02nd-04th March, 2024

1. PM Narendra Modi has attended the Golden Jubilee celebrations of Gujarat Cooperative Milk Marketing Federation (GCMMF) at the Narendra Modi Stadium in Ahmedabad.
2. Prime Minister Narendra Modi has dedicated to the nation 2 new Pressurised Heavy Water Reactors at Kakrapar Atomic Power Station: KAPS-3 and KAPS-4 for 22,500 crore rupees at Navsari in Gujarat.
3. PM Narendra Modi has launched development projects worth over 13,000 crore rupees in Varanasi.
4. Union Minister of Women & Child Development and Minority Affairs, Smriti Zubin Irani has launched the logo and website for the Alliance for Global Good in New Delhi.
5. Larsen & Toubro (L&T) has commissioned its 1st indigenously manufactured electrolyzer at the Green Hydrogen Plant located at the A M Naik Heavy Engineering Complex in Hazira, Gujarat.
6. Education Ministry and Information and Broadcasting Ministry have jointly launched a nationwide awareness campaign “Mera pehla vote desh ke liye (my first vote for the country)”.
7. Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with the World Bank Group has organised a National Workshop on Logistics Efficiency Enhancement in New Delhi.
8. Reserve Bank of India has issued revised ‘Reserve Bank of India (Bharat Bill Payment System) Directions, 2024‘.
9. Reserve Bank of India has extended the timelines for various stages of the sandbox process from seven months to nine months.
10. NPCI International Payments Ltd (NIPL), a subsidiary of National Payments Corporation of India (NPCI), has signed an MoU with Greece-based Eurobank S.A. to enhance cross-border UPI payments.
11. Kotak Mahindra Bank has announced the launch of the Smart Choice Gold Loan for aspirational customers.
12. US Chamber of Commerce has released the 12th edition of its International IP (intellectual property) Index.
13. SBI’s economic research department suggests that the GDP growth of India for FY24 could potentially reach 8%.
14. World Civil Defence Day
15. 48th Civil Accounts Day
16. Zero Discrimination Day 2024
17. World Seagrass Day
18. India has lost to Kosovo in their final match of the Turkish Women’s Cup 2024 football tournament to finish runners-up at the Gold City Sports Complex in Alanya, Turkey.
19. Puneri Paltan has defeated Haryana Steelers in the final of the Pro Kabaddi League’s 10th season at the GMC Balayogi Sports Complex in Gachibowli, Hyderabad.
20. Naveen Patnaik, the Chief Minister of Odisha, has launched a coffee table book titled ‘FIH Odisha Hockey Men’s World Cup 2023’.
21. Mundkur Shyamprasad Kamath took charge as the managing director of Mangalore Refinery and Petrochemicals Limited.
22. Jana Small Finance Bank has got approval from the Reserve Bank of India to re-appoint Ajay Kanwal as its managing director and chief executive officer for 3 years.
23. President Droupadi Murmu has appointed Justice A M Khanwilkar as the chairperson of the anti-corruption ombudsman Lokpal.
24. Reserve Bank of India (RBI) has approved the appointment of S Ravindran as the part-time chairman of Tamilnad Mercantile Bank (TMB).
25. Reliance Industries and Reliance Foundation have launched ‘Vantara’ (Star of the Forest) program for animal conservation.
26. The renowned archaeologist Padmashree Dr. Arun Kumar Sharma has passed away.

National News

1. PM Modi attends Amul’s (Gujarat Cooperative Milk Marketing Federation) Golden Jubilee in Gujarat.
   • What ? PM Narendra Modi has attended the Golden Jubilee celebrations of Gujarat Cooperative Milk Marketing Federation (GCMMF) at the Narendra Modi Stadium in Ahmedabad.
   • Key points:
     • PM Modi highlighted the success of India’s dairy sector, noting its growth rate of 6% compared to 2% globally.
     • Over the last decade, milk production in India has increased by about 60%, leading to a 40% increase in per capita milk availability.
       Source: livemint
2. Inauguration of two new Pressurised Heavy Water Reactors at Kakrapar Atomic Power Station.
   • What ? Prime Minister Narendra Modi has dedicated to the nation 2 new Pressurised Heavy Water Reactors at Kakrapar Atomic Power Station: KAPS-3 and KAPS-4 for 22,500 crore rupees at Navsari in Gujarat.
   • Key points:
     • The two reactors will have a combined capacity of 1,400 megawatts.
     • Collectively, they will generate approximately 10.4 billion units of clean electricity annually, benefiting consumers across various states.
   • Note: Prime Minister has also initiated work commencement for the construction of PM MITRA Park in Navsari.
     Source: ET
3. Launch of development projects worth more than Rs 13,000 crore in Varanasi.
   • What ? PM Narendra Modi has launched development projects worth over 13,000 crore rupees in Varanasi.
   • Inauguration of the Amul dairy plant at Karkhiyaon:
     • Amul Dairy Plant is expected to increase the income of over 3 lakh farmers in the area and provide training on better animal breeds and fodder through the Banas Dairy Plant.
   • Other initiatives include:
     • A silk fabric printing common facility center for weavers
     • Foundation stone laying ceremony of the National Institute of Fashion Technology (NIFT) in Varanasi
     • Prize distribution ceremony of Kashi Sansad Sanskrit Pratiyogita
     • Inaugurated Quick Pontoon Opening Mechanism System(QPOMS) in Varanasi, Uttar Pradesh
     • Inauguration of the Sant Ravidas statue on the occasion of his 647th Birth Anniversary.
       Source: AIR
4. Alliance for Global Good – Gender Equity and Equality.
   • What ? Union Minister of Women & Child Development and Minority Affairs, Smriti Zubin Irani has launched the logo and website for the Alliance for Global Good in New Delhi.
   • About Alliance for Global Good:
     • India launched this initiative on the sidelines of the 54th annual World Economic Forum (WEF 2024) in Davos, Switzerland in January 2024.
     • The alliance aims to encourage collective action among governments, industry, and development organizations for women’s health, education, and enterprise, aligning with the Sustainable Development Goals (SDGs).
     • The Bill & Melinda Gates Foundation supports the alliance, and the CII Centre for Women Leadership oversees it, with the World Economic Forum and Invest India as partners.
     • About the logo:
       • The logo symbolizes equality and equity, represented by the alphabet “e”.
       • The tricolors signify values, and the red dot symbolizes prosperity.
       • The design is inspired by Lord Ganesh, symbolizing intellect and wisdom.
         Source: PIB

5. India’s first indigenously built green hydrogen electrolyzer.
   • What ? Larsen & Toubro (L&T) has commissioned its 1st indigenously manufactured electrolyzer at the Green Hydrogen Plant located at the A M Naik Heavy Engineering Complex in Hazira, Gujarat.
   • What is Electrolyzer?
     • Electrolysers, which use electricity to split water into hydrogen and oxygen, are a critical technology for producing low-emission hydrogen from renewable or nuclear electricity.
       Source: ET
     
     
     
     
   
   
   
   
6. Voter Awareness campaign- Mera Pehla Vote Desh Ke Liye.
   • What ? Education Ministry and Information and Broadcasting Ministry have jointly launched a nationwide awareness campaign “Mera pehla vote desh ke liye (my first vote for the country)”.
   • Objective:
     • To raise awareness among first-time voters about the importance of participating in the upcoming elections and making their first vote count for the country.
   • Key points:
     • Under the campaign, various events will be organised in universities, colleges, and higher education institutions to encourage the first-time voters to participate in the upcoming election.
     • A campaign’s anthem has been launched to encourage young voters to exercise their democratic right to vote.
     • Youths are encouraged to take the voter’s pledge on the official website ecisveep.nic.in/pledge, and download the voter helpline app.
       Source: The Hindu

Banking and Economy

1. DPIIT and World Bank jointly organised a National Workshop on Logistics Efficiency Enhancement.
   • What ? Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with the World Bank Group has organised a National Workshop on Logistics Efficiency Enhancement in New Delhi.
   • Key points:
     • Workshop has focused on how digital technologies and emerging databases are making logistics operations easier.
     • Participants gained insights into how the Logistics Performance Index (LPI) is calculated and the six parameters used in this calculation.
     • The workshop has been divided into three sessions:
       • Session I: Discussions were held on how the World Bank calculates the LPI and the methodology it uses.
       • Session II: The focus was on corridor projects like Bharatmala and Sagarmala, which aim to improve logistics efficiency, reduce costs, and enhance connectivity.
       • Session III: State officials shared their best practices, reforms, and digital initiatives aimed at improving logistics efficiency.

2. RBI issues revised norms to streamline bill payment process.
   • What ? Reserve Bank of India has issued revised ‘Reserve Bank of India (Bharat Bill Payment System) Directions, 2024‘.
   • Objective:
     • To streamline bill payments, encourage greater participation, and enhance customer protection through the implementation of new guidelines.
   • These guidelines will come into effect on April 1, 2024, and will apply to banks, NPCI Bharat BillPay Limited, and other non-bank payment system participants.

3. RBI updates framework for its fintech sandbox and extends certain process timelines.
   • What ? Reserve Bank of India has extended the timelines for various stages of the sandbox process from seven months to nine months.
   • Objective:
     • To promote responsible innovation in financial services, strengthen efficiency, and bring benefits to consumers.

   • Key points:
     • Applicants can now establish in-principle partnerships before applying for the sandbox.
     • Sandbox entities are required to comply with the Digital Personal Data Protection Act of 2023.
     • Updated framework mandates that user consent must be sought in a “language understood by the customer”.
     • The new framework allows testing of any innovative product, service, or technology, regardless of theme, in RBI’s regulatory domain.
     • If a proposed product or service is similar to one previously tested under the Regulatory Sandbox and offers no innovation, the RBI may deem it ineligible for the sandbox.

4. NPCI International ties up with Greece’s Eurobank for cross-border UPI payments.
   • What ? NPCI International Payments Ltd (NIPL), a subsidiary of National Payments Corporation of India (NPCI), has signed an MoU with Greece-based Eurobank S.A. to enhance cross-border UPI payments.
   • Objective:
     • To modernize international money transfers, particularly focusing on simplifying remittances from Greece to India.

   • Key points:
     • Greece is set to become one of the 1st European countries to offer UPI-based remittance services to the Indian diaspora.
     • This agreement will enable Foreign Inward Remittance transactions from Greece to India, thereby facilitating fund settlement, reconciliation, and dispute resolution.

   
   

5. Kotak Mahindra Bank launches Smart Choice Gold Loan.
   • What ? Kotak Mahindra Bank has announced the launch of the Smart Choice Gold Loan for aspirational customers.
   • Key features of Smart Choice Gold Loan:
     • A fixed monthly interest rate as low as 0.88 percent, equivalent to 10.56 percent per annum
     • No processing fee
     • Same-day disbursement
     • Flexible repayment options
     • Minimal documentation requirements

   
   

Source: livemint

Reports and Indices

1. India ranks 42 out of 55 in International Intellectual Property Index.
   • What ? US Chamber of Commerce has released the 12th edition of its International IP (intellectual property) Index.
   • Key points:
     • India ranked at 42 out of the 55 countries in the index with an overall score of 38.64 %.
     • United States emerged at the top of the list followed by the United Kingdom and France.
     • Some economies, including Saudi Arabia, Brazil, and Nigeria, have shown significant improvements.
     • However, others have faced challenges, with eight, including Ecuador, declining rankings due to weak IP enforcement.
   • Top 5 economies in the world for IP rights are as follows:
     • United States (95.48%)
     • United Kingdom (94.12%)
     • France (93.12%)
     • Germany (92.46%)
     • Sweden (92.12%)
   • About International Intellectual Property Index (IIP):
     • Index evaluates the IP framework of the world’s top 55 economies.
     • It demonstrates the benefits that economies can receive when they adopt robust and enforceable IP standards.
       Source: IE
2. India’s FY24 GDP growth could be within striking distance of 8%: SBI Ecowrap.
   • What ? SBI’s economic research department suggests that the GDP growth of India for FY24 could potentially reach 8%.
   • Key points:
     • The per capita GDP significantly increased in FY24, crossing ₹2 lakh. This is a substantial rise from ₹72,000 in FY12 and ₹38,257 in FY22.
     • The gross savings rate is projected to reach 32.3% in FY24. This would be the highest rate since FY14, due to a surge in household savings during the pandemic.
     • Gross capital formation of Government has increased from 3.6% of GDP in FY20 to 4.1% in FY23. This rise boosted private sector investment to 11.9%.
     • The Gross Capital Formation to Gross Output ratio for public administration peaked at 47.6% in FY23. This was due to increased capital expenditure.
     • The overall gross capital formation is forecasted to exceed 33.7% in FY24, reaching the highest level since FY19.
       Source: HBL

Important Days

1. March 1– World Civil Defence Day; Theme- Honor Heroes and Promote Safety Skills
   Source: livemint
2. March 1– 48th Civil Accounts Day
   Source: PIB
3. March 1– Zero Discrimination Day 2024; Theme– To protect everyone’s health, protect everyone’s rights
   • It is observed every year on March 1 to promote inclusion, equality, and peace and raise awareness about the impact of discrimination worldwide.
     Source: livemint

   
   
4. March 1– World Seagrass Day
   Source: UNEP

Sports

1. Turkish Women’s Cup 2024 football:  India finishes runner-up.
   • What ? India has lost to Kosovo in their final match of the Turkish Women’s Cup 2024 football tournament to finish runners-up at the Gold City Sports Complex in Alanya, Turkey.
   • Key points:
     • India’s Manisha Kalyan received the “Best Midfielder of the Tournament” award for her exemplary performance throughout the competition.
     • This was the 8th edition of the Turkish Women’s Cup, also known as the Alanya Gold City Cup.
       Source: EB
2. Pro Kabaddi League’s 10th season.
   • What ? Puneri Paltan has defeated Haryana Steelers in the final of the Pro Kabaddi League’s 10th season at the GMC Balayogi Sports Complex in Gachibowli, Hyderabad.
   • Prize money:
     • Puneri Paltan was handed a winner’s cheque worth Rs 3 CR INR and Haryana Steelers won Rs. 1.8 CR for their runner-up finish.
   • End-of-season awards:
     • Best raider: Ashu Malik (Dabang Delhi)
     • Best defender: Mohammadreza Chiyaneh Shadloui (Puneri Paltan)
     • Best NYP: Yogesh Dahiya (Dabang Delhi)
     • Most Valuable Player: Aslam Inamdar (Puneri Paltan)
       Source: sportsstar
3. Odisha CM Naveen Patnaik releases coffee table book on Hockey World Cup.
   • What ? Naveen Patnaik, the Chief Minister of Odisha, has launched a coffee table book titled ‘FIH Odisha Hockey Men’s World Cup 2023’.
   • Published by: Sportstar
   • The book details all on-field and off-field events from the 15th chapter of the FIH Odisha Hockey Men’s World Cup 2023.
     Source: HBL

Appointments

1. MS Kamath has been appointed as MD of Mangalore Refinery and Petrochemicals Limited.
   • What ? Mundkur Shyamprasad Kamath took charge as the managing director of Mangalore Refinery and Petrochemicals Limited.
     Source: TOI
2. Jana Small Finance Bank gets RBI nod to re-appoint Ajay Kanwal as MD & CEO.
   • What ? Jana Small Finance Bank has got approval from the Reserve Bank of India to re-appoint Ajay Kanwal as its managing director and chief executive officer for 3 years.
   • His tenure will be from March 21, 2024, to March 20, 2027.

3. Former SC judge Khanwilkar has been appointed as new Lokpal chairperson.
   • What ? President Droupadi Murmu has appointed Justice A M Khanwilkar as the chairperson of the anti-corruption ombudsman Lokpal.
   • Key points:
     • The government has appointed six members to the Lokpal, including three judicial members.
     • Lokpal chairperson and members serve for a term of five years or until they reach the age of 70, whichever comes first.
     • The 1st Lokpal chairperson was former Supreme Court Justice Pinaki Chandra Ghose, who assumed office in March 2019.
       Source: IE

   
   
4. RBI clears appointment of S Ravindran as part-time chairman of TMB.
   • What ? Reserve Bank of India (RBI) has approved the appointment of S Ravindran as the part-time chairman of Tamilnad Mercantile Bank (TMB).
   • The appointment is effective February 29, 2024.

Source: BS

Miscellaneous

1. Anant Ambani unveils ‘Vantara’, Reliance’s animal welfare initiative.
   • What ? Reliance Industries and Reliance Foundation have launched ‘Vantara’ (Star of the Forest) program for animal conservation.
   • Objective:
     • To create best-in-class animal conservation and care practices including state-of-the-art healthcare, hospitals, research, and academic centers.
   • More about Vantara:
     • The program focuses on rescuing, treating, caring for, and rehabilitating injured, abused, and threatened animals, both in India and abroad.
     • It aims to partner with the Zoo Authority of India and other relevant government organizations to achieve its goals.
     • The program will help improve over 150 zoos across India by providing training, capacity building, and infrastructure for animal care.
     • A 3000-acre area in Reliance’s Jamnagar Refinery Complex in Gujarat has been turned into a jungle-like habitat for rescued animals to thrive in.
       Source: HT

   
   
2. Archaeologist Arun Kumar Sharma passed away.
   • What ? The renowned archaeologist Padmashree Dr. Arun Kumar Sharma has passed away.
   • He received the Padma Shri award in 2017.
     Source: IE

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