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NITI Aayog Along With RMI India Releases ‘Mobilising Electric Vehicle Financing in India’ Report
NITI Aayog along with Rocky Mountain Institute (RMI) India released the ‘Mobilising Finance for EVs in India: A Toolkit of Solutions to Mitigate Risks and Address Market Barriers’ report. The report analyses the risk & market barriers involved in transforming India’s Electric Vehicle (EV) Sector and provides Target Instruments to overcome the hurdles.
i.Indian EV market size to be of USD 50 billion (Rs 3.7 lakh crore) by 2030, which is equivalent to 80% of the current market size of India’s retail vehicle finance industry at USD 60 billion (Rs 4.5 lakh crore).
ii.To achieve the targeted transformation, there needs to be a capital investment of USD 266 billion (Rs 19.7 lakh crore) in EVs, charging infrastructure, and batteries by 2030.
About NITI Aayog:
National Institution for Transforming India (NITI Aayog) the premier policy ‘Think Tank’ of the Government of India was established on 1st January 2015.
It replaced the Planning Commission of India (established in 1950).
Chairperson – Prime Minister of India
Chief Executive Officer – Amitabh Kant
Vice President – Rajiv Kumar
<<Read Full News>>
PM Narendra Modi Virtually Inaugurated ‘Maitri Setu’ Bridge between India and Bangladesh Over Feni Riveri.On March 9, 2021, Prime Minister(PM) Narendra Modi Inaugurated the ‘Maitri Setu’ (India-Bangladesh Friendship Bridge) virtually between India and Bangladesh over Feni River at Sabroom in south Tripura. During the event he also inaugurated and laid the foundation stone for eight other infrastructure projects together worth ₹ 3,518 crore.
ii.Maitri Setu Bridge is 1.9 Km long, which Connects Tripura, India with Ramgarh in Bangladesh.
iii.National Highways and Infrastructure Development Corporation Ltd constructed the Bridge at a project cost of Rs. 133 Crores.
iv.PM, Narendra Modi laid the foundation stone for setting up an Integrated Check Post at Sabroom. The Check Post will be constructed by the Land Ports Authority of India at an estimated cost of about Rs. 232 Crores.
Kokborok is the main native language of the Tripuri people of the Indian state of Tripura and neighbouring areas of Bangladesh. Its name comes from kok meaning “verbal” and borok meaning “people” or “human”.
Chief Minister – Biplab Kumar Deb
Capital – Agartala
<<Read Full News>>
Indian Navy Signed a Contract with ‘Suryadipta Projects’ for Constructing 11 ACTCM BargesOn March 5th, 2021 the Indian Navy signed a contract for the construction of 11 Ammunition-Cum-Torpedo-Cum-Missile (ACTCM) barges, with Thane based MSME Suryadipta Projects Private Limited. The MSME will start delivering the barges from 22nd May, 2021. Assigning of this project to a Micro, Small and Medium Enterprises (MSME) marks another milestone to Indian Government’s Atma Nirbhar Bharat and Make in India initiative.
i.Indian Navy will induct the ACTCM barges to undertake its mission needs for embarking & disembarking Ammunition, Torpedo & Missile etc.
ii.These barges will be built under the Classification Rules of Indian Register of Shipping (IRS).
About Ministry of Micro, Small and Medium Enterprises:
Union Minister – Nitin Gadkari (Constituency – Nagpur, Maharashtra)
Minister of State – Pratap Chandra Sarangi (Constituency – Balasore, Odisha)
About Indian Navy:
Commander-in-Chief – President Ram Nath Kovind
Chief of the Naval Staff (CNS) – Admiral Karambir Singh
Motto – “Sham no Varunah”
Chhatrapati Shivaji Maharaj is known as the “Father of Indian Navy”.
Tribal Affairs Minister Arjun Munda Inaugurated First of its Kind “Tribes India GI Mahotsav” at LBSNAA, MussoorieOn 5th March 2021, Arjun Munda, Union Minister, Ministry of Tribal Affairs(MoTA) inaugurated the “Tribes India GI Mahotsav” at Lal Bahadur Shastri National Academy of Administration(LBSNAA), Mussoorie, Uttarakhand. This is the first of its kind exhibition featuring the GI Products from across India.
- The Tribes India GI Mahotsav: Invaluable Treasures of Incredible India was organised by Tribal Cooperative Marketing Federation of India(TRIFED), under MoTA in collaboration with LBSNAA, Mussoorie and Ministry of Culture.
Bhaskar Khulbe, Advisor to the Prime Minister of India; Sanjeev Chopra, Director of LBSNAA; Pravir Krishna, Managing Director of TRIFED and Padmashri Dr. Rajni Kant, Advisor of TRIFED Atmanirbhar Bharat project on GI products participated in the event.
Purpose of “Tribes India GI Mahotsav”:
- To increase the awareness about the GI tagged products among the IAS probationers at LBSNAA.
- To sensitize them about the rich cultural heritage of India so that they can formulate policies to safeguard the interest of GI products in their region.
Other Inaugurations and Launches:
i.Union Minister Arjun Munda also inaugurated the 130th Tribes India Showroom and Cafe of Tribes India at Velridge Building, near LBSNAA, Mussoorie.
- The showroom will market and promote GI Products, high quality handcrafted designs from various states of India and organic products.
ii.At the event, the TRIFED jackets are made in the traditional geometric Ikat weaving style by the weavers of Pochampally was also launched.
Managing Director– Pravir Krishna
Headquarters– New Delhi
Eastern sub-regions Bangladesh, Bhutan, India & Nepal became economic growth pole in South Asia: World Bank
As per the recent report titled “Connecting to Thrive: Challenges and Opportunities of Transport Integration in Eastern South Asia” released by World Bank, India and Bangladesh have the potential to increase their national Gross Domestic Product (GDP) by 8% in India in particular road connectivity and 17% in Bangladesh with seamless transport connectivity between two countries.
- Also report suggested Bangladesh, Bhutan, India & Nepal (BBIN) eastern sub-region countries became an economic growth pole for South Asia.
i.The report analyzed the Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement (MVA) and finds the strength of MVA and proposes policy actions the countries can take to strengthen the MVA.
ii.Development in connectivity tends to be used for growth in BBIN (Bangladesh, Bhutan, India, and Nepal) countries and the World Bank is an active partner to invest in this area in this sub-region.
About World Bank
Headquarters – Washington ,D.C,United States
President – David Malpass
MD and CFO – Anshula Kant (Roorkee, India.)
France Conducts “AsterX” its 1st Military Exercise in SpaceOn 8th March, 2021 France started its 5-day long Military Exercise in Space to analyse its ability against attacks on its Satellites & other defence equipment. The exercise was codenamed as “AsterX”, on the memory of its 1st satellite launched in 1965. Alongside the French Space Forces Command, the new US Space Force and German space agencies also participated in the space exercise.
i.”AsterX” is the 1st Space Military Exercise of France & also the 1st among European Countries.
ii.The exercise consists of 18 simulated events that are conducted from an operations room.
President – Emmanuel Macron
Capital – Paris
Indo-French Military Exercise – “Shakti”
Indo-French Air Exercise – “Desert Knight”
Indo-French Naval Exercise – “Varuna”
<<Read Full News>>
BANKING & FINANCE
Aquaconnect Partnered with BOB to provide Credit Access to Farmers under KCC scheme
On March 09,2021 Aquaculture tech company Aquaconnect partnered with Bank of Baroda(BOB) to provide credit access to 1.6 million aquaculture farmers under the Kisan Credit Card (KCC)scheme.
Credit facilities under the partnership to Farmers:
- Providing credit access under the KCC at an annualized rate of as low as 10%
- BOB has extended loan for up to Rs 10 lakh under KCC scheme and fisheries loan.
- Providing higher credit limits Under Pradhan Mantri Matsya Sampada Yojana(PMMSY) and The Fisheries and Aquaculture Infrastructure Development Fund(FIDF) scheme.
- Target areas: The company aims to target the states Andhra Pradesh, Tamil Nadu, Gujarat and Odisha and later extending it to other states across the country.
- Beneficiaries: It is expected to benefit over 15,00,000 fish farmers and over 1,50,000 shrimp farmers across India
- Aquaconnect’s contribution: They will provide advisory services and quality farm inputs for the fish and shrimp farmers.
About Bank of Baroda(BoB):
HeadOffice– Vadodara (earlier known as Baroda), Gujarat
Managing Director(MD) and Chief Executive Officer(CEO)– Sanjiv Chadha
Establishment– 20 July 1908
Tagline– India’s International Bank
<<Read Full News>>
DBS Bank India joined with TRRAIN to upskill differently-abled youthOn March 9,2021, DBS Bank India Ltd. (DBIL) partnered with TRRAIN (Trust for Retailers & Retail Associate of India) to support the youth from low income households, pandemic affected, and persons with disabilities through skill training and employment opportunities.
- It is a part of the initiative ‘DBS Stronger Together Fund’
- The partnership will lead to one-year-long, Pan-India program which is a combination of classroom and online training sessions
- The training will be conducted by TRRAIN centres across cities such as Mumbai, Chennai, Delhi, Bengaluru, Kolkata, Ahmedabad, and among others.
Benefits of the Training:
- After the completion of training candidates will be recruited by leading partners in the retail and e-commerce sector across Tier -1 and Tier-2 cities.
- It aims to train and secure jobs for over 800 individuals by the end of 2021.
About DBS Bank India Ltd. (DBIL):
- It is a wholly owned subsidiary of DBS Bank Ltd, Singapore.
- It received a banking license to operate as a banking company under Section 22 (1) of the Banking Regulation (B R) Act, 1949.
Incorporated under– Companies Act, 2013
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Surojit Shome
<<Read Full News>>
Magicbricks Partnered with Razorpay & HDFC Bank for Property Service “Pay Rent” through Credit Cardi.Magicbricks Realty Services limited(Magicbricks), a wholly owned subsidiary of Bennett, Coleman & Co. Ltd of The Times Group, partnered with Razorpay and HDFC Bank to create a secure online solution “Pay Rent” feature for rent payments through credit cards.
ii.The online solution is created with a focus on the 10 million rental residential household market.
iii.Magicbricks has activated the security features and has implemented the risk and fraud detection module of Razorpay on the backend to ensure an additional layer of security in order to protect against any misuse.
CEO– Sudhir Pai
Headquarters– Noida, Uttar Pradesh
CEO– Harshil Mathur
Headquarters– Bengaluru, Karnataka
<<Read Full News>>
ECONOMY & BUSINESS
OECD raises GDP forecast of India to 12.6% for FY22i.On March 10, 2021, Organisation for Economic Co-operation and Development (OECD) raises the Gross Domestic Product (GDP) of India to 12.6% for FY 22, the highest among G20 countries. With his projection by OECD, India becomes the fastest-growing economy in the world. i.e., OECD has raised the GDP Projection by 4.7% from its December, 2020 projection of 7.9% for FY22.
ii.OECD has projected the India’s GDP to contract 7.4 per cent (-7.4%) in FY21 against the December 2020 forecast of 9.9% contraction (-9.9%).i.e.OECD had raised the GDP Projection by 2.5% from its earlier projection.
iii.OECD had pegged that, Indian economy as a whole in 2020 contracted by about 7 per cent.
iv.OECD has raised the 2021 global economy to grow 5.6 percent, an increase of 1.4 percentage points from its December 2020 forecast during which it has projected the 2021 global economy at 4.2% .
About Organisation for Economic Co-operation and Development (OECD):
Secretary General – Angel Gurría
Members Countries – 37
<<Read Full News>>
CRISIL has projected India’s GDP to grow at 11% in FY22On March 09,2021, The report of the rating agency CRISIL (Credit Rating Information Services of India Limited) projected India’s GDP to rebound to 11% in FY22(2021-2022) with base-effect lift in first half and broad-based growth in the second, after an estimated contraction of 8%(- 8%) inFY21(2020-2021).
CRISIL’s GDP prediction in FY22:
- It expects GDP average growth to 6.3% between fiscals 2023 and 2025 which is lower than the average growth of 6.7% which is seen in the decade preceding the pandemic, but higher than the 5.8% average in the three prior fiscals.
- In real times the size of the economy in FY22 will be 2% bigger than FY21.
CRISIL is an Indian analytical company providing ratings, research, and risk and policy advisory services
Managing Director (MD) & Chief Executive Officer(CEO)– Ashu Suyash
Headquarter– Mumbai, Maharashtra
Parent Company– Standard & Poor’s (S&P)
<<Read Full News>>
APPOINTMENTS & RESIGNATIONS
Tirath Singh Rawat Sworn in as the New CM of Uttarakhand; Trivendra Singh Rawat resigned as CMOn 10th March 2021, Tirath Singh Rawat, Members of Parliament (Lok Sabha), was sworn in as the 9th Chief Minister(CM) of Uttarakhand following the resignation of Trivendra Singh Rawat on 9th March 2021 following the unease over his governance. Tirath Singh Rawat’s term as the CM will end before the assembly polls in March or April 2022.
i.Tirath Singh Rawat was elected as the New CM at the meeting of the legislature party held on 10th March 2021.
Zoological Park– Bharat Ratna Pandit Govind Ballabh Pant high altitude Zoological Park
Forts– Banasur Ka Kila, Pithoragarh Fort
<<Read Full News>>
Former CBoI chief Pallav Mohapatra appointed MD and CEO of Arcil
On March 9, 2021, Pallav Mohapatra was appointed MD and CEO by Asset Reconstruction Company (India) Ltd (Arcil). Arcil’s former MD and CEO Vinayak Bahuguna was resigned once his five years terms had finished in June 2020.
- Pallav Mohapatra was a former MD and CEO of Central Bank of India (CBoI) from September 21, 2018, to February 28, 2021.
- Before being elevated as MD and CEO of CBoI, he served as the Deputy Managing Director of Stressed Assets Management Group, State Bank of India.
Arcil founded in 2002 is India’s first Asset Reconstruction Company to commence the business of resolution of Non-Performing Assets (NPAs) upon acquisition from Indian banks and financial institutions.
Headquarters – Mumbai, Maharashtra
SCIENCE & TECHNOLOGY
DRDO successfully developed the Air Independent Propulsion (AIP) System
On March 10 2021 , Defence Research and Development Organisation (DRDO) was achieved in the development of Air Independent Propulsion (AIP) by proving the land-based prototype.
- According to the user requirement ,this plant was functioned in endurance mode as well as max power mode.
- L&T and Thermax are the industry partners for the development.
- Naval Materials Research Laboratory (NMRL) , an Indian defence laboratory of DRDO has developed this system.
About Defence Research and Development Organisation (DRDO)
Founded – 1958
Motto – “Strength’s Origin is in Knowledge”
Secretary, Defence R&D and Chairman, DRDO – Dr G. Satheesh Reddy
BOOKS & AUTHORS
AS Panneerselvan authored a new book titled “Karunanidhi: A Life”
Readers’ editor at The Hindu, AS Panneerselvan authored a new book titled “Karunanidhi: A Life”, a book about the 8-decade political career of Muthuvel Karunanidhi. The foreword of the book was written by N. Ram, former editor in chief of The Hindu.
The book was published by Penguin Viking.
About the book:
i.The book is about Karunanidhi, the writer turned politician who served as the Chief Minister of Tamil Nadu for 5 terms and the leader of the Dravida Munnetra Kazhagam (DMK) for over five decades.
ii.The book features his controversial political career as the regional leader and his contribution to the tamil history, literature and culture.
About AS Panneerselvan:
i.A S Pannerselvan the readers editor of The Hindu has served as its internal ombudsman since 2012.
ii.He is an adjunct professor of Asian College of Journalism, Chennai.
iii.He is also a board member of Organization of News Ombudsmen and Standards Editors representing Asia.
iv.He has also served as the member of the steering committee and the vice chair of the Global Forum for Media Development between 2005 and 2018.
v.He is a member of the governing board of KM Adimoolam Foundation for Arts in Chennai.
vi.He was the fellow of the Reuters journalism fellowship programme at the University of Oxford.
52nd CISF Raising Day 2021 – March 10 i.Central Industrial Security Force (CISF) Raising Day is annually observed across India on 10th March to commemorate the service and commitment of the personnels of CISF towards protecting the major installations and integrity of the nation. The day also marks the establishment of the CISF on 10th March 1969.
ii.CISF was established under the Act of Parliament, “Central Industrial Security Force Act, 1968 (50 of 1968).
iii.The 10th March 2021 marks the CISF’s 52nd Raising Day.
iv.CISF provides security to major critical infrastructure installations of India like nuclear installations, space establishments, airports, seaports, power plants, sensitive Government buildings and heritage monuments.
Director General– Subodh Kumar Jaiswal
Headquarters– New Delhi
CISF functions under the Ministry of Home Affairs, Government of India.
<<Read Full News>>
Uttarakhand SSA Signed MoU with IBM to Introduce IBM’s STEM for Girls Programi.On 8th March 2021, Samagra Shiksha Abhiyan(SSA), unit of Uttarakhand, education mission of the government of Uttarakhand signed an MoU with IBM India to introduce IBM ‘STEM for Girls’ program in around 130 secondary and Higher Secondary schools across 5 districts (Dehradun, Pauri, Haridwar, Almora and Udham Singh Nagar)of the state.
ii.The collaboration is a part of the 3 year program between IBM and government of Uttarakhand with American India Foundation as implementation partner to increase the participation of women in STEM fields.
iii.Under this MoU, The IBM STEM for Girls Program will focus on enhancing the skills and careers of around 25600 students in Science, Technology, Engineering and Mathematics(STEM) fields.
Chairman & CEO– Arvind Krishna
Headquarters– New York, United States
<<Read Full News>>
IOCL Signs MoU with IDCO to develop Odisha’s Paradeep Plastic Park On 9th March, 2021 Indian Oil Corporation Limited (IOCL) signed a Memorandum of Understanding (MoU) with Odisha’s Industrial Infrastructure Development Corporation (IDCO) to jointly set-up a State of art Plastic park in Paradeep, Odisha. The project planned at a cost of Rs. 107 Crore over 120 acres of land, comes under the ambit of the larger Petroleum Chemicals and Petrochemicals Investment Region (PCPIR) at Paradeep.
Note- An incentive of Rs 2000 for each metric tonne of polypropylene granules is offered to the manufacturing units located in the Paradeep Plastic Park till March 31, 2030.
Ramsar Sites – Chilika Lake, Bhitarkanika Mangroves
Silver City of India – Cuttack
Temple City of India – Bhubaneswar
<<Read Full News>>
UP Gets 8th Airport at Bareilly; Became 1st State to have highest Number of AirportsBareilly Airport became the 8th Airport of Uttar Pradesh(UP). The Trishul Military Airbase has been upgraded as the Bareilly Airport for commercial flight operations under the Regional Connectivity Scheme – Ude Desh Ka Aam Nagrik (RCS-UDAN) of the Government of India.
- UP became the first state of India to have the highest number of Airports.
Currently UP has 8 functional airports namely Lucknow, Agra, Varanasi, Gorakhpur, Prayagraj, Kanpur, Hindon and Bareilly.
i.Bareilly became the 56th Airport to be operationalized under the UDAN scheme.
ii.Trishul Military Airbase, Bareilly owned by the Indian Air Force and the land were handed over to the Airport Authority of India(AAI).
iii.The Government of India has sanctioned Rs.88 crores under the UDAN Scheme for the development of the interim civil aviation operation.
iv.The upgradation of the Airport was undertaken by the AAI with a cost of Rs.65 crores.
First Flight of Bareilly Airport:
i.On 8th March 2021, On the occasion of the International women’s Day Hardeep Singh Puri, Minister of State (Independent Charge), Ministry of Civil Aviation flagged off the first flight with all women crew to Bareilly Airport from Delhi Airport.
ii.The first flight of Bareilly airport was operated by Alliance Air, which was awarded the Delhi bareilly route under UDAN-4 bidding process 2020.
iii.The airline deployed its ATR 72 600 aircraft with a capacity of 70 seats.
About UDAN Scheme:
In October 2016, Minister of State for Civil Aviation, Jayant Sinha launched Regional Connectivity Scheme Ude Desh Ka Aam Naagrik(UDAN), under the Ministry of Civil Aviation.
About Uttar Pradesh:
UNESCO Sites– Fatehpur Sikri, Taj Mahal, Agra Fort
Ramsar sites– Sur Sarovar, Upper Ganga River, Sandi Bird Sanctuary, Parvati Arga Bird Sanctuary, The Samaspur Bird Sanctuary, Nawabganj Bird Sanctuary, Sarsai Nawar Jheel , Saman Bird Sanctuary
Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 11 March 2021|
|1||NITI Aayog releases ‘Mobilising Electric Vehicle Financing in India’ Report|
|2||PM Narendra Modi inaugurated ‘Maitri Setu’ Virtually between India and Bangladesh Over Feni River|
|3||Indian Navy signs 11 ACTCM Barges to Thane based MSME, ‘Suryadipta Projects’|
|4||Tribal Affairs Minister Arjun Munda Inaugurated First of its Kind “Tribes India GI Mahotsav” at LBSNAA, Mussoorie|
|5||Bangladesh, Bhutan, India & Nepal countries became economic growth pole of Eastern sub-region : World Bank|
|6||France Conducts “AsterX” its 1st Military Exercise in Space|
|7||Aquaconnect Partnered with BOB to provide Credit Access to Farmers under KCC scheme|
|8||DBS Bank India joined with TRRAIN to upskill differently-abled youth|
|9||Magicbricks Partnered with Razorpay & HDFC Bank for Property Service “Pay Rent” through Credit Card|
|10||OECD raises GDP forecast of India to 12.6% for FY22|
|11||CRISIL has projected India’s GDP to grow at 11% in FY22|
|12||Tirath Singh Rawat Sworn in as the New CM of Uttarakhand; Trivendra Singh Rawat resigned as CM|
|13||Former CBoI chief Pallav Mohapatra appointed MD and CEO of Arcil|
|14||DRDO successfully developed the Air Independent Propulsion (AIP) System|
|15||AS Panneerselvan authored a new book titled “Karunanidhi: A Life”|
|16||52nd CISF Raising Day 2021 – March 10|
|17||Uttarakhand Signed MoU with IBM to Introduce IBM’s STEM for Girls Program|
|18||IOCL Signs MoU with IDCO to develop Odisha’s Paradeep Plastic Park|
|19||UP Gets 8th Airport at Bareilly; Became 1st State to have highest Number of Airports|