16th-18th March, 2024

1. Meenakshi Lekhi, Union Minister of State from the Ministry of Culture has launched the revamped website of the Archaeological Survey of India (ASI) at the National Museum in New Delhi.
2. Prime Minister Narendra Modi has laid the foundation stone for a petrochemicals complex of Petronet LNG in Dahej, Gujarat, and also dedicated 50 Pradhan Mantri Bhartiya Janaushadhi Kendras to the nation from Ahmedabad, Gujarat.
3. Prime Minister Narendra Modi has inaugurated 1st automobile in-plant railway siding project of India of Maruti Suzuki (MSIL) virtually from a function in Gujarat.
4. Prime Minister has launched the Pradhan Mantri Samajik Utthan evam Rozgar Adharit Jankalyan (PM-SURAJ) national portal.
5. Union Minister of Science & Technology, Dr. Jitendra Singh has inaugurated the “National Speed Breeding Crop Facility” at National Agri-Food Biotechnology Institute (NABI) in Mohali, Punjab.
6. Ministry of Home Affairs has announced the celebration of ‘Hyderabad Liberation Day’ every year on September 17.
7. Union Minister Jyotiraditya M. Scindia has inaugurated Fly91 and flagged off its maiden flight.
8. Chhattisgarh Chief Minister Vishnu Deo Sai has introduced the ‘Krishak Unnati Yojna’ to help farmers, especially those growing paddy.
9. India and the Dominican Republic have signed the protocol for the establishment of the Joint Economic and Trade Committee (JETCO) at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo.
10. Central Government and Asian Development Bank have signed an agreement to provide a loan of USD181 million.
11. NPCI International Payments (NIPL), the international arm of National Payments Corporation of India (NPCI) has entered into an agreement with Nepal-based payment network Fonepay Payment Service.
12. Karnataka Vikas Grameena Bank (KVGB) has launched a new loan scheme called ‘Vikas Spoorty’ to strengthen the rural credit.
13. Reserve Bank of India (RBI) has barred Federal Bank and South Indian Bank from issuing co-branded credit cards to new customers due to regulatory deficiencies.
14. NPCI and the Indian Institute of Science (IISc), Bangalore, have signed a multi-year MoU for joint research on blockchain and artificial intelligence (AI) technology.
15. As per SIPRI Report 2023, India was the top arms importer of the world for the period 2019-23, with a 4.7% increase compared to 2014-18.
16. Fitch Rating has increased its forecast for GDP growth of India to 7% for the fiscal year 2024-25 (FY25), up by 0.5% from its previous prediction of 6.5%.
17. Author Rakhi Kapoor has won her 2nd Golden Book Award for her 26th book titled Breaking Free Embracing Me – healing from Childhood Abuse and Toxic Conditioning.
18. Krystyna Pyszkova from the Czech Republic has been crowned Miss World 2024 at a event held in Mumbai.
19. World Consumer Rights Day 2024
20. World Sleep Day 2024
21. Mumbai cricket team has won Ranji Trophy 2023-2024 season by defeating Vidarbha in the finals held at Wankhede Stadium in Mumbai, Maharashtra.
22. India and Singapore have signed a MoU on cooperation between the two countries over law and dispute resolution.
23. The Ministry of Heavy Industries (MHI) and the Indian Institute of Technology, Roorkee have signed a MoU for improving innovation.
24. Open Network for Digital Commerce, USOF, and Prasar Bharti have signed MoU to offer affordable digital services in rural areas.
25. IIT Delhi signed an MoU with the Ministry of Rural Development (MoRD) for research and development of artificial intelligence (AI) and geospatial technology to support rural development.
26. Gyanesh Kumar and Dr. Sukhbir Singh Sandhu have taken charge as the New Election Commissioners in Election Commission of India.

National News

1. Revamped website of Archaeological Survey of India (ASI) launched.
   • What ? Meenakshi Lekhi, Union Minister of State from the Ministry of Culture has launched the revamped website of the Archaeological Survey of India (ASI) at the National Museum in New Delhi.
   • More about the improved website:
     • It offers a more comprehensive and user-friendly experience, especially for students seeking information on history of India.
     • It will use technology to make the cultural heritage of India more accessible.
   • ASI has also signed MoUs with corporates for monument adoption under the ‘Adopt a Heritage 2.0‘ program.
   • Objective:
     • To preserve 14 out of 4000 heritages of ASI through an inclusive process based on the theme of ‘Sabka Saath, Sabka Vikas, Sabka Pryas‘.
   • Key points:
     • Corporations involved in the Memorandums of Understanding (MoUs) will adopt specific monuments, contributing to their maintenance and improved presentation to the public.
     • These MoUs are signed for a period of 5 years and can be extended for an additional 5 years.
     • The monuments include Qutub Minar, Purana Qila, Uggar Sain’s Baoli, Humayun’s Tomb, Upper Fort Aguada, Elephanta Caves, Agra Fort, and others.
       Source: PIB

2. Prime Minister lays the foundation stone of Petrochemicals Complex for Petronet LNG and dedicates 50 Pradhan Mantri Bhartiya Janaushadhi Kendras to the nation.
   • What? Prime Minister Narendra Modi has laid the foundation stone for a petrochemicals complex of Petronet LNG in Dahej, Gujarat, and also dedicated 50 Pradhan Mantri Bhartiya Janaushadhi Kendras to the nation from Ahmedabad, Gujarat.
   • About petrochemicals complex:
     • Foundation stone laid for the petrochemicals complex of Petronet LNG at Dahej, valued at over Rs. 20,000 crores.
     • It includes Ethane and Propane handling facilities.
     • Total worth of the complex is over Rs. 20,600 crores.
   • About Jan Aushadhi Kendras:
     • Jan Aushadhi Kendras at Railway Stations across different parts of the country will provide affordable and quality generic medicines to the people.
       Source: PIB
3. PM Modi unveils India’s 1st auto in-plant railway siding project of MSIL.
   • What ? Prime Minister Narendra Modi has inaugurated 1st automobile in-plant railway siding project of India of Maruti Suzuki (MSIL) virtually from a function in Gujarat.
   • Key points:
     • This project was developed under the Centre’s PM Gati Shakti mission, in partnership with the Gujarat government, Indian Railways, and MSIL.
     • Cost: The project is valued at Rs 976 crore.
     • The initiative eliminates 50,000 truck trips annually for MSIL.
     • The objective is to increase the dispatches of finished cars by railway from 26% to 40% annually at full capacity.
     • The railway siding can dispatch 300,000 cars per annum and can be expanded to handle up to 3,000 cars.
       Source: BS
4. Pradhan Mantri Samajik Utthan evam Rozgar Adharit Jankalyan (PM-SURAJ) national portal.
   • What ? Prime Minister has launched the Pradhan Mantri Samajik Utthan evam Rozgar Adharit Jankalyan (PM-SURAJ) national portal.
   • More about PM-SURAJ:
     • This is a transformative initiative designed to uplift the most marginalized segments of society.
     • Under this initiative, credit support will be provided to 1 lakh entrepreneurs from disadvantaged sections through banks, NBFC-MFIs, and other organizations.

   • Other initiative:
     • Prime Minister will distribute Ayushman Health Cards and PPE kits to Safai Mitras (Sewer and Septic tank workers) under the National Action for Mechanised Sanitation Ecosystem (NAMASTE).
     • Objective:
     • To safeguard the health and safety of frontline workers serving in challenging conditions.

5. Inauguration of the “National Speed Breeding Crop Facility” at NABI in Mohali.
   • What ? Union Minister of Science & Technology, Dr. Jitendra Singh has inaugurated the “National Speed Breeding Crop Facility” at National Agri-Food Biotechnology Institute (NABI) in Mohali, Punjab.
   • Objective:
     • To accelerate crop improvement programs by developing advanced crop varieties.
   • Key points:
     • This facility will be utilized to develop new varieties of crops such as wheat, rice, soybean, pea, and tomato.
     • India’s bio-economy has seen significant growth, expanding from $10 billion in 2014 to over $130 billion in 2024.
     • To further enhance the bio-economy, the government is concentrating on bio-manufacturing.

6. Government of India Designates September 17 as ‘Hyderabad Liberation Day’.
   • What ? Ministry of Home Affairs has announced the celebration of ‘Hyderabad Liberation Day’ every year on September 17.
   • Key points:
     • The day commemorates the liberation of Hyderabad from the rule of the Nizams on September 17, 1948.
     • The day is celebrated to honor the martyrs who played a crucial role in liberating Hyderabad.
     • Operation Polo was a military operation conducted in September 1948 to integrate Hyderabad into the independent Union of India.
       Source: livemint
7. Inaugural flight of the new airline Fly91.
   • What ? Union Minister Jyotiraditya M. Scindia has inaugurated Fly91 and flagged off its maiden flight.
   • Objective:
     • To connect tier 2 and tier 3 cities through the UDAN scheme and expects domestic air traffic to increase to 30 crores by 2030.

   • About Fly91:
     • FLY91 is a regional carrier that strives to enhance air connectivity from tier 2 and tier 3 towns across India.

Source: PIB

State News

1. ‘Krishak Unnati Yojna’ of Chhattisgarh.
   • What ? Chhattisgarh Chief Minister Vishnu Deo Sai has introduced the ‘Krishak Unnati Yojna’ to help farmers, especially those growing paddy.
   • Objective:
     • To improve farmers’ income, improve crop production and quality, and cut farming expenses.

   • key points:
     • Farmers are assured Rs. 3100 per quintal for their paddy.
     • The Minimum Support Price (MSP) for common grade paddy was ₹2183 per quintal, and ₹2203 for Grade A paddy.
     • The difference amount over the MSP was provided to farmers as input assistance at a rate of ₹917 per quintal.
     • Farmers will receive Rs. 19,257 per acre based on the paddy they sell.
     • Over 24 lakh farmers who sold their paddy through cooperative societies will benefit from this scheme.
       Source: BS

   
   
   
   

International News

1. India and Dominican Republic have signed a protocol for the Establishment of the Joint Economic And Trade Committee.
   • What ? India and the Dominican Republic have signed the protocol for the establishment of the Joint Economic and Trade Committee (JETCO) at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo.
   • Objective:
     • To strengthen economic and commercial relations between the two nations.
     • To establish a bilateral institutional mechanism for trade and commerce.
   • Key points:
     • Protocol will improve cooperation in trade, services, and industrial technologies through technical assistance, training programs, and capacity building.
     • It will provide a platform for sharing knowledge and best practices, addressing trade and industry challenges.
       Source: PIB

Banking and Economy

1. ADB commits USD181 million loan to improve urban infra, mobility in Ahmedabad.
   • What ? Central Government and Asian Development Bank have signed an agreement to provide a loan of USD181 million.
   • Objective:
     • To build infrastructure and services towards improving urban livability and mobility in peri-urban areas of Ahmedabad City.
   • Financing:
     • Total finance: USD 316.9 million.
     • ADB committed: USD 181 million.
     • Remaining finance: USD 135.9 million from Non-ADB sources.
   • Implementing Authority:
     • Ahmedabad Urban Development Authority (AUDA) of the Government of Gujarat.
     • Urban Development and Urban Housing Department of the Government of Gujarat will execute the project.
   • Project Details:
     • Infrastructure development includes-166 km water distribution network, 126 km of climate-resilient drainage systems, 300 km of sewerage systems, Four sewage treatment plants.
     • The project is expected to complete by 30th June 2028.

2. NPCI ties up with Nepal’s Fonepay for cross-border merchant payments.
   • What ? NPCI International Payments (NIPL), the international arm of National Payments Corporation of India (NPCI) has entered into an agreement with Nepal-based payment network Fonepay Payment Service.
   • Objective:
     • To improve financial connectivity between India and Nepal, and make transactions easier for people and businesses in both countries.
   • Key points:
     • The partnership has been announced at the Global Fintech Fest 2023 in India.
     • It enables quick and secure UPI transactions between India and Nepal.
     • Indian consumers can use UPI to pay at Nepalese businesses, and Fonepay merchants can accept UPI payments from Indian customers.

3. Karnataka Vikas Grameena Bank launches ‘Vikas Spoorty’.
   • What ? Karnataka Vikas Grameena Bank (KVGB) has launched a new loan scheme called ‘Vikas Spoorty’ to strengthen the rural credit.
   • Objective:
     • To provide hassle-free loans without collateral security and surety to support the credit needs of small entrepreneurs.

   • More about Karnataka Spoorty:
     • The scheme aims to support individuals involved in income-generating activities. These activities range from manufacturing and retail trade to small businesses, artisan activities, and handicrafts.
     • Borrowers can obtain a minimum loan of ₹50,000 and a maximum of ₹2,00,000 under this scheme.
     • Customers must open a ‘Daily Deposit‘ (pigmy) account and make regular payments for loan instalments and interest.
     • Loan repayment is tied to the daily contributions made by borrowers to their ‘Daily Deposit‘ scheme (pigmy account), eliminating the need for frequent branch visits.

4. RBI bars Federal, South Indian Bank from issuing co-branded credit cards.
   • What ? Reserve Bank of India (RBI) has barred Federal Bank and South Indian Bank from issuing co-branded credit cards to new customers due to regulatory deficiencies.
   • Reason for Directive:
     • The RBI’s action follows an amendment to the Master Direction on Credit Card and Debit Card Issuance issued on March 7, 2024.
     • The amendment mandates clear indication of the card issuer on co-branded cards and prohibits co-branding partners from marketing the card as their own product.
       Source: BS

5. NPCI joins hands with IISc to conduct joint research on blockchain, AI.
   • What ? NPCI and the Indian Institute of Science (IISc), Bangalore, have signed a multi-year MoU for joint research on blockchain and artificial intelligence (AI) technology.
   • Establishment of CoE:
     • The collaboration will result in the creation of the “NPCI-IISc Centre of Excellence (CoE) for Deep Tech Research and Development.”
     • This center aims to encourage innovation in deep technologies.
       Source: BS

Reports and Indices

1. SIPRI Report 2023: India World’s Largest Arms Importer Between 2019- 2023.
   • What ? As per SIPRI Report 2023, India was the top arms importer of the world for the period 2019-23, with a 4.7% increase compared to 2014-18.
   • Key points:
     • India accounted for 9.8% of the total global share in arms imports.
     • Russia remained the main arms supplier of India, accounting for 36% of its arms imports. Russia is followed by France (33%) and USA (13%) in supplying arms to India.
     • However, this period marked the 1st time since 1960–64 that deliveries from Russia comprised less than half of India‘s arms imports.
   • Global Arms Import Trends:
     • European countries experienced a 94% increase in arms imports from 2014–18 to 2019–23, partially due to the war in Ukraine.
     • 9 out of the top 10 arms importers during 2019–23 were located in Asia, Oceania, or the Middle East.
     • U.S. arms exports increased by 17%, whereas Russian exports declined by more than half (-53%).
     • France emerged as the world’s second-largest arms supplier, directing 42% of its exports to Asia and Oceania and 34% to the Middle East.
     • 5 out of the top 10 arms exporters saw their exports decrease between 2014–18 and 2019–23.
   • Global share of exports of major arms by top 10 exporters, 2019-23:
   • Change in volume of exports of major arms:
   • Top 5 importers and their major suppliers:
   • Importers of major arms by region:

Source: The Hindu, SIPRI

GDP Forecasts

1. Fitch Rating has increased the GDP forecast of India.
   • What ? Fitch Rating has increased its forecast for GDP growth of India to 7% for the fiscal year 2024-25 (FY25), up by 0.5% from its previous prediction of 6.5%.
   • Key points:
     • Revision is attributed to improving domestic demand and increasing investments.
     • For FY24, India’s GDP growth is estimated at 7.8%, while it is projected to be 6.5% for FY26.
     • Inflation:
       • Fitch predicts that the headline inflation rate will reach 4% by the end of FY25 and remain relatively stable in FY26.
     • Global Growth Forecast:
       • Fitch has revised its global growth forecast to 2.4% from the earlier projection of 2.1%, attributing this adjustment to the robust growth of the economy of the United States of America (USA).
         Source: BS

Awards

1. Golden Book Award
   • What ? Author Rakhi Kapoor has won her 2nd Golden Book Award for her 26th book titled Breaking Free Embracing Me – healing from Childhood Abuse and Toxic Conditioning.
   • Key points:
     • Wings Publication International announced the winners of the Golden Book Award 2024, an event that celebrates and honors remarkable authors and their literary works.
     • The author had previously won the award in 2023 for her 25th book, “Now You Breathe: Overcoming Toxic Relationships and Abuse“.
       Source: Print

2. Krystyna Pyszkova from Czech Republic crowned Miss World 2024.
   • What ? Krystyna Pyszkova from the Czech Republic has been crowned Miss World 2024 at a event held in Mumbai.
   • Yasmina Zaytoun from Lebanon secured the position of the 1st runner-up in the competition.
     Source: The Hindu

Important Days

1. March 15– World Consumer Rights Day 2024; Theme- Fair and Responsible AI for Consumers
   Source: ET
2. March 15- World Sleep Day 2024; Theme- Sleep Equity for Global Health
   Source: wsd

Sports

1. Mumbai wins the 42nd Ranji Trophy title.
   • What ? Mumbai cricket team has won Ranji Trophy 2023-2024 season by defeating Vidarbha in the finals held at Wankhede Stadium in Mumbai, Maharashtra.
   • Key points:
     • The Mumbai team clinched their 42nd Ranji Trophy title with this win, their 1st since 2016.
     • This year marked the 89th edition of the Ranji Trophy.
     • Tanmay Agarwal from Hyderabad made history by scoring 300 runs off just 147 balls, making him the fastest triple-hundred scorer in first-class cricket worldwide.
       Source: ET

Memorandum of Understanding

1. India-Singapore signed key MoU on law, dispute resolution to boost ties.
   • What ? India and Singapore have signed a MoU on cooperation between the two countries over law and dispute resolution.
   • Objective:
     • To improve cooperation between the two countries on issues, including international commercial dispute resolution.
   • Key points:
     • Ministry of Law of both countries will team up to share best practices and encourage the use of Alternative Dispute Resolution (ADR) methods.
     • The Singapore Mediation Centre (SMC) will oversee the formal ADR process. This involves neutral mediators facilitating discussions to reach settlements while keeping matters confidential.
     • A Joint Consultative Committee, led by high-ranking officials, will be established.
       Source: BS
2. MoU between Ministry of Heavy Industries and Indian Institute of Technology, Roorkee.
   • What ? The Ministry of Heavy Industries (MHI) and the Indian Institute of Technology, Roorkee have signed a MoU for improving innovation.
   • Objective:
     • To collaborate in improving innovation and advancing the automotive and electric vehicle (EV) sector.

   • Project Funding:
     • Total grant provided by MHI: ₹19.8745 Cr.
     • Additional contribution by industry partners: ₹4.78 Cr.
     • Total project cost: ₹24.6645 Cr.
       Source: PIB
3. ONDC, USOF, and Prasar Bharati join hands to digitally empower rural India.
   • What ? Open Network for Digital Commerce, USOF, and Prasar Bharti have signed MoU to offer affordable digital services in rural areas.
   • Objectives:
     • To combine broadband, OTT, and e-commerce services for rural India using BharatNet.
     • To improve digital access in rural regions by integrating various digital services.
       Source: ET
4. IIT Delhi signed an MoU with the Ministry of Rural Development (MoRD).
   • What ? IIT Delhi signed an MoU with the Ministry of Rural Development (MoRD) for research and development of artificial intelligence (AI) and geospatial technology to support rural development.
   • Objective:
     • To enhance operational efficiency and transparency of Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) projects.

   • Key points:
     • Under the project titled ‘BhuPRAHARI‘, will utilize ground and space-based geospatial technologies along with AI to monitor and manage assets under MGNREGA.
     • The project will be executed by the HydroSense lab led by Prof. Manabendra Saharia of IIT Delhi.
       Source: The Print

Appointments

1. New Election Commissioners appointed.
   • What ? Gyanesh Kumar and Dr. Sukhbir Singh Sandhu have taken charge as the New Election Commissioners in Election Commission of India.

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