Current Affairs 1 March 2024

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NATIONAL AFFAIRS

Overview of PM Modi’s visit to Gujarat and Uttar Pradesh on 22nd and 23rd February, 2024Prime Minister (PM) Narendra Modi visited Gujarat and Uttar Pradesh (U.P.) on 22nd February, 2024 to 23rd February, 2024.
i.PM Narendra Modi dedicated to the nation and laid the foundation stone of various development projects worth more than Rs 60,000 crore in Gujarat on 22nd February, 2024.

• PM participated in Golden Jubilee Celebrations of Gujarat Cooperative Milk Marketing Federation (GCMMF).
• PM Modi dedicated to the nation two Pressurised Heavy Water Reactors (PHRs) with combined capacity of 1400 MegaWatt (MW) established at Kakrapar Atomic Power Station (KAPS) in Surat, Gujarat.

ii.PM Modi inaugurated and laid the foundation stone of various development projects worth more than Rs 13, 000 crore on 23rd February, 2024 in Varanasi, Uttar Pradesh.

• PM Modi also inaugurated Quick Pontoon Opening Mechanism System(QPOMS) in Varanasi, Uttar Pradesh.
• PM unveiled Sant Guru Ravidas Statue in Varanasi on his 647th birth anniversary.

About Uttar Pradesh:
Chief Minister (CM): Yogi Adityanath
Governor: Anandiben Patel
Capital: Lucknow
Wildlife Sanctuaries – Mahaveer Swami WL Sanctuary, Ranipur Wildlife Sanctuary
>> Read Full News

MOCI Minister Piyush Goyal Launched Bharat Startup Ecosystem Registry, Website & Logo of Startup MahakumbhUnion Minister Piyush Goyal, Ministry of Commerce and Industry (MOCI) unveiled a new database for India’s startup ecosystem, named Bharat Startup Ecosystem Registry, a website, and logo of ‘Startup Mahakumbh’ during the curtain raiser event of the first-ever ‘Startup Mahakumbh’.

• The registry will act as a single platform database for startups, investors, incubators, and other stakeholders in India’s startup ecosystem.
• The event was organised by the Department for Promotion of Industry and Internal Trade (DPIIT), under MOCI.

Startup Mahakumbh:
i.The first-ever ‘Startup Mahakumbh’ is to be held from March 18-20, 2024 at Bharat Mandapam in Pragati Maidan, New Delhi, Delhi.
ii.It is envisioned to make the Indian startup ecosystem stronger to have global dominance and foster entrepreneurship among Indian youth.
iii.It aims to combine all stakeholders of the startup ecosystem to showcase entrepreneurship, technology, and innovation.
iv.The theme of the Startup Mahakumbh is ‘Bharat Innovates,’ which underscores the intricate link between innovation and startups.
v.It will mark the beginning of an annual event that provides a platform to showcase the success and innovation of the startup ecosystem of India since 2016.
Note:
i.The Government of India launched the “Startup India” initiative in 2016 to build a stronger ecosystem for nurturing innovation and entrepreneurship.
ii.The integration of India with the startup sector will move India’s economy during “Amrit Kaal” (the 25 years leading to 100 years of Independence) and make it “Viksit Bharat” by 2047.
Organisers:
Startup Mahakumbh is jointly being organised by the:

• Associated Chambers of Commerce and Industry of India (ASSOCHAM);
• National Association of Software and Service Companies (NASSCOM);
• Bootstrap Incubation & Advisory Foundation;
• The IndUS Entrepreneurs (TiE); and
• Indian Venture and Alternate Capital Association (IVCA).

NABARD and NRLM Signed MoU to Support Rural Women SHGsOn 27th February 2024, The National Bank for Agriculture and Rural Development (NABARD) and Deendayal Antyodaya Yojana -National Rural Livelihoods Mission (DAY-NRLM), under the Ministry of Rural Development(MoRD), have signed a Memorandum of Understanding (MoU) aimed at bolstering rural women Self-Help Groups (SHGs).
Signatories: The MoU was signed by Charanjit Singh, Additional Secretary, (Rural Livelihoods), MoRD, Ajay K. Sood, Deputy Managing Director(Dy MD) of NABARD at the NABARD headquarters in Mumbai, Maharashtra.

• The MoU was signed in the presence of Shaji K.V., Chairman of NABARD and G.S. Rawat, Dy MD of NABARD.

Features of the MoU:
i.Under this MoU, NABARD and NRLM will empower the Women SHGs through capacity building, marketing support, and financial inclusion initiatives. The MoU covers a period of 3 years.
ii.The MoU aligns NABARD’s role as an enabler and facilitator in the SHG ecosystem with NRLM’s goal of promoting women-led development in rural areas.
Key Points:
i.The DAY-NRLM will collaborate with State/Union Territory (UT) Rural Livelihood Missions, integrating them as project implementing agencies(PIAs) with the regional offices of NABARD under development financial institution (DFI)’s capacity building, skilling & entrepreneurship training of matured women SHGs.
ii.The partnership will provide physical and online marketing support schemes, support the graduation of SHG clusters to Producer Organizations in both farm and non-farm sectors for sustainable economic activities.
iii.This will also promotes climate-resilient agriculture initiatives for women SHGs, livelihood interventions for women SHGs in NABARD’s Wadi and Watershed development project areas along with the deepening of financial inclusion.
iv.The MoU also aims to develop pilots for digital transactions in SHG federations to enhance transparency and efficiency with quick turnaround time (TAT) for members.
v.It also explores options to deploy women SHG members as business correspondents of banks.
About National Bank for Agriculture and Rural Development (NABARD):
NABARD is India’s apex development bank, established in 1982 under an Act of Parliament to promote sustainable and equitable agriculture and rural development.
Chairman–  Shaji K V
Headquarters– Mumbai, Maharashtra

MoEF&CC Amends Green Credit Program Rules to Award a Green Credit per Grown Tree The Ministry of Environment, Forest and Climate Change (MoEF&CC) has notified the amendments to the Green Credit Rules of the Green Credit Program (GCP), which is an innovative market-based mechanism designed to incentivize voluntary environmental actions.

• Under new amendments, one Green Credit will be awarded to one grown tree.

About Green Credit Rules:
i.In October 2023, the MoEF&CC notified “Green Credit Rules, 2023” under sections 3, 6, and 25 of the Environment (Protection) Act, 1986 (29 of 1986).
ii.Green credit would be awarded for carrying out positive environmental activities such as tree planting, water conservation, sustainable agriculture, or pollution reduction.
About the Amendment:
i.The new modified Green Credit Rules outlines the criteria for land eligibility; application procedures and standardised methodology for calculating green credits.
ii.Land Eligibility:Green credits will be given to the tree plantation on degraded land including open forest and scrubland, wasteland, and catchment areas, under the administrative control of states that have been identified by forest departments.

• The minimum land size for such projects is set at 5 hectares.

iii.Calculation of Green credits: The green credit will be calculated at the rate of one green credit per tree grown through the tree plantation on such land parcel, subject to a minimum density of 1100 trees per hectare, based on the local Silvi-climatic and soil conditions.
Benefits of getting Green Credit:
i.The green credits can be exchanged for meeting the compliance of the compensatory afforestation in case of diversion of forest land for non-forestry purposes under the Van (Sanrakshan Evam Samvardhan) Adhiniyam, 1980 (69 of 1980).
ii.It is also used for reporting under Environmental, Social, and Governance (ESG) leadership indicators and corporate social responsibility (CSR) initiatives.
Administrator: 
i.Indian Council of Forestry Research and Education (ICFRE) in Dehradun, Uttarakhand is the administrator of the Green Credit Rules 2023.
ii.The administrator will be responsible for implementation, management, monitoring, and operation of the GCP.
Process of getting green credits:
i.The administrator will receive the application from the applicant and find suitable land to plant trees.
ii.The process of plating trees will be completed within two years from the date of payment by the applicant.
iii.The corresponding state/union territory (UT) forest department will undertake plantation activities.

Railway Minister Ashwini Vaishnaw releases Postal Stamp to Mark AIRF Centenary CelebrationUnion Minister Ashwini Vaishnaw, Ministry of Railways (MoR) has released a commemorative postage stamp to mark the 100 years of the All India Railwaymen’s Federation (AIRF) in an event held at Karnail Singh Railway Stadium in New Delhi, Delhi.
Key People:
The event was attended by N Kanniah, President of AIRF; Jaya Verma Sinha, Chief Executive Officer (CEO) of Railway Board (MoR); Smita Kumar, Director General Postal Services (DGPS), Department of Posts (DOP); Naveen Gulati, Director General (HR) of Railway Board; Shobhan Chaudhary, Northern Railway General Manager.
Key Points:
i.AIRF is one of the oldest and largest trade unions in India.
ii.AIRF was established on 24th April 1924, but was recognized by Railway Board in 1929.
iii.It is one of the biggest affiliates to International Transport Workers’ Federation (ITF).
iv.AIRF engages in a continuous dialogue between the Organized Labour and the Railway Administration at various levels thereby contributing to the social and economic upliftment of railway employees.
v.Ban on retrenchment of railway employees, salary redetermination, dearness allowance, bonus, promotions etc. are some of the facilities achieved by the effort of AIRF.
vii.As per the guidance provided by International Monetary Fund (IMF) and World Trade Organization (WTO), AIRF introduced a Contributory Pension Scheme (New Pension Scheme).
About All India Railwaymen’s Federation (AIRF):
President – N Kanniah
Headquarters – New Delhi, Delhi
Established in – 1924

BANKING & FINANCE

PFRDA notifies Amendments to Retirement Adviser Regulations Pension Fund Regulatory and Development Authority (PFRDA) made changes to the PFRDA (Retirement Adviser) Regulations 2016 with effect from 20th February 2024.

• This regulation may be termed as the Pension Fund Regulatory and Development Authority (Retirement Adviser/ RA) (Amendment) Regulations, 2023.

Key Points:
i.The amendment is in line with the Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the Ease of Doing Business.
ii.The amendment was made in exercise of the powers conferred by sub-section (1) of section 52 read with clause (w) of sub-section (2) thereof and clause (d) of sub-section (2) of section 14 of the PFRDA act, 2013 (23 of 2013).
Notable Amendments:
i.Eligibility criteria: Non-Individual applicants regulated by other financial regulators, like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), or Insurance Regulatory and Development Authority of India (IRDAI), are now eligible to become RAs.
ii.Security deposit: the amendment removed the requirement of submission of security deposits.
iii.Grant of certificate of registration: An application for grant of certificate of registration should be disposed of by PFRDA within 30 days.
The amended regulation includes procedures to be followed while rejecting an application.
iv.The First Schedule of the PFRDA Act was also amended.
About Pension Fund Regulatory and Development Authority (PFRDA):
Chairman– Deepak Mohanty
Headquarters – New Delhi, Delhi
Established in – 2003

Financial Literacy Week 2024: RBI Announces Financial Literacy Ideathon for PG StudentsThe Reserve Bank of India (RBI) has launched Financial Literacy Ideathon for Postgraduate (PG) students, currently enrolled in recognized educational institutions.

• The Ideathon is being organised as a part of the RBI’s Financial Literacy Week (FLW) 2024 observed from 26th February to 1st March 2024.
• The theme of FLW 2024 is “Make a Right Start – Become Financially Smart”. The 2024 theme targets young adults, mainly students.

About Financial Literacy Week:
Financial Literacy Week is annually observed by RBI since 2016 to promote financial literacy.
Objective:  To create awareness on the advantages of inculcating financial discipline from an early age with inputs on saving, budgeting, power of compounding, banking essentials and cyber hygiene.
About Financial Literacy Ideathon:
The ideathon calls for innovative ideas on creative strategies to promote financial literacy among the youth to empower them to engage in responsible financial behaviour and take informed financial decisions.
Title: participants should sumbit a paper on “Money Matters for Young Adults: Rethinking Outreach Strategies” in up to 2000 words.
Time-line: 26th February to 20th March 2024.
Prize: Cash prizes will be presented to top 3 submissions:
1st Prize: Rs 1 Lakh
2nd Prize: Rs 75,000
3rd Prize: Rs 50,000
Note: The rights of the ideas will be retained by the participants, but RBI will have the permission to use the ideas for implementation.
Other Financial Literacy initiatives of RBI:
i.RBI Website (https://www.rbi.org.in/FinancialEducation/): Provides resources in multiple languages, including comic books, films, and games, along with access to the Banking Ombudsman Scheme.
ii.National Centre for Financial Education (NCFE): Offers basic financial education programs and content creation to enhance financial literacy.
iii.National Strategy on Financial Education (NSFE-2025): Developed to promote financial literacy nationwide through collaboration with regulators and stakeholders.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra

Asian Development Bank priced USD 3.5 billion 5 year Global Bond On February 28, 2024, the Asian Development Bank (ADB) priced a USD 3.5 billion 5-year global bond. The proceeds of this bond will become part of ADB’s ordinary capital resources.
Bond Details:
i.The bond was priced at 99.827% to yield 12.7 basis points over the 4.25% United States Treasury notes due February 2029.
ii.Coupon rate: 4.375% per annum (payable semi-annually)
iii.Maturity date: 6 March 2029
Key Points:
i.The transaction was led-managed by BMO Capital Markets, BNP Paribas, Citigroup, and HSBC.

• A syndicate group was also formed consisting of DNB Bank ASA, NatWest Markets, Scotiabank, and Standard Chartered Bank.

ii.This issue attracted approximately USD 14 Billion in investor participation, marking ADB’s second-largest orderbook ever for a global benchmark bond.

• The largest orderbook was achieved in 2021 for a USD 5 Billion global benchmark bond.

iii.The issue achieved wide primary market distribution with 35% placed in the Americas; 33% Europe, Middle East, and Africa; and 32% in Asia.

• By investor type, 50% went to banks, 37% to central banks and official institutions, and 13% to fund managers and other types of investors.

About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Metro Manila, Philippines
Establishment– 1966
Members – 68 member countries (49 from the region)

ECONOMY & BUSINESS

NGEL & MAHAGENCO Signed JVA to develop RE parks in Maharashtra    
NTPC Green Energy Limited (NGEL) and Maharashtra State Power Generation Company Limited (MAHAGENCO) have signed a Joint Venture Agreement (JVA) to develop Gigawatt (GW)-scale Renewable Energy Parks in Maharashtra in a phased manner.

• The agreement is in alignment with the green energy objectives of NTPC which aims to attain 60 GW of renewable energy capacity by the year 2032.
• The agreement was signed by Abhay Harne, Director (Projects), MAHAGENCO, and V V Sivakumar, Chief General Manager (CGM) of NGEL in NTPC headquarters in New Delhi (Delhi)
• JVA was signed in the presence of Gurdeep Singh, Chairman and Managing Director (CMD), NTPC Limited; Mohit Bhargava, Chief Executive Officer (CEO), NGEL.

Note:
NGEL is a wholly owned subsidiary of NTPC Limited.
NTPC is Maharatna Central Public Sector Enterprise (CPSE) functioning under the Ministry of Power (MoP).

CIL partners with BHEL to Develop Ammonium Nitrate Plant in Odisha
On 28th February 2024, Coal India Limited (CIL) and Bharat Heavy Electricals Limited (BHEL) signed a joint venture agreement (JVA) to establish an ammonium nitrate plant in the Lakhanpur area of Mahanadi Coalfields Limited (one of the subsidiaries of CIL), Odisha.

• The plant will produce about 6.60 Lakh tons of ammonium nitrate annually through the surface coal gasification (SCG) technology route.
• For this purpose, CIL will supply  1.3 million tonnes (mts) of coal and BHEL will provide indigenously developed pressurized fluidized bed gasification (PFBG) technology.
• JVA was signed by Debasish Nanda, Director (Business Development) CIL and Jai Prakash Srivastava, Director (Engineering, Research & Development) BHEL.

Note: CIL is a ‘Maharatna’ Central Public Sector Enterprise (CPSE) under the Ministry of Coal (MoC) and BHEL is a ‘Maharatna’ CPSE under Ministry of Heavy Industries and Public Enterprises (MoHI&PE).

AWARDS & RECOGNITIONS

Sangeet Natak Akademi Honors Six Artists as Fellows; 92 with Akademi Puruskar for 2022 & 2023The General Council of Sangeet Natak Akademi, the National Academy of Music, Dance and Drama, New Delhi, Delhi, unanimously elected 6 eminent personalities in the field of performing arts as of Sangeet Natak Akademi Fellowship (Akademi Ratna Sadasyata).

• The General Council selected 92 artists from the field of Music, Dance, Theatre, Traditional/Folk/Tribal Music/Dance/ Theatre, Puppetry and Overall contribution/scholarship in the Performing Arts for the Sangeet Natak Akademi Awards (Akademi Puraskar) for the years 2022 and 2023.
• The council announced the winners of  Ustad Bismillah Khan Yuva Puraskar for the years 2022 and 2023.

About Sangeet Natak Akademi:
Chairman– Dr. Sandhya Purecha
Headquarters– New Delhi, Delhi
Establishment– 1953
>> Read Full News

SCIENCE & TECHNOLOGY

LSAM 18 (YARD 128): Indian Navy’s 4th ACTCM Barge Launched in ThaneOn  28th February 2024, Indian Navy (IN) has launched an Ammunition Cum Torpedo Cum Missile (ACTCM) Barge, LSAM 18 (YARD 128)’, 4th Barge of 11 x ACTCM Barge Project at M/s Suryadipta Projects Private Limited, Thane (Maharashtra).

• The induction Ceremony was presided over by Commodore Shirish Dube, Directorate of Ship Production.

Background: 
i.On 5th March 2021, the Ministry of Defence (MoD) and Suryadipta Projects signed the contract for building the 11 X ACTCM Barges.
ii.The induction of these Barges aims to enhance the IN’s operational commitments by facilitating seamless Transportation, Embarkation, and Disembarkation of articles and ammunition to IN Ships, both alongside jetties and at outer harbours.
Key Points:
i.The Barges are indigenously designed and built by the classification Naval Rules and Regulations of the Indian Register of Shipping (IRS).
ii.The model testing of the Barge during the design stage was conducted at the Naval Science and Technological Laboratory (NSTL), Visakhapatnam, Andhra Pradesh (AP).
iii.These indigenously crafted Barges exemplify the Make in India and Atmanirbhar Bharat (self-reliant India) initiatives of the Government of India (GoI).

OBITUARY

Shafiqur Rahman Barq: India’s Oldest Lok Sabha MP Passed Away
India’s oldest parliamentarian and a founding member of the Samajwadi Party (SP), Shafiqur Rahman Barq passed away at the age of 93 in Moradabad, Uttar Pradesh (UP). He was born on 11th July 1930 in Deepa Sarai, Sambhal, UP.

• He was serving as Member of Parliament (MP) of the 17th Lok Sabha (2019-24) representing the Sambhal constituency of UP.

Shafiqur Rahman Barq:
As an MP:
i.He served as an MP for five times.
ii.He was initially elected to 11th Lok Sabha (1996-97)from the Sambhal constituency.
iii.He also represented Sambhal constituency in 12th Lok Sabha(1998-99) and 15th Lok Sabha(2009-14).
iv.In 14th Lok Sabha (2004-09), he represented Moradabad constituency.
As an MLA:
He served as a Member Legislative Assembly (MLA) in UP for four times in the years 1974-77, 1977-80, 1985-89 and 1989-91 respectively.

BOOKS & AUTHORS

Former Indian Diplomat Lakshmi Puri launched her Debut Novel “Swallowing the Sun”
Lakshmi Murdeshwar Puri, Former Assistant Secretary General, United Nations (UN) and wife of Union Minister Hardeep Singh Puri, penned her debut novel ‘Swallowing the Sun: A Novel’. She is also a former deputy executive director of UN Women.

• Kabir Bedi, an International actor, writer and producer unveiled the book in an event held in Mumbai, Maharashtra.
• The novel is published by Aleph Book Company, an independent publishing firm promoted by Rupa Publications India.
• The novel is set up during the time of independence and the book is inspired by her parents and her roots from Maharashtra.

Key People: The book was launched in the presence of Anand Mahindra, Chairman of Mahindra Group; Union Minister Hardeep Singh Puri, Ministry of Petroleum and Natural Gas (MoPNG) & Ministry of Housing and Urban Affairs (MoHUA).

IMPORTANT DAYS

Rare Disease Day 2024 – February 29 Rare Disease Day is annually observed across the globe on the last day of February, either 28 or 29 in leap years (the rarest day of the year), to raise awareness of the rare diseases and their impact on the people they affect.

• Rare Disease Day 2024, observed on 29 February 2024, marks the 17th Observance of Rare Disease Day.
• The 2024 theme of Rare Disease Day is “Share Your Colours”. This theme is the continuation of the 2022 and 2023 themes.

Background:
i.Rare Disease Day was launched by the European Organisation for Rare Diseases (EURORDIS)-Rare Diseases Europe and its Council of National Alliances in 2008.
ii.The first Rare Disease Day was observed in 2008 with events in 18 countries.
iii.Since 2008, the Rare Disease Day events have been held in over 100 countries.
iv.The date 29 February was selected for observing ‘Rare Disease Day’ as it is a rare day that comes once every 4 years.
>> Read Full News

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