Oil Corporation Limited(IOCL)’s Retail Outlet Irwin Road Service Station, New Delhi, Delhi.

Key People: Pankaj Jain, Secretary, MoPNG and Shrikant Madhav Vaidya, Chairman of IOCL along with senior officials from MoPNG were present during the event.
Key Points:
i.Following the launch, E100 will be made available at selected 183 retail outlets across five states – Maharashtra, Karnataka, Uttar Pradesh(UP), Delhi and Tamil Nadu(TN).
ii.E100 fuel is expected to transform the transportation sector and reduce fossil fuel dependency.
iii.This is in line with the efforts of the government to reduce import dependency, conserve foreign exchange, and boost the agriculture sector.
About Ethanol 100: 
i.Ethanol 100 is a cleaner alternative fuel to gasoline emitting fewer greenhouse gases and pollutants, which helps to battle climate change and improve air quality.
ii.The high-octane rating (between 100-105) of ethanol 100 makes it an ideal fuel for high-performance engines. This ensure improved efficiency and power output with minimum impact on the environment.
iii.This can be used in a range of vehicles, including flex-fuel vehicles (FFVs) designed to run on gasoline, ethanol, or any blend of ethanol and petrol.
Ethanol blended fuel:
i.Indian government rolled out 20% ethanol blended fuel(E20) in 2023 and increased the availability to around 12000 outlets.
ii.The government is ambitious of attaining 20% ethanol-blended petrol by 2024-25 and 30% ethanol blended petrol by 2029-30.
iii.The ethanol lending initiatives have cut down carbon dioxide (CO2) emissions equivalent to planting 1.75 crore trees and saved Rs 85,000 crore worth of foreign exchange in the past 10 years.
Note:  Oil Marketing Companies (OMCs) have introduced various blends of Ethanol with petrol across India. OMCs have signed long-term offtake agreements with 131 dedicated ethanol plants which will add an annual production design capacity of 745 crore litres.
About Ministry of Petroleum & Natural Gas(MoPNG): 
Union Minister– Hardeep Singh Puri (Rajya Sabha- Uttar Pradesh)
Minister of State (MoS)– Rameswar Teli (Constituency- Dibrugarh, Assam)

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MIB Notifies Cinematograph (Certification) Rules, 2024 to Improve Film Certification ProcessThe Ministry of Information and Broadcasting has notified the Cinematograph (Certification) Rules, 2024 to improve the process of certification of films for public exhibition. This replaces the Cinematograph (Certification) Rules of 1983

• The rules were notified following the introduction of the Cinematograph (Amendment) Act, 2023, which amended the Cinematograph Act, 1952.

Note: The rules were notified in exercise of the powers conferred by section 8 of the Cinematograph Act, 1952 (37 of 1952).
About Cinematograph (Certification) Rules, 2024:
i.Aim: To streamline and modernise the film certification process and to keep up with the new technologies and advancements in the film industry.
ii.The new rules were drafted by MIB and the Central Board of Film Certification (CBFC) following extensive consultations with filmmakers, cinema owners, disability rights organisations, non-government organisations(NGOs), film industry bodies, the general public, and other stakeholders.

• This will ensure an all-encompassing and all-inclusive approach.

iii.The new rule was drafted in line with the adoption of an online certification process, which will ensure transparency, efficiency and ease of doing business for the film sector.
Key Aspects:
i.The new rules have reduced the processing time for the certification of a film and adopted a complete digital process to eliminate all transactional time.
ii.The new rules also provide perpetual validity of CBFC certificates, instead of the previous 10-year period
iii.Only Unrestricted Public Exhibition category films can be shown on television. Therefore film edited for Television broadcast will be recertified.
iv.The new rules have sub-divided the existing UA category into three age-based categories: 7 years (UA 7+), 13 years (UA 13+), and 16 years (UA 16+), instead of 12 years.
v.It is stated that the Movies/feature films should have accessibility features for certification to make it inclusive for disabled persons.
Representation of women in the board:
To ensure representation for women, it is stipulated that one-third of the members of the CBFC Board & CBFC’s Advisory Panels shall be women and preferably half shall be women.

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Department of Fisheries Inaugurates Integration of KCC Fisheries Scheme onto JanSamarth Portal The Department of Fisheries successfully inaugurated the integration of the Kisan Credit Card (KCC) Fisheries scheme onto the JanSamarth Portal, to transform access to credit facilities for fishers, fish farmers, and stakeholders nationwide.
Note: The Department of Fisheries is one of the 2 Departments under the Ministry of Fisheries, Animal Husbandry & Dairying (MoFAH&D).
About the integration of the KCC Fisheries Scheme:
i.Integrating the KCC Fisheries scheme onto the JanSamarth Portal facilitates seamless access to institutional credit facilities.
ii.This initiative promotes the inclusive growth of the fisheries industry by breaking down obstacles to financial access.
iii.It also signifies a monumental leap for fish farmers and stakeholders in the fisheries sector.

• Objective: Streamline processes, digitise workflows, and provide efficient loan management services, enhancing transparency and accessibility.

Impact of Integration:
i.Marks a new era of efficiency, transparency, and inclusivity in the fisheries sector.
ii.Enables easy application and management of KCC loans online.
iii.Facilitates greater financial inclusion for sustainable fisheries development.
About Ministry of Fisheries, Animal Husbandry and Dairying:
Union Minister– Parshottam Rupala (Rajya Sabha – Gujarat)
Ministers of State– Sanjeev Kumar Balyan (Constituency: Muzaffarnagar, Uttar Pradesh); L. Murugan (Rajya Sabha – Madhya Pradesh)

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DoF&PD Signed MoUs with NIESBUD & SIDBI to Transform Fair Price Shops Across India The Department of Food and Public Distribution (DoF&PD) have signed two Memorandums of Understanding (MoUs) with the National Institute for Entrepreneurship and Small Business Development (NIESBUD) under the Ministry of Skill Development and Entrepreneurship (MSDE), and the Small Industries Development Bank of India (SIDBI) to revolutionise Fair Price Shops (FPSs) across India.

• This initiative aligns with the Government of India’s (GoI) vision of Kaushal Bharat (Skill India), Viksit Bharat (Developed India), and digitally empowered India.

Note: The DoF&PD is under the Ministry of Consumer Affairs, Food and Public Distribution.
Details of MoU with NIESBUD:
On 14th March 2024, DoF&PD signed a MoU with NIESBUD to address the  skill development challenges faced by FPS dealers.

• The partnership will focus on digital literacy, financial literacy and entrepreneurial skills and explore new business opportunities.

Signatories: The MoU was signed by Ravi Shankar, Director of DoFPD; and Dr. Poonam Sinha, Director of NIESBUD in the presence of Union Minister Dharmendra Pradhan, MSDE at Kaushal Bhawan, New Delhi, Delhi.
Benefits:
i.Improving digital and entrepreneurial capabilities enables FPS owners to expand their services, enhance customer satisfaction, and pursue additional sources of income.
ii.It also enables effective use of technology, streamlining operations, and strengthening customer orientation practices.
Details of MoU with SIDBI:
On 15th March 2024, DoF&PD signed a MoU with SIDBI to offer simple-to-use digital solutions for working capital assistance to FPSs through SIDBI’s Goods and Services Tax (GST) Sahay application.

• This will also enable FPSs to operate on a credit model for Non-Public Distribution System (PDS) commodities.

Signatories: the MoU was signed by Rajendra Kumar, Joint Secretary, DoF&PD and Ravi Tyagi, Chief General Manager, SIDBI in the presence of Sanjeev Chopra, Secretary, DoF&PD at Krishi Bhawan, New Delhi, Delhi.
Key Points:
i.These MoUs will play a major role in the capacity building and investment opportunities for FPSs.
ii.These will also elevate the employability and enhance the livelihoods of FPS dealers.
iii.The Government of India aims to introduce a pilot programs to transform FPSs into nutrition hubs which will leverage technology and offer a diverse range of nutrient-rich non-PDS commodities to the public.
About Ministry of Consumer Affairs, Food and Public Distribution:
Union Minister– Piyush Goyal (Rajya Sabha- Maharashtra)
Ministers of State– Ashwini Kumar Choubey (Constituency: Buxar, Bihar); Sadhvi Niranjan Jyoti (Constituency: Fatehpur, Uttar Pradesh)

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INS Tir participates in Exercise Cutlass Express 24 in SeychellesThe Indian Naval Ship (INS) Tir representing the First Training Squadron (1TS), joined Exercise Cutlass Express – 24 (CE – 24) at Port Victoria, Seychelles from February 26 to March 08, 2024. This multinational exercise aimed to enhance maritime cooperation and security.

• Apart from Indian Navy (IN), it saw participation from 16 friendly foreign nations.
• IN has been participating in the exercise since 2019.

Key Points:
i.The exercise commenced with the President of Seychelles Wavel Ramkalawan, along with officials from India, the United States (US), and African countries.
ii.The exercise focused on Maritime Interdiction Operations, Visit Board Search and Seizure (VBSS )procedures, and joint diving operations.
iii.INS Tir’s VBSS team demonstrated boarding procedures on the Seychelles Coast Guard (SCG) ship LE Vigilant. Joint diving operations were conducted with US and Seychelles divers.
iv.INSTir conducted joint Exclusive Economic Zone (EEZ) surveillance with SCGfrom March 1 to March 3, 2024.

• It also engaged in professional exchanges, cross-deck visits, and friendly sports events with Seychelles Defence Forces. Additionally, the Indian Naval band’s performance at the National Museum in Port Victoria.

v.Courtesy calls were made by Senior Officer, 1TS, Capt Anshul Kishore to Designated Minister Mr. Sylvestre Radegonde, Seychelles Minister for Foreign Affairs and Tourism, Brig Michael Rosette, Chief of Defence Forces – Seychelles Defence Force and Shri Kartik Pande, High Commissioner of India to Seychelles.
vi.INS Tir’s deployment underscores India’s commitment to regional maritime security and cooperation through joint training initiatives.

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RBI Reconstitutes Committee of Advisors of the Abhyudaya Cooperative Bank The Reserve Bank of India (RBI) has reconstituted a three-member Committee of Advisors of Abhyudaya Cooperative Bank Limited by inducting Devendara Kumar in place of Mahendra Chhajed after his resignation.
Committee of Advisors:
The ‘Committee of Advisors’ comprises of Devendra Kumar (former Chief-General Manager, State Bank of India (SBI)), Venkatesh Hegde (former General Manager, SBI), and Suhas Gokhale (former Managing Director, COSMOS Co-operative Bank).
Background:
i.On November 2023, RBI replaced the Board of Directors of Abhyudaya Cooperative Bank Limited for a period of 12 months and appointed Satya Prakash Pathak (former Chief General Manager of SBI) as ‘Administrator’ to manage the bank.
ii.A ‘Committee of Advisors’ was also constituted to assist the Administrator to discharge his duties.
iii.The action against the cooperative bank was demanded due to certain material concerns, emanating from poor governance standards observed in the bank.
iv.Though it had not placed any business limitations, the lender was allowed to continue to carry on its normal banking activities under the guidance of Administrator.
About Abhyudaya Cooperative Bank  
Chief Executive Officer –  Premnath S. Salian
Headquarters –  Mumbai, Maharashtra
Establishment –  1965
Tagline –  ‘Prosperity through Co-operation’

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REC signs MoU with Rajasthan to Finance Power & Infrastructure Projects Worth Rs.20,000 Cr
REC Limited (formerly Rural Electrification Corporation Limited) has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to finance power & infrastructure projects worth Rs. 20,000 crore per annum for a period of six years, extending up to 2030.

• Under the MoU, REC provides loans to various projects in Rajasthan, including power projects, metros, roads & highways, airports, IT infrastructure, oil refineries, ports & waterways, health sector, tourism infrastructure, agriculture, and other infrastructure projects.
• The MoU was signed in the presence of Bhajan Lal Sharma, Rajasthan Chief Minister; Amrit Lal Meena, Secretary, Ministry of Coal, Government of India; Vivek Kumar Dewangan, Chief Managing Director (CMD), REC, and others.
• In addition to the MoU with REC, the Rajasthan government also signed several agreements worth Rs 1.6 lakh crore with a number of central public sector Undertakings (CPSUs) under the power ministry and the coal ministry.

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Fintech startup Perfios Became India’s Second Unicorn of 2024
Fintech-focussed Software as a Service (SaaS) firm Perfios has become the second unicorn of 2024 after it secured a USD 80 million fund from Teachers’ Venture Growth (TVG).

• Perfios’s software products and platforms help its Banking, Financial Services, and Insurance (BFSI) clients simplify and scale up various processes like underwriting, monitoring, and onboarding.
• TVG is a late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan.
• AI startup Krutrim was India’s first Unicorn of 2024.

Points to Note:
i.SaaS allows users to connect to and use cloud-based apps over the Internet.
ii.A unicorn is a term used to describe privately owned startups or companies worth more than USD 1 billion.

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Journalists Greeshma and Ritika were Awarded the Chameli Devi Jain Award for 2024 On March 15, 2024, the Media Foundation jointly awarded the Chameli Devi Jain Award 2024 for Outstanding Woman MediaPerson of the Year to the journalists Greeshma Kuthar and Ritika Chopra. The award presentation took place at CD Deshmukh Hall in the India International Centre, New Delhi, Delhi.
Jury Members:
The award winners were selected by the jury members comprising of :
The senior journalist and columnist Radhika Ramaseshan (Chair), award winning journalist and author Mariyam Malvi, and Richard Mahapatra (Managing Editor at Down to Earth).
About the winners
i.Greeshma Kuthar:

• Greeshma Kuthar is an Independent journalist
• She was awarded for engaging in a deeply researched, long-form investigation reporting from conflict areas like Manipur.
• Her coverage has a strong focus on social and cultural impact of national political narratives on Indian marginalised communities.

ii.Ritika Chopra:

• Chief of National Bureau (Govt) and National Education Editor at the Indian Express, Delhi.
• Awarded for her in-depth investigative stories in the field of education and government policy.

About the award
i.The award was named after Chameli Devi Jain, a freedom fighter and community reformer, prisoned during Indian Independence movement.
ii.The award was set up by the Media Foundation in 1980. And the first award was presented in 1982.
iii.The award is presented annually to those practicing journalism in fields like social development, politics, gender, justice, human rights, health, conflict and consumer values.
 In 2023 the Chameli Devi Jain Award  for Outstanding Woman MediaPerson was received by Dhanya Rajendran, co-founder and Editor-in-chief of the News Minute.

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Ashwani Kumar Elected as New President of the Federation of Indian Export OrganisationsOn 11th March 2024, Federation of Indian Export Organisations (FIEO) under the Ministry of Commerce has unanimously elected Ashwani Kumar, as its New President.

• Ashwani Kumar is a Partner at Jalandhar (Punjab) based Victor Forging, a manufacturers of Hand tools.
• He will succeed Dr A Sakthivel, who successfully completed his tenure as President of FIEO.

About Ashwani Kumar:
i.Ashwani Kumar is an entrepreneur in the engineering sector.
ii.He has previously served as the Regional Chairman (Northern Region) of FIEO and Member of the Managing Committee of FIEO.
iii.He has also served as the Member of the Governing Body of National Institute of Technology(NIT), Jalandhar; Convenor of Hand Tools Panel (Pan India) and Deputy Regional Chairman (Northern Region), Engineering Export Promotion Council (EEPC) India.
About Federation of Indian Export Organisations (FIEO):
FIEO is an apex body of Government of India reconsigned as a Export Promotion Councils, Commodity Boards and Development Authorities in India.
It was established in 1965 by Ministry of Commerce.
President– Ashwani Kumar
Headquarters– New Delhi, Delhi

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Kishor Makwana Assumes Charge as Chairman of National Commission for Scheduled Castes
Kishor Makwana assumed the charge of Chairman of the National Commission for Scheduled Castes (NCSC) in New Delhi, Delhi. Luv Kush Kumar and Vaddepalli Ramchander also assumed charge as members of the NCSC.
The post of NCSC Chairman was vacant after Vijay Sampla resigned on 18th July 2023

• Arun Halder was vice chairman during the resignation and he later assumed charge as acting chairman and held the position till February 18 2024.
• The tenure of the Commission is three years and this is the 7th Commission.
• Kishor Makwana, a journalist and columnist, has authored more than 33 books, including ‘Samajik Kranti na Mahanayak Dr. Babasaheb Ambedkar’ (great hero of the social revolution – Dr. Babasaheb Ambedkar), his notable works include ‘Common Man Narendra Modi’.
• The NCSC is a constitutional body set up under Article 338 of the Constitution of India.

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Indopria Angulata: New Species of Parasitoid Wasp Discovered
‘Indopria Angulata’, a new species of parasitoid wasp, was discovered by a group of scientists from the Zoological Survey of India (ZSI), Kolkata, West Bengal.

• The discovery of the species was published in the scientific journal ‘Biologia’.
• Indopria is distinguished by its distinct characteristics, which include prolonged marginal fringes, paddle-shaped forewings with angular frenal gutters, and a semi-abrupt 3-segmented clava.
• The new genus ‘Indopria’ is classified as a member of the tribe Diapriini of the subfamily ‘Diapriinae’.
• In the name Indopria, ‘Indo’ represents India, and ‘pria’ from Latin means ‘little wasp.’
• The species name ‘angulata’ (Latin) refers to the specialised characteristic of its wings.
• The species was identified through an integrative taxonomic approach combining morphological data and high genetic divergence within the tribe.

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Royal Challengers Bangalore Defeats Delhi Capitals in WPL 2024 FinalRoyal Challengers Bangalore (RCB), led by Smriti Mandhana, won the Women’s Premier League (WPL) 2024 title by defeating Delhi Capitals (DC), led by Meghann(Meg) Lanning (Australia), in the final held at the Arun Jaitley Stadium in New Delhi, Delhi.

• The second edition of the WPL was held from 23rd February to 17th March 2024.
• It marks RCB’s first WPL title.

Venues: 
i.M Chinnaswamy Stadium, Bengaluru, Karnataka.
ii.Arun Jaitley Stadium, New Delhi, Delhi.
Awards & Prize Money:
RCB won Rs 6 crore, while DC was awarded Rs 3 crore as the runner-up.

• Kashvee Gautam (India) became the most expensive uncapped player in the WPL Auction 2024 as the Gujarat Giants bought her for Rs 2 crore, later she was ruled out of the tournament due to injury reasons.
• Australian allrounder Annabel Sutherland was the most expensive overseas player with the highest bid at Rs 2 crore by Delhi Capitals.

About TATA WPL:
i.The Women’s Premier League (WPL) is a women’s Twenty20 cricket franchise league in India.
ii.The first edition of the WPL was held in 2023 and it was won by Mumbai Indians by defeating Delhi Capitals in the finals.
Note:
From 2008 (1st edition) till 2023 (16th edition), the men’s squad of RCB has not won the Indian Premier League (IPL).

MHI Approves Scheme to Promote the Manufacturing of E-Vehicles in India The Ministry of Heavy Industries (MHI), Government of India(GoI) has approved a new E-Vehicle (Electric-Vehicle)scheme to promote the manufacturing of electric passenger cars in India.

• Under the scheme, the automobile company should set up manufacturing facilities in India with a minimum investment of Rs. 4,150 crore (USD 500 million), for manufacturing of e-4W(Electric four-wheelers).

Click here to view official notification
Key Highlights of Scheme:
i.Under the new scheme, foreign automobile companies will be allowed to import up to 8,000 EV passenger cars (e-4W) every year at a reduced import duty of 15% for a period of 5 years from approval of MHI, if they are subject to conditions of the scheme.
ii.The EVs imported to India should have a minimum CIF (Cost, Insurance & Freight) price of USD 35,000.
Note:
As of 16th March 2024, customs duty ranging from 70 % to 100 % will be levied on the cars imported as completely built units (CBUs). It depends on engine size and Cost, Insurance, and Freight (CIF) value less or above USD 40,000.
About the Scheme: 
i.The manufacturing facility should be made operational within 3 years from the date of the approval by MHI.
ii.They should also achieve a minimum domestic value addition (DVA) of 25% in the vehicles manufactured within a 3-year period, and a minimum of 50% by the end of the 5th year.
iii.The total amount of import duty cut will be limited to the investment made or Rs 6,484 crore (equal to the incentive under the PLI scheme), whichever is lower.
iv.The company’s investment commitment must be backed up by a bank guarantee for the value of the reduced customs duty.
v.The Bank guarantee will be invoked in case of non-achievement of DVA and minimum investment criteria defined under the scheme guidelines.
Additional Info:
i.MHI has launched two electric vehicle manufacturers related Production Linked Incentive (PLI) Schemes such as the PLI Scheme for Automobile and Automotive Components (PLI-Auto) and the PLI Scheme for Advanced Chemistry Cell (PLI-ACC).
ii.PLI-Auto launched in 2021 provides incentives to industries for the promotion of domestic manufacturing and draws investments into the value chain of the automotive manufacturing industry.
iii.PLI-ACC incentivise manufacturers of advanced chemistry cells.

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GoI Approves Transfer of Air India Building to Govt of Maharashtra for Rs 1,601 CroreGovernment of India has approved the transfer of the Air India building at Nariman Point in Mumbai (Maharashtra) from AI Assets Holding Company Ltd (AIAHL) to the Government of Maharashtra (GoM) for a cash consideration of Rs 1,601 crore.

• The Maharashtra govt has agreed to waive Department of Investment and Public Asset Management (DIPAM) dues amounting to Rs 298.42 crore. This would have been payable by AI Assets Holding Company Ltd to GoM.

Points to note:
i.The Maharashtra Cabinet approved the acquisition of  the 23-storey Air India building in November 2023.
ii.The building was constructed in 1974 on the land owned by the GoM. The building was designed by renowned American architect John Burgee.
iii.AIAHL is a state-owned entity overseeing Air India’s debt and assets following its acquisition by the Tata Group in January 2022.
iv.The acquisition offers GoM approximately 46,470 square meters of space near the state secretariat, established in 1955.
Additional info:
i.In 2018, Air India shifted its headquarters to New Delhi (Delhi) and decided to dispose of the Air India building as part of its asset monetisation plan.
ii.This transfer of air india building is a part fo Air India Divestment plan, where the government assumed the airline’s debt of around Rs 45,000 crore and non-core assets.

• The non-core assets encompassed around 111 properties including office buildings and house colonies.

iii.These assets were valued at Rs 14,718 crore as per a government statement released in 2021.

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BEL Receives Orders Worth Rs 1,940.35 CroreBharat Electronics Limited (BEL), Navratna Public Sector Undertaking (PSU) under the Ministry of Defence(MoD) has secured orders totalling Rs 1940.35 crore.

• With this, BEL has secured cumulative orders worth Rs 32,716.33 crore in the fiscal year 2023-2024(FY24).

Details of the contract:
i.BEL has bagged a Rs 847 Crore contract with Larsen & Toubro (L&T) to supply 14 cutting-edge Communication and Electronic Warfare (EW) sensors and systems. These state of the art systems will be installed on three Cadet Training Ships of the Inidian Navy.

• This partnership will will involve the participation of several Micro, Small and Medium Enterprises (MSMEs).
• This is in line with the efforts towards achieving the vision of Atmanirbhar Bharat.

ii.BEL has secured Rs 1,092.65 Crore worth orders which encompasses, supply of Line Replaceable Units (LRUs) for T-70 & T-90 Tanks, Communication Systems for the Indian Navy, as well as other Spares and Services.
About Bharat Electronics Limited (BEL):
Chairman & Managing Director(Additional Charge)– Bhanu Prakash Srivastava
Headquarters– Bengaluru, Karnataka
Established in– 1954

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MoHFW launches National Action Plan for Prevention and Control of Snakebite Envenoming in Indiai.The Ministry of Health and Family Welfare (MoHFW) launched a National Action Plan for Prevention and Control of Snakebite Envenoming (NAP-SE) during a ceremony in New Delhi, Delhi envisaging a reduction in snakebite deaths by halve by 2030.
ii.It was launched by Apurva Chandra, Secretary, MoHFW.
iii.The Snakebite Helpline no (15400) was launched.
iv.The National Rabies Control Programme (NRCP) Website was also launched.
About Ministry of Health and Family Welfare (MoHFW):
Union Minister– Mansukh Mandaviya (Rajya Sabha Gujarat)
Minister of State– Dr. Bharati Pravin Pawar (Constituency- Dindori, Maharashtra) & S. P. Singh Baghel (Constituency- Agra, Uttar Pradesh)

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UCPMP 2024: Department of Pharmaceuticals releases Guidelines to Curb Unethical Pharma Sector PracticesOn March 12, 2024, the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers (MoCF), notified Uniform Code for Pharmaceuticals Marketing Practices (UCPMP) 2024 to curb unethical pharmaceutical sector practices.

• It prohibits pharmaceutical companies from offering gifts and travel facilities to healthcare professionals or their family members.
• It also bans supply of free samples to those who are not qualified to prescribe such a product.
• The previous version was notified in December 2014.

All associations are requested to constitute an Ethics Committee for Pharmaceutical Marketing Practices (ECPMP), set up a dedicated UCPMP portal on their website, and take necessary steps towards implementation of this Code.
Highlights:
i.UCPMP-2024 will be applicable to medical device manufacturers too.
ii.It covers critical areas such as the conduct of Medical Representatives (MRs), the provision of brand reminders and free samples, Continuing Medical Education (‘CME’), and relationships with Healthcare Professionals (‘HCPs’).
iii.Information about drugs must be balanced, up-to-date, verifiable, must not mislead either directly or by implication.
iv.MR must not offer inducements or payments to gain interviews with healthcare professionals.
v.No pecuniary (relating to or consisting of money) advantage or benefit in kind may be offered, supplied, or promised to any person qualified to prescribe or supply drugs, by any pharmaceutical company or its agents.
vi.Companies cannot provide travel facilities to healthcare professionals for conferences unless they are speakers.
vii.Industry can fund research approved by bodies like Indian Council for Medical Research (ICMR) or Drug Controller General of India (DCGI), with healthcare professionals engaged as consultants, subject to tax regulations, and all expenses must adhere to tax laws.
viii.Free drug samples should only be given to qualified prescribers, with distribution details recorded.

• Samples are limited to three patients’ prescribed dosages for the required treatment course, not exceeding 12 packs per drug annually per healthcare practitioner.

ix.Pharmaceutical companies are prohibited from supplying samples of hypnotic, sedative, or tranquilizer drugs.
x.The word “new” cannot describe drugs available or promoted in India for over a year.
Brand names of other companies’ products cannot be used in comparisons without prior consent.

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Defence Minister Rajnath Singh inaugurated ‘Nausena Bhawan’ the new Headquarters of Indian Navy
On 15th March 2024, Union Minister Rajnath Singh, Ministry of Defence (MoD), has inaugurated ‘Nausena Bhawan’, the first independent headquarters building of the Indian Navy (IN), at Delhi Cantonment in New Delhi, Delhi.
Key People:
The event was attended by General Anil Chauhan, Chief of Defence Staff (CDS); Admiral Radhakrishnan Hari Kumar, Chief of the Naval Staff (CNS).
About Nausena Bhawan:
i.Nausena Bhawan has three wings across four stories .The complex is equipped with a state-of-the-art integrated building management system and has achieved Green Rating IV under the integrated habitability assessment.
ii.Through an all-India competition, Nausena Bhawan’s architectural design was chosen.

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MoD signed Rs 2,890 Cr Contract with HAL to Upgrade 25 Dornier Aircraft of Indian Navy
On 15th March 2024, the Ministry of Defence (MoD) signed a contract worth over Rs 2,890 crore with Bengaluru(Karnataka) headquartered Hindustan Aeronautics Limited (HAL) for Mid Life Upgrade (MLU) of 25 Dornier Aircraft belonging to the Indian Navy (IN).

• The MLU for Dornier Aircraft includes an upgrade to incorporate state-of-the-art Avionics Systems and Primary Role sensors to enhance the operational capabilities of the Dornier fleet for missions like maritime surveillance, coastal patrol, electronic intelligence gathering, and maritime domain awareness.
• In addition, this upgrade will also enable Dorniers to carry out Secondary Roles of Search and Rescue, Medical/Casualty Evacuation and Communication Link.

Note: HAL is a Navratna Central Public Sector Enterprises (CPSE) under the Ministry of Defence (MoD).

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Highlights of President Droupadi Murmu’s state visit to Mauritius from 11th to 13th March 2024Droupadi Murmu, President of India, was on a 3-day state visit to the Republic of Mauritius from 11th to 13th March 2024. This was her first state visit to Mauritius.

• Pravind Kumar Jugnauth, Prime Minister (PM) of Mauritius, received her at the Sir Seewoosagur Ramgoolam International Airport, Port Louis, Mauritius.

i.President Droupadi Murmu attended the 56th National Day celebrations of Mauritius as Chief Guest on 12th March 2024.  She became the 6th Indian President to attend the Mauritius National Day as Chief Guest since 2000.
ii.President of India Droupadi Murmu was conferred with the prestigious Honoris Causa Degree of Doctor of Civil Law by the University of Mauritius.
iii.President of India Droupadi Murmu and Pravind Kumar Jugnauth, PM of Mauritius, jointly e-inaugurated 14 Small Development India-Assisted Projects.
About Republic of Mauritius:
President– Prithvirajsing Roopun
Prime Minister– Pravind Jugnauth
Capital– Port Louis
Currency– Maurition Rupee

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MoH&FW formed 16 Member Committee headed by V K Paul to Review AB-PMJAYThe Ministry of Health and Family Welfare (MoH&FW) has constituted a 16-member expert committee to review the implementation of the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).

• The committee is headed by Vinod Kumar Paul, Member (Health) at the National Institution for Transforming India (NITI) Aayog.

Committee Members:
The members of the committee include Apurva Chandra, Secretary, MoH&FW; Deepti Gaur Mukerjee, Chief Executive Officer (CEO) of the National Health Authority (NHA), Indu Bhushan, former CEO, NHA; Ashutosh Raghuvanshi, president of Nathealth and representatives from private entities such as Apollo Hospitals, and Yashoda Super Speciality Hospitals, among others.
Note: The committee is required to submit its report within 45 days from the issue of the order of its constitution.
Committee’s Tasks:
i.The committee will be reviewing the roles of central and state governments in the implementation of AB-PMJAY.
ii.It will analyze the progress of the scheme in beneficiary identification, hospitalisation, equity in access to healthcare services, scheme awareness, cost savings, and private sector participation.
iii.The committee will examine different implementation models (trust, insurance, hybrid) to execute the programme.
iv.The group will assess the potential expansion and convergence of beneficiary-based and will figure out how the scheme can be combined with other health programs.
v.The team will evaluate package pricing, potential inclusion of diagnostics and drugs, and reducing out-of-pocket expenses.
vi.It will also review payment mechanisms, hospital grading, and incentives for quality care.
vii.Others: 

• To recommend measures to prevent misuse of the scheme.
• To link the AB-PMJAY scheme with the Ayushman Bharat Digital Mission (ABDM) and Ayushman Arogya Mandirs (AAMs).

About AB-PMJAY: 
i.PMJAY, the world’s largest health assurance scheme, aims to provide poor and vulnerable families with a health cover of Rs. 5 lakhs per family per year for secondary and tertiary care hospitalisation.
ii.It was launched by Prime Minister (PM) Narendra Modi on  September 2018 in Ranchi, Jharkhand.
iii.Ayushman Bharat has two components, Health and Wellness Centres (HWCs) and PM-JAY.

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ECI named Sheetal Devi as National Icon in PwD category
The Election Commission of India (ECI) has chosen Sheetal Devi, an Indian para-archer and 2023 Arjuna Awardee, as the National Icon in Persons with Disabilities (PwD) category.

• The announcement was made at an Exhibition Cricket which was organised by ECI in association with the Board of Control for Cricket in India (BCCI) in New Delhi, Delhi.
• The event was attended by Rajiv Kumar, Chief Election Commissioner (CEC); Gyanesh Kumar, Election Commissioner and Sukhbir Singh Sandhu, Election Commissioner.
• On the occasion, ECI launched a dedicated Voter’s Guide for PwDs and Senior Citizen Electors.

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KMBL appointed Jaideep Hansraj as Group President of One Kotak
Mumbai (Maharashtra) headquartered Kotak Mahindra Bank Limited (KMBL) has appointed Jaideep Hansraj as Group President of One Kotak, with effect from 1st April 2024.

• Prior to the appointment, he had been the Chief Executive Officer (CEO) and Managing Director (MD) of Kotak Securities since 2019.
• Shripal Shah, President and Chief Operating Officer (COO) at Kotak Securities, will take over from Hansraj as the head of Kotak Securities.
• ‘One Kotak’ is the term used by KMBL for its internal framework for inter-group synergies and cross-selling opportunities.

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RIL acquires Paramount Global’s 13.01% stake in Viacom for Rs 4,286 croreReliance Industries Limited (RIL) acquired 13.01% of Paramount Global’s stake in Viacom18 Media Private Ltd for Rs 4,286 crore on a fully diluted basis.

• This acquisition has increased RIL’s share in the Paramount Global from 57.48% to 70.49%.
• Viacom18 is a material subsidiary of TV18 Broadcast Limited. Thus with this transaction, RIL has entered into a binding agreement with two subsidiaries of Paramount Global.
• Before this, RIL holds Compulsorily Convertible Preference Shares of Viacom18.

Key Points:
i.Paramount pledges to keep licensing its content to Viacom18 post-deal, with its content already streamable on Reliance’s JioCinema platform.
ii.RIL’s stake consolidation in Viacom18 follows USD 8.5-billion media merger with Disney, positioning Reliance as the largest player in the media industry.

• This Joint venture (JV) to command approximately 85% of India’s on-demand streaming service audience and half of TV viewership.
• Note: In February 2024, Disney and Reliance merged their media operations in India, creating Rs 70,000 crore entity with Reliance holding 63.16%, committing Rs 11,500 crore upon closure. This JV will be led by Nita Ambani.

iii.The RIL-Disney Merger slated for completion by March 2025, securing exclusive digital and broadcast rights to major sporting events including Indian Premier League (IPL), International Cricket Council (ICC) events, domestic cricket, Fédération Internationale De Football Association (FIFA) World Cup, Premier League, and Wimbledon.

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Agray and Akshay, 5th and 6th ships of ASW SWC Project LaunchedOn March 13, 2024, Garden Reach Shipbuilders & Engineers (GRSE) launched ‘Agray’ and ‘Akshay’, the 5th and 6th ships of 8 Anti-Submarine Warfare (ASW) Shallow Water Craft (SWC) Project for Indian Navy (IN) in Kolkata, West Bengal.

• The launch ceremony was presided over by Air Chief Marshal Vivek Ram Chaudhari , Chief of the Air staff (CAS) while the ships were launched by the  Mrs Neeta Chaudhari, President Air Force Wives Welfare Association (AFWWA).

Background:
i.The contract for the eight ASW SWC ships were signed by the Ministry of Defence (MoD) and GRSE, Kolkata (WB) on 29th April 2019.
ii.These Arnala class ships will replace the in-service Abhay class ASW Corvettes of the Indian Navy.
About ‘Agray’ and ‘Akshay’:
They are designed to undertake anti-submarine operations in coastal waters, Low Intensity Maritime Operations (LIMO) and Mine Laying Operations.
The ASW SWC ships are 77.6 meter long & 105 m wide with a displacement of 900 tons and endurance of over 1800 Nautical Miles(NM).
These ships have over 80% indigenous content, boosting domestic defence production and employment, and ‘Aatmanirbhar Bharat’ in shipbuilding.
Additional info:
During the past year, 3 indigenously built warships/ submarine for Indian Navy have been delivered and a total of 9 warships were launched.

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SpaceX’s Falcon9 Launches MethaneSAT to Track Methane Emissions GloballySpace Exploration Technologies Corporation’s (SpaceX) launched the MethaneSAT satellite into orbit aboard a Falcon9 rocket from Space Launch Complex 4E at Vandenberg Space Force Base in California, The United States of America(USA) on 3rd March 2024.

• This will monitor the methane emissions from oil and gas companies across the world.

Note: MethaneSAT was launched as a part of  Transporter-10, SpaceX’s 10th dedicated smallsat rideshare program mission. The mission carried 53 spacecraft, including CubeSats, MicroSats, and a hosted payload.
About MethaneSAT: 
i.MethaneSAT is an imaging satellite operated by MethaneSAT LLC,  a subsidiary of the Environmental Defense Fund(EDF) and New Zealand Space Agency.  This is the first satellite by a nonprofit environmental group.
ii.The satellite will circle Earth 15 times a day from its orbit 580 kilometres above ground and monitor the methane leaks from 300 targets across the globe.
Partnership:
MethaneSAT was developed at a cost of around USD 88 million by EDF in partnership with the New Zealand Space Agency, Harvard University’s School of Engineering and Applied Sciences, the Smithsonian Astrophysical Observatory, BAE Systems (formerly Ball Aerospace), IO Aerospace, Blue Canyon Technologies, and Google.
Features: 
i.The satellite is equipped with a high-resolution infrared sensor and a spectrometer.
ii.The 200 km by 200 km wide camera view of MethaneSAT will allow it to identify larger emitters so-called “super emitters”.
iii.The data collected using the satellite will be analysed using cloud-computing and Artificial Intelligence (AI) technology developed by Google.
Note: 
i.MethaneSAT will help countries and industries meet their methane emission reduction targets.
ii.More than 150 countries have signed the Global Methane Pledge, a voluntary framework that aims to reduce global methane emissions by 30% by 2030, compared to 2020 levels.
iii.The pledge was launched in 2021 by the USA and the European Union (EU) at  26th session of the Conference of the Parties (COP26).
About Methane:
i.Methane (CH4) is a greenhouse gas (GHG), and its presence in the atmosphere affects the earth’s temperature and climate system.
ii.Methane emissions come from oil and natural gas production, agricultural waste, and landfills.

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National Vaccination Day 2024 – March 16National Vaccination Day or National Immunisation Day is annually observed across India on 16 March to raise awareness of the significance and value of vaccination in human health and highlight the crucial role vaccines play in preventing diseases and protecting public health.

• The Day recognises the hard work of doctors and frontline healthcare workers to ensure the vaccination of every child.
• The Day also highlights the important role of full vaccination in protecting children from vaccine-preventable diseases (VPDs).

The 2024 theme of National Vaccination Day is, “Vaccines Work for All.”
Note: The theme underscores the crucial role vaccinations play in safeguarding lives from preventable diseases.

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Ordnance Factories Day 2024 – March 18Ordnance Factory Day is annually observed across India by the Ordnance Factory Board (OFB) on 18 March to commemorate the establishment of the 1st Ordnance Factory in India at Cossipore near Kolkata, West Bengal in 1801.

• This Day is dedicated to recognise and honour the contribution of the Indian Ordnance Factories (IOFs) in strengthening India’s defence capabilities.

i.IOFs is a giant industrial setup functioning under the Department of Defence Production(DDP) of the Ministry of Defence(MoD). It is the oldest and largest industrial setup under the DDP.
ii.IOFs is a conglomerate of 41 Factories, 9 Training Institutes, 3 Regional Marketing Centres and 4 Regional Controller of Safety.
About Ordnance Factory Board (OFB):
Director General Ordnance– Sudhir Srivastava
Headquarters– Kolkata, West Bengal
Established in- 1979

Overview of PM Modi’s visit to Gujarat on March 12, 2024Prime Minister (PM) Narendra Modi visited Gujarat on 12th March, 2024. During his visit, PM laid the foundation stone and dedicated to the nation multiple developmental projects worth more than 1 lakh crore in Gujarat.

• PM Modi unveiled various railway projects worth Rs 85,000 crore at Ahmedabad, Gujarat.
• PM Narendra Modi laid the foundation stone of Petrochemicals Complex of Petronet LNG(Liquefied Natural Gas) worth more than Rs 20, 000 crore at Dahej, Gujarat.
• PM Narendra Modi virtually inaugurated India’s 1st automobile in-plant railway siding project of Maruti Suzuki on 12th March, 2024 from Ahmedabad, Gujarat.
• PM Narendra Modi inaugurated the redeveloped Kochrab Ashram and launched the Master Plan of the Gandhi Ashram Memorial at Sabarmati Ashram, Ahmedabad, Gujarat.

About Gujarat:
Chief Minister (CM): Bhupendra Rajnikant Patel
Governor: Acharya Devvrat
Capital: Gandhinagar
National Park (N.P.): Gir National Park, Marine National Park

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MoS Meenakshi Lekhi Unvield Revamped Website of ASI & handed over MoUs under the Adopt a Heritage 2.0Union Ministers of State (MoS) Meenakshi Lekhi, the Ministry of Culture (MoC), has launched the revamped website of the Archaeological Survey of India (ASI) (https://asi.nic.in) at the National Museum in New Delhi, Delhi.

• She also handed over the Memorandums of Understanding (MoUs) for Monuments Adoption under the Adopt a Heritage 2.0 to the representatives of the Corporate-Houses.

Revamped Website:
i.This new website offers a more comprehensive and user-friendly experience for everyone, especially students seeking information on India’s vast history.
ii.The revamped website and program highlight the government’s commitment to using technology to make India’s cultural heritage more accessible.
MoUs:
i.ASI has MoUs with the corporates for Monuments Adoption under the ‘Adopt a Heritage 2.0’ programme.
ii.The MoU aims to make the preservation of 14 out of 4000 heritages of ASI an inclusion process based on the theme of ‘Sabka Saath, Sabka Vikas, Sabka Pryas’.
iii.These 14 monuments will be changed to give a much better viewer experience, a much more livelier history of the monuments and much more exposition of their place in India’s culture.
iv.The corporates (Smarak Sarathi / Sathi) engaged in MoU will adopt a specific monument and contribute to their maintenance and better showcasing to the public.
v.MOU with entities will be signed for a five-year period that can be extended for another five years.
Point to note:
The 14 monuments include Agra Fort in Agra (Uttar Pradesh), Mehrauli Archaeological Park (Delhi), Buddhist Stupa in Champaran (Bihar), Kailasanatha temple in Kanchivaram (Tamil Nadu), Kandariya Temple & Khajuraho in Chhatarpur (Madhya Pradesh), Safdarjung Tomb (Delhi), Group of Monuments in Mamallapuram (Tamil Nadu), Sun temple in Puri (Odisha), Elephanta Caves in Raigarh (Maharashtra), Upper Fort Aguada  (Goa), Purana Qila (Delhi), Qutub Minar (Delhi), Humanyun’s Tomb (Delhi) and Uggar Sain’s Baoli (Delhi).
About “Adopt a Heritage 2.0”:
In September 2023, ASI launched the ‘Adopt a Heritage 2.0’ programme to collaborate with corporate stakeholders to enhance amenities at Historical monuments by utilising their corporate social responsibility (CSR) funds.
About Archeological Survey of India (ASI):
ASI is the premier organization for archaeological research and protection of cultural heritage in India. It function under Ministry of Culture (MoC).
Director General – Yadubir Singh Rawat
Headquarters – New Delhi, Delhi
Established in – 1861

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MoD Signs Contracts Worth Rs 8073 cr with HAL to Acquire 34 ALH Dhruv Mk III for Indian Army & ICGOn 13th March 2024, The Ministry of Defence (MoD) has signed contracts worth Rs 8073.17 crore with Hindustan Aeronautics Limited (HAL) for the acquisition of 34 Advanced Light Helicopters (ALH) Dhruv Mk III equipped with Operational Role Equipment for Indian Army/IA (25 ALHs) and Indian Coast Guard/ICG (9 ALHs).

• This acquisition is under Buy (Indian-IDDM – Indigenously Designed, Developed & Manufactured) category.
• This contract follows an approval of the Cabinet Committee on Security (CCS)

ALH Dhruv Mk III UT (Utility): (Indian Army Version):
i.It is Designed for Search & Rescue, Troop Transportation, Internal Cargo, and Recce/Casualty Evacuation.
ii.It has proved its effectiveness in challenging terrains like the Siachen Glacier and Ladakh.
ALH Mk III MR (Maritime Role): (ICG Version):
i.It is designed  for Maritime Surveillance and Interdiction, Search and Rescue, Rappelling Operations, Cargo & Personnel Transportation, and Pollution Response.
ii.It has showcased resilience in adverse environmental conditions over sea and land.
Note: This project is expected to create employment of  approximately 190 Lakh Man-Hours, involving over 200 MSMEs (Micro, Small and Medium Enterprises) and 70 local vendors, aligning with the vision of ‘Aatmanirbhar Bharat’ (Self-reliant India).
MoD inks contract with AVNL for 693 Armament Upgrades of Infantry Combat Vehicle BMP2 to BMP2M
MoD also signed a contract with Armoured Vehicles Nigam Limited (AVNL) to procure 693 Armament Upgrades of Infantry Combat Vehicle BMP2 to BMP2M.

• It includes Night Enablement, Gunner Main Sight, Commander Panoramic Sight and Fire Control System (FCS) with Automatic Target Tracker under Buy {Indian-IDDM} Category.

Key Points:
i.AVNL has developed an indigenous solution for equipping existing BMP 2/2K vehicles with Night Fighting Capabilities and Fire Control Systems (FCS).
ii.The solution integrates technology from Defence Research and Development Organisation (DRDO) and Bharat Electronics Limited (BEL), Chennai, Tamil Nadu.
iii.This initiative aims to strengthen the indigenous defense manufacturing ecosystem and promote self-reliance in the field.

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MHI & IIT Roorkee Partners to Advance Automotive and EV SectorThe Ministry of Heavy Industries (MHI) signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Roorkee (IIT Roorkee), Roorkee, Uttarakhand to encourage innovation and advance the automotive and electric vehicle (EV) sector.
Key People:
i.The MoU was signed by K.K Pant, Professor, IIT Roorkee and Vijay Mittal, Joint Secretary, MHI.
ii.The MoU was exchanged in the presence of Union Minister Mahendra Nath Pandey, MHI; Pushkar Singh Dhami, Chief Minister (CM) of Uttarakhand (through Video Conference).
About the MoU:
i.The MoU aims to create a Centre of Excellence (CoE) and an Industry Accelerator at IIT Roorkee.
ii.For this purpose, IIT Roorkee partners with International Centre for Automotive Technology (ICAT) Manesar (Haryana), a premier institute for automotive testing and research, for services like automotive electrical and electronics testing.
iii.The MoU is a part of Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector Phase II of MHI.
iv.The partnership leverages expertise from both MHI & IIT Roorkee to bridge the gap between academia and industry.
v.Project Cost: The total cost of the project is Rs.24.6645 Crore. Out of this MHI will offer Rs. 19.8745 Crore and Rs.4.78 Core will be contributed by industry partners.
Additional Info:
The partnership also motivates many startups to collaborate with IIT-Roorkee for projects related to EV.
About Ministry of Heavy Industries (MHI):
Union Minister –Mahendra Nath Pandey (Constituency: Chandauli, Uttar Pradesh)
Union Minister of State (MoS) – Krishan Pal Gurjar (Constituency: Faridabad, Haryana)

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SIPRI Report 2023: India World’s Largest Arms Importer Between 2019– 2023According to ‘Trends in International Arms Transfers, 2023’ released by Swedish think tank, Stockholm International Peace Research Institute (SIPRI), India was the world’s top arms importer for the period 2019-23. India’s imports has increased by 4.7% compared to the period 2014-18.

• Saudi Arabia and Qatar were the 2nd and 3rd largest importers.
• United States (US), France, Russia were the top 3 largest exporters of arms between 2019-23.

India’s main suppliers:
i.Russia remains India’s top arms supplier at 36%, however, it’s the first time since 1960–64 that their deliveries comprised less than half of India’s imports.
ii.The 2nd and 3rd main suppliers of India are France (33%) and the United States of America(USA) (13%).
About Stockholm International Peace Research Institute (SIPRI):
Director– Dan Smith
Establishment– 1966
Headquarters– Solna, Sweden

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India & Dominican Republic Signs Protocol For Establishment Of Joint Economic And Trade CommitteeOn 12th March 2024, The protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic was signed at the Ministry of Foreign Affairs (MIREX) of the Dominican Republic at Santo Domingo.
Signatories: The protocol was signed by Roberto Álvarez, Minister of Foreign Affairs of Dominican Republic and Ramu Abbagani, Ambassador of India to the Dominican Republic on behalf of the Department of Commerce, Ministry of Commerce and Industry(MOCI).
Background:
i.On 24th January 2024, the Union Cabinet chaired by Prime Minister Narendra Modi approved the propsal to sign the protocol for establishment of JETCO between India and the Dominican Republic.
ii.This will boost the existing economic and commercial relations further.
Note: 2024 marks the 25 years of establishment of diplomatic relations between India and Dominican Republic.
About the protocol to establish JETCO:
Objective: The protocol aims to establish a bilateral institutional mechanism between both nations in trade and commerce, enhance collaboration in various service sectors, and foster technological exchange and innovation.
Key Points:
i.The protocol expects to strengthen and develop cooperation in trade, services, industrial technologies, and other various sectors through technical assistance, training programs, and capacity building.
ii.This will mitigate trade and industry challenges and provide a platform for sharing knowledge and best practices between the 2 nations.
Additional info: India primarily imports gold from the Dominican Republic; and exports pharmaceuticals, marine products, motor vehicles, 2 and 3-wheelers, etc., to the Dominican Republic.

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India-Singapore signs MoU on Law, Dispute Resolution to Boost Ties
India and Singapore signed a Memorandum of Understanding (MoU) to enhance cooperation on legal and dispute resolution services, aimed at bolstering collaboration in international commercial dispute resolution.

• The agreement was signed virtually by Singapore’s Minister for Culture, Community and Youth and Second Minister for Law, Edwin Tong, and India’s Minister for Law and Justice, Arjun Ram Meghwal.

Key Points:
i.Under this MoU, both ministries will work together, facilitate the exchange of best practices and promote the adoption of Alternate Dispute Resolution (ADR) mechanisms.
ii.The Singapore Mediation Centre (SMC) will administer the formal ADR process, starting with mediation sessions conducted by neutral mediators to facilitate settlements while maintaining confidentiality.
iii.A Joint Consultative Committee, co-chaired at the Ministerial or Secretary level, will also be set up, and will meet regularly to make and implement specific proposals under the   MoU.

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ADB & MoF signed USD 181 Million Loan Agreement to Improve Urban Mobility in Peri-Urban Areas of AhmedabadOn 13th March 2024, the Ministry of Finance (MoF) and the Asian Development Bank (ADB) has signed a loan agreement worth USD 181 Million for the ‘Ahmedabad Peri-urban Livability Improvement Project’.

• The amount will be utilised to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad city in Gujarat.

Signatories: 
The loan agreement was signed by Juhi Mukherjee, Joint Secretary, Department of Economic Affairs (DEA), MoF and Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission.
Key Details:
i.Financing: The total finance of the program is USD 316.9 million.

• Out of this ADB committed to offer USD 181 million whereas the remaining USD 135.9 million will be financed through Non-ADB sources.

ii.The project is implemented by the Ahmedabad Urban Development Authority (AUDA) of the Government of Gujarat.
iii.Urban Development and Urban Housing Department of the Government of Gujarat will be executing the project.
iv.The closing date of the project is 30th June 2028.
About the project:
i.The project will construct essential infrastructure like a 166 km water distribution network, 126 km of climate-resilient drainage systems, 300 km of sewerage systems, and four sewage treatment plants.
ii.Ten key junctions along the Sardar Patel Ring Road will be improved to enhance connectivity between peri-urban areas and the Ahmedabad city.
iii.Climate-resilient infrastructure and treated sewage recycling for industrial use are key aspects of the project.
iv.The project also strengthens urban planning capacities and promotes social inclusion.
v.Capacity building for government agencies and awareness campaigns for communities will be carried out as a part of the program.
Note: The project was approved in October 2023.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Established in – 1966
Members – 68 members (49 from Asian region)

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NPCI Partners with Nepal’s Fonepay Payment Service for Cross-Border UPI Transactions between India & Nepal
NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), partnered with Fonepay Payment Service Ltd, Nepal’s largest payment network, to launch cross-border Unified Payment Interface (UPI) transactions between India and Nepal.

This initiative was unveiled at Global Fintech Fest 2023 in India in September 2023.

• The partnership is now fully operational and enables Quick Response (QR) code-based person-to-merchant (P2M) UPI transactions between India and Nepal.
• In the 1st phase, Indian consumers can make instant, secure, and convenient UPI payments across various business stores in Nepal using UPI-enabled Apps.
• Merchants within the Fonepay Network can effortlessly accept UPI payments from Indian customers.

Note:  NIPL was established on 3 April 2020, as a wholly-owned subsidiary of NPCI.

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Fitch revises India’s FY25 GDP Growth Forecast to 7% from 6.5%Fitch Rating, an international credit rating agency,  has increased its forecast for India’s Gross Domestic Product (GDP) growth by 0.5% points to 7% for the fiscal year 2024-25 (FY25) from its prior prediction of 6.5% due to improving domestic demand and increasing investments.

• For FY24, India’s GDP growth is estimated at 7.8% and the growth rate is projected to be 6.5% for FY26.

Key Points:
i.Indian economy achieved about an 8% growth rate in the first three-quarters (April 2023 – December 2023)of FY24.
ii.The growth rate was at 8.4% in the third quarter(Q3 – October to December 2023).
iii.Fitch’s forecast indicates that growth in the short term will exceed the estimated potential of the economy and then the growth follows the trend of FY25.
Inflation:
i.Fitch predicts that the headline Inflation rate will be at 4% by the end of FY25 and the value will remain almost unchanged in FY26.
ii.Inflation remained almost unchanged at 5.09% in February 2024, as high food inflation kept the retail inflation from falling further
iii.Fitch expects a 50 basis point (bps) rate cut by the Reserve Bank of India (RBI) in the second half of 2024 (from July to December 2024).
Additional Info:
Fitch raised the global growth forecast to 2.4% from 2.1% projected earlier, due to the strong growth of the United States of America (USA)’s economy.

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Golden Book Award 2024: Author Rakhi Kapoor won the award for “Breaking Free Embracing me“
Wings Publication International announced the winners of Golden Book Award 2024, which celebrates and honours the outstanding authors and their literary works.
Author Rakhi Kapoor won her 2nd Golden Book Award for her 26th book titled “Breaking Free Embracing Me: healing from childhood abuse and Toxic Conditioning”.

• She is a physiotherapist who pioneered the concept of prenatal counselling in India to enhance maternal and fetal health outcomes.
• She previously won the award in 2023 for her 25th book titled “Now You Breathe: Overcoming Toxic Relationships and Abuse”.

The winners of Golden Book Award 2024 includes Anupam Kher (Lessons Life Taught Me, Unknowingly: An Autobiography); Raju S Jha (Drunken Manager); Gaurav Tiwari (Love. That Lasted Forever). Click here for the complete list of winners of 2024

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Gyanesh Kumar & Dr. Sukhbir Singh Sandhu appointed as new Election Commissioners; Arun Goel ResignsOn 15th March 2024, Retired Indian Administrative Service (IAS) officers Gyanesh Kumar and Dr. Sukhbir Singh Sandhu took charge as the New Election Commissioners(ECs) in the Election Commission of India(ECI).

• Gyanesh Kumar and Dr. Sukhbir Singh Sandhu are of 1988 batch from Kerala & Uttarakhand cadre respectively.
• The post of ECs were vacant since the retirement of Anup Chandra Pandey on 14th February 2024 and resignation of Arun Goel on 8th March 2024.

Note: The appointment was made by a high-powered selection committee chaired by Prime Minister(PM) Narendra Modi. The committee includes Union Minister Arjun Meghwal, Ministry of Law and Justice and Leader of Opposition Adhir Ranjan Chowdhury.
Details of the appointment:
i.This appointment marks the inaugural instance of Election Commissioners being appointed under the new Chief Election Commissioner (CEC) and other ECs (Appointment, Conditions of Service and Term of Office) Act, 2023 brought in by the government in December 2023.
ii.Sukhbir Singh Sandhu was appointed as EC on 3rd February 2024 for a contract term of one year. His tenure will end on 4th February 2025.
About Gyanesh Kumar:
i.Prior to his retirement in January 2024, he served as Secretary of the Ministry of Cooperation.
He has also served as Additional Secretary in the Ministry of Home Affairs(MoHA) and secretary in the Ministry of Parliamentary Affairs.
About Sukhbir Singh Sandhu:
i.He served as the Chairman of the National Highways Authority of India (NHAI) and also as Additional Secretary of the Department of Higher Education, Ministry of Human Resource Development.
iii.He was appointed as the Chief Secretary of Uttarakhand in 2021. He retired from the post in January 2024.
iv.On 3rd February 2024, he was appointed the Secretary to the Lokpal on a one-year contract.
Arun Goel resigned from the post of EC:
i.Election Commissioner Arun Goel resigned from his post as EC ahead of 2024 Lok Sabha elections.
ii.He was appointed as EC on 19th November 2022 and his tenure as EC was till 6th December 2027.
ii.Prior to taking voluntary retirement from service (VRS) from service on  18th November 2022, He served as secretary at the Ministry of Heavy Industry.

Begonia Narahari: New Flowering Plant Species Found in Mishmi Hills of Arunachal Pradesh
Scientists have discovered a new colourful flowering plant species, ‘Begonia Narahari’ in the Mishmi Hills in Lohit district, Arunachal Pradesh. The findings were published in the international journal Phytotaxa, the world’s largest journal in Botanical Taxonomy.

• The new species has been named after Prof. Garikapati Narahari Sastry, former director of the Council of Scientific and Industrial Research (CSIR)-North East Institute of Science and Technology (NEIST), Jorhat, Assam.
• The species was discovered by scientists from the University of Science & Technology Meghalaya (USTM), Meghalaya and Council of Scientific and Industrial Research (CSIR)-North East Institute Of Science And Technology (NEIST), Assam.
• The plant has a distinctive feature of displaying a vivid blue iridescence in direct light and it is currently found only in the Demwe locality of Lohit.
• Following the International Union for Conservation of Nature (IUCN) species assessment guidelines (IUCN, 2022), the species is classified as Data Deficient (DD) due to limited global population information.

Note: Begonia is a genus of perennial flowering plants in the Begoniaceae family and is one of the largest and fastest-growing genera of flowering plants. It is mainly found in the tropical and subtropical regions of the world.

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Ranji Trophy 2023-2024: Mumbai Wins their 42nd Ranji Trophy title by Defeating Vidarbha in the finalsThe Mumbai cricket team led by Ajinkya Rahane won the Ranji Trophy 2023-2024 season by defeating Vidarbha led by Akshay Wadkar in the finals held at Wankhede Stadium in Mumbai, Maharashtra.

• This marks the Mumbai team’s 42nd Ranji Trophy and first trophy since 2016.
• The 89th edition of the Ranji Trophy, participated by 38 teams, was held from 5th January to 14th March 2024.
• The Mumbai team was the most successful in the Ranji Trophy with 42 so far, and Karnataka is in second with 8 trophies.
• Indian fast bowler Dhawal Kulkarni announced his retirement from international cricket and first-class cricket after the Ranji Trophy Finals.
• Hyderabad’s Tanmay Agarwal became the world’s fastest triple-hundred scorer in first-class cricket with 147 balls.

World Consumers Rights Day 2024 – March 15  World Consumers Rights Day (WCRD) is annually observed across the globe on 15 March to raise global awareness of consumer rights, needs, protection, and empowerment.
The 2024 theme of WCRD is, ‘Fair and responsible AI for consumers’.

• The campaign emphasises safeguarding consumer search in the era of generative AI.

WCRD is annually coordinated by Consumers International, a membership organisation for consumer groups around the world.
Background:
i.WCRD was inspired by John Fitzgerald Kennedy, the former President of the United States of America (US), who sent a special message to the US Congress on 15th March 1962, in which he formally addressed the issue of consumer rights.

• He was the first world leader to formally acknowledge the importance of consumer rights on a global stage.

Cabinet Approvals on 13th March 2024The Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the following proposals on 13th March 2024,
i.Two corridors of Delhi Metro Phase-IV projects namely

• Lajpat Nagar to Saket G-Block
• Inderlok to Indraprastha

ii.Inter-Governmental Framework Agreement between India and UAE on cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor.
iii.Signing of an MoU between India and Bhutan on cooperation in the field of Energy Efficiency and Energy Conservation Measures.
iv.Signing of an Agreement between India and Bhutan in the area of Food Safety.
v.Signing of MoU between India and Bhutan on General Supply of Petroleum, Oil, Lubricants (POL) and related products from India to Bhutan.
About Bhutan
Prime Minister– Tshering Tobgay
Capital- Thimphu
Currency- Bhutanese ngultrum

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PM Narendra Modi Launches PM-SURAJ National Portal; Sanctioned Credit Support to Disadvantaged SectionsOn 13th March 2024, Prime Minister (PM) Narendra Modi virtually launched the ‘Pradhan Mantri Samajik Utthan evam Rozgar Adharit Jankalyan’ (PM-SURAJ) national portal, aimed at uplifting the most marginalised sections of society, and sanctioned credit assistance for 1 lakh entrepreneurs from socially disadvantaged sections.

• The portal was launched during a nationwide outreach program for credit support to disadvantaged communities by the Ministry of Social Justice and Empowerment (MoSJE) in New Delhi, Delhi.

About PM-SURAJ portal:
i.The national portal is in line with PM Modi’s commitment to prioritise the underprivileged and aims to uplift the most marginalised segments of society.
ii.This will be a one-stop platform for disadvantaged individuals to apply for and monitor loan and credit schemes available to them.
iii.The portal will be implemented by the MoSJE and its departments.
iv.The credit support will be provided to the eligible persons across India, facilitated through banks, Non-Banking Financial Company (NBFC) Micro Finance Institution(MFI) and other organisations.
Key Points:
i.During the event, PM Modi disbursed approximately Rs 720 crore worth of credit to 1 lakh beneficiaries from marginalised communities across 500+ districts.
ii.Beneficiaries include Scheduled Caste (SC), Denotified, Nomadic, and Semi-Nomadic Tribes, Other Backward Classes (BCs), and Safai Karamcharis.
Distribution of Ayushman Health Cards & PPE Kits:
i.Ayushman health cards and Personal Protective Equipment (PPE) kits were distributed by the MoSJE to sewer and septic tank workers (Safai Mitras) under the National Action for Mechanized Sanitation Ecosystem (NAMASTE) scheme.

• NAMASTE scheme, formerly being run as a rehabilitation scheme for manual scavengers.

ii.The Card provides cashless healthcare services under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), a government-sponsored health insurance scheme, that ensures access to essential medical services.
iii.PPE kits are essential for safeguarding frontline workers from health hazards, including masks, gloves, goggles, gowns, etc.

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USOF, Prasar Bharati & ONDC Partnered to Offer Digital Services across Rural IndiaUniversal Service Obligation Fund (USOF) has signed a tripartite Memorandum of Understanding (MoU)  Prasar Bharati and Open Network for Digital Commerce (ONDC) to proliferate affordable and accessible digital services across India.

Union Minister Anurag Singh Thakur, Ministry of Information & Broadcasting(MIB), has launched Prasar Bharti – Shared Audio Visuals for Broadcast and Dissemination (PB-SHABD), a news sharing service from Prasar Bharati, during an event held in National Media Centre, New Delhi, Delhi.

• He also launched the websites of Doordarshan (DD) News and Akashvani News; and the updated News on Air mobile application.

About Prasar Bharati:
Prasar Bharati is a statutory autonomous body established under the Prasar Bharati Act and came into existence in 1997.
Chief Executive Officer –  Gaurav Dwivedi
Headquarters – New Delhi, Delhi

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Union Minister Jitendra Singh Inaugurates National Speed Breeding Crop Facility in NABI, MohaliDr. Jitendra Singh, Union Minister of State (MoS) (Independent Charge) for Science and Technology, inaugurated the first-of-its-kind “National Speed Breeding Crop Facility”, at the National Agri-Food Biotechnology Institute (NABI) Mohali, Punjab.

• This facility is aligned with the Government of India’s (GoI) vision to double farmers’ income, ensure economic empowerment, and foster Agri-StartUps.
• This will enable the farmers to enhance both the quality and quantity of their crops through this facility.

About the National Speed Breeding Crop Facility:
i.The Speedy Seeds facility will support all states of India, particularly benefits states like Punjab, Himachal Pradesh, Haryana, and the Union Territory (UT) of Jammu & Kashmir (J&K).
ii.The facility will boost the transformational changes in crop improvement programmes by accelerating the development of advanced crop varieties resilient to climate change, meeting the nutritional demands of the population.
iii.The innovative technology of ‘Climate resistant crops’ developed by the DBT Institute of NABI, enables the cultivation of climate-resistant crops, providing farmers the flexibility to farm regardless of climatic conditions.
iv.Benefit: The facility will be used to develop new crop varieties such as wheat, rice, soybean, pea, tomato, etc, using a precisely controlled environment (light, humidity, temperature) to achieve over 4 generations of a crop per year.
Additional info: NABI is one of the 14 Autonomous Institutions (AIs) under Department of Biotechnology (DBT), Ministry of Science and Technology(MoST), subsumed to form Apex Autonomous Society viz. Biotechnology Research and Innovation Council (BRIC).

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GoI Designates September 17 as ‘Hyderabad Liberation Day’On 12th March 2024, the Ministry of Home Affairs (MoHA), Government of India (GoI), issued a gazette notification, officially designating September 17 of every year as Hyderabad Liberation Day.

• The Day marks the integration of the erstwhile princely State of Hyderabad into the Indian Union in 1948.

Note: Hyderabad remained under the rule of Mir Osman Ali Khan, Nizam of Hyderabad, for 13 months post-independence on 15th August 1947.
Objective:
i.The day aims to honour and remember the martyrs, who played a major role in the liberation of Hyderabad.
ii.The day also promotes patriotism amongst the youth, preserving the legacy of freedom fighters.
Significance of September 17:
i.Hyderabad was liberated from Nizam’s Rule on 17th September 1948, after a police action namely ‘Operation Polo.’

• On 17th September 1948, Hyderabad Nizam announced a ceasefire and Major general (Maj Gen) Syed Ahmed El-Edroos, chief of the Hyderabad state forces, surrendered to Maj Gen Jayanto Nath Chaudhuri, who led the primary strike against Hyderabad state forces on 18th September 1948.

ii.The day symbolises the end of Nizam’s rule and the integration of Hyderabad into the Indian Union.
iii.The Police Action was initiated by Sardar Vallabhbhai Patel, who served as the 1st Deputy Prime Minister and 1st Home Minister of Independent India from 1947 to 1950.

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MoRD & IIT Delhi Partners for Using Geospatial Technology to Monitor MGNREGA Assets
Ministry of Rural Development (MoRD) has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Delhi (IIT – Delhi), New Delhi, Delhi for leveraging the use of geospatial technology and Artificial Intelligence (AI) to monitor assets under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

• The partnership aims to utilise the power of technology for the betterment of rural development processes.
• The project aims to modernize the way rural development projects are planned, monitored, and executed, ensuring accountability, and optimizing resource allocation.

Project BhuPRAHARI:
i.The MoU centers around the project “BhuPRAHARI,” an ambitious initiative, commence with immediate effect, aimed at leveraging ground and space-based geospatial technologies.
ii.The project is to be executed by the HydroSense lab led by Prof. Manabendra Saharia, IIT – Delhi.

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Union Minister Jyotiraditya Scindia inaugurated Fly91 & flagged its First Flight
Union Minister Jyotiraditya Scindia, Ministry of Civil Aviation (MoCA) has inaugurated Just Udo Aviation Private Limited (Fly91), Ribandar (Goa) based regional airline and flagged off its maiden flight between Manohar International Airport (MOPA), Goa and Agatti Islands, Lakshadweep.

• FLY91 is a regional carrier that strives to enhance air connectivity from tier 2 and tier 3 towns across India.
• The Schedule flights will be flying between Goa and Bengaluru (Karnataka), Hyderabad (Telangana), Jalgaon (Maharashtra), Agatti, Pune (Maharashtra), Nanded (Maharashtra) and from Bengaluru, Hyderabad, and Pune to Sindhudurg (Maharashtra), Jalgaon, Nanded and Goa, in a phased manner.
• The Airline Commences Scheduled Flights from March 18, 2024.
• The inaugural event was attended by Harsha Raghavan, Chairman, Fly91; Pramod Sawant, Chief Minister (CM) of Goa and Asangba Chuba Ao, Joint Secretary, MoCA.

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NIELIT & Egypt’s ITI Collaborated for IECT domain
India’s National Institute of Electronics and Information Technology (NIELIT) and Egypt’s Information Technology Institute (ITI) signed a Memorandum of Understanding (MoU) to promote cooperation and collaboration in Information Electronics and Communication Technology (IECT) domain.
Key People: The MoU was signed in Cairo, Egypt by M. M. Tripathi, Director General, NIELIT and Heba Saleh, Chairwoman, ITI, Egypt in the presence of Ajit Gupte, Ambassador of India, Arab Republic of Egypt.
Key Points:
i.As per the MoU, both institutes will collaborate in areas such as Curriculum and Training Materials Development, Exchange of Trainers and Experts, Mutual Recognition of Certification, Sharing of Virtual Labs Facility, Offering of Post Graduate (PG) Diplomas/ Technical Certificates to interns nominated by ITI Egypt.
ii.The MoU also aims to offering of Bachelor of Technology/ Master of Technology Programs to Egyptian students, Free Digital Literacy flagship course to Egyptian students through NIELIT Virtual Academy etc.
Note: NIELIT is an autonomous scientific society under the Ministry of Electronics and Information Technology (MeiTY)

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L&T Finance signs Financing Pact with JICA for USD 125 millionOn March 12, 2024, a loan agreement ceremony was held between the L&T Finance Holdings Ltd. (LTFH) and Japan International Cooperation Agency (JICA) in Mumbai, Maharashtra. This follows the signing of loan agreement in December 2023 by LTFH with JICA for up to USD 125 million to improve financial access in the India’s lagging states.

• The project was arranged by the Asian Development Bank (ADB) who co-financed the funding amount.
• The lagging states include 10 states with poverty rates above 10% viz. Assam, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Tripura, Uttar Pradesh (UP) and West Bengal (WB).

Key Points:
i.The project was signed as a part of the Facility for Accelerating Financial Inclusion (FAFI), established in May 2023.

• It is a Japanese initiative aimed at fostering sustainable development in partner countries through both public and private infrastructure investments.

ii.Rural India, home to 65% of the population, sustains 46% of the Gross Domestic Product (GDP) but hosts 90% of the impoverished.

• Post-COVID-19, income growth has declined, which intensified the urgency of poverty reduction.

How will this funding be useful?
i.This project by LTFH aims to address rural disparities and promote economic development by lending to women-owned businesses, farmers, Micro, Small and Medium Enterprises (MSMEs), etc., particularly in lagging states.
ii.It contributes to Sustainable Development Goals (SDGs) viz. 1 (No poverty), 5 (Gender equality), 8 (Decent work and economic growth) and 17 (Partnerships for the goal).
iii.It also aligns with the “2X Challenge: Financing for Women” initiative, ensuring that at least 40% of the loan amount supports women-owned businesses.

• The remaining funds will support loans for farmers, MSMEs, and two-wheeler loans.

iv.It also aligns with the goals of India’s Ministry of Rural Development by concentrating on lending in rural and peri-urban areas of lagging states.
About L&T Finance Holdings Ltd. (LTFH):
It is a Non-Banking Financial Companies (NBFC).
MD & CEO– Sudipta Roy
Headquarters– Mumbai, Maharashtra
Established – 2007
About Japan International Cooperation Agency (JICA):
It is an implementing agency of Japanese official development aid (ODA) that supports the socioeconomic development, recovery, or economic stability of developing regions.
President– Tanaka Akihiko
Headquarters– Tokyo, Japan
Establishment– 1974

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Karnataka Vikas Grameena Bank launches New Loan Scheme ‘Vikas Spoorty’Karnataka Vikas Grameena Bank (KVGB) has launched a new loan scheme called ‘Vikas Spoorty’ to strengthen the rural credit delivery system and to motivate the common man to take up income-generating activities on a smaller scale.

• The scheme was launched by Shreekanth M Bhandiwad, Chairman of KVGB in an event held in Dharwad, Karnataka.

Features of Vikas Spoorty:
i.Vikas Spoorty scheme offers hassle-free loan to small entrepreneurs without collateral security and surety.
ii.Under this scheme, people may avail loan ranging from a minimum of Rs 50,000 to a maximum of Rs 2 lakh.
iii.The scheme targets individuals involved in various income-generating activities such as manufacturing, retail trade, small business, artisan activity, handicrafts, and farm activities like small dairy, poultry, sheep, and goat units.
iv.To avail the loan facility under the scheme, the customer should open a ‘Daily Deposit’ (pigmy) account and contribute regularly to it at their doorsteps.
v.This pigmy account will be utilised to service the repayment of instalment and interest for the loan thereby reducing the problem like loan overdue.
About Karnataka Vikas Grameena Bank (KVGB):
i.KVGB came into existence with effect from 12th September 2005 by merging 4 Regional Rural Banks (RRBs) namely Malaprabha, Bijapur, Varada and Netravati Grameena Banks.
ii.It is a Scheduled Regional Rural Bank with share capital contributed in the ratio of 50:15:35 by the Central Government, the Government of Karnataka and the Canara Bank respectively.
Chairman – Shreekant M Bhandiwad
Headquarters – Dharwad, Karnataka

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RBI bars Federal, South Indian Bank from issuing co-branded Credit Cards; Imposes penalty on BOI, BDNOn March 12, 2024, the Reserve Bank of India (RBI) barred Federal Bank and South Indian Bank from issuing co-branded credit cards to new customers on account of regulatory deficiencies
i.Now, South Indian Bank won’t enroll new customers on their co-branded credit cards until fully compliant with RBI’s Master Direction on Card Issuance.

• Existing cardholders will still be serviced. Its co-branded card with State Bank of India (SBI) comes in two variants: SimplySAVE and Platinum.

ii.Similarly, Federal Bank  will continue to service the existing customers.

• It has three co-branded credit cards viz. Federal Onecard, Federal Scapia, Federal FI.

Reason:
On March 7, 2024, RBI issued an amendment to the Master Direction on Credit Card and Debit Card Issuance. It requires co-branded cards to clearly indicate the card issuer and prohibits co-branding partners from marketing the card as their own product. The above barring is on the lines of this amendment.
RBI imposes penalty on Bank of India, Bandhan Bank
RBI in exercise of its powers conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51(1) of the Banking Regulation (BR) Act, 1949 and section 25(1)(iii) read with section 23(4) of the Credit Information Companies/CIC (Regulation) Act, 2005 has imposed a monetary penalty of Rs 1.4 crore on Bank of India (BOI).

• The reason behind this penalty is non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Advances’, ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, and ‘Membership of CICs’ and contravention of provisions of CICRules, 2006.
• This penalty will not affect any transactions or agreement entered into by the bank with its customers.

RBI  in exercise of powers vested in RBI conferred under the provisions of section 47A(1)(c) read with section 46(4)(i) of the BR Act, 1949 also imposed penalty of Rs 29.55 lakh on Bandhan Bank Ltd (BDN).

• The reason behind this is non-compliance with certain directions on ‘RBI (Interest Rate on Deposits) Directions, 2016’.
• This penalty will not affect any transactions or agreement entered into by the bank with its customers.

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NPCI signed MoU with IISc Bangalore for Joint Research on Blockchain and AI TechnologyThe National Payments Corporation of India (NPCI) has signed a multi-year Memorandum of Understanding (MoU) with the Indian Institute of Science (IISc), Banglore(Bengaluru, Karnataka), to conduct joint research on Blockchain and Artificial Intelligence (AI) technology.

• Under this partnership, NPCI–IISc Centre of Excellence (CoE) for Deep Tech Research & Development will be established to foster innovation in these fields.

Key Points:
i.The partnership aims to address practical challenges in scalable blockchain platforms and multi-modal analytics over fintech data.
ii.Faculty members from five departments at IISc will collaborate with NPCI researchers on various technological challenges.
iii.The focus areas include scalability, privacy-preserving designs, neural networks, Graph AI, and Large Language Models (LLM), among others.
iv.This collaboration utilize the expertise of IISc to solve complex engineering problems in the fintech domain.
Tech Fini Join hands with NPCI to provide credit line on UPI
Tech Fini, a Mumbai-based Fintech firm specializing in payment infrastructure solutions, has partnered with NPCI to offer Unified Payments Interface (UPI) 2.0 Acquiring and Issuing Switch Solutions to its merchants.
Key Points:
i.Tech Fini received UPI 2.0 Issuer & Acquirer, Payment Card Industry Data Security Standard (PCI DSS), and ISO(International Organization for Standardization)/International Electrotechnical Commission (IEC) certifications from NPCI, highlighting its commitment to security and data protection.
ii.Under this collaboration NPCI allows Tech Fini to introduce ‘Credit Lines on UPI,’ providing clients with financial flexibility and security.

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Krystyna Pyszkova of Czech Republic Wins Miss World 2024Krystyna Pyszkova from the Czech Republic won the Miss World 2024 title at the 71st Miss World Pageant held in Jio World Convention Centre in Mumbai, Maharashtra. Yasmina Zaytoun of Lebanon secured the 1st runner up position. 

• Krystyna Pyszkova was crowned by Poland’s Karolina Bielawska, Miss world 2022.
• She is the second Miss World from the Czech Republic after Tatana Kucharova, Miss World 2006.

Points to note:
i.The 71st edition of Miss Word Pageant was hosted by India for the first time after 28 years. Previously India hosted the event in 1996.
ii.The event was hosted by Bollywood filmmaker Karan Johar and Miss World 2013 Megan Young from the Philippines.
iii.The event witnessed participation of contestants from 112 countries.
About Krystyna Pyszkova:
i.Pyszkova is a Czech model, pursuing separate degrees in law and business administration.
ii.Pyszkova is also the founder of the Krystyna Pyszko Foundation and is an advocate for sustainable development through education.
iii.She is fluent in English, Polish, Slovak, and German languages.
Continental Winners of Miss World 2024:

• Sini Shetty became one of the top eight contestants of the 71st Miss World Pageant .

Reliance Foundation chairperson Nita Ambani honoured with ‘Beauty With A Purpose Humanitarian Award’
Reliance Foundation Chairperson Nita Ambani was honored with the ‘Beauty with a Purpose Humanitarian Award’ as recognition for her commitment to philanthropy and social work.
i.The award recognises Nita Ambani’s work with Indian women and girl children in the fields of education, healthcare, art and culture, sports, and philanthropy, among others.
ii.Notable past recipients of the award include the former South African President Nelson Mandela and Ina Perlman, the founder of Operation Hunger.
Indian Winners at Miss World:
India has won the Miss World title six times: Reita Faria (1966), Aishwarya Rai (1994), Diana Hayden (1997), Yukta Mookhey (1999), Priyanka Chopra (2000), and Manushi Chillar (2017).
About Miss World:
i.The Miss World Organization owns and manages the annual Miss World Finals.
ii.The first edition of Miss World was held in 1951.

World Sleep Day 2024 – March 15 World Sleep Day (WSD) is annually observed across the globe on the Friday before Spring Vernal Equinox to raise awareness about the significance of sleep and promote the management and prevention of sleep disorders.
i.WSD 2024, the 17th annual World Sleep Day, was observed on 15th March 2024.
ii.The theme and slogan for the 2024 World Sleep Day is, “Sleep Equity for Global Health“.
iii.WSD is annually organised by the World Sleep Day Committee of the World Sleep Society (WSS).
Background:
i.WSD is an awareness activity of WSS, an international organisation founded by the World Association of Sleep Medicine (WASM) and the World Sleep Federation (WSF).
ii.The 1st WSD was held on 14 March 2008 under the slogan “Sleep Well, Live Fully Awake.”

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International Day to Combat Islamophobia 2024 – March 15The United Nations (UN) International Day to Combat Islamophobia is annually observed across the globe on 15 March to raise awareness and combat hate crimes, and other forms of intolerance against Muslims.

• 15 March 2024 marks the observance of the 2nd International Day to Combat Islamophobia.

Background:
i.On 15 March 2022, the UN General Assembly (UNGA) adopted a resolution A/RES/76/254 and proclaimed the 15th March of every year as International Day to Combat Islamophobia.
ii.Pakistan’s UN envoy Munir Akram introduced the resolution on behalf of the Organization of Islamic Cooperation (OIC) under the Agenda item “Culture of peace”.
iii.The first-ever International Day to Combat Islamophobia was observed on 15 March 2023.

Overview of PM Modi’s 3-Day Visit to Assam, Arunachal Pradesh, WB & UPPrime Minister (PM) Narendra Modi visited Assam, Arunachal Pradesh, West Bengal, and Uttar Pradesh from 8th to 10th March 2024. During the visit, he inaugurated and laid the foundation stone of various projects.
Highlights:
i.On 9th March 2024, PM Modi inaugurated, dedicated to the nation, and laid the foundation stone of projects worth Rs 17500 crore at Jorhat, Assam.
ii.PM Narendra Modi participated in the ‘Viksit Bharat Viksit North East program’ at Itanagar, Arunachal Pradesh. During the visit, He inaugurated the Sela Tunnel and launched a new Industrial Development Scheme for the North East named UNNATI(Uttar Poorva Transformative Industrialization Scheme).
iii.PM Narendra Modi inaugurated and dedicated to the nation multiple developmental projects in the rail and road sector worth more than Rs 4500 crores during the ‘Viksit Bharat Viksit West Bengal Programme’ in Siliguri, West Bengal.
iv.Prime Minister inaugurated, dedicated, and laid the foundation stone of multiple development initiatives worth more than Rs 42,000 crores.
About Assam
Chief Minister- Himanta Biswa Sarma
Governor – Gulab Chand Kataria
National Park– Orang National Park; Dehing Patkai National Park;  Raimona National Park
Wildlife Sanctuary– Burachapori Wildlife Sanctuary; Panidihing Wildlife Sanctuary

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MoWCD Introduces National Curriculum for ECCE & National Framework for Early Childhood StimulationThe Ministry of Women and Child Development (MoWCD) launched a National Curriculum for Early Childhood Care and Education (ECCE) for children from 3 to 6 years and a National Framework for Early Childhood Stimulation for children from birth to 3 years.
National Curriculum for ECCE:
i.The National Curriculum for ECCE 2024 aims to improve the quality of ECCE transacted at the Anganwadi Centre through competency-based lesson plans and activities.
ii.The curriculum emphasises all domains of development outlined in the National Curriculum Framework for Foundational Stage 2022 (NCF-FS), such as physical, cognitive, etc.
iii.Focus on joy-based learning prepares children for primary school, emphasising a balance between child-led and educator-led activities, etc.
iv.Robust assessment tools track progress and ensure inclusivity, with special provisions for Divyang children in every activity.
National Framework for Early Childhood Stimulation:
i.This 2024 framework empowers caregivers and Anganwadi Workers for holistic early stimulation.
ii.Based on principles of responsive caregiving and opportunities for early learning, it ensures optimal development of children, both body and brain.
iii.It fills conceptual and practical gaps in the understanding of care and stimulation, based on the Nurturing Care Framework.
iv.The framework is designed to provide the Anganwadi Worker with:

• A basic understanding of the way children grow and develop;
• The importance of brain development, and the need for nurturing care.

v.Focus areas include serve and return, the caregiver’s 3 acts: love, talk, play, and positive guidance.
vi.Provides 36-month-wise age-based activities adaptable to household and Anganwadi Centre settings, with a special focus on Divyang children.
Preparation and Implementation:
i.The documents were developed by the National Institute for Public Cooperation and Child Development (NIPCCD), in collaboration with an Internal Committee and development partners.
ii.The curriculum and framework aim for flexibility, activity-based learning, and user-friendly formats after incorporating feedback from Anganwadi Workers.
iii.NIPCCD leads the training of Anganwadi functionaries on the new Curriculum and Framework.

• It will ensure effective implementation, with provisions integrated into the Poshan Tracker for monitoring and support.

About Ministry of Women and Child Development (MoWCD):
Union Minister– Smriti Zubin Irani (Constituency- Amethi, Uttar Pradesh)
Minister of State– Dr. Munjpara Mahendrabhai Kalubhai (Constituency- Surendranagar, Gujarat)

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Interest rates on Small Savings Schemes remain unchanged for Q1FY25The Department of Economic Affairs (DEA-Budget Division), Ministry of Finance has kept the interest rate on small savings schemes unchanged for first quarter of 2024-2025(Q1FY25) i.e. from April 1, 2024 to June 30, 2024 from those notified for Q4FY24.
Interest Rates on Small Savings Schemes for Q1FY25

• The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath Committee in January 2023.
• Interest rates for these schemes should range from 25 to 100 basis points above the yields of the government bonds.

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SEBI expands Framework for Qualified Stock Brokers; Mandates Registration of Index Providers i.On March 11, 2024, the Securities and Exchange Board of India (SEBI) expanded the framework of Qualified Stock Brokers (QSBs) to more stock brokers in order to protect the interest of investors, building trust in securities market, and strengthening the compliance culture among stock brokers
ii.This information by SEBI is issued  in  exercise  of  its powers  conferred  under  Section  11(1) of Chapter IV of the SEBI Act, 1992, read with Regulation  30 of Chapter  VII  of SEBI  (Stock Brokers)  Regulations,  1992.
iii.SEBI has notified the SEBI (Index  Providers)  Regulations, 2024 in exercise of the powers conferred by sub-section (1) of Section 30 read with sub-section (2) of Section 11 and Section 12 of the SEBI  Act,  1992 (15 of 1992).
About Securities Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment– 12 April 1992

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SBI partnered with One97 Communications for UPI Transactions
State Bank of India (SBI), India’s largest public sector bank, has partnered with Noida (Uttar Pradesh) based One97 Communications Limited to settle Unified Payments Interface (UPI) transactions upon acquiring the third-party app provider (TPAP) license.

• The other three TPAP partnerships are HDFC Bank Limited, Axis Bank Limited and YES Bank Limited.
• The partnership aims to redirect Paytm Payments Bank (PPBL)’s handle “@paytm” to one of the four banks for settlement.
• National Payments Corporation of India (NPCI), which handles UPI payments, requires most significant UPI companies to have at least three banking partners.

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96th Academy Awards – Oscars 2024: ‘Oppenheimer’ Wins 7 awards, Poor Things Wins 4 The winners of the 96th Academy Awards (Oscars 2024) were announced at the ceremony held at the Dolby Theatre at Ovation Hollywood, Los Angeles, California, United States of America (USA) on 10th March 2024.

• ‘Oppenheimer’ wins seven awards at the Oscars 2024; Director – Christopher Nolan, Best actor – Cillian Murphy, Best supporting actor – Robert Downey Jr., Film editing – Jennifer Lame,Cinematography – Hoyte van Hoytema ,Music (Original Score) – Ludwig Göransson, and Best Picture.
• “Poor Things” won four awards, including Best Actress, Production Design, Makeup & Hairstyling, and Costume Design.
• “The Zone of Interest” won two Oscar awards, including Best Sound and Best International Feature Film.
• Indian Art Director Nitin Chandrakant Desai was remembered at the Oscars’ In Memoriam segment, which honoured those who passed away on 2nd August 2023.
• The Academy Awards (Oscars) have been presented annually by the Academy of Motion Picture Arts and Sciences (AMPAS) since 1929.

About Academy of Motion Picture Arts and Sciences(AMPAS):
Chief Executive Officer(CEO) – Bill Kramer
Founded in 1927
Headquarters– Beverly Hills, California, USA

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Devendra Jhajharia Elected as President Of Paralympic Committee Of India
Javelin thrower Devendra Jhajharia was elected unopposed as the president of the Paralympic Committee of India (PCI). He succeeded para-athlete Deepa Malik as president of PCI, whose term ended on 31st January 2024.

• Devendra Jhajharia won two gold medals and a silver in the Paralympics. He won a gold medal in the 2004 Athens(Greece) and the 2016 Rio de Janeiro(Brazil) Paralympics in the F46 disability category. He won a silver medal in the 2020 Tokyo(Japan) Paralympics.
• Jhajharia has received awards including the Khel Ratna (2017), Arjuna Award (2004), Padma Shri (2012), and Padma Bhushan (2022) in the field of sports. He was the only para-athlete to win the Padma Bhushan award so far.
• The other office-bearers who were elected along with the President were R. Chandrashekhar and Satya Prakash Sangwan as Vice Presidents, Jayawant Hammanawar as Secretary General.

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CCI approvals on March 12, 2024On March 12, 2024, the Competition Commission of India (CCI) approves the following mergers:
CCI approves merger of Garagepreneurs Internet Private Limited with the North East Small Finance Bank
CCI approved the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL) with the North East Small Finance Bank (NESFB).

• The GIPL include Quadrillion Finance Private Limited (QFPL) (an NBFC-SI-ICC) and Intergalactory Foundry Private Limited (IFPL).
• NESFB include RGVN (North-East) Microfinance Limited (RGVN)

Key Points:
i.GIPL, operating as “slice,” facilitates digital payments and credit products in India, particularly targeting underbanked customers with affordable and transparent financial services.
ii.NESFB, headquartered in Guwahati, Assam, is a private sector Small Finance Bank (SFB) with branches in the North Eastern states and West Bengal.
iii.The merger scheme will next require approval from the National Company Law Tribunal (NCLT) for completion.
CCI approves acquisition of stake in Asian Institute of Nephrology and Urology Private Limited
CCI also approved the acquisition of stake in Asian Institute of Nephrology and Urology Private Limited by TPG Growth V SF Markets Pte. Ltd. and Waverly Pte. Ltd. through Asia Healthcare Holdings Pte. Ltd.
It includes the following:
i.Acquisition of fresh Redeemable Preference Shares (New RPS) in Asia Healthcare Holdings Pte. Ltd. (AHH) by TPG Growth V SF Markets Pte. Ltd. (Growth V) and Waverly Pte. Ltd. (Waverly) (Part I)
ii.Subsequent acquisition of majority shareholding in Asian Institute of Nephrology and Urology Private Limited (AINU) by AHH (Part II).
Key Points:
i.Growth V is an investment fund managed by TPG Inc., a global investment firm with diverse strategies including buyout/control situations, growth & technology investing, and impact investing across various sectors.
ii.TPG Group, under TPG Inc., holds a controlling stake in NewQuest Capital, focusing on private equity investments in sectors like financial services, travel, and real estate.
iii.Waverly, a subsidiary of Lathe Investment Private Limited owned by GIC (Ventures) Pte Ltd., is an investment vehicle based in Singapore.
iv.AHH, a Singapore company jointly owned by the TPG Group and Waverly, invests in healthcare services in India, particularly in maternal, child, and related healthcare.
v.AINU is a healthcare center in South India specializing in urology, nephrology, dialysis, kidney transplant, radiology, and pathology services.

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Aditya Birla Finance to be Amalgamated with Aditya Birla CapitalThe Board of Directors (BoD) of Aditya Birla Capital Limited (ABCL) has approved the Scheme of Amalgamation of Aditya Birla Finance Limited (ABFL), with ABCL.

• The scheme aims to make ABCL a large unified operating Non-Banking Financial Company (NBFC).

Key Points:
i.The proposed amalgamation will result in a reduction of legal entities and simplification of the group structure of ABCL.
ii.The proposed amalgamation will integrate the businesses and operational synergies and lead to the seamless implementation of policy changes and a reduction in the multiplicity of legal and regulatory compliances.
iii.The amalgamation will also create a strong capital base for ABCL to grow its business.
iv.The amalgamation is subject to the approval of the National Company Law Tribunal (NCLT), Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI) 
Post-merger leadership:
After the merger, Vishakha Mulye will be acting as Managing Director (MD) & Chief Executive Officer (CEO) whereas Rakesh Singh will assume the role as Executive Director (ED) and CEO (NBFC)  of the merged amalgamated company.
Note:
i.ABFL is a wholly owned subsidiary of the ABCL, which is registered with Reserve Bank of India (RBI) as non-deposit taking systemically important Non – Banking Financial Company(NBFC)-Investment and Credit Company(ICC).
ii.ABCL is a systemically important non-deposit taking NBFC-Core Investment Company (CIC) registered with RBI.

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Union Minister Anurag Singh Thakur unveiled the Book ‘Israel War Diary’ written by Vishal Pandey
Union Minister Anurag Singh Thakur, Ministry of Information and Broadcasting (MIB), has released a book titled ‘Israel War Diary “इजराइल वॉर डायरी“ authored by Vishal Pandey at an event held in New Delhi, Delhi.

• The book speaks about the war between Israel and Harakat al-Muqawama al-Islamiya (HAMAS), an Islamic Resistance Movement which is the largest and most capable militant group in the Palestinian territories.
• The book is published by Prabhat Prakashan Private Limited.
• The book is available in Hindi language.
• This is the first book authored by  Vishal Pandey.

Note: Vishal Pandey is currently working as Chief Special Correspondent at Zee Media Corporation Limited.

World Kidney Day 2024 – March 14 World Kidney Day (WKD) is a global campaign annually observed across the globe on the 2nd Thursday of March to raise awareness of the importance of kidneys to overall health and equitable access to care and medication for all.

• WKD also aims to raise awareness of kidney disease and to reduce the impact of kidney disease and its associated health problems.

WKD 2024 is observed on 14 March 2024.

• WKD 2023 was observed on 9 March 2023; WKD 2025 will be observed on 13 March 2025.

The 2024 WKD campaign theme is, “Kidney Health for All – Advancing Equitable Access to Care and Optimal Medication Practice.”
Background:
i.The International Society of Nephrology (ISN) and the International Federation of Kidney Foundations (IFKF) jointly proposed that a World Kidney Day be established on the 2nd Thursday of March every year.
ii.WKD was first launched on 9 March 2006 (Thursday), and fully inaugurated on 8 March  2007 (Thursday).
About International Society of Nephrology (ISN):
President– Masaomi Nangaku (Japan)
President-Elect– Marcello Tonelli (Canada)
Founded in– 1960

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International Day of Mathematics 2024 – March 14International Day of Mathematics (IDM) is annually observed across the globe on 14th March to create awareness about the importance of mathematics in addressing the challenges in areas like Artificial Intelligence (AI), climate change, energy and sustainable development.

• 14th March 2024 marks the observance of the 5th IDM.
• The theme of IDM 2024 is ‘Playing with math’.

Background:
i.Executive Council of the United Nations Educational, Scientific and Cultural Organization (UNESCO) at its 205th session proclaimed 14th March of every year as the IDM.
ii.IDM was adopted by the 40th session of the General Conference of UNESCO in November 2019.
iii.The first-ever IDM was observed on 14th March 2020.
Why 14th March?
i.In the month/date format, March 14th represents the value of Pi, 3.14, which defines the ratio of a circle’s circumference to its diameter.
About  International Mathematical Union (IMU):
i.IMU is an international non-governmental and non-profit scientific organization, to promote international cooperation in mathematics.
ii.IMU was founded during the International Congress of Mathematicians in Strasbourg on September 20, 1920.
President – Hiraku Nakajima (Japan)
Headquarters –  Berlin, Germany

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International Day of Action for Rivers 2024 – March 14The International Day of Action for Rivers is annually observed across the globe on 14 March to raise awareness about the importance of rivers and advocate for their protection and preservation. The day aims to draw attention to the threats faced by the rivers.
14 March 2024 marks the celebration of the 27th anniversary of the International Day of Action for Rivers.

• The 2024 theme of International Day of Action for Rivers is, “Water for All.”

Note: The Day was previously known as International Day of Action Against Dams and For Rivers, Water and Life.
Background:
i.The International Day of Action Against Dams and For Rivers, Water and Life was adopted by the participants of the 1st International Meeting of People Affected by Dams in March 1997 in Curitiba Brazil.
ii.The 1st International Day of Action for Rivers was observed on 14 March 1998.
About International Rivers:
Interim Co-Executive Directors– Josh Klemm and Isabella Winkler
Headquarters– Oakland, USA
Formed in– 1985

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Telangana CM Anumula Revanth Reddy Launches Indiramma Indlu’ Housing SchemeTelangana Chief Minister (CM) Anumula Revanth Reddy launched ‘Indiramma Indlu’, a housing scheme to provide house for homeless poor people, in Bhadrachalam, Bhadradri Kothagudem district of Telangana.

• The scheme will be implemented by the Telangana State Housing Corporation Limited (TSHCL).

Department of Pharmaceuticals Launches RPTUAS to Enhance Tech Capabilities of Pharma IndustryThe Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers, has announced the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme (RPTUAS) to enhance the technological capabilities of the pharmaceutical industry, aligning it with global standards.
Background:
i.The Department of Health & Family Welfare released the updated Schedule-M of the Drugs and Cosmetics Rule, 1945 on December 28, 2023.
ii.The revised Scheme was approved after a thorough examination by the Scheme Steering Committee.
Aim of Revamped PTUAS: To support the up-gradation of the pharmaceutical industry according to the Revised Schedule-M &  World Health Organization (WHO)-Good Manufacturing Practices (GMP) standards.

• This will enhance the quality and safety of pharmaceutical products manufactured in India.

Key Features:
i.Eligibility: Eligibility for the PTUAS has been expanded beyond Micro, Small, and Medium Enterprises (MSMEs) to include pharmaceutical manufacturing unit with a turnover of less than Rs 500 crores that requires technology and quality upgradation.

• MSMEs are prioritised, supporting smaller players in achieving high-quality manufacturing standards.

ii.Financing Options: flexible financing options, highligting subsidies on reimbursement basis, over traditional credit-linked approach has been introduced.
iii.The revised scheme introduced broader range of technological upgrades. Eligible activities include improvements in Heating, Ventilation, and Air Conditioning (HVAC) systems, water and steam utilities, testing laboratories, stability chambers, clean room facilities, effluent treatment, and waste management.
iv.The revised scheme allows integration with state government schemes for additional top-up assistance. The collaborative approach will maximise support for the pharmaceutical industry in their technology upgradation efforts.
v.The revamped scheme introduces a verification mechanism through a Project Management Agency. This will ensures transparency, accountability, and efficient allocation of resources.
Incentive Structure:
Pharmaceutical units with the following average turnover for the last 3 years will be eligible for incentive subject to a maximum of Rs. 1 crore per unit:

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EaseMyTrip & MoRD Partnered to Empower SHG under Lakhpati Didi YojanaNew Delhi (Delhi) based Easy Trip Planner Limited (EaseMyTrip.com) signed a Memorandum of Understanding (MoU) with the Ministry of Rural Development (MoRD) to train Deendayal Antyodaya Yojana- National Rural Livelihoods Mission (DAY-NRLM)‘s Women Self Help Groups (SHG) members under the Lakhpati Didi Yojana.

• The initiative aims to focus on women-led skill development, thereby promoting entrepreneurial skills and financial independence among rural women.

About the MoU:
i.As per the MoU, EaseMyTrip (EMT) will train members of Women’s SHGs on making travel reservations including flights, trains, buses & hotels.
ii.EMT will select 1 member per block across 800 districts (throughout India) and provide them with the necessary digital tools and knowledge (searching, booking, payments, printing tickets).
iii.For every booking the members complete, EMT will share the generated revenue with them. The selected members are called ‘Ticket Wali Didi’.
Eligibility:
i.Basic knowledge of reading & writing English/Hindi language
ii.Knowledge of using a Computer & browsing the internet.
Pilot Project:
i.Initially, the initiative will be executed as a Pilot project across 10 Blocks in districts identified by the MoRD.

• The identified districts are Patna (Bihar), Begusarai (Bihar), Vadodara (Gujarat), Rajkot (Gujarat), Surat (Gujarat), Bhopal (Madhya Pradesh), Ujjain (Madhya Pradesh), Ayodhya (Uttar Pradesh) and Varanasi  (Uttar Pradesh).

ii.After a successful pilot, the program will be expanded throughout India.
Lakhpati Didi:
i.‘Lakhpati Didi’ initiative is a skill development programme which was launched in 2023 and implemented by the MoRD.
ii.It helps rural females set up micro-enterprises in their respective villages and earn a sustainable income of at least Rs. 1 lakh annually per household by leveraging their entrepreneurial skills.
About Ministry of Rural Development (MoRD):
Union Minister – Giriraj Singh (Constituency: Begusarai, Bihar)
Union Minister of State (MoS) – Faggan Singh Kulaste (Constituency: Mandla, Madhya Pradesh); Sadhvi Niranjan Jyoti (Constituency: Fatehpur, Uttar Pradesh)

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Union Minister Mansukh Mandaviya Launched Credit Assistance Program for Jan Aushadhi KendrasOn 12th March 2024, Union Minister, Dr Mansukh Mandaviya, Ministry of Chemicals and Fertilizers(MoC&F), inaugurated a credit assistance program Small Industries Development Bank of India (SIDBI) for Jan Aushadhi Kendras(JAKs) during the event held in New Delhi, Delhi.

• He also presided over the exchange of Memorandum of Understanding (MoU) between SIDBI and Pharmaceuticals and Medical Devices Bureau of India (PMBI) to offer term loan and working capital credit to JAKs.
• He also launhced the website(https://jak-prayaasloans.sidbi.in/home) for credit assistance to Jan Aushadhi Kendras.

About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director (CMD)- Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
Established on– 2nd April 1990

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MoD Inks Rs 200 Crore Deal with BBBS Under iDEX Initiative for Anti-drone Systems to Indian Army & IAFThe Ministry of Defence (MoD) signed Rs 200 crore contract for anti-drone systems for the Indian Army and Indian Air Force (IAF) with Chennai (Tamil Nadu)-based Big Bang Boom Solutions Private Limited (BBBS), India’s fastest-growing defence sector start-up.

• This marks the largest contract signed by the MoD under the Innovations for Defence Excellence (iDEX) initiative and one of the largest contracts signed with an Indian startup.

Key People: The contract was presented to Dr Shivaraman, Director and Chief Technology Officer (CTO) of the BBBS in the presence of Union Minister Rajnath Singh, MoD.
The iDEX Initiative:
i.iDEX initiative fosters an ecosystem of innovation and technology development in defence.
ii.Aims to engage with young innovators to modernise the Indian military.
iii.Emphasises bringing technologically advanced solutions for defence requirements.
Key Features:
i.BBBS introduces the Vajra Sentinel System, employing state-of-the-art Artificial Intelligence (AI) fingerprinting-based radio frequency (RF) detection and jamming technology
ii.It is a modern solution designed to detect, track and neutralise drones at extraordinary ranges, offering both soft kill through jamming and hard kill via interceptor drones.
iii.It operates within a range of up to 10 kilometres (km), with hard kill activation initiated at distances of 5 to 6 km and demonstrates the capability to neutralise swarm Unmanned Aerial Vehicles (UAVs).
iv.It utilises passive RF sensor technology and eliminates false alarms.
v.Its sensor and jammer combination meet stringent military standard specifications for durability and reliability.
vi.Incorporates Advanced Electronically Scanned Array (AESA) radar and upgradable kamikaze drones.
vii.The core sensor utilises AI and computer vision algorithms for precise identification, classification, and location of drones.
viii.Enables autonomous decision-making for countermeasures, including signal jamming.

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Panama becomes 97th member to ratify the International Solar AlliancePanama joined the International Solar Alliance (ISA) as its 97th member, showing its commitment to advancing solar energy in the energy sector.

• In this regard, Panama’s Ambassador to India Yasiel Burillo handed over the Instrument of Ratification to Joint Secretary (Economic Diplomacy) Abhishek Singh, Ministry of External affairs (MEA) during the meeting in New Delhi, Delhi.
• This move aligns with the efforts of other nations in harnessing solar energy for a sustainable future.
• Notably, on March 5th, Malta became the 119th Signatory country to join the ISA.

About International Solar Alliance (ISA):
The ISA was established in Paris, France in 2015 as a joint effort by India and France to mobilize efforts against climate change through the deployment of solar energy solutions. It was conceptualized on the sidelines of the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Paris in 2015.
Key Points:
i.Its purpose is to endorse clean energy, a sustainable environment, public transport, climate, and deploying cost-effective and transformational solutions through solar energy, especially in the Least Developed Countries (LDCs) and the Small Island Developing States (SIDS).
ii.ISA’s ‘Towards 1000’ strategy targets mobilizing USD 1 trillion investments in solar energy by 2030, providing clean energy access to 1 billion people, and installing 1 terawatt (TW)/1000 Giga Watt (GW) of solar energy capacity.

• Director General– Dr Ajay Mathur
• Headquarters– Gurugram, Haryana

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Complaints Received by ORBIOs & CRPC under RB-IOS increased by  68.24%  in FY23According to Reserve Bank of India (RBI)’s Annual Report of Ombudsman Scheme, 2022-23, the number of complaints received by the Offices of the RBI Ombudsman (ORBIOs) and Centralised Receipt and Processing Centre (CRPC) increased by 68.24% to 7,03,544 during fiscal year 2022-23 (FY23) compared to 4,18,184 complaints during FY22.

• The report, released on 11th March 2024, is the 1st stand alone report under Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 explaining the activities of the 22 ORBIOs, CRPC and the Contact Centre.

Key Points:
i.The intense public awareness initiatives and the simplified process for lodging of complaints under RB-IOS resulted in the increase in number of complaints.
ii.Out of the 7,03,544 complaints, 4,68,270 were closed by CRPC as non-complaints/non-maintainable complaints and ORBIOs handled 2,34,690 complaints.
iii.Complaints against banks constituted the majority (1,96,635 complaints), comprising 83.78% of the total complaints received by the Ombudsman Offices.
iv.The overall disposal rate for FY23 at the ORBIOs stood at 97.99%, with average turnaround time (TAT) of 33 days. This marks an improvement from 44 days in FY22.
Points to note:
i.57.48% of complaints resolved under RB-IOS, 2021, were settled through mutual agreement, conciliation, or mediation.
ii.Complaints related to mobile/electronic banking were prominent among both bank and non-bank payment system participants, while non-adherence to fair practices code was a major concern for Non-Banking Financial Companies (NBFCs).
iii.Chandigarh, National Capital Territory (NCT) of Delhi, Haryana, Rajasthan, and Gujarat were the top contributors to ombudsman complaints. Mizoram, Nagaland, Meghalaya, Manipur, and Arunachal Pradesh had the lowest complaint numbers during FY23
About RB-IOS, 2021:
i.The RB-IOS, 2021 was rolled out in November 2021 by integrating the three erstwhile Ombudsman Schemes viz., Banking Ombudsman Scheme, 2006, Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC), 2018, and Ombudsman Scheme for Digital Transactions (OSDT), 2019.
ii.It covers all commercial banks, Non-Banking Financial Companies (NBFCs), Payment System Participants, most Primary (Urban) Cooperative Banks, and Credit Information Companies.
iii.The Scheme simplifies the grievance redress process at RBI by enabling the customers of Regulated Entities (REs) to register their complaints at one centralized reference point.

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IndusInd Bank launches India’s first contactless payment wearable ‘Indus PayWear’IndusInd Bank Limited has launched its contactless payments wearable ‘Indus PayWear’ which is India’s first all-in-one tokenizable wearable for both debit and credit cards exclusively on Mastercard. 

• The device aims to offer unparalleled flexibility, convenience, and security to users.

About Indus PayWear:
i.Indus PayWear allows users to tokenize their IndusInd Bank cards onto a chip-enabled wearable device.

• Indus PayWear currently comes in 3 different Wearable variants : Sticker; Watch Clasp; and Ring.

ii.The device can be used to make secure tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal across the globe.
iii.Indus PayWear is an ‘Any Card, One Wearable’ which allows the user to switch between IndusInd Bank Debit & Credit Card.
Features:
i.All the features of the device can be controlled via the Indus PayWear mobile application.
ii.The device eliminates the need to carry physical cards or open payment apps for transactions.
iii.The transaction worth up to Rs 5000 carried out by the device without any pin authorisation.
Security:
i.Indus PayWear devices are secured by Near-Field Communication (NFC)-enabled embedded Secured Element technology (eSE).
ii.Since Paywear technology uses a tokenisation platform, the real card number will never be used while making the transaction. This offers protection from skimming and data leaks.
About IndusInd Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

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SIDBI secures First Green Climate Fund Project worth USD 120 millionThe Small Industries Development Bank of India (SIDBI) has secured approval from the Green Climate Fund (GCF) for its first anchored project, the Avaana Sustainability Fund (ASF), valued at USD 120 million.

• GCF will contribute USD 24.5 million to ASF.
• This was announced during the 38th board meeting of GCF held in Kigali, Rwanda from 5-7 March 2024.

Key Points:
i.ASF will invest in early-stage start-ups and Micro, Small, and Medium Enterprises (MSMEs)  harnessing technology-led innovation to spur climate solutions and sustainability in India.
ii.The outcomes of ASF will include contribution to climate change mitigation, adaptation and enhancement of resilience in vulnerable sectors of the Indian economy.
iii.The ASF’s investment strategy targets 4 significant transitions: built environment; energy industry; human security, livelihood, wellbeing; and land use-forests and ecosystems, employing 4 key approaches.
Additional info: SIDBI, designated as an Accredited Entity (AE) and direct access entity (DAE) with the GCF, is accessing climate finance to implement low-carbon and climate-resilient projects
About GCF:
i.GCF, based in Incheon, South Korea, is a fund established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC).
ii.GCF is a critical element of the historic Paris Agreement  and it is the world’s largest climate fund.
iii.It is mandated to support the developing countries to realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director– Sivasubramanian Ramann
Headquarter– Lucknow, Uttar Pradesh
Establishment– 1990

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Bank of Baroda unveils bob Earth Green Term Deposit Scheme to Finance Earth Friendly Projects
Bank of Baroda (BoB), one of India’s leading public sector banks, has launched ‘bob Earth Green Term Deposit Scheme’ to raise deposits to finance eligible environment-friendly projects and sectors.

• The scheme offers stable & secure financial returns along with an opportunity to contribute to a greener planet.

Eligibility:
The General Public/Resident Indians, Non-Resident Indians (NRIs) and High Net worth Individuals (HNI) investors are all eligible to invest in the scheme.
Innovative Tenures: 
The scheme offered in some innovative tenures that act as a reminder of the planet’s Climate & Sustainability goals. This includes
i.1.5 years Tenure – signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels
ii.1717 days Tenure – doubly emphasising the United Nations (UN)’s 17 Sustainable Development Goals (SDG).

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Future Generali Launches ‘Health PowHER’, a Unique Health Insurance Plan for Women
Mumbai (Maharashtra) based Future Generali India Life Insurance Company Limited (FGILI) has launched a comprehensive women’s health insurance plan ‘Health PowHER’ designed specifically for women.

• The plan aims to address the various needs of women across the different stages of their lives.
• The plan offers coverage for women-specific health issues such as reproductive health, breast health, gynaecological health, hormonal health, bone health and mental health.

Note: FGILI is a joint venture(JV) between Generali Group and Future Group.

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Asif Ali Zardari Sworn in as Pakistan’s 14th President for 2nd TermOn 10 March 2024, Asif Ali Zardari, co-chairman of the center-left Pakistan People’s Party (PPP) was sworn in as the 14th President of the Islamic Republic of Pakistan for the 2nd time. Previously, he served as the 11th President of Pakistan from 9th September 2008 to 9th September 2013.

• Asif Ali Zardari replaced Arif Alvi, who stayed in office for 5 months after completing his 5-year term in September 2023.
• Chief Justice of Pakistan Qazi Faez Isa administered the oath to Asif Ali Zardari at Aiwan-e-Sadr, the Presidential Palace in Islamabad, Pakistan.

Election Results:
i.Asif Ali Zardari secured 411 electoral votes in parliament and all 4 provincial assemblies, backed by PPP, Pakistan Muslim League-Nawaz (PML-N) party, and the Muttahida Qaumi Movement-Pakistan (MQM-P).
iii.Opposition candidate Mahmood Khan Achakzai, supported by Pakistan-Tehreek-e-Insaf (PTI), and Sunni Ittehad Council (SIC), secured 181 votes.
About Asif Ali Zardari:
i.His first government role was as the environment minister during Benazir’s second term (1993-1996) and also as the minister of investment from 1995 to 1996.
ii.He has been elected as a member of the National Assembly 4 times and as a senator from 1990 to 2024.

• He resigned from parliament after being elected as president in March 2024.

iii.He was elected president in 2008, the 1st ever democratically elected president to complete his full term in Pakistan’s history.

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Badminton: Indian Pair Satwiksairaj Rankireddy and Chirag Shetty Win Men’s Doubles Title in French Open 2024The Indian badminton pair Satwiksairaj Rankireddy and Chirag Shetty won the men’s doubles title by defeating Chinese Taipei’s Lee Jhe-Huei and Yang Po-Hsuan at the finals of the YONEX French Open 2024.

• The 94th edition of the French Open, the Badminton World Federation (BWF) World Tour Super 750 Badminton tournament, was held from 5-10th March 2024 at the Arena Porte de la Chapelle, Paris, France.

Note:
As of 13th March’ 24, Chirag and Satwik pair is ranked world’s no. 1 in the BWF men’s doubles ranking.
Winners of French Open 2024:

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Red Bull’s Max Verstappen Wins Saudi Arabian Grand Prix 2024Belgian-Dutch driver Max Verstappen (competing under the Dutch flag) of Red Bull won the Formula 1 (F1) Saudi Arabian Grand Prix (GP) 2024 held at Jeddah Corniche Circuit, Jeddah, Saudi Arabia from 7th to 9th March 2024.
Winners of Saudi Arabian GP 2024:

Highlights:
i.Verstappen won the first two races of a season for the first time in 2024 when he triumphed in the Bahrain Grand Prix and the Saudi Arabian Grand Prix.
ii.Verstappen won his second Saudi Arabian GP title (2022 and 2024).
iii.It also marks the ninth consecutive win for Verstappen since he won the Japanese Grand Prix in September 2023.
iv.It marks his 56th win and 100th podium finish in his driving career.
v.It was Red Bull’s 115th GP title, surpassing the Williams Racing team’s 114 to fourth position in the list of the teams with the most GP titles. Ferrari with 242 wins stands 1st and McLaren with 183 wins stands 2nd.
Points to Note:
Oliver Bearman of the United Kingdom(UK) made his debut in F1 as Ferrari’s youngest-ever driver at 18 years and 305 days.
About Saudi Arabian GP:
i.Saudi Arabian GP 2024 was the fourth edition of the Saudi Arabian GP since its first edition was held in 2021.
ii.The 6.174-kilometer(km) Jeddah Corniche Circuit is the third-longest circuit in the 2024 F1 calendar. The 7.004 km Spa-Francorchamps circuit in Belgium is the longest.

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World Rotaract Day 2024 – March 13 & World Rotaract Week 2024 – March 11–17World Rotaract Day is annually observed across the globe on 13 March to recognise and acknowledge the services provided by the Rotaractors, and members of Rotaract clubs across the world.

• The Day also offers an opportunity to raise awareness about the work that Rotaract clubs are doing around the world.

13 March 2024 marks the observance of the 56th anniversary of the formation of the 1st Rotaract Club in North Carolina, United States of America (USA).
World Rotaract Week:
i.World Rotaract Week is annually celebrated around the world by the Rotaractors and Rotarians during the week on which World Rotaract Day is observed (13 March).

• The Week commemorates the founding of the first Rotaract Club in 1968.

ii.World Rotaract Week 2024 is observed from March 11–17, 2024.

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Karnataka-WEF agree to set up Centre for Artificial Intelligence in StateThe State Government of Karnataka has signed a Letter of Intent with World Economic Forum (WEF) to establish India’s sole Centre for Artificial Intelligence (AI) in Karnataka.

• This center will be a part of the WEF Centre for the Fourth Industrial Revolution (C4IR) Network, aiming to govern inclusive technology and foster digital transformation.

Key Points:
i.The AI center in Karnataka, the only one in India under WEF, will facilitate industry-academia networks, technological trend exchanges, research collaborations, and global issue responses.
ii.It will provide a globally connected platform, especially for AI startups, utilizing Bengaluru’s recognition as a top global city for AI.
iii.This will drive local economic growth through innovation and job creation.
iv.During the 54th WEF summit in Davos, Switzerland in January 2024, the Karnataka government signed 8 Memorandum of Understandings (MoUs) with global firms, amounting to Rs 23,000 crore, spanning sectors such as AI, citizen services, sustainability, and e-governance.

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Nayab Singh Saini Sworn in as 11th CM of HaryanaOn 12th March 2024, Nayab Singh Saini, Haryana State President of the Bharatiya Janata Party (BJP) and a Member of Parliament (MP) elected from the Kurukshetra Constituency, was sworn in as the 11th Chief Minister (CM) of Haryana.

• Haryana Governor Bandaru Dattatreya administered oath of office and secrecy to Nayab Singh Saini in the event held in Chandigarh.
• Nayab Singh Saini succeeded  Manohar Lal Khattar who stepped down resulting in a split in BJP-Jannayak Janata Party (BJP-JJP) alliance which had ruled the state since 2019