29th-31st March, 2024

1. India has renewed the agreement to export electricity to Nepal for 3 months, extending until the end of June 2024.
2. Centre has notified a 3-10% increase in the wage rates for MGNREGA workers for the financial year 2024-25.
3. Israel Aerospace Industries (IAI) has opened an Indian subsidiary, AeroSpace Services India (ASI), in New Delhi.
4. India has released the 2nd tranche of Rs 500 Crore for the development of infrastructure related to the GyalSung Project in Bhutan.
5. SEBI has introduced the beta version of the T+0 rolling settlement cycle on an optional basis in the equity cash market.
6. Pension Fund Regulatory and Development Authority (PFRDA) has mandated two-factor Aadhaar authentication for accessing the Central Recordkeeping Agency (CRA) system.
7. Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurance policies must be issued in electronic form with effect from April 1, 2024.
8. Bharat Aluminium Company Limited (BALCO), a Vedanta Aluminium unit, is the 1st Indian company to earn ASI Performance Standard V3 Certification.
9. IRDAI has retained D-SIIs status for LIC, GIC Re, and New India Assurance, indicating their significance in the insurance sector.
10. The Reserve Bank of India (RBI) has revised the rules for investments in Alternative Investment Funds (AIFs).
11. “India TB Report 2024” has been released by the Ministry of Health and Family Welfare (MoHFW) on March 27, 2024.
12. United Nations Environment Programme (UNEP) has 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.
13. Morgan Stanley has raised GDP forecast of India for FY24-25 to 6.8% from 6.5%, citing sustained growth in industrial and capital expenditure activities.
14. Starburst Accelerator, a French aerospace and defense firm, has established a startup hub in collaboration with the Indian Institute of Technology-Madras (IIT Madras).
15. Joyshree Das Verma has assumed the role of the 41st National President of FICCI Ladies Organisation (FLO) for 2024-2025.
16. Ritu Raj Awasthi was sworn in as one of the 3 Judicial members of Lokpal of India on March 27, 2024.
17. Kamal Kishore of India has been appointed as Assistant Secretary-General and Special Representative of the UN Secretary-General for Disaster Risk Reduction on March 27, 2024.
18. Nidhu Saxena has been appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the Bank of Maharashtra (BOM).
19. Indian hockey goalkeeper Parattu Raveendran (PR) Sreejesh and Chilean women’s hockey player Camila Caram have been appointed as co-chairs of the International Hockey Federation’s (FIH) new Athletes Committee.
20. International Day of Zero Waste 2024
21. Louis Cameron Gossett Jr., the 1st Black man to win the Oscar for Best Actor in a Supporting Role has passed away.
22. Dr. Gurulinga Kapse, a renowned Kannada writer and Sahitya Akademi Awardee, passed away in Dharwad, Karnataka.
23. Renowned Israeli-American psychologist and Nobel laureate in Economics, Daniel Kahneman has passed away.

National News

1. India renewed the agreement to export electricity to Nepal.
   • What ? India has renewed the agreement to export electricity to Nepal for 3 months, extending until the end of June 2024.
   • Key points:
     • The renewal came in response to a request made by the Nepal Electricity Authority (NEA).
     • Under the renewed agreement, Nepal has the provision to import up to 554 megawatts (MW) of electricity from India between 6 am to 6 pm.
     • The electricity import capacity includes 500 MW from the Dhalkebar-Muzaffarpur cross-border transmission line and an additional 54 MW through the Tanakpur transmission line.
       Source: BS
2. Centre notifies 3-10% MGNREGA wage hike for 2024-25.
   • What ? Centre has notified a 3-10% increase in the wage rates for MGNREGA workers for the financial year 2024-25.
   • Key points:
     • Regional Variation:
       • Goa and Karnataka have seen the highest percentage increase, while Uttar Pradesh and Uttarakhand experienced the lowest increase at 3%.
       • Andhra Pradesh, Telangana, and Chattisgarh have seen robust increases.
     • Average Wage Increase:
       • The average wage increase across India is ₹28 per day.
       • The average wage for FY 2024-25 is set at ₹289, compared to ₹261 for FY 2023-24.
     • Maximum and Minimum Wages:
       • Haryana has the highest daily wage at ₹374, while Arunachal Pradesh and Nagaland have the lowest at ₹234.
     • Parliamentary Committee Recommendations:
       • The Parliamentary Committee on Rural Development has highlighted the inadequacy of wages.
       • They have called for a revision of the base year and rate, and have raised concerns about delays in wage dispersion.
     • Budget Allocation:
       • The Centre has allocated ₹86,000 crore for MGNREGA in the Union Budget 2024-25, which is consistent with the revised estimate for 2023-24.
     • States have the flexibility to provide wages above the notified rates.
     • MGNREGA wages are determined based on changes in the Consumer Price Index for Agricultural Labour (CPI-AL), which reflects rural inflation.

3. Israel Aerospace Industries opens Indian subsidiary in Delhi.
   • What ? Israel Aerospace Industries (IAI) has opened an Indian subsidiary, AeroSpace Services India (ASI), in New Delhi.
   • ASI is the sole authorized Original Equipment Manufacturer’s (OEM) Technical Representative for the entire Medium Range Surface-to-Air Missile (MRSAM) system.
     Source: BS
4. India released the 2nd tranche of Rs 500 Crore for GyalSung Project in Bhutan.
   • What ? India has released the 2nd tranche of Rs 500 Crore for the development of infrastructure related to the GyalSung Project in Bhutan.
   • Key points:
     • In January 2024, a Memorandum of Understanding (MoU) was signed between India and Bhutan on concessionary financing arrangements for the GyalSung Infrastructure Project.
     • This MoU outlined the framework for disbursing Rs 1,500 Crore to the Royal Government of Bhutan.
     • Funding:
       • The second tranche has been released, following the first tranche of Rs 500 Crore disbursed on January 28, 2024.
       • So far, the Government of India has provided Rs 1000 Crore to the Government of Bhutan.
     • About GyalSung:
       • GyalSung is a national initiative in Bhutan, launched by His Majesty King Jigme Khesar Namgyel Wangchuck on the 112th National Day of Bhutan, December 17, 2019.
       • It aims to enhance the skills of Bhutanese youth, empowering them to contribute to national development.
       • It also seeks to help Bhutanese youth realize their potential as competent and productive citizens in the service of Tsawa Sum.
         Source: livemint

Banking and Economy

1. SEBI launches Beta version of T+0 trade settlement.
   • What ? SEBI has introduced the beta version of the T+0 rolling settlement cycle on an optional basis in the equity cash market.
   • Key points:
     • This allows for same-day transaction settlement, eliminating the one-day settlement period (T+1).
     • The provisions of the T+0 settlement cycle came into effect from March 28, 2024.
     • Initially, the T+0 settlement cycle has been introduced for a limited set of 25 scrips and with a restricted number of brokers.

   • NSE Transaction Charges Reduction:
     • The National Stock Exchange of India (NSE) has approved a 1% reduction in overall transaction charges across both cash equity and equity derivatives segments.
     • This change will take effect from April 1, 2024.
       Source: Indian Express
2. PFRDA has mandated Two-Factor aadhaar authentication for CRA.
   • What ? Pension Fund Regulatory and Development Authority (PFRDA) has mandated two-factor Aadhaar authentication for accessing the Central Recordkeeping Agency (CRA) system.
   • Objective:
     • To improve security for National Pension System (NPS) transactions.
   • Key points:
     • Effective from: April 1, 2024
     • Around 1,600 government offices will implement two-factor Aadhaar authentication for accessing the CRA system.
     • The introduction of two-factor Aadhaar authentication adds an extra security layer, reducing the risk of unauthorized access and safeguarding NPS transactions.

   • How it works?
     • The current user ID and password-based login process will be integrated with Aadhaar-based login authentication.
     • This will enable two-factor authentication for accessing the CRA system.
       Source: ET
3. IRDAI has mandated E-Insurance for All New Policies.
   • What ? Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurance policies must be issued in electronic form with effect from April 1, 2024.
   • Key points:
     • The concept of keeping shares in a demat account is analogous to this approach.
     • The term “e-insurance” refers to the electronic acquisition and management of insurance policies.
     • With this system, an individual’s insurance plans are collectively held in their e-Insurance Account (eIA).
     • Although IRDAI mandates the digital issuance of new policies, policyholders can choose to keep older policies in physical form, except in exceptional circumstances.
     • To prevent duplication of e-Insurance accounts across insurance repositories, IRDAI has established an industry service called i-Trex.

4. BALCO under Vedanta has received 1st ASI Performance Standard Certification of India.
   • What ? Bharat Aluminium Company Limited (BALCO), a Vedanta Aluminium unit, is the 1st Indian company to earn ASI Performance Standard V3 Certification.
   • Key points:
     • The certification applies to the production and distribution of a broad range of primary aluminum products at BALCO’s Korba facility in Chhattisgarh.
     • The ASI is a global sustainability certification program for the aluminum industry.
     • It sets standards for responsible production, sourcing, and stewardship of aluminum.
       Source: vedanta

5. IRDAI retains D-SIIs status for LIC, GIC Re, and New India Assurance.
   • What ? IRDAI has retained D-SIIs status for LIC, GIC Re, and New India Assurance, indicating their significance in the insurance sector.
   • Key points:
     • D-SIIs are deemed ‘too big or too important to fail‘, requiring additional regulatory measures to address systemic risks.
     • D-SIIs face enhanced corporate governance and comprehensive risk management frameworks to mitigate systemic risks and moral hazards.
       Source: BS

6. RBI has modified rules governing investments in alternative investment funds (AIFs).
   • What ? The Reserve Bank of India (RBI) has revised the rules for investments in Alternative Investment Funds (AIFs).
   • Key points:
     • This change offers relief to lenders, who were previously required to make extensive provisions, and investors, who were dealing with an abrupt capital shortage.
     • Before this, the RBI required banks and non-bank lenders to either sell their investments in AIFs linked to companies they had previously loaned to, or make 100% provisions against them.
     • This directive was issued under Sections 21 and 35A of the Banking Regulation Act, 1949, along with other relevant sections of the RBI Act, 1934, and the National Housing Bank Act, 1987.
     • Downstream investments for REs should exclude equity shares of debtor companies, while other investments like hybrid instruments may be included.
     • Provisions are only required for the RE’s investment in the AIF scheme, not the entire investment in the scheme.
     • This directive does not apply to investments by REs in AIFs through intermediaries such as funds of funds or mutual funds.
       Source: livemint

   
   
   
   

Reports and Indices

1. Ministry of Health and Family Welfare (MoHFW) has released “India TB Report 2024”.
   • What ? “India TB Report 2024” has been released by the Ministry of Health and Family Welfare (MoHFW) on March 27, 2024.
   • Key findings:
     • Incidence and Mortality Reduction:
       • India saw a decline of 16% in TB cases and an 18% reduction in mortality since 2015.
       • The incidence rate dropped from 237 per lakh population in 2015 to 199 per lakh population in 2022.
       • The mortality rate decreased from 28 per lakh population in 2015 to 23 per lakh population in 2022.
     • Notification and Diagnosis:
       • 25.5 lakh instances reported in 2023, the highest since the 60s.
       • 33% (8.4 lakh cases) notifications from the private sector in 2023, up by 17% from 2022.
       • Uttar Pradesh saw a 21% increase in TB cases, followed by Bihar (15%).
     • Testing and Treatment:
       • 24.7 lakh individuals were diagnosed with drug-susceptible (DS) TB in 2023.
       • 189 crore sputum smear tests and 68.3 lakh NAAT tests were conducted in 2023.
       • 95% of patients diagnosed with TB received treatment.
     • Government Initiatives:
       • The government aims to eliminate TB from India by 2025.
       • Financial support is provided through Direct Benefit Transfer (DBT) under Nikshay Poshan Yojana.
       • 1.5 lakh Ni-kshay Mitras supporting TB patients.
     • Overall Impact:
       • Total Annualized TB Case Notification Rate (ACNR) at 178.8 per lakh population, which is the highest ever.
       • Treatment coverage improved to 80% of estimated TB cases.
       • The population facing health expenditure burden is estimated at 15%.
         Source: Indian Express

2. UNEP releases Food Waste Index Report 2024-Think Eat Save Tracking Progress to Halve Global Food Waste’.
   • What ? United Nations Environment Programme (UNEP) has 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.
   • Report Collaboration: The report is a joint effort between UNEP and the Waste and Resources Action Programme (WRAP), analyzing data from households, food services, and retailers.
   • Key Findings:
     • An estimated 19% of food produced globally in 2022, which amounts to 1.05 billion metric tons, or 132 kilograms per person.
     • Waste Breakdown: 60% from households, 28% from food service, and 12% from retailers contribute to food waste.
     • Global Impact: Food loss and waste contribute to food crises, with 783 million people experiencing chronic hunger and 150 million children suffering from stunted growth due to malnutrition.
     • Environmental Impact: Food waste generates between 8-10% of global greenhouse gas emissions. If treated as a country, it would rank third after China and the US.
     • Government and Industry Actions: Public-private partnerships are focusing on measurement and redistribution strategies to reduce food waste.
     • Tracking Systems: Only a few G20 countries have suitable food waste tracking systems, underscoring the need for consistent measurement and reporting.
     • National Climate Plans: As of 2022, only 21 countries have included food loss and waste reduction in their national climate plans.
       Source: unep

GDP Forecasts

1. Morgan Stanley increased India’s GDP forecast for FY24-25 to 6.8% from 6.5%.
   • What ? Morgan Stanley has raised GDP forecast of India for FY24-25 to 6.8% from 6.5%, citing sustained growth in industrial and capital expenditure activities.
   • Key points:
     • For the calendar year 2024, the Indian economy is projected to grow at 6.8%, compared to the earlier estimate of 6.4%.
     • GDP of India growth for FY24 is forecasted to be at 7.9%, with Q4FY24 GDP growth expected to be at 7% and gross value added growth at 6.7%.
     • Growth in FY25 is expected to be broad-based, with a narrowing rural-urban consumption gap and increased private-public capital expenditure.
     • Inflation and Current Account: Consumer Price Index (CPI) inflation is projected to moderate to 4.5%, with the current account deficit expected to be around 1% of GDP.
     • Capex Outlook: Capital expenditure (Capex) is anticipated to exceed nominal GDP growth in 2024-25 and 2025-26.
     • Consumption Dominance: Consumption remains dominant, constituting 60.3% of GDP, with private consumption rebounding close to pre-pandemic levels.
     • Global Growth: Global growth is expected to slightly decline to 2.8% in 2024 but stabilize at 2.9% in 2025.
       Source: BS

Memorandum of Understanding

1. MoU between Starburst Accelerator and Indian Institute of Technology-Madras (IIT Madras).
   • What ? Starburst Accelerator, a French aerospace and defense firm, has established a startup hub in collaboration with the Indian Institute of Technology-Madras (IIT Madras).
   • Key points:
     • This hub is focused on the Aviation, Space, and Defense (ASD) sectors.
     • The collaboration includes funding support of 100 million Euros to establish innovative accelerator programs and support startups in the ASD sector.
       Source: ET

Important Days

1. March 30: International Day of Zero Waste 2024
   • It is observed to highlight the importance of bolstering waste management and promoting sustainable consumption and production patterns.
     Source: unep

   
   

Appointments

1. Joyshree Das Verma has taken over as the 41st National President of FICCI Ladies Organisation.
   • What ? Joyshree Das Verma has assumed the role of the 41st National President of FICCI Ladies Organisation (FLO) for 2024-2025.
   • Key points:
     • She has succeeded Sudha Shivkumar and before this, she has also served as the National Senior Vice President.
     • The theme for her tenure is “Collective Vision, Collaborative Action“
     • FLO is the oldest women-led business chamber in Southeast Asia, affiliated with FICCI.

2. Ritu Raj Awasthi sworn in as one of the three Judicial members of Lokpal.
   • What ? Ritu Raj Awasthi was sworn in as one of the 3 Judicial members of Lokpal of India on March 27, 2024.
   • Key points:
     • Oath of office was administered by Justice AM Khanwilkar, Chairperson of Lokpal of India, at the Lokpal office in New Delhi.
     • Earlier served as the Chairperson of the 22nd Law Commission of India from November 2022.
       Source: PIB

   
   
   
   
3. Kamal Kishore of India appointed as Assistant Secretary-General and Special Representative of the UN Secretary-General for Disaster Risk Reduction.
   • What ? Kamal Kishore of India has been appointed as Assistant Secretary-General and Special Representative of the UN Secretary-General for Disaster Risk Reduction on March 27, 2024.
   • He will succeed Mami Mizutori of Japan, who held the post since January 2018.
     Source: Indian Express
4. Nidhu Saxena appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the Bank of Maharashtra (BOM).
   • What ? Nidhu Saxena has been appointed as the Managing Director and Chief Executive Officer (MD & CEO) of the Bank of Maharashtra (BOM).
   • This appointment is for 3 years, starting from March 27, 2024.
     Source: FE

5. PR Sreejesh appointed co-chair of the International Hockey Federation’s (FIH) new Athletes Committee.
   • What ? Indian hockey goalkeeper Parattu Raveendran (PR) Sreejesh and Chilean women’s hockey player Camila Caram have been appointed as co-chairs of the International Hockey Federation’s (FIH) new Athletes Committee.
   • The FIH Athletes Committee serves as a consultative body making recommendations to the FIH Executive Board, FIH Committees, Advisory Panels, and other bodies.
     Source: The Hindu

Miscellaneous

1. Louis Cameron Gossett Jr., the first Black man to win the Oscar passed away.
   • What ? Louis Cameron Gossett Jr., the 1st Black man to win the Oscar for Best Actor in a Supporting Role has passed away.
   • He has won this award for his performance in “An Officer and a Gentleman” in 1983.
     Source: The Hindu
2. Kannada writer and Sahitya Akademi Awardee, Dr. Gurulinga Kapse passed away.
   • What ? Dr. Gurulinga Kapse, a renowned Kannada writer and Sahitya Akademi Awardee, passed away in Dharwad, Karnataka.
   • Awards:
     • He received the Sahitya Akademi Translation Prize in 2021 for his book “Ondu Putada Kathe,” a Kannada translation of Marathi writer V. S. Khandekar’s autobiography.
     • In 2004, he was honored with the Rajyotsava Award for Literature by the Karnataka government.
       Source: The Hindu
3. Israeli-American psychologist and Nobel laureate, Daniel Kahneman passed away.
   • What ? Renowned Israeli-American psychologist and Nobel laureate in Economics, Daniel Kahneman has passed away.
   • Awards:
     • Nobel Prize:
       • Kahneman received the Nobel Prize in Economic Sciences in 2002.
       • His groundbreaking work integrated insights from psychological research into economic science, particularly concerning human judgment and decision-making under uncertainty.
       • He has shared this award with American economist Vernon Lomax Smith.
     • In 2007, the American Psychological Association honored Kahneman with the Lifetime Contribution Award.
     • In recognition of his significant contributions to behavioral economics and decision-making theory, Kahneman was awarded the United States’ Presidential Medal of Freedom in 2013.
       Source: guardian

Start Quiz of 29th-31st March 2024 on Mobile

Start Quiz of 29th-31st March 2024 on Desktop