Current Affairs 12 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 12 March 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Cabinet Approvals on March 7, 2024

Cabinet Committee headed by Prime Minister (PM) Narendra Modi approved the following proposals and schemes:
i.Extension of Rs 300 targeted subsidy to Pradhan Mantri Ujjwala Yojana (PMUY) consumers.
iiApproval of IndiaAI mission to strengthen the AI innovation ecosystem.
iii.Approval of Uttar Poorva Transformative Industrialization Scheme, 2024.
iv.Release of additional installment DA and Dearness Relief to Central Government employees.
v.Introduction of the Readjustment of Representation of ST’s in assembly constituencies of the state Goa Bill, 2024.
vi.The Cabinet Committee on Economic Affairs (CCEA) has approved the Minimum Support Price (MSP) for Raw Jute for 2024-2025.
About Ministry of Law and Justice:
Union Minister(Independent charge): Arjun Ram Meghwal (Lok Sabha constituency: Bikaner, Rajasthan)
>> Read Full News

Highlights of PM’s visit to West Bengal and Bihar on 6th March, 2024Prime Minister (PM) Narendra Modi visited West Bengal and Bihar on 6th March, 2024. He inaugurated India’s first underwater metro in Kolkata (West Bengal), spanning 16.6 km under the Hooghly River ( East-West Metro corridor).

• PM inaugurated multiple connectivity projects worth Rs. 15,400 crore in Kolkata, West Bengal.
• The PM also unveiled development projects worth Rs 12,800 crore in Bihar’s Bettiah town in West Champaran district.

About West Bengal
Capital- Kolkata
Chief Minister- Mamata Banerjee
Governor- C.V. Ananda Bose
About Bihar
Capital– Patna
Chief Minister- Nitish Kumar
Governor- Rajendra V Arlekar
>> Read Full News

VMC, Civic body of Gujarat, issues Asia’s 1st Certified Green Municipal BondVadodara Municipal Corporation (VMC), a civic body of Gujarat, has raised Rs 100 crore (USD 12.07 million) by issuing Asia’s first certified green municipal bond for Sustainable Water Infrastructure.

• VMC, with a semi-annual coupon rate of 7.90% on the issue, invited bids from investors, setting a new standard in green finance.

Note:
i.The bond was opened for bidding on the Electronic Bidding Platform (EBP) of BSE (Bombay Stock Exchange).
ii.This is the 2nd issue of bonds by Vadodara, after its first issue was oversubscribed by 10 times.
Key points:
i.The funds generated will be dedicated to constructing and enhancing liquid wastewater management infrastructure throughout Vadodara, reflecting a commitment to sustainable urban development.
ii.The bonds are rated AA+ STABLE by India Ratings, and have received a green security certificate from the Climate Bond Initiative.
iii.Utilisation of proceeds for projects contributing to improved air and water quality through the collection, treatment, and reuse of sewage water.
iv.SBI Capital Markets and Tipsons Consultancy Services are the arrangers of the bond issue.
v.Officials from the United States (US) Treasury Department provided technical assistance for the fundraising, underlining the global significance of this initiative.
Points to note:
i.A green municipal bond is a debt security issued by a municipality to fund projects that are sustainable and socially responsible.
ii.The bond is designed to drive sustainable urban development aligned with the Paris Agreement, specifically targeting the enhancement of liquid wastewater management infrastructure across Vadodara.

PM Modi Virtually Inaugurated Priority Corridor of Agra Metro, the 6th Metro in UPi.On 6th March 2024, during his visit to West Bengal, Prime Minister(PM) Narendra Modi virtually inaugurated the Agra Metro’s priority corridor (from Taj East Gate to Mankameshwar) in Agra, Uttar Pradesh(UP).

• Yogi Adityanath, Chief Minister (CM) of UP, flagged off the Agra Metro from Taj Mahal Metro Station, Agra, UP. This is the 6th Metro project in UP.

ii.The 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, spanning 30 kilometers long, and a network of 27 strategically located stations in Agra, UP.
About European Investment Bank (EIB):
President– Nadia Calviño
Headquarters– Boulevard Konrad Adenauer, Luxembourg
Founded in– 1958
>> Read Full News

Kerala Launches ‘CSpace’, India’s 1st Government-Owned OTT Platform On 7th March 2024, Kerala Chief Minister (CM) Pinarayi Vijayan has launched India’s first government-owned OTT (over-the-top) platform, ‘CSpace‘, at an event held at the Kairali Theatre in Thiruvananthapuram, Kerala.
About CSpace:
CSpace is managed by Kerala State Film Development Corporation (KSFDC), a state-owned company responsible for the promotion of the Malayalam cinema industry on behalf of the Department of Cultural Affairs, Government of Kerala.
Curator panel:
i.The curator panel consists of 60 members from cultural background constituted by KSFDC for selecting and approving the content.
ii.The list of curators includes Benyamin, OV Usha, Santhosh Sivan, Shyamaprasad, Sunny Joseph, and Jeo Baby.
iii.The three curators from the panel will evaluate every content that is submitted to the platform for its artistic, cultural, and infotainment merit.
iv.The content will be featured on the platform after the curator’s recommendations.
Note: For the first phase of CSpace, the curators selected 42 films, including 35 feature films, six documentaries, and one short film.
Revenue Sharing Methodology:
i.It operates on a pay-per-view basis and allows viewers to watch a feature film for Rs 75 and shorter content for a much lesser price.
ii.Exactly half of the amount charged goes to the content provider.
Points to Note:
It also intends to launch a new pattern in crowdfunding by offering filmmakers an opportunity to redeem the production cost through the support of viewers watching their films.

Sea Defenders-2024; India-USA Maritime Security Exercise held at Port Blair‘Sea Defenders-2024’, the comprehensive maritime security exercise between the Indian Coast Guard (ICG) & United States Coast Guard (USCG) was successfully concluded at Port Blair, Andaman & Nicobar (A&N) Island on 9th March 2024.
Aim of the Exercise: To enhance maritime cooperation and interoperability between ICG & USCG.
Key Points:
i.‘Sea Defenders-2024 exercise covered various situations like pollution response,  showcasing firefighting and damage control skills, practice to neutralize asymmetric threats related to drone threats and shipboard emergencies.
ii.The exercise also witnessed Visit Board Search and Seizure (VBSS) Operations for inspecting vessels suspected of illegal activity and medical evacuation exercises to enhance readiness in emergency situations.
iii.The joint exercise allowed both ICG & USCG to refine their skills and improve their ability to work together in a coordinated manner.
USCG Ship Bertholf:
i.USCGC Bertholf, a Legend-class maritime security cutter, participated in the exercise by engaging in harbour activities, sea exercises and cross-visits
ii.Bertholf is equipped with advanced technology and weaponry such as a helicopter landing pad, state-of-the-art sensors and communication equipment.
About Indian Coast Guard (ICG):
Director General Indian Coast Guard (DGICG)  – Rakesh Pal
Headquarters – New Delhi, Delhi
Established in  – 1977
Motto – Vayam Rakshamah (We Protect)

RPF Holds the Largest Share of Women Personnel among CPF
The Railway Protection Force (RPF), established in 1957 under the Ministry of Railways (MoR), has the largest share of women personnel (9%) among Central Paramilitary Forces (CPF) in India.

• These women personnel are specially trained to ensure safety and provide assistance to female passengers in distress.
• The measures taken by RPF for women personnel includes Infrastructure Developments (designed for the special needs of women officers) and Nomination of Female Nodal Officers at all Zones/Units for the redressal of grievances of Female personnel.
• The different operations of  RPF includes – Meri Saheli initiative, Operation Matrishakti, Operation AAHT (Against Human Trafficking), Operation Nanhe Farishtey and Operation Dignity

INTERNATIONAL AFFAIRS

Sweden Officially Joins NATO as it’s 32nd MemberOn March 7, 2024, Sweden officially joined the North Atlantic Treaty Organization (NATO), becoming the alliance’s 32nd member. With this, Sweden ends decades of post-World War II neutrality and 200 years of non-alignment with major powers.
Note: This decision comes in the wake of security concerns in Europe following Russia’s invasion of Ukraine in February 2022.
Key People:
Ulf Kristersson, Prime Minister (PM) of Sweden, accompanied by Tobias Billström, Minister for Foreign Affairs of Sweden, deposited Sweden’s instrument of accession to North Atlantic Treaty (also known as the Washington Treaty) with Antony John Blinken, Secretary of State, The United States of America (USA) as the depositary of the treaty.
Key Points:
i.Sweden now benefits from the protection provided under Article 5 of the NATO Treaty, which guarantees the freedom and security of its allies.
ii.Swedish accession strengthens the NATO’s defence on the northern flank.
About North Atlantic Treaty Organization (NATO):
NATO is an intergovernmental military alliance of countries from Europe and North America.
Objective- To safeguard the freedom and security of its members through both political and military means.
Secretary General– Jens Stoltenberg
Established in 1949
Members– 32 countries(30 from Europe & 2 from North America).

BANKING & FINANCE

SEBI introduces Settlement Scheme III on Illiquid Option CasesThe Securities and Exchange Board of India (SEBI) introduce a Third (III) Settlement Schemes for entities involved in the Illiquid Stock Options (ISO)/reversal trades segment of Bombay Stock Exchange (BSE) in terms of Section 15JB of the SEBI Act, 1992 read with Regulation 26 of SEBI (Settlement  Proceedings) Regulations 2018.

• The Scheme is being implemented from March 11, 2024 to May 10, 2024.

What is in the Scheme?
Under this, entities involved in reversal trades in stock options between April 01, 2014, and September 30, 2015, with pending proceedings will be offered a settlement opportunity. After the scheme period ends, Securities laws will be enforced against entities that do not take advantage of this settlement opportunity.
Note:
Previously, SEBI offered a one-time settlement scheme to these entities in 2020, available from August 2022 to January 2023. In March 2023, it was disclosed that 10,980 entities benefited from the scheme by paying settlement charges ranging from Rs 1 lakh to Rs 42 lakh.
Background:
During its surveillance, SEBI found entities on BSE consistently losing money through abnormal trading. An analysis from April 1, 2014, to September 30, 2015, revealed consistent losses for some and consistent profits for others through reversal trades. Out of 21,652 entities trading BSE stock options, over 14,000 generated artificial volumes with non-genuine or reversal trades. This is why the above mentioned scheme is introduced.
Click Here for Official Notification
About Reversal Trade:
Reversal trades, flagged as artificial and non-genuine by regulators, involve entities reversing trades with the same counterparties on the same day at significantly different prices. These trades, often using ISOs, are utilized by fraudulent entities to manipulate securities’ prices and volumes.

• The ISO Scheme, 2024, launched by SEBU, targets entities involved in the ISO segment of BSE with pending proceedings.
• Illiquid stocks are high-risk assets, incur substantial losses upon sale.

ECONOMY & BUSINESS

India to grow 6.8% in FY25, Inflation to ease to 4.5%: CRISILAccording to CRISIL’s India Outlook 2024 Report titled “Growth Marathon – Emerging Sectors, investments, efficiency gains priming India’s medium term pace (March 2024)”,
India’s real GDP growth will likely moderate to 6.8% in fiscal 2025. This follows the 7.6% expansion in FY24.
Key Points:
i.The report noted that interest rates and lower fiscal impulses will temper demand and bring down the growth to 6.8% from 7.6% estimated in FY24.
ii.The report states that India will remain as the fastest growing large economy.
iii.The report highlighted that inflation will likely fall to 4.5% in FY25.  The drop in inflation is driven by reduced input costs, subdued domestic demand, improved agricultural production, and stable oil and commodity prices.
iv.The fiscal impulse will be lower due to the need to decrease the fiscal deficit to 5.1% of Gross Domestic Product (GDP) in FY25.
v.CRISIL projects manufacturing and services to grow 9.1% and 6.9%, respectively, between FY 2025 and FY 2031.
vi.Industrial capital expenditure is set to increase to an average of Rs 6.5 lakh crore annually between FYs 2024 and 2028, up from Rs 3.9 lakh crore in the previous five fiscal years.
vii.Manufacturing, aided by emerging sectors and the government’s production-linked incentive scheme, is projected to strengthen, raising its GDP share to 20%. However, services will continue to be the primary driver of growth.
Points to note:
In the next 7 fiscal years (2025-2031), Indian economy will cross the USD 5 trillion mark and grow towards achieving USD 7 trillion.

• With an average annual growth rate of 6.7%, India is positioned as an upper-middle-income country within the next 7 years.
• The World Bank (WB) classifies upper middle-income economies as those with a Gross National Income (GNI) per capita ranging from USD 4,256 to USD 13,205.
• Also, by fiscal 2031, India will be the No. 3 economy.

AWARDS & RECOGNITIONS

PM Narendra Modi presents 1st National Creators Award in New DelhiOn March 8, 2024, the Prime Minister (PM) of India Narendra Modi presented the inaugural National Creators Award (2024) at Bharat Mandapam, New Delhi in Delhi. These awards aim to honor excellence and impact across various domains, serving as a catalyst for positive change through creativity.

• The first National Creators Award event saw 23 winners including 3 international creators.
• The awards were presented in the 20 categories, following voting round.

List of All National Creators Awardees:

APPOINTMENTS & RESIGNATIONS

Gustavo Adrianzen Becomes New PM of Peru 
Gustavo Lino Adrianzen Olaya was sworn in as Prime Minister (PM) or President of the Council of Ministers (PCM) of the Republic of Peru with effect from 6th March 2024.

• The swearing-in ceremony was led by the President of Peru, Dina Boluarte at the Government Palace in Lima, Peru.
• Gustavo Adrianzen succeeded Alberto Otarola who resigned from the post on 05th March 2024 due to a political scandal.
• Prior to the appointment,  Adrianzen had been the Permanent Representative of Peru to the Organization of American States (OAS), based in the United States of America (USA), since February 2023.

Famous Indian Author, philanthropist & Padma Awardee Sudha Murty Nominated to Rajya Sabha by President
The President of India, Droupadi Murmu has nominated renowned author, Indian philanthropist & Padma Awardee Sudha Murty as the 12th nominated Member of Parliament (MP) in the Upper House of Parliament (Rajya Sabha (RS)).
About Sudha Murty:
i.Sudha Murty,  a former Infosys Foundation chairperson, is the wife of N. R.Narayana Murthy who is the co-founder of Infosys.
ii.She is an active member of public health care initiatives of the Gates Foundation and she is known for her philanthropy activity.
iii.She received several awards including Padma Shri (the 4th highest civilian award) in 2006 and Padma Bhushan (the third highest civilian award) in 2023 for Social Work.
Note: Under Article 80 (3) of the Constitution of India, out of the 250 members in the RS, 12 are nominated by the President, on the recommendation of the government of India, and 238 members represents the States and Union Territories.

OBITUARY

Japan Manga Creator Akira Toriyama Passed Away
Akira Toriyama, one of the most famous Japanese comic (manga) artists and character designers, passed away. He was born on 05th April 1955  in Nagoya, Japan.

• He was the creator of Dragon Ball, one of the most influential and best-selling manga.
• In 2019, Toriyama received Chevalier de l’Ordre des Arts et des Lettres (Knight of the Order of Arts and Letters) from the French government for his contributions to the arts.

IMPORTANT DAYS

International Day of Women Judges 2024- March 10 The United Nations (UN) International Day of Women Judges (IDWJ) is annually observed across the globe on 10 March to raise awareness about gender equality within the legal profession. IDWJ highlights the importance of women’s representation and contributions in the judiciary around the world.

• 10 March 2024 marks the observance of the 3rd IDWJ.

IDWJ 2024 is being observed with the campaign “Women in Justice, Women for Justice,” to promote the full and equal participation of women at all levels of the judiciary.
Background:
i.On 28 April 2021, the UN General Assembly (UNGA) adopted the resolution A/RES/75/274, drafted by the State of Qatar, and proclaimed the 10 March of every year as the International Day of Women Judges.
ii.The resolution noted with appreciation the work of the UN Office on Drugs and Crime (UNODC)’s Global Judicial Integrity Network ‘to incorporate women’s representation issues into judicial systems’.
iii.The 1st ever International Day of Women Judges was observed on 10th March 2022.
About United Nations Office on Drugs and Crime (UNODC):
Executive Director– Ghada Fathi Waly
Headquarters– New York, USA
It was established in 1997 as a result of the merging of the UN Centre for International Crime Prevention and the UN International Drug Control Programme.
>> Read Full News

55th Raising Day of Central Industrial Security Force – 10th March 2024The Central Industrial Security Force (CISF) Raising Day is annually observed across India on 10th March to honour the contributions and sacrifices of the CISF personnel in providing security to public sector undertakings (PSUs), and critical infrastructure.

• 10 March 2024 marks the observance of the 55th CISF Raising Day.

i.CISF, established in 1969, plays a pivotal role in safeguarding vital installations and assets in India.
ii.CISF is one of the specialised Central Para-military Forces of India established under an Act of Parliament, Central Industrial Security Force Act, 1968 (50 of 1968).
About Central Industrial Security Force (CISF):
Director-General (DG)- Nina Singh
Headquarters– New Delhi, Delhi
>> Read Full News

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