National
1. On 1st March 2024, India's Environment Ministry secured Cabinet approval to institute an International Big Cat Alliance (IBCA) headquartered in New Delhi. The intergovernmental coalition mimics the International Solar Alliance model pioneered by India for boosting global tiger conservation efforts.
2. The Telangana government recently announced key strategic plans to boost growth and innovation across the state's thriving life sciences ecosystem clustered in Hyderabad. Industries Minister D. Sridhar Babu announced that the state will facilitate formation of a Life Sciences GCC (Genome Valley Cluster Companies) Consortium.
3. On 2nd March India's Ministry of External Affairs confirmed that the first batch of Indian technical personnel has arrived in Maldives to take over operating duties of some military staff deployed in the island nation. The move follows recent discussions between both governments to replace soldiers with technical teams.
4. On 2nd March, India inked an $11 million grant project with Sri Lanka and a private partner to install hybrid renewable energy infrastructure across three islands off Jaffna peninsula in northern Sri Lanka.
5. Recently, Prime Minister Narendra Modi laid the foundation stone for India's second spaceport located in Kulasekarapattinam, Tamil Nadu. The ambitious Rs. 950 crore facility will complement the existing spaceport in Andhra Pradesh and advance India's space program.
6. President of India, Smt. Droupadi Murmu, will confer the prestigious Sangeet Natak Akademi Awards (Akademi Puraskar) for the years 2022 and 2023 to 94 eminent artists. The awards are given in various fields of performing arts, including music, dance, drama, folk & tribal arts, puppetry, and allied theatre art forms.
7. Recently, core loading in core loading activities for India's first indigenous prototype fast breeder reactor (PFBR) in Kalpakkam, Tamil Nadu took place and the event was witnessed by the Prime Minister of India Narendra Modi. This marks a significant milestone for the country's three-stage nuclear power program towards enhanced energy security.
8. In March 2024, Chief Justice of India D. Y. Chandrachud stated the Supreme Court is devising an objective framework to recognize "super performer" trial court judges across India. This aims to motivate those efficiently clearing massive case backlogs through additional incentives amidst a growing pileup.
9. In a landmark decision on 4th March 2024, the Supreme Court of India ruled that Members of Parliament (MPs) and members of legislative assemblies (MLAs) cannot claim immunity from prosecution in cases involving bribery for votes or speeches in their respective houses. The seven-judge bench, headed by Chief Justice of India D. Y. Chandrachud, overturned the 1998 judgment in the P. V. Narasimha Rao versus CBI case.
10. On 5th March 2024, Prime Minister Narendra Modi laid the foundation stone and dedicated to the nation multiple development projects worth over Rs. 19,600 crores in Chandikhole, Jajpur district of Odisha. The projects span across various sectors including oil & gas, railways, road, transport & highways, and atomic energy.
11. In a significant move to enhance the travel experience for passengers, online food ordering and delivery platform Swiggy has partnered with the Indian Railway Catering and Tourism Corporation (IRCTC) to deliver pre-ordered meals on trains. The Memorandum of Understanding (MoU) was signed on 5th March 2024, between Sanjay Kumar Jain, Chairman and Managing Director of IRCTC, and Rohit Kapoor, CEO of Swiggy Food Marketplace.
12. On 6th March 2024, the Supreme Court of India reprimanded the Uttarakhand government for its involvement in the felling of trees and unauthorized construction activities within the Jim Corbett National Park. The apex court imposed a ban on tiger safaris in the core areas of the park, allowing them only in the peripheral and buffer zones.
13. During the 10th India-South Korea Joint Commission Meeting (JCM) held in Seoul on 6th March 2024, India's External Affairs Minister S. Jaishankar expressed India's desire to expand its strategic partnership with South Korea into new areas such as critical and emerging technologies, semiconductors, and green hydrogen.
14. Prime Minister Narendra Modi inaugurated India's first underwater metro section in Kolkata on Wednesday, 6th March 2024. The Kolkata Metro's Howrah Maidan-Esplanade section is a groundbreaking addition to the metropolitan transportation network, marking the country's first metro tunnel beneath a significant river.
15. On 7th March 2024, Kerala Chief Minister Pinarayi Vijayan launched India's first state-run over-the-top (OTT) platform named 'CSpace' in Thiruvananthapuram. The platform, managed by the Kerala State Film Development Corporation (KSFDC), aims to showcase award-winning films, short films, documentaries, and other content that have not received wide theatrical releases but possess significant artistic and cultural merit.
16. The V-Dem Institute's Democracy Report 2024 has once again categorized India as an electoral autocracy, with the country's democracy scores continuing to fall across various components. The report, titled "Democracy Winning and Losing at the Ballot," highlights India's ongoing autocratization process and its position among the top 10 standalone autocratizers in 2023.
17. In a significant move to protect citizens from financial fraud, the Indian government has launched a digital platform called Chakshu. Developed by the Department of Telecommunication, this platform enables individuals to report fraudulent calls and text messages, creating a robust defense against faceless criminals who use technology to deceive and rob people of their money.
18. Union Minister for Environment, Forest and Climate Change, has recently announced that South African cheetah 'Gamini' has given birth to five cubs at Kuno National Park in Madhya Pradesh's Sheopur. This new litter brings the total number of Indian-born cheetah cubs to 13, and the overall cheetah population in the park to 26.
19. The Small Industries Development Bank of India (SIDBI) has achieved a significant milestone by securing approval from the Green Climate Fund (GCF) for its first anchored project, the Avaana Sustainability Fund (ASF), valued at USD 120 million. The closure was announced at the 38th board meeting of the GCF in Kigali, Rwanda.
20. In a surprising turn of events, Election Commissioner Arun Goel tendered his resignation on 9th March 2024, just days before the anticipated announcement of the Lok Sabha election schedule. The sudden departure has raised questions about the functioning of the Election Commission of India (ECI) and the reasons behind Goel's decision.
21. On 11th March 2024, the Centre notified the Rules for the Citizenship Amendment Act (CAA), setting the stage for the implementation of the controversial law more than four years after its passage in Parliament in December 2019.
22. In a surprising turn of events, Manohar Lal Khattar resigned as the Chief Minister of Haryana on 13th March 2024, amid a fresh political crisis in the state. The Bharatiya Janata Party (BJP) legislature party swiftly elected Nayab Saini as the new Chief Minister, who took oath of office on the same day.
23. In a significant development for the Indian media landscape, public broadcaster Prasar Bharati launched PB-SHABD, a news-sharing service designed to provide daily news feeds in various formats to media organizations. The launch event, held at the National Media Centre in New Delhi, was presided over by Union Minister of Information and Broadcasting Anurag Singh Thakur.
24. In an unexpected turn of events, Chief Election Commissioner (CEC) Rajiv Kumar finds himself as the sole member of the Election Commission (EC) following the resignation of Election Commissioner Arun Goel. This development comes at a crucial time, just ahead of the announcement of the 2024 Lok Sabha polls.
25. India witnessed the launch of a new regional airline, FLY91, on 14th March 2024. The airline, backed by aviation veteran Manoj Chacko, was virtually flagged off by Civil Aviation Minister Jyotiraditya Scindia. FLY91's inaugural flight took off from Goa's Mopa airport, connecting to Agatti in Lakshadweep.
26. The Department of Pharmaceuticals has notified the Uniform Code of Pharmaceutical Marketing Practices (UCPMP) 2024, which aims to curb unethical marketing practices by pharmaceutical companies.
27. In a significant move aimed at curbing rising instances of fatal dog attacks across the country, the central government has directed all states and union territories to impose an immediate ban on the import, sale and breeding of 25 breeds of dogs deemed "ferocious" and dangerous to human life.
28. Pobitora Wildlife Sanctuary is located on the southern bank of Brahmaputra in Assam. It is known to have the highest concentration of one-horned rhinoceros. It is often referred to as 'Mini Kaziranga' because of similarities with regards to the landscape and fauna. In the annual bird survey held in 2022, this sanctuary was found to host 58 species of waterfowls. This is lesser than the previous year's record of 64 species.
29. Union Minister Ashwini Vaishnaw announced recently that India is on the cusp of becoming a major exporter of forged wheels used in trains, after being an importer for over six decades. The minister revealed that a new plant being set up in Gummidipoondi near Chennai will start producing forged wheels for Vande Bharat trains in the next 16-18 months.
30. A high-level committee headed by former President Ram Nath Kovind has recommended a clear roadmap for transitioning to simultaneous elections for Parliament, state assemblies, and local bodies in the country.
31. In a major crackdown on streaming services showing inappropriate content, the Indian government has banned 18 over-the-top (OTT) platforms for hosting "obscene, vulgar and even pornographic" material despite repeated warnings. The Ministry of Information and Broadcasting (I&B) has blocked access to these platforms, along with their associated websites, mobile apps and social media handles, citing violations of Indian laws.
32. Union Ministry of Road Transport and Highways has announced the launch of a pilot project to provide cashless treatment to victims of road crashes. The programme, which will be initially implemented in Chandigarh, is designed to ensure that accident victims receive prompt medical care, especially during the critical 'golden hour' after the incident.
33. In a significant development, the Central government has issued an order permitting the inter-state transportation of captive elephants through a Gazette notification. The move has been welcomed by festival organizers, particularly Paramekkavu Devaswom, one of the organizers of Thrissur Pooram, who had been advocating for an amendment to the Wildlife Act to address the shortage of captive elephants for various rituals and festivities.
34. Kerala State Electronics Development Corporation (Keltron), a state-owned enterprise, has recently secured three significant work orders from the Tamil Nadu government, collectively valued at Rs. 1,076 crore. The orders, awarded through competitive bidding, involve the establishment of hi-tech IT labs, smart classrooms, and the supply of tablet computers for primary school teachers in Tamil Nadu.
35. The Central government of India notified the setting up of a fact-checking unit (FCU) under the Press Information Bureau (PIB) of the Ministry of Information and Broadcasting. The FCU has been established to monitor content on social media platforms related to the government's business, as per the recently amended Information Technology Rules.
36. The BhashaNet portal, a joint initiative by the National Internet Exchange of India (NIXI) and the Ministry of Electronics and Information Technology (MeitY), was unveiled at the Universal Acceptance (UA) Day event on 21st March 2024. This launch marks a significant step towards promoting digital inclusion and linguistic diversity in India.
37. The Election Commission of India (ECI) has launched several initiatives to ensure accessible voting for all citizens, with a special focus on elderly voters and Persons with Disabilities (PwDs). The ECI's motto, "no voter is left behind," underscores its commitment to inclusive and accessible elections.
38. A multi-institutional study led by Dr. Anura Kurpad from St. John's Medical College, Bengaluru, has found that previous surveys, such as the National Family Health Survey (NFHS), have overestimated the prevalence of anaemia in India.
39. Amul, India's largest dairy products brand, has announced the launch of four fresh milk variants in the United States market. This marks the first time that Amul's parent company, Gujarat Cooperative Milk Marketing Federation (GCMMF), will be exporting fresh milk outside India.
40. According to the annual India TB report, India has witnessed a 16% decline in tuberculosis (TB) incidence from 2015 to 2022, surpassing the global decline of 9%. The National TB Elimination Programme, India TB Report 2024, also highlighted that 25.55 lakh cases of TB were notified last year, the highest since the launch of the National Tuberculosis Elimination Programme (NTEP) in the 1960s.
41. The Environment Ministry of India has recently introduced new rules that make it more difficult for manufacturers of disposable plastic products to label them as 'biodegradable.' The updated Plastic Waste Management (Amendment) Rules, 2024, now require that biodegradable plastics not only degrade through biological processes in specific environments but also leave no microplastics behind.
42. The Great Indian Bustard (GIB) (Ardeotis nigriceps) is a critically endangered bird species native to the Indian subcontinent. With fewer than 150 individuals remaining in the wild, the GIB faces numerous threats that are driving it towards extinction.
43. The Kerala government has recently approached the Supreme Court, raising concerns about President Droupadi Murmu withholding assent to four Bills passed by the state without disclosing any reason, and Governor Arif Mohammed Khan withholding assent to seven Bills for extended periods before referring them to the President.
International
1. On 1st March 2024, Iran announced the successful launch of its domestically manufactured 'Pars-I' remote sensing satellite into orbit using a Russian Soyuz-2.1b rocket. The event marks growing strategic space cooperation between both nations amid shared Western sanctions.
2. On 3rd March 2023 Alexander Stubb was sworn in as the President of Finland, taking over from longtime former President Sauli Niinisto who served 16 years at the helm. The leadership transition comes at a pivotal juncture after Finland shed its traditional neutrality to apply for NATO membership following Russia's invasion of Ukraine.
3. On 3rd March 2024, Shehbaz Sharif was elected as the Prime Minister of Pakistan by the country's National Assembly. This marks Sharif's second term as Prime Minister after previously serving in the role from April 2022 to August 2023.
4. In a historic move, France became the first country in the world to enshrine the right to abortion in its constitution on 4th March 2024. The decision was made through a special joint vote of the two houses of parliament, with an overwhelming majority of 780 votes in favor and 72 against. The vote took place under the gilded ceilings of Versailles Palace, just outside Paris.
5. Dubai and India share a deep-rooted and dynamic tourism relationship, characterized by mutual cultural affinity and robust economic ties. To honor this enduring partnership, Dubai is hosting the India by the Creek festival from 8th to 10th March 2024.
6. The Maldives has recently signed a military assistance agreement with China, marking a significant development in the diplomatic and military relations between the two countries. Under this newly inked agreement, the Maldives will receive free "non-lethal" military equipment and training from China's military.
7. In a significant move, China's parliament revised the State Council Organic Law on 13th March 2023, effectively granting the Communist Party more executive control over the State Council, China's cabinet. This amendment, which passed with an overwhelming majority during the closing day of the National People's Congress in Beijing, marks the first revision of the law since 1982.
8. French President Emmanuel Macron has announced plans to introduce new legislation that will legalize "aid in dying" for adults facing end-of-life illnesses. This landmark decision follows a report from last year indicating strong public support for end-of-life options in France. The proposed bill, set to be presented to the National Assembly in May, marks a significant shift in the country's approach to assisted dying.
9. On 13th March 2024, the United States House of Representatives overwhelmingly passed a bill that could potentially lead to the banning of the popular social media platform TikTok in the country. The bill, which received strong bipartisan support with a vote of 352 to 65 in favor, now heads to the Senate, where its future remains uncertain.
10. The European Union has announced a landmark partnership agreement with Egypt, elevating the bloc's relationship with the North African nation and unveiling a substantial funding package to support Egypt's faltering economy and address shared challenges.
11. Iceland's southern region has been plunged into a state of emergency following the fourth volcanic eruption on the Reykjanes Peninsula since December. The latest eruption, which began late on Saturday, has triggered powerful and fast lava flows, prompting the evacuation of the small town of Grindavik and raising concerns about the impact on critical infrastructure in the area.
12. In a significant move to boost its tourism industry, the government of Nepal has officially declared Pokhara, a picturesque city in the Gandaki province, as the tourism capital of the Himalayan nation. The formal declaration was made during a special ceremony held at the Barahi Ghat, situated on the shores of the stunning Phewa Lake.
13. Russian President Vladimir Putin has secured a resounding victory in the presidential election, extending his nearly quarter-century rule for another six years. The election has been widely criticized by Western nations and opposition groups as lacking democratic legitimacy. Despite the criticism, Putin has hailed the outcome as a vindication of his decision to defy the West and invade Ukraine.
14. Pakistan has reached a staff-level agreement with the International Monetary Fund (IMF) for the release of $1.1 billion from a $3 billion bailout package. The funds, which are crucial for the indebted country to avoid a sovereign default, will be disbursed after approval by the IMF's executive board before the current deal expires on 11th April 2023.
15. Australia, the United Kingdom, and the United States entered into a trilateral security partnership called AUKUS to build nuclear-powered submarines for the Royal Australian Navy. The program, known as SSN-AUKUS, is a significant milestone in the defense cooperation between the three nations.
16. In 2023, China witnessed a significant increase in the number of couples choosing to marry, marking the first uptick in marriage rates in nine years. According to data released by the Ministry of Civil Affairs, 7.68 million newlyweds tied the knot in the country, representing a 12.4% increase compared to the previous year. This translates to an additional 8,45,000 marriages in 2023 compared to 2022.
17. Simon Harris is an Irish politician who is the current favourite to become Ireland's next Prime Minister (Taoiseach) following the surprise resignation of Leo Varadkar. Harris, 37, is currently the Minister for Further and Higher Education and has been a member of the Fine Gael party since his youth.
18. Operation Indravati is an ongoing evacuation mission launched by the Indian government to rescue its nationals from Haiti, a Caribbean nation grappling with widespread gang violence and political instability. The operation, named after the Indravati River in India, aims to ensure the safety and well-being of Indian citizens amidst the escalating crisis in Haiti.
19. On 24th March 2024, US President Joe Biden signed into law a long-awaited $1.2 trillion funding package passed by Congress, keeping federal agencies running through September and averting a damaging partial government shutdown.
20. On 24th March 2024, the United Nations General Assembly unanimously adopted the first global resolution on Artificial Intelligence (AI). The resolution, sponsored by the United States and co-sponsored by 123 countries, including Russia, China, and Cuba, aims to ensure that the powerful new technology benefits all nations, respects human rights, and is safe, secure, and trustworthy.
21. US and UK uncover sanctions offered against hackers backed by the Chinese state over recent malicious attacks that took place. In order to counter cyber threats, the United States and the United Kingdom took coordinated action by imposing sanctions on individuals and groups linked to China.
22. Recently, Thailand's parliament has approved a marriage equality bill, bringing the country closer to becoming the third territory in Asia to legalise same-sex unions. The bill, which was more than a decade in the making, received support from all major political parties in Thailand. Out of the 415 lawmakers present during the parliamentary session, 400 voted in favour of the bill, while only 10 voted against it.
23. China, being Sri Lanka's largest bilateral creditor, has recently pledged to assist in the restructuring of the island nation's external debt. This support is crucial for Sri Lanka to maintain its $2.9 billion IMF bailout. Although China's official stance on debt restructuring remains undisclosed, Sri Lankan officials have reportedly indicated that China might be willing to extend loan tenures and adjust interest rates, rather than accepting a haircut on its loans.
24. Popular video sharing platform TikTok is facing a potential ban in the United States after the House of Representatives passed a bill recently. The move, initiated by US politicians, wants TikTok parent ByteDance to sell its US operations to American owners. The controversy has sparked a heated debate about data privacy, political misinformation, and the power dynamics between the US and China.
25. Recently, Japan issued a nationwide recall of a dietary supplement called 'beni-koji choleste help', which was intended to lower cholesterol levels. The recall was initiated after concerns were raised about the supplement's potential link to two deaths and approximately 106 hospitalisations in the country.
26. Chinese consumer tech giant Xiaomi has launched its first electric vehicle, the SU7, in Beijing. The company, known for its affordable smartphones and home appliances, is now entering the fiercely competitive electric vehicle (EV) sector in China, which is world's largest car market.
27. Government of India has estimated that over 5,000 Indians are trapped in Cambodia, allegedly being held against their will, and forced to carry out cyber frauds targeting people back home.
28. Katchatheevu is an uninhabited island located in the Palk Strait between India and Sri Lanka. The island has been a subject of controversy and dispute between the two countries for several decades. It is currently under the control of Sri Lanka.
29. Michelangelo's David is a renowned marble sculpture created by the Italian Renaissance artist Michelangelo Buonarroti between 1501 and 1504. The statue depicts the Biblical figure David, a young shepherd who fought and defeated the giant Goliath.
30. The United Nations Security Council (UNSC) has been monitoring North Korea's compliance with sanctions imposed due to its nuclear weapons and ballistic missile programs. A panel of experts was set up in 2009 to track and report on any violations of these sanctions. However, in recent developments, Russia has used its veto power to halt the UN's monitoring of sanctions violations by North Korea.
Defence
1. The Indian Navy is in the process of commissioning its first squadron of newly-acquired MH-60R Seahawk multirole helicopters at the naval base in Kochi, Kerala. Hailed as a force multiplier, the induction of these advanced US-built naval choppers aims to significantly bolster India's maritime military capabilities.
2. The first edition of the Naval Commanders' Conference of 2024 commenced on 5th March 2024, with a powerful demonstration of the Indian Navy's maritime capabilities. The three-day event began with Raksha Mantri Shri Rajnath Singh embarking at sea to witness the Navy's ability to conduct 'twin-carrier operations', showcasing the growing strength of India's sea-based air power in maintaining maritime superiority.
3. In a significant move to attract foreign investment in the Indian space sector, the government has notified amended Foreign Direct Investment (FDI) norms recently. The revised guidelines clear the deck for 100% overseas investment in manufacturing components for satellites, 74% in satellite manufacturing and operations, and 49% in launch vehicles.
4. The National Disaster Response Force (NDRF) is partnering with the Indo-Tibetan Border Police (ITBP) to deploy rescue teams in high-altitude regions along the India-China border. The initiative aims to prepare NDRF personnel for disaster response operations in the Himalayan ranges, such as avalanches, landslides, and glacial lake outburst floods (GLOFs).
5. The Indian Navy has taken a significant step towards enhancing its operational capabilities and maritime domain awareness in the strategically important Lakshadweep islands with the commissioning of INS Jatayu at Minicoy Island on 6th March 2024. The new naval base, named after the mythical creature in the Ramayana, will serve as a vital asset for the Navy in the region.
6. On 8th March 2024, President Droupadi Murmu, the Supreme Commander of the Indian Armed Forces, presented the prestigious President's Standard to 45 Squadron and 221 Squadron, and the President's Colours to 11 Base Repair Depot (BRD) and 509 Signal Unit (SU) of the Indian Air Force (IAF) at Air Force Station Hindan, Uttar Pradesh.
7. On 8th March 2024, coinciding with International Women's Day and the 40th anniversary of INAS 318, the Andaman & Nicobar Command undertook its maiden all-women maritime surveillance mission. This historic event highlights the command's commitment to providing equal opportunities and fostering gender neutrality within the armed forces.
8. On 11th March 2024, India achieved a significant milestone by successfully testing an Agni-5 ballistic missile equipped with multiple independently targetable re-entry vehicles (MIRVs). This achievement places India in an elite group of nations, alongside the permanent members of the United Nations Security Council, who possess operational missiles with MIRV technology.
9. According to a report released by the Stockholm International Peace Research Institute (SIPRI) on Monday, 11th March 2024, India continues to be the world's largest arms importer, with Russia being the prime source of its procurement despite a declining share in recent years.
10. In a significant step towards improving bilateral military ties with Indian Ocean island nations, an Indian Army contingent departed for Seychelles on 17th March 2024, to carry out a joint military exercise named 'LAMITIYE-2024' with the Seychelles Defence Forces (SDF).
11. In a significant step towards preparing for the future of warfare, the Indian Army has established the "Signals Technology Evaluation and Adaptation Group" (STEAG), a first-of-its-kind specialised technology unit. The primary objective of STEAG is to conduct research and evaluation of cutting-edge communication technologies such as Artificial Intelligence (AI), 5G and 6G networks, machine learning, and quantum technologies for defence applications.
12. The Indian and United States (US) navies have commenced a bilateral Humanitarian Assistance and Disaster Relief (HADR) exercise called "Tiger Triumph-24" on India's eastern seaboard. The week-long exercise, which began on 18th March 2024, will involve various assets from the Indian Navy, Indian Army, and Indian Air Force, as well as warships and troops from the US Navy, US Marine Corps, and US Army.
13. India and the US have participated in military-to-military exercise, "Ex Tiger Triumph 2024," involving their tri-services. The 14-day exercise, which began on 18th March 2024 aims to enhance interoperability, strengthen bilateral relations, and refine capabilities in humanitarian aid, disaster relief (HADR), and sub-conventional operations.
14. On 28th March 2024, the Hindustan Aeronautics Limited (HAL) successfully completed the first flight of the indigenous light combat aircraft (LCA) Tejas Mark 1A fighter jet in Bengaluru. The aircraft was airborne for 15 minutes during its maiden flight.
15. The Ministry of Home Affairs (MHA) has extended the Armed Forces (Special Powers) Act (AFSPA) in certain districts of Arunachal Pradesh and Nagaland for an additional six months, effective from 1st April 2024. The decision follows a review of the law and order situation in these northeastern states.
16. The second edition of the India-Mozambique-Tanzania Trilateral Exercise (IMT TRILAT 24) concluded at Nacala, Mozambique, on 28th March 2024. The week-long exercise, which took place from 21st to 28th March, aimed to enhance maritime cooperation and interoperability between the navies of India, Mozambique, and Tanzania.
Business, Economy & Banking
1. On 1st March, the National Statistical Office (NSO) updated India's real GDP outlook for the current and previous two fiscal years. The revisions reflect data from the first advance estimates that incorporate latest production trends across sectors.
2. On 1st March, fintech leader Paytm announced steps to sever certain operating agreements between its parent entity One97 Communications and the group's payments bank arm Paytm Payments Bank (PPBL). As part of governance changes, the two firms will function with greater independence going forward.
3. On 2nd March, official data revealed India's Goods and Services Tax (GST) gross revenue collection for February 2023 rose sharply by 12.54% year-on-year to cross Rs. 1.68 lakh crore. This marks both - the third highest monthly receipts from the indirect tax regime as well as the third best GST revenue growth figure for 2023-24.
4. Recently, Moody's, a prominent global credit rating agency, revised its forecast for India's GDP growth in 2024 upwards from 6.1% to 6.8%. The agency's decision reflects both global and domestic optimism in the country's economy, driven by robust manufacturing activity and substantial infrastructure spending.
5. The Reserve Bank of India (RBI) has given the nod for implementing an interoperable payment system for internet banking transactions. This move is expected to streamline the digital payments ecosystem in India, making it easier for customers to pay businesses through net banking, regardless of whether their banks and the merchants' payment aggregators are integrated.
6. The Reserve Bank of India (RBI) has instructed India's major state-owned refiners to press Persian Gulf oil suppliers to accept at least 10% of oil payments in rupees in the upcoming financial year. This move is aimed at promoting the Indian currency in international trade and reducing the country's dependence on the US dollar.
7. In a significant move to promote customer choice and fair competition, the Reserve Bank of India (RBI) has issued directions to card issuers, instructing them not to enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks.
8. The Government of India is set to offload a 7% stake in state-run lignite producer NLC India Ltd. through the offer-for-sale (OFS) route, which includes a green shoe option of 2%. The OFS is expected to rake in approximately Rs. 2,058 crore, even if the 7% stake is offloaded at the floor price set for this sale.
9. In a significant move to bolster India's exports amidst global economic uncertainties and supply chain disruptions, the government has extended the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to companies in Special Economic Zones (SEZs), Export-Oriented Units (EOUs), and Advance Authorisation (AA) holders.
10. Recently, India signed a landmark free trade agreement (FTA) with the European Free Trade Association (EFTA), a bloc consisting of Switzerland, Norway, Liechtenstein, and Iceland. The Trade and Economic Partnership Agreement (TEPA) is expected to boost economic growth, create job opportunities, and attract significant foreign investment to India.
11. India's consumer price index (CPI)-based inflation eased to 5.09% in February 2024, according to data released by the Ministry of Statistics and Programme Implementation. The retail inflation rate had previously eased to 5.1% in January 2024 from 5.69% in December 2023.
12. The Election Commission of India (ECI) has released detailed data on electoral bonds, following a directive from the Supreme Court. The information, sourced from the State Bank of India (SBI), sheds light on the major purchasers of electoral bonds and the political parties that have benefited from this controversial funding mechanism.
13. The Reserve Bank of India (RBI) released its 'State of the Economy' report in March 2024, providing insights into the country's economic performance and outlook. The report, authored by RBI staffers, including Deputy Governor M. D. Patra, highlighted the need for monetary policy to remain in a risk-minimizing mode to guide inflation towards the 4% target.
14. Self-Regulatory Organisations (SROs) are industry-led bodies that play a crucial role in promoting and maintaining standards within a specific sector. In India, the Reserve Bank of India (RBI) has released an omnibus framework for recognising SROs for its regulated entities.
15. The Insurance Regulatory and Development Authority of India (IRDAI) has approved eight principle-based regulations, including the highly anticipated Bima Sugam marketplace, in its recent board meeting. The regulatory changes cover various aspects of the insurance industry, such as rural and social sector obligations, motor Third-Party (TP) insurance, corporate governance, and foreign reinsurer's operations in India.
16. Meme coins are a unique category of cryptocurrencies that have gained significant popularity in the digital currency space. These coins trace their origin to the growth of meme culture on the internet and are often characterized by their lighthearted and comedic nature.
17. Recently, Union Minister of Roads, Transport and Highways Nitin Gadkari announced plans to introduce a satellite-based toll collection system for the country's highways. This innovative system aims to charge tolls based on the distance travelled by vehicles, directly deducting the amount from users' bank accounts.
18. Recently, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have introduced trading in the T+0 rolling settlement cycle in the equity segment on an optional basis. This new settlement cycle allows for same-day settlement of trades, in addition to the existing T+1 settlement cycle.
19. The Reserve Bank of India (RBI) is considering establishing a Digital India Trust Agency (DIGITA) to combat the proliferation of illegal lending apps and curb growing cyber fraud. This proposed agency aims to verify digital lending apps, maintain a public register of verified apps, and promote transparency and accountability within the digital lending sector.
Science & Technology
1. The Union Minister of State for Skill Development and Entrepreneurship Electronics and Information Technology, and Jal Shakti, Rajeev Chandrasekhar, recently announced that a 'Bharat Semiconductor Research Centre' will be established in the near future. It is expected to be established in Indian Institute of Technology - Madras.
2. The Department of Telecommunications (DoT), through the Telecom Center of Excellence (TCOE), has launched the groundbreaking 'Sangam: Digital Twin' initiative to revolutionize infrastructure planning and management. The first outreach programme was held at IIT Delhi on 7th March 2024, under the theme "Bridging the gap between Innovation and Planning."
3. As India prepares for the upcoming general elections in 2024, Mysore Paints and Varnish Ltd (MPVL), the sole manufacturer of indelible ink, is working diligently to meet the unprecedented demand for this essential product. The company has received its largest order to date from the Election Commission, totaling 26.55 lakh vials worth Rs. 55 crore.
4. The Indian Space Research Organisation (ISRO) is developing a new spaceport at Kulasekharapatnam in Tamil Nadu to efficiently launch payloads to polar orbits. This strategic location offers a significant advantage over the launch pads in Sriharikota, as it allows small satellite launch vehicles (SSLV) to fly directly southward without the need for a fuel-consuming dogleg maneuver.
5. In the rapidly evolving world of artificial intelligence, Inflection AI, a California-based startup, has made significant strides with the launch of its latest Large Language Model (LLM), Inflection 2.5. This upgrade to the company's existing model, which powers its friendly chatbot Pi, comes on the heels of Anthropic's Claude 3 release, showcasing the intense competition in the AI landscape.
6. In a groundbreaking initiative, the Department of Science Technology has joined forces with the Telangana government-led T-Hub to establish a unique Machine Learning and Artificial Intelligence Technology Hub (MATH). This collaboration aims to foster AI innovation, create job opportunities, and provide a conducive ecosystem for AI startups in India.
7. Prime Minister Narendra Modi virtually laid the foundation stone for three semiconductor projects worth approximately Rs. 1.25 trillion. These projects are set to transform India into a global semiconductor hub, driving economic growth and fostering innovation in the country.
8. In a significant stride towards orbital 'Microgravity Research,' the Indian Institute of Technology Madras (IIT Madras) is collaborating with Vellon Space, an Indian space start-up, to further research and development in extra-terrestrial manufacturing. This partnership marks a crucial milestone in the field, with IIT Madras providing a Technology Development Fund to Vellon Space for demonstrating its miniature space laboratory, 'AsteriX Lab,' in orbit.
9. Head and neck cancer is a type of cancer that affects the mouth, nose, throat, larynx, sinuses, and salivary glands. It is the sixth most common cancer worldwide, with over 6,50,000 new cases diagnosed each year. Despite advances in treatment, the survival rate for head and neck cancer remains low, with a five-year survival rate of around 50%.
10. Scientists from the IceCube Neutrino Observatory have announced a discovery of evidence for the elusive astrophysical tau neutrinos or 'ghost particles'. Neutrinos are tiny subatomic particles that rarely interact with matter, making them challenging to detect. However, their ability to travel vast distances undisturbed makes them valuable for understanding the distant universe.
11. A recent study published in the journal Science has shed light on previously undescribed human gut bacteria that play a crucial role in the digestion of plant cellulose. These bacteria, which are abundant in ancient and hunter-gatherer microbiomes but scarce in urban societies, have been linked to the growing consumption of processed food in industrialized countries.
12. Grok is a generative AI chatbot developed by xAI, a company founded by Elon Musk. xAI announced that it had made Grok open source, fulfilling a promise made by Musk a week ago. The decision to open source Grok came after Musk filed a lawsuit against OpenAI, another prominent AI company, accusing them of deviating from their founding values of transparency and sharing technology for the betterment of humanity.
13. Agnikul Cosmos is a Chennai-based, IIT-Madras-incubated space start-up that is set to create history by launching India's first rocket from a private launchpad on 22nd March 2023. The company's first rocket, named Agnibaan Sub Orbital Technology Demonstrator (SOrTeD), will be launched from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
14. China's lunar exploration programme is a series of ongoing robotic Moon missions by the China National Space Administration (CNSA). The programme incorporates lunar orbiters, landers, rovers and sample return spacecraft, launched using Long March rockets. It aims to study the Moon's surface, geology, and environment, as well as to demonstrate and develop new technologies for space exploration.
15. The Indian Space Research Organisation (ISRO) successfully conducted its third mission involving the Reusable Launch Vehicle (RLV) named "Pushpak" on 22nd March 2024. The launch took place at approximately 7 a.m. from the Chalakere Runway in Karnataka's Aeronautical Test Range (ATR).
16. Tata Cummins Private Limited (TCPL), a joint venture between Tata Motors Limited and Cummins Inc. USA, has inaugurated a new factory in Jamshedpur, Jharkhand, to produce hydrogen-based internal combustion engines (ICEs) for medium and heavy commercial vehicles.
17. The International Astronomical Union (IAU) approved the name 'Station Shiv Shakti' for the landing site of Chandrayaan-3's Vikram lander on the Moon. This decision follows Prime Minister Narendra Modi's announcement on 26th August 2023, where he declared that the landing site would be named 'Shiva Shakti'.
18. The European Union (EU) announced the launch of investigations into Apple, Alphabet, and Meta, marking the first probe under the new Digital Markets Act (DMA) tech legislation. The investigations aim to determine whether these tech giants have violated the DMA, which seeks to regulate the behavior of large technology companies and promote fair competition in the digital market.
19. The Indian Space Research Organisation (ISRO) has achieved another milestone with the successful re-entry of the PSLV Orbital Experimental Module-3 (POEM-3) into the Earth's atmosphere, leaving no debris in orbit.
20. A recent study published in the journal Nature has revealed that the Antarctic Circumpolar Current (ACC), an ocean current connecting the Indian, Atlantic, and Pacific oceans, has been speeding up in recent decades due to a warming climate.
21. In the world of artificial intelligence, the prevailing notion has been that larger language models, with their vast number of parameters and extensive training data, are the key to unlocking more advanced and capable AI systems.
Government Schemes
1. Recently, India Post has pitched in to promote the central government's rooftop solar scheme that provides subsidies to households installing photovoltaic systems. This rooftop solar initiative was highlighted in the 2023 budget to accelerate India's renewable energy adoption.
2. In March 2024, the Tamil Nadu government launched the 'Neengal Nalama' (Are you fine?) scheme, a beneficiary outreach programme aimed at reviewing the implementation of flagship schemes and addressing the grievances of the public. The initiative was kicked off by Minister of Rural Development I. Periyasamy with Chief Minister M. K. Stalin and other ministers, senior officials, and district collectors reaching out to beneficiaries across the state.
3. In a groundbreaking initiative, the state of Jharkhand has become the first in the country to launch the 'Vidhwa Punarvivah Protsahan Yojana' (Widow Remarriage Incentive Scheme). Under this scheme, women who choose to remarry after the death of their husbands will receive an incentive of Rs. 2 lakh from the government.
4. On 11th March 2024, the Union Minister for Jal Shakti, Gajendra Singh Shekhawat, launched the fifth edition of the "Jal Shakti Abhiyan: Catch the Rain" campaign at the NDMC Convention Centre in New Delhi.
5. The National Action for Mechanized Sanitation Ecosystem (NAMASTE) Scheme, a joint initiative by the Ministry of Social Justice and Empowerment and the Ministry of Housing and Urban Affairs, aims to eliminate the hazardous practice of manual sewer and septic tank cleaning.
6. On 11th March 2024, Prime Minister Narendra Modi launched the Namo Drone Didi scheme under the Sashakt Nari-Viksit Bharat programme at the Indian Agricultural Research Institute in New Delhi. The scheme aims to empower rural women by providing them with agricultural drones and training them to become drone pilots for agricultural purposes.
7. Prime Minister Narendra Modi has inaugurated the 'Pradhan Mantri Samajik Utthan and Rozgar Adharit Jankalyan' (PM-SURAJ) national portal during an event organized by the Ministry of Social Justice and Empowerment. The launch ceremony showcased the government's commitment to prioritizing the welfare of underprivileged communities and extending credit support to one lakh entrepreneurs from disadvantaged sections.
Awards & Honours
1. On Friday, 8th March 2024, Prime Minister Narendra Modi presented the inaugural National Creators Award at Bharat Mandapam in New Delhi. The awards were given to recognize young talent across 20 categories, including storytelling, social change advocacy, environmental sustainability, education, gaming, and more.
2. India has been honored with the esteemed Measles and Rubella Champion Award for its exceptional efforts in combating these infectious diseases. The award was presented by The Measles and Rubella Partnership at the American Red Cross Headquarters in Washington D.C., USA, on 6th March 2024. Ambassador Sripriya Ranganathan, Deputy Chief of Mission, Embassy of India, Washington D.C., accepted the award on behalf of the Ministry of Health and Family Welfare, Government of India.
3. The 96th Academy Awards, held at the Dolby Theater in Los Angeles, celebrated the best in cinema for the year 2024. "Oppenheimer" emerged as the night's biggest winner, taking home seven Oscars, including the coveted Best Picture award.
4. On 8th March 2024, Prime Minister Narendra Modi announced that Indian educator, author, and philanthropist Sudha Murty has been nominated to the Rajya Sabha by President Droupadi Murmu. The nomination, which coincides with International Women's Day, underscores the importance of representation from different regions of the country and the role of women in political decision-making.
5. Indian author Amitav Ghosh has been awarded the prestigious Erasmus Prize 2024 by the Netherlands-based Praemium Erasmianum Foundation for his significant contributions to the theme "imagining the unthinkable" through his writings on the climate crisis and human interactions with nature.
6. The Executive Board of the Sahitya Akademi, chaired by President Sri Madhav Kaushik, convened at Rabindra Bhavan, New Delhi, and approved the selection of 24 books for the Sahitya Akademi Translation Prize 2023. The books were chosen based on recommendations made by three-member Selection Committees in each language, following the established rules and procedures.
7. Prime Minister Narendra Modi embarked on a 2-day state visit to Bhutan on Friday, amidst efforts by Bhutan and China to resolve their border dispute and Beijing's attempts to establish diplomatic links with the Himalayan nation. The visit saw the announcement of India's decision to double its assistance for Bhutan's 13th five-year plan from Rs. 5,000 crore to Rs. 10,000 crore.
8. Daniel Kahneman, born on 5th March 1934, in Tel Aviv, recently passed away at the age of 90. His family, originally from Lithuania, had emigrated to France and later moved to Palestine after World War II. Kahneman received his bachelor's degree in psychology from the Hebrew University in Jerusalem in 1954 and his Ph.D. from the University of California at Berkeley in 1961.
9. Thodur Madabusi Krishna, a renowned Carnatic classical vocalist known for challenging conventional ideas about caste and gender politics in Carnatic music, has been awarded the prestigious Sangita Kalanidhi award by the Madras Music Academy. The award recognizes Krishna's powerful voice, adherence to tradition, exploratory approach to music, and his use of music as a tool for social reform.
10. The Hockey India Awards 2023 were held in New Delhi on 31st March 2024 to celebrate the outstanding Indian hockey players from the previous calendar year. The event saw several players being recognized for their exceptional performances and contributions to the sport.
Sports
1. Legendary golfer Tiger Woods has been named the winner of the prestigious Bob Jones Award, the highest honor bestowed by the United States Golf Association (USGA). He was recognized for tremendous on-course achievements alongside an exemplary commitment to the game's traditions and integrity.
2. Sathiyan Gnanasekaran, an Indian table tennis player, emerged victorious in the men's singles event at the WTT Feeder Beirut 2024 tournament held at the Al Kawthar Secondary School in Lebanon. Sathiyan, ranked 103rd in the world, defeated fellow Indian and world No. 74 Manav Vikas Thakkar in the final with a score of 3-1 (6-11, 11-7, 11-7, 11-4).
3. The National Football League (NFL) has prohibited the use of the hip-drop tackle starting from the 2024 season. The decision was made during the annual league meeting in Orlando, Florida, on Monday, 25th March 2024, where the competition committee unanimously voted in favor of the change.
4. The Indian Premier League (IPL) 2024 is gearing up to enthral cricket fans across the globe from 22nd March to 26th May 2024. This 17th season, sponsored by TATA, is organized by the Board of Control for Cricket in India (BCCI) and promises an unprecedented cricketing spectacle with the participation of 10 teams, following the addition of two new franchises.
5. The Hockey India Awards 2023 were held in New Delhi on 31st March 2024 to celebrate the outstanding Indian hockey players from the previous calendar year. The event saw several players being recognized for their exceptional performances and contributions to the sport.
References:
jagranjosh.com
gktoday.in
business-standard.com
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