12th-13th March, 2024

1. Union Cabinet has approved the continuation of targeted subsidies for Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries until 2024-25.
2. Union Cabinet has approved an investment of Rs 10,371.92 crore for the India Artificial Intelligence (AI) mission.
3. Union Cabinet has approved the proposal of the Department for Promotion of Industry and Internal Trade for the Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI – 2024).
4. Cabinet Committee on Economic Affairs has given its approval for the Minimum Support Prices (MSP) for Raw Jute for the 2024-25 season.
5. Prime Minister Narendra Modi has virtually inaugurated the priority corridor of the Agra Metro Rail Project.
6. Centre has notified Rules for the Citizenship Amendment Act (CAA) on March 11, enabling the implementation of the law more than four years after its passage by Parliament in December 2019.
7. Kerala has launched ‘CSpace,’ the 1st government-owned OTT platform, managed by the Kerala State Film Development Corporation (KSFDC).
8. Sweden officially joins NATO as its 32nd member after completing its accession process.
9. Vadodara Municipal Corporation has issued 1st certified green municipal bond of Asia, raising 1 billion rupees ($12.07 million) in funds.
10. SEBI has introduced a third settlement scheme for entities involved in reversal trades in the stock options segment on BSE in 2014 and 2015.
11. Aditya Birla Capital Ltd. has announced the merger of its wholly-owned subsidiary, Aditya Birla Finance Ltd., with itself to create a large unified operating non-banking finance company (NBFC).
12. Real GDP growth in India is projected to slow down to 6.8% in the fiscal year 2025, as per CRISIL’s India Outlook 2024 Report.
13. Indian Coast Guard (ICG) and the United States Coast Guard (USCG) have conducted security exercise “Sea Dragon 2024”.
14. India has successfully tested a new-age Agni-5 ballistic missile equipped to carry multiple warheads, each of which is capable of hitting a separate target.
15. 55th Raising Day of Central Industrial Security Forces
16. International Day of Women Judges 2024
17. Gustavo Lino Adrianzen Olaya has been appointed as the Prime Minister, also known as the President of the Council of Ministers, of the Republic of Peru, effective from March 6, 2024.

National News

1. Continuation of Rs.300 targeted subsidy to PM Ujjwala Yojana Consumers.
   • What ?
     Union Cabinet
     has approved the continuation of targeted subsidies for Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries until 2024-25.
   • Key points:
     • This subsidy amounts to Rs. 300 per 14.2 kg cylinder for up to 12 refills per year during the fiscal year 2024-25.
     • The total expenditure for providing subsidies to PMUY beneficiaries during the financial year 2024-25 is estimated to be Rs. 12,000 crore.
     • Average LPG consumption among PMUY consumers has increased by 29% from 3.01 refills in 2019-20 to 3.87 refills (till January 2024) prorated for 2023-24.
   • About PMUY:
     • Launched: May 2016
     • It aims to provide deposit-free LPG connections to adult women from poor households, facilitating access to clean cooking fuel.
       Source: PIB
2. Government announces India AI mission.
   • What ? Union Cabinet has approved an investment of Rs 10,371.92 crore for the India Artificial Intelligence (AI) mission.
   • Objective:
     • To establish a comprehensive ecosystem for AI, catalyze innovation in AI technologies, and promote the application of AI across various sectors.

   • Key points:
     • The mission of AI aligns with the ‘Making AI in India‘ vision, which emphasizes the in-country development and production of AI technologies.
     • Similarly, it is in line with the ‘Making AI Work for India‘ vision, focusing on the practical application of AI technologies to tackle challenges and stimulate progress in various sectors of the Indian economy.
     • It aims to create a conducive environment for AI growth by encouraging collaboration among industry, academia, and government agencies.
       Source: TOI

3. Uttar Poorva Transformative Industrialization Scheme, 2024.
   • What ? Union Cabinet has approved the proposal of the Department for Promotion of Industry and Internal Trade for the Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI – 2024).
   • Key points:
     • The scheme will run for 10 years from the date of notification, with an additional 8 years for committed liabilities.
     • The total investment amounts to Rs. 10,037 crore.
     • The scheme provides various incentives for investors who are setting up new units or expanding existing ones such as capital investment incentives, central capital interest subvention, and manufacturing & services-linked incentives (MSLI).
     • Industrial units can apply for registration from the date of notification until March 31, 2026.
     • All applications must be processed by March 31, 2027.

The following incentives would be available under the scheme to investors for setting up new units or undertaking significant expansion of the existing units:

Source: PIB

4. Minimum Support Price for Raw Jute for 2024-25 Season.
   • What ? Cabinet Committee on Economic Affairs has given its approval for the Minimum Support Prices (MSP) for Raw Jute for the 2024-25 season.
   • Key points:
     • MSP for Raw Jute (TDN-3 equivalent to earlier TD-5 grade) has been fixed at Rs. 5,335/- per quintal for the 2024-25 season.
     • MSP for Raw Jute for the 2024-25 season represents an increase of Rs. 285/- per quintal compared to the previous season.
     • The decision on MSP is based on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
     • Jute Corporation of India (JCI) will continue as the Central Government Nodal Agency to undertake Price Support Operations. Any losses incurred in such operations will be fully reimbursed by the Central Government.

   • Why MSP on Jute is provided?
     • The objective of setting MSP for Raw Jute is to provide support and assurance to jute farmers, ensuring a fair price for their produce and promoting their welfare.
       Source: PIB

5. PM Narendra Modi inaugurates priority section of Agra Metro.
   • What ? Prime Minister Narendra Modi has virtually inaugurated the priority corridor of the Agra Metro Rail Project.
   • Key points:
     • It connects UNESCO World Heritage sites such as the Taj Mahal, Agra Fort, and Sikandra Tomb for tourists.
     • Agra Metro services have been started for the general public on March 7.
     • Agra Metro Rail Project backed by EUR 450 million loan from the European
       Investment Bank
       (EIB) covers the construction of 2 interconnected urban metro rail lines.
     • Corridor Details:
       • 1st corridor of the Agra Metro spans from Taj East Gate to Sikandra, covering a distance of 14 km.
       • 2nd corridor extends from Agra Cantt Station to Kalindi Vihar, covering a distance of 16 km.
     • Total costs: Rs 8,379 crore
       Source: IE
6. Centre notified Rules for the Citizenship Amendment Act (CAA).
   • What ? Centre has notified Rules for the Citizenship Amendment Act (CAA) on March 11, enabling the implementation of the law more than four years after its passage by Parliament in December 2019.
   • Eligibility Criteria:
     • CAA benefits Hindu, Sikh, Buddhist, Jain, Parsi, or Christian migrants from Pakistan, Bangladesh, and Afghanistan who entered India before December 31, 2014, and seek Indian citizenship.
     • This group includes individuals living in India illegally or on long-term visas (LTV).
   • Information Required:
     • Intended beneficiaries of the CAA need to provide certain information, including their country of origin, religion, date of entry into India, and knowledge of an Indian language to apply for Indian citizenship.

   • CAA has reduced the period of citizenship by naturalization from 11 years to 5 years for eligible migrants.
   • Acceptable Proof of Citizenship:
     • Birth or educational institution certificates, identity documents, licenses, land or tenancy records, or any other document issued by these countries can be accepted as the proof of citizenship.

   • Acceptable Proof of Ancestry:
     • Documents proving that the applicant’s parents, grandparents, or great grandparents were citizens of one of the three countries can also establish citizenship eligibility.

   • Relaxation of Language Requirement:
     • Requirement of a certificate from an educational institution certifying knowledge of an Indian language has been eliminated.
     • Now, a declaration of language proficiency and the ability to speak the language is sufficient.
       Source: Indian Express
     
     

State News

1. Kerala launches state-owned OTT platform CSpace.
   • What ? Kerala has launched ‘CSpace,’ the 1st government-owned OTT platform, managed by the Kerala State Film Development Corporation (KSFDC).
   • More about CSpace: –
     • It aims to promote films with artistic and cultural value without neglecting the mainstream film industry.
     • CSpace will only stream films that have already been released in theaters, ensuring that it does not undermine the interests of producers and exhibitors.
     • It will also feature films that have won state, national, and international awards.
     • It has introduced a new crowd-funding route to help producers recover their investments.
     • Viewers can access the platform on a pay-per-view basis, with a nominal fee for feature films and shorter content.
     • Viewers can download the CSpace app from Play Store and App Store, making it easily accessible to a wide audience.
       Source: HBL

   
   

International News

1. Sweden officially joins NATO.
   • What ? Sweden officially joins NATO as its 32nd member after completing its accession process.
   • Key points:
     • Swedish Prime Minister Ulf Kristersson and U.S. Secretary of State Antony Blinken presided over a ceremony at the State Department where Sweden’s “instrument of accession” to NATO was deposited.
     • Sweden, along with Finland (which joined NATO the previous year), abandoned its long-standing military neutrality in response to the evolving security situation in Europe.
   • About NATO:
     • It is an intergovernmental military alliance of 32 member states (30 European and two North American).
     • It was established in 1949 and headquartered at Brussels, Belgium.
       Source: The Hindu

Banking and Economy

1. 1st certified green municipal bond in Asia.
   • What ? Vadodara Municipal Corporation has issued 1st certified green municipal bond of Asia, raising 1 billion rupees ($12.07 million) in funds.
   • Key points:
     • Coupon rate: semi-annual of 7.90%
     • The proceeds from the bond issuance will be utilized to build and enhance liquid wastewater management infrastructure across the city of Vadodara.
     • Bonds are rated AA+ by India Ratings and have received a green security certificate from the Climate Bond Initiative.
       Source: ET

2. Sebi introduces third settlement scheme on illiquid stock option cases.
   • What ? SEBI has introduced a third settlement scheme for entities involved in reversal trades in the stock options segment on BSE in 2014 and 2015.
   • Key points:
     • The scheme will be in effect from March 11 to May 10.
     • It offers a settlement opportunity for entities involved in the manipulation of illiquid stock options from April 1, 2014, to September 30, 2015.
     • Entities facing proceedings initiated by any authority or forum for executing reversal trades in stock options during this period can settle these proceedings by participating in the scheme.
     • Scheme lets entities avoid the delays and costs that come with legal proceedings, among other benefits.
     • In January 2021, 1,018 entities used the settlement scheme, and By March 2023, a total of 10,980 entities had taken advantage of the 2022 settlement scheme.
       Source: BS
     
     

   
   
3. Aditya Birla Finance to merge with parent Aditya Birla Capital.
   • What ? Aditya Birla Capital Ltd. has announced the merger of its wholly-owned subsidiary, Aditya Birla Finance Ltd., with itself to create a large unified operating non-banking finance company (NBFC).
   • Objective:
     • To create a strong capital base for Aditya Birla Capital to grow its business and serve customers better

   • About Aditya Birla Capital & Aditya Birla Finance:
     • Aditya Birla Capital is a listed, systemically important non-deposit taking core investment company (NBFC-CIC).
     • Aditya Birla Finance is a non-deposit taking systematically important NBFC (NBFC-ICC).

   • Leadership after merger:
     • Vishakha Mulye would assume the role of MD & CEO, while Rakesh Singh would become the Executive Director and CEO (NBFC) of the amalgamated company.

   • After merger, Aditya Birla Capital would transition from a holding company to an operating NBFC.
     Source: The Hindu
   
   
   
   

Reports and Indices

1. CRISIL’s India Outlook 2024 Report.
   • What ? Real GDP growth in India is projected to slow down to 6.8% in the fiscal year 2025, as per CRISIL’s India Outlook 2024 Report.
   • The report is titled “Growth Marathon – Emerging Sectors, Investments, Efficiency Gains Priming India’s Medium Term Pace (March 2024).”
   • Key observations:
     • The real GDP growth is projected to slow to 6.8% in fiscal year 2025, a decrease from the 7.6% expansion in FY24.
     • Due to reduced input costs, subdued domestic demand, improved agricultural production, and stable oil and commodity prices, inflation is expected to drop to 4.5% in FY 25.
     • Factors such as interest rate adjustments and lower fiscal impulses are reported to be responsible for the slowdown in GDP growth, as they are expected to dampen demand.
     • Manufacturing and services are expected to grow at rates of 9.1% and 6.9%, respectively, between FY 2025 and FY 2031.

Defence News

1. India USA Maritime security exercise “Sea Defender 2024” held in Port Blair.
   • What ? (ICG) and the United States Coast Guard (USCG) have conducted security exercise “Sea Dragon 2024”.
   • Objective:
     • To showcase the expertise of both forces in various scenarios while strengthening their capabilities for joint maritime operations.
   • Key points:
     • A highlight of the exercise was the Pollution Response Demonstration, showcasing the proficiency of Indian Coast Guard ships and aircraft in responding to oil spills and environmental hazards at sea.
     • Simulated Visit Board Search and Seizure (VBSS) Operations were conducted to inspect vessels suspected of illegal activity, demonstrating both forces’ capabilities in maritime law enforcement.
       Source: DD
2. Mission Divyastra
   • What ? India has successfully tested a new-age Agni-5 ballistic missile equipped to carry multiple warheads, each of which is capable of hitting a separate target.
   • About Multiple Independently Targetable Re-entry Vehicle (MIRV) Technology:
     • Agni-5 is equipped with MIRV technology, allowing it to carry multiple warheads capable of hitting separate targets.
     • This technology is only possessed by a limited number of countries globally.
   • The next version of the Agni missile, Agni-6, is anticipated to become a fully-fledged intercontinental ballistic missile with a range exceeding 7,000 km.
   • With a range of over 5,000 km, the Agni-5 missile mainly aims to counter potential threats from China.
   • Developed by: Defence Research and Development Organisation (DRDO)
     Source: Indian Express

Important Days

1. 10 March– 55th Raising Day of Central Industrial Security Forces
2. 10 March– International Day of Women Judges 2024

Appointments

1. New Prime Minister of Peru.
   • What ? Gustavo Lino Adrianzen Olaya has been appointed as the Prime Minister, also known as the President of the Council of Ministers, of the Republic of Peru, effective from March 6, 2024.

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