14th March, 2024

1. Union Minister Ashwini Vaishnaw has inaugurated the ‘NITI for States’ platform.
2. Union Education Minister Dharmendra Pradhan has inaugurated the I-Hub Foundation, an incubation center, at IIM-Sambalpur in Odisha.
3. Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers has announced the Revamped Pharmaceuticals Technology Upgradation Assistance (RPTUAS) Scheme.
4. Union Minister Dr. Mansukh Mandaviya has inaugurated a credit assistance program for Jan Aushadhi Kendras.
5. Prime Minister Narendra Modi has launched the Mahatari Vandan Yojana, a financial assistance scheme for eligible married women in Chhattisgarh.
6. Karnataka government has signed a Letter of Intent with the World Economic Forum (WEF) to set up a Centre for Artificial Intelligence in Karnataka.
7. India and European Free Trade Association (EFTA) have signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024.
8. PFRDA has inaugurated Zerodha Broking Limited’s NPS web app to widen financial inclusion through fintech and to boost NPS.
9. SEBI has notified regulations for small and medium real estate investment trusts (REITs), specifying criteria such as minimum net worth for investment managers and minimum investment amount and unit holders for the REITs.
10. Cabinet Committee on Security (CCS) has approved a Rs 15,000 crore project for the development of an indigenous 5th-generation Advanced Medium Combat Aircraft (AMCA) for the Indian Air Force (IAF).
11. India has received the prestigious Measles and Rubella Champion Award from The Measles and Rubella Partnership at the American Red Cross Headquarters in Washington D.C., USA.
12. President Droupadi Murmu has presented the President’s Standards and Colours to 4 units of the Indian Air Force (IAF) at Hindon Air Force Station in Ghaziabad, Uttar Pradesh.
13. World Rotaract Day 2024
14. Indian men’s test cricket team has won the Anthony de Mello Trophy 2024 by defeating England in a 5-match test series.
15. Establishment of International Centre of Excellence for Dams (ICED) by Central Water Commission (CWC) and Indian Institute of Science (IISc) Bangalore under DRIP Phase II and III.
16. National Highways Authority of India (NHAI) has signed an MoU with HLL Lifecare Limited to strengthen the Incident Management System (IMS) on National Highways.
17. The Department of Industries & Commerce, the Government of Nagaland, YES Bank, and Sellmetric Pvt. Limited has entered into a Memorandum of Understanding (MoU), with the Department of Industries & Commerce serving as the nodal department.
18. Easy Trip Planner Ltd. has signed a MoU with the Ministry of Rural Development to collaborate on the Lakhpati Didi Yojana.
19. Haryana State BJP president and Member of Parliament (MP), Nayab Singh Saini has been sworn in as the new Chief Minister of Haryana.

National News

1. Launch of ‘NITI for States’ Platform.
   • What ? Union Minister Ashwini Vaishnaw has inaugurated the ‘NITI for States’ platform.
   • Objective:
     • To empower states and union territories (UTs) in achieving national development goals.
   • Key Features of the ‘NITI for States’ platform:
     • Extensive Knowledge Base: Curated best practices, policy documents, datasets, and NITI Aayog publications.
     • Multilingual Accessibility: Available in major Indian languages and foreign languages.
     • Capacity Building Initiatives: Tailored digital training modules for officials at different levels.
     • Expert Help Desk: Specialized guidance for addressing specific challenges.
     • Data Integration: Leverages data from the National Data & Analytics Platform (NDAP) for comprehensive insights.
     • It aims to provide a centralized repository of resources including best practices, policy documents, datasets, and NITI Aayog publications.
     • It focuses on inclusivity, capacity building, and data-driven governance.
   • As per the Union Minister Ashwani Vaishnav, India’s vision for future growth is based on 4 important pillars:
     • (i) Physical, Digital and Social Infrastructure,
     • (ii) Inclusive Development,
     • (iii) Manufacturing, and
     • (iv) Focus on Simplification of laws and processes.

2. Inauguration of I-Hub Foundation at IIM-Sambalpur.
   • What ? Union Education Minister Dharmendra Pradhan has inaugurated the I-Hub Foundation, an incubation center, at IIM-Sambalpur in Odisha.
   • Key points:
     • To nurture and support innovative ventures across various sectors, including textiles, art and culture, agriculture, healthcare, financial and digital inclusivity, tribal entrepreneurship, and sustainability.
   • Launch of ‘100 Cube’ Start-ups:
     • Union Minister has also also launched the Sambalpur chapter of ‘100 Cube‘ start-ups initiative.
     • Its goal is to establish 100 start-ups on the premises of I-Hub, each with an approximate valuation of Rs 100 crore, by centennial celebration of Odisha in 2036.
       Source: ET
3. Revamped Pharmaceuticals Technology Upgradation Assistance Scheme.
   • What ? Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers has announced the Revamped Pharmaceuticals Technology Upgradation Assistance (RPTUAS) Scheme.
   • Objectives:
     • To align the pharmaceutical industry with global standards, particularly the Revised Schedule-M and WHO-GMP standards.
     • To improve the quality and safety of pharmaceutical products manufactured in India.
   • Broadened Eligibility Criteria:
     • The eligibility for the scheme has been broadened beyond Micro, Small, and Medium Enterprises (MSMEs) to include any pharmaceutical manufacturing unit with a turnover of less than 500 crores.
     • This change promotes inclusivity in technological and quality enhancement efforts.

   • Flexible Financing Options:
     • The scheme has introduced more adaptable financing options, highlighting subsidies on a reimbursement basis rather than a traditional credit-linked approach.
     • This flexibility aims to diversify financial options and promote wider scheme adoption among participating units.

   • Comprehensive Support for Compliance:
     • The scheme offers extensive support for compliance with new standards.
     • It covers a wide array of technological upgrades such as HVAC systems, water and steam utilities, testing laboratories, clean room facilities, and waste management.

   • Emphasis on Technological Upgrades:
     • The scheme’s focus on technological enhancements is vital for improving the overall efficiency, quality, and safety standards of pharmaceutical manufacturing units in India.
   • Dynamic 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. 1.00 crore per unit:-

4. Launch of Credit Assistance Program for Jan Aushadhi Kendras.
   • What ? Union Minister Dr. Mansukh Mandaviya has inaugurated a credit assistance program for Jan Aushadhi Kendras.
   • Key points:
     • He facilitated the exchange of a Memorandum of Understanding (MoU) between the Small Industries Development Bank of India (SIDBI) and the Pharmaceuticals and Medical Devices Bureau of India (PMBI).
     • He also launched a website for credit assistance to Jan Aushadhi Kendras: https://jak-prayaasloans.sidbi.in/home.

Source: PIB

State News

1. Launch of ‘Mahtari Vandana Yojana’ scheme in Chhattisgarh.
   • What ? Prime Minister Narendra Modi has launched the Mahatari Vandan Yojana, a financial assistance scheme for eligible married women in Chhattisgarh.
   • Objective:
     • To provide financial support to women and empower them economically.
   • Details of the scheme:
     • Under the scheme, eligible married women in Chhattisgarh receive ₹1,000 per month as a direct benefit transfer.
     • The scheme has benefited 70 lakh beneficiaries in Chhattisgarh.
       Source: The Hindu
2. Karnataka-WEF agree to set up a world-class Centre for Artificial Intelligence in state.
   • What ? Karnataka government has signed a Letter of Intent with the World Economic Forum (WEF) to set up a Centre for Artificial Intelligence in Karnataka.
   • Key points:
     • This will be the only centre dedicated to AI in India by the World Economic Forum (WEF).
     • The Karnataka centre will join the WEF Centre for the Fourth Industrial Revolution (C4IR) Network, which is a global platform for inclusive technology governance and responsible digital transformation.
     • The focus of centre will be on establishing industry-academia networks, facilitating the exchange of technological trends, fostering research collaborations, and actively addressing global issues related to AI.

Source: HT

International News

1. India-EFTA Trade and Economic Partnership Agreement.
   • What ? India and European Free Trade Association (EFTA) have signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024.
   • Key points:
     • The Union Cabinet has approved the signing of the TEPA with EFTA countries which include Switzerland, Iceland, Norway, and Liechtenstein.
     • The TEPA is recognized as a modern and ambitious Trade Agreement, marking 1st FTA of India with 4 developed nations in Europe.
     • Historic commitments consist of a binding pledge for a $100 billion investment and 1 million direct jobs in India over the upcoming 15 years.
     • EFTA provides tariff concessions on 92.2% of its tariff lines, accounting for 99.6% of India’s exports. In contrast, India offers concessions on 82.7% of its tariff lines, covering 95.3% of EFTA exports.
     • TEPA aims to stimulate domestic manufacturing in sectors like infrastructure, machinery, pharmaceuticals, etc., aligning with the “Make in India” initiative.
       Source: PIB

Banking and Economy

1. PFRDA inaugurates app.
   • What ? PFRDA has inaugurated Zerodha Broking Limited’s NPS web app to widen financial inclusion through fintech and to boost NPS.
   • Objective:
     • The goal is to promote innovation and inclusivity within the NPS architecture by engaging fintech entities as Points of Presence (PoP).

   • Key features of the App:
     • The app provides effortless access to NPS services, enabling individuals to manage their retirement savings conveniently.
     • It makes the NPS more accessible and convenient for a broader subscriber base.

2. SEBI notifies regulations for small and medium REITs.
   • What ? SEBI has notified regulations for small and medium real estate investment trusts (REITs), specifying criteria such as minimum net worth for investment managers and minimum investment amount and unit holders for the REITs.
   • Objective:
     • The aim is to bring unregulated fractional ownership platforms under SEBI’s purview and establish a detailed framework for small and medium REITs.
     • Minimum Net Worth for Investment Managers:
       • Investment managers of small and medium REITs must have a minimum net worth of ₹20 crore.
     • Minimum Investment Amount and Unit Holders:
       • Small and medium REITs should raise a minimum of ₹50 crore from at least 200 unit holders.
     • Asset Size and Composition:
       • The asset size proposed for a scheme should range from ₹50 to ₹500 crore.
       • At least 95% of the investments in small and medium REITs should be placed in revenue-generating assets, excluding under-construction or non-revenue-generating real estate assets.
     • Measures for Investors:
       • Minimum unit holding requirements for the 1st 3 years after listing are in place to protect investors.
       • The minimum holding decreases over time, reaching 1% 20 years after the listing date.
       • A minimum subscription of ₹10 lakh per investor is encouraged to promote retail investor participation.
         Source: BS

Defence News

1. Cabinet clears Rs 15000 crore AMCA project.
   • What ? Cabinet Committee on Security (CCS) has approved a Rs 15,000 crore project for the development of an indigenous 5th-generation Advanced Medium Combat Aircraft (AMCA) for the Indian Air Force (IAF).
   • Key points:
     • Defence Research and Development Organisation (DRDO) will develop 5 prototypes of the AMCA over the next 5 years.
     • Aeronautical Development Agency (ADA) of DRDO will collaborate with Hindustan Aeronautics Limited (HAL) to build the indigenous 5th-generation AMCA.
     • 1st flight of the AMCA is expected to occur within the next 5 years, before 2030.
     • The AMCA jets will be powered by the General Electric (GE)-414 engine.
     • Previous developments related to AMCA:
       • In March 2023, Defence Minister Rajnath Singh inaugurated a new Flight Control System (FCS) facility in Bengaluru, where research and development for the AMCA’s avionics are underway.
     • Other approvals by CCS:
       • CCS has approved the proposal for 34 new Advanced Light Helicopter (ALH) Dhruv helicopters.

Source: FE

Awards

1. India receives ‘Measles and Rubella Champion’ Award.
   • What ? India has received the prestigious Measles and Rubella Champion Award from The Measles and Rubella Partnership at the American Red Cross Headquarters in Washington D.C., USA.
   • Key points:
     • The award acknowledges continuous efforts of India in combating measles and rubella.
     • India is appreciated for its regional leadership in the measles and rubella elimination program.
     • It has strengthened routine immunization under the Universal Immunization Programme (UIP), using measles as an indicator.
     • The award pays tribute to the commitment and efforts of frontline health workers, healthcare professionals, policymakers, and communities across India.
     • As a result of efforts in India, 50 districts have continually reported no measles cases, while 226 districts have not reported any rubella cases in the past 12 months.

2. 4 IAF units to receive President’s Standard and Colours.
   • What ? President Droupadi Murmu has presented the President’s Standards and Colours to 4 units of the Indian Air Force (IAF) at Hindon Air Force Station in Ghaziabad, Uttar Pradesh.
   • Key points:
     • No. 45 ‘Flying Daggers‘ and No. 221 Squadron ‘Valiants‘ received President’s Standards, the highest honor for military units in India.
     • 11 Base Repair Depot (BRD) and 509 Signal Unit (SU) were awarded President’s Colours, recognizing their outstanding service and contributions.

   • About President’s Standards and Colours:
     • President’s Standards and Colours are prestigious awards, highlighting the exceptional service of the honored units to the nation.
     • These honors symbolize excellence, valor, and dedication to duty within the Indian Air Force.
       Source: The Hindu

Important Days

1. March 13– World Rotaract Day 2024
   • March 11-17– World Rotaract Week 2024

Sports

1. Anthony de Mello Trophy 2024.
   • What ? Indian men’s test cricket team has won the Anthony de Mello Trophy 2024 by defeating England in a 5-match test series.
   • Various achievements during Anthony de Mello Trophy 2024:
     • Ravichandran Ashwin is the 9th bowler and the 2nd Indian (After Anil Kumble – 619) to pick up 500 Test wickets.
     • Jasprit Bumrah has become the quickest Indian fast bowler to 150 Test wickets (in the 2nd Test match against England), achieving the feat in 34 Test matches.
       Source: HT

Memorandum of Understanding

1. Agreement between Ministry of Jal Shakti and Indian Institute of Science.
   • What ? Establishment of International Centre of Excellence for Dams (ICED) by Central Water Commission (CWC) and Indian Institute of Science (IISc) Bangalore under DRIP Phase II and III.
   • Objective:
     • Specialized technical support, research, and innovation in dam safety for Indian and overseas dam owners.
   • Key points:
     • Ministry of Jal Shakti grants Rs. 118.05 Crore for infrastructure, research, and faculty exposure.
     • IISc’s role: Providing novel solutions, and training programs, aiming for self-sufficiency in 10 years through revenue generation.
       Source: PIB
2. MoU between National Highways Authority of India and HLL Lifecare Limited.
   • What ? National Highways Authority of India (NHAI) has signed an MoU with HLL Lifecare Limited to strengthen the Incident Management System (IMS) on National Highways.
   • Objective:
     • To provide immediate assistance to accident victims and enhance the Incident Management System, including Ambulances, Route Patrol Vans & Cranes, real-time tracking, and supportive supervision.
   • Agreement will remain in effect for 5 years.
     Source: PIB
3. Nagaland’s Department of Industries & Commerce signs MoU with YES Bank.
   • What ? The Department of Industries & Commerce, the Government of Nagaland, YES Bank, and Sellmetric Pvt. Limited has entered into a Memorandum of Understanding (MoU), with the Department of Industries & Commerce serving as the nodal department.
   • About ONDC:
     • Open Network for Digital Commerce (ONDC) is a flagship initiative of the Department for Promotion of Industry & Internal Trade (DPIIT) under the Ministry of Commerce & Industry.
     • Its primary goal is to democratize e-commerce and facilitate digital sales for small businesses, farmers, entrepreneurs, and others.
4. Easy Trip Planners partners with Ministry of Rural Development to empower self-help groups.
   • What ? Easy Trip Planner Ltd. has signed a MoU with the Ministry of Rural Development to collaborate on the Lakhpati Didi Yojana.
   • Objective:
     • To train members of Deendayal Antyodaya Yojana- National Rural Livelihoods Mission (DAY-NRLM)‘s Women’s Self-Help Groups (SHGs).
   • Key points:
     • EaseMyTrip will conduct training sessions in 800 districts across India, targeting women in rural areas.
     • Selection criteria for participants include basic literacy in English/Hindi and familiarity with computer usage and internet browsing.
       Source: HBL

Appointments

1. New Chief Minister of Haryana.
   • What ? Haryana State BJP president and Member of Parliament (MP), Nayab Singh Saini has been sworn in as the new Chief Minister of Haryana.

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