Current Affairs 14 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 14 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

Department of Pharmaceuticals Launches RPTUAS to Enhance Tech Capabilities of Pharma IndustryThe Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers, has announced the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme (RPTUAS) to enhance the technological capabilities of the pharmaceutical industry, aligning it with global standards.
Background:
i.The Department of Health & Family Welfare released the updated Schedule-M of the Drugs and Cosmetics Rule, 1945 on December 28, 2023.
ii.The revised Scheme was approved after a thorough examination by the Scheme Steering Committee.
Aim of Revamped PTUAS: To support the up-gradation of the pharmaceutical industry according to the Revised Schedule-M &  World Health Organization (WHO)-Good Manufacturing Practices (GMP) standards.

• This will enhance the quality and safety of pharmaceutical products manufactured in India.

Key Features:
i.Eligibility: Eligibility for the PTUAS has been expanded beyond Micro, Small, and Medium Enterprises (MSMEs) to include pharmaceutical manufacturing unit with a turnover of less than Rs 500 crores that requires technology and quality upgradation.

• MSMEs are prioritised, supporting smaller players in achieving high-quality manufacturing standards.

ii.Financing Options: flexible financing options, highligting subsidies on reimbursement basis, over traditional credit-linked approach has been introduced.
iii.The revised scheme introduced broader range of technological upgrades. Eligible activities include improvements in Heating, Ventilation, and Air Conditioning (HVAC) systems, water and steam utilities, testing laboratories, stability chambers, clean room facilities, effluent treatment, and waste management.
iv.The revised scheme allows integration with state government schemes for additional top-up assistance. The collaborative approach will maximise support for the pharmaceutical industry in their technology upgradation efforts.
v.The revamped scheme introduces a verification mechanism through a Project Management Agency. This will ensures transparency, accountability, and efficient allocation of resources.
Incentive Structure:
Pharmaceutical units with the following average turnover for the last 3 years will be eligible for incentive subject to a maximum of Rs. 1 crore per unit:

EaseMyTrip & MoRD Partnered to Empower SHG under Lakhpati Didi YojanaNew Delhi (Delhi) based Easy Trip Planner Limited (EaseMyTrip.com) signed a Memorandum of Understanding (MoU) with the Ministry of Rural Development (MoRD) to train Deendayal Antyodaya Yojana- National Rural Livelihoods Mission (DAY-NRLM)‘s Women Self Help Groups (SHG) members under the Lakhpati Didi Yojana.

• The initiative aims to focus on women-led skill development, thereby promoting entrepreneurial skills and financial independence among rural women.

About the MoU:
i.As per the MoU, EaseMyTrip (EMT) will train members of Women’s SHGs on making travel reservations including flights, trains, buses & hotels.
ii.EMT will select 1 member per block across 800 districts (throughout India) and provide them with the necessary digital tools and knowledge (searching, booking, payments, printing tickets).
iii.For every booking the members complete, EMT will share the generated revenue with them. The selected members are called ‘Ticket Wali Didi’.
Eligibility:
i.Basic knowledge of reading & writing English/Hindi language
ii.Knowledge of using a Computer & browsing the internet.
Pilot Project:
i.Initially, the initiative will be executed as a Pilot project across 10 Blocks in districts identified by the MoRD.

• The identified districts are Patna (Bihar), Begusarai (Bihar), Vadodara (Gujarat), Rajkot (Gujarat), Surat (Gujarat), Bhopal (Madhya Pradesh), Ujjain (Madhya Pradesh), Ayodhya (Uttar Pradesh) and Varanasi  (Uttar Pradesh).

ii.After a successful pilot, the program will be expanded throughout India.
Lakhpati Didi:
i.‘Lakhpati Didi’ initiative is a skill development programme which was launched in 2023 and implemented by the MoRD.
ii.It helps rural females set up micro-enterprises in their respective villages and earn a sustainable income of at least Rs. 1 lakh annually per household by leveraging their entrepreneurial skills.
About Ministry of Rural Development (MoRD):
Union Minister – Giriraj Singh (Constituency: Begusarai, Bihar)
Union Minister of State (MoS) – Faggan Singh Kulaste (Constituency: Mandla, Madhya Pradesh); Sadhvi Niranjan Jyoti (Constituency: Fatehpur, Uttar Pradesh)

Union Minister Mansukh Mandaviya Launched Credit Assistance Program for Jan Aushadhi KendrasOn 12th March 2024, Union Minister, Dr Mansukh Mandaviya, Ministry of Chemicals and Fertilizers(MoC&F), inaugurated a credit assistance program of the Small Industries Development Bank of India (SIDBI) for Jan Aushadhi Kendras(JAKs) during the event held in New Delhi, Delhi.

• He also presided over the exchange of Memorandum of Understanding (MoU) between SIDBI and Pharmaceuticals and Medical Devices Bureau of India (PMBI) to offer term loan and working capital credit to JAKs.
• He also launched the website(https://jak-prayaasloans.sidbi.in/home) for credit assistance to Jan Aushadhi Kendras.

About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director (CMD)- Sivasubramanian Ramann
Headquarters– Lucknow, Uttar Pradesh
Established on– 2nd April 1990
>> Read Full News

MoD Inks Rs 200 Crore Deal with BBBS Under iDEX Initiative for Anti-drone Systems to Indian Army & IAFThe Ministry of Defence (MoD) signed Rs 200 crore contract for anti-drone systems for the Indian Army and Indian Air Force (IAF) with Chennai (Tamil Nadu)-based Big Bang Boom Solutions Private Limited (BBBS), India’s fastest-growing defence sector start-up.

• This marks the largest contract signed by the MoD under the Innovations for Defence Excellence (iDEX) initiative and one of the largest contracts signed with an Indian startup.

Key People: The contract was presented to Dr Shivaraman, Director and Chief Technology Officer (CTO) of the BBBS in the presence of Union Minister Rajnath Singh, MoD.
The iDEX Initiative:
i.iDEX initiative fosters an ecosystem of innovation and technology development in defence.
ii.Aims to engage with young innovators to modernise the Indian military.
iii.Emphasises bringing technologically advanced solutions for defence requirements.
Key Features:
i.BBBS introduces the Vajra Sentinel System, employing state-of-the-art Artificial Intelligence (AI) fingerprinting-based radio frequency (RF) detection and jamming technology
ii.It is a modern solution designed to detect, track and neutralise drones at extraordinary ranges, offering both soft kill through jamming and hard kill via interceptor drones.
iii.It operates within a range of up to 10 kilometres (km), with hard kill activation initiated at distances of 5 to 6 km and demonstrates the capability to neutralise swarm Unmanned Aerial Vehicles (UAVs).
iv.It utilises passive RF sensor technology and eliminates false alarms.
v.Its sensor and jammer combination meet stringent military standard specifications for durability and reliability.
vi.Incorporates Advanced Electronically Scanned Array (AESA) radar and upgradable kamikaze drones.
vii.The core sensor utilises AI and computer vision algorithms for precise identification, classification, and location of drones.
viii.Enables autonomous decision-making for countermeasures, including signal jamming.

INTERNATIONAL AFFAIRS

Panama becomes 97th member to ratify the International Solar AlliancePanama joined the International Solar Alliance (ISA) as its 97th member, showing its commitment to advancing solar energy in the energy sector.

• In this regard, Panama’s Ambassador to India Yasiel Burillo handed over the Instrument of Ratification to Joint Secretary (Economic Diplomacy) Abhishek Singh, Ministry of External affairs (MEA) during the meeting in New Delhi, Delhi.
• This move aligns with the efforts of other nations in harnessing solar energy for a sustainable future.
• Notably, on March 5th, Malta became the 119th Signatory country to join the ISA.

About International Solar Alliance (ISA):
The ISA was established in Paris, France in 2015 as a joint effort by India and France to mobilize efforts against climate change through the deployment of solar energy solutions. It was conceptualized on the sidelines of the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Paris in 2015.
Key Points:
i.Its purpose is to endorse clean energy, a sustainable environment, public transport, climate, and deploying cost-effective and transformational solutions through solar energy, especially in the Least Developed Countries (LDCs) and the Small Island Developing States (SIDS).
ii.ISA’s ‘Towards 1000’ strategy targets mobilizing USD 1 trillion investments in solar energy by 2030, providing clean energy access to 1 billion people, and installing 1 terawatt (TW)/1000 Giga Watt (GW) of solar energy capacity.

• Director General– Dr Ajay Mathur
• Headquarters– Gurugram, Haryana

BANKING & FINANCE

Complaints Received by ORBIOs & CRPC under RB-IOS increased by  68.24%  in FY23According to Reserve Bank of India (RBI)’s Annual Report of Ombudsman Scheme, 2022-23, the number of complaints received by the Offices of the RBI Ombudsman (ORBIOs) and Centralised Receipt and Processing Centre (CRPC) increased by 68.24% to 7,03,544 during fiscal year 2022-23 (FY23) compared to 4,18,184 complaints during FY22.

• The report, released on 11th March 2024, is the 1st stand alone report under Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 explaining the activities of the 22 ORBIOs, CRPC and the Contact Centre.

Key Points:
i.The intense public awareness initiatives and the simplified process for lodging of complaints under RB-IOS resulted in the increase in number of complaints.
ii.Out of the 7,03,544 complaints, 4,68,270 were closed by CRPC as non-complaints/non-maintainable complaints and ORBIOs handled 2,34,690 complaints.
iii.Complaints against banks constituted the majority (1,96,635 complaints), comprising 83.78% of the total complaints received by the Ombudsman Offices.
iv.The overall disposal rate for FY23 at the ORBIOs stood at 97.99%, with average turnaround time (TAT) of 33 days. This marks an improvement from 44 days in FY22.
Points to note:
i.57.48% of complaints resolved under RB-IOS, 2021, were settled through mutual agreement, conciliation, or mediation.
ii.Complaints related to mobile/electronic banking were prominent among both bank and non-bank payment system participants, while non-adherence to fair practices code was a major concern for Non-Banking Financial Companies (NBFCs).
iii.Chandigarh, National Capital Territory (NCT) of Delhi, Haryana, Rajasthan, and Gujarat were the top contributors to ombudsman complaints. Mizoram, Nagaland, Meghalaya, Manipur, and Arunachal Pradesh had the lowest complaint numbers during FY23
About RB-IOS, 2021:
i.The RB-IOS, 2021 was rolled out in November 2021 by integrating the three erstwhile Ombudsman Schemes viz., Banking Ombudsman Scheme, 2006, Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC), 2018, and Ombudsman Scheme for Digital Transactions (OSDT), 2019.
ii.It covers all commercial banks, Non-Banking Financial Companies (NBFCs), Payment System Participants, most Primary (Urban) Cooperative Banks, and Credit Information Companies.
iii.The Scheme simplifies the grievance redress process at RBI by enabling the customers of Regulated Entities (REs) to register their complaints at one centralized reference point.

IndusInd Bank launches India’s first contactless payment wearable ‘Indus PayWear’IndusInd Bank Limited has launched its contactless payments wearable ‘Indus PayWear’ which is India’s first all-in-one tokenizable wearable for both debit and credit cards exclusively on Mastercard. 

• The device aims to offer unparalleled flexibility, convenience, and security to users.

About Indus PayWear:
i.Indus PayWear allows users to tokenize their IndusInd Bank cards onto a chip-enabled wearable device.

• Indus PayWear currently comes in 3 different Wearable variants : Sticker; Watch Clasp; and Ring.

ii.The device can be used to make secure tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal across the globe.
iii.Indus PayWear is an ‘Any Card, One Wearable’ which allows the user to switch between IndusInd Bank Debit & Credit Card.
Features:
i.All the features of the device can be controlled via the Indus PayWear mobile application.
ii.The device eliminates the need to carry physical cards or open payment apps for transactions.
iii.The transaction worth up to Rs 5000 carried out by the device without any pin authorisation.
Security:
i.Indus PayWear devices are secured by Near-Field Communication (NFC)-enabled embedded Secured Element technology (eSE).
ii.Since Paywear technology uses a tokenisation platform, the real card number will never be used while making the transaction. This offers protection from skimming and data leaks.
About IndusInd Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

SIDBI secures First Green Climate Fund Project worth USD 120 millionThe Small Industries Development Bank of India (SIDBI) has secured approval from the Green Climate Fund (GCF) for its first anchored project, the Avaana Sustainability Fund (ASF), valued at USD 120 million.

• GCF will contribute USD 24.5 million to ASF.
• This was announced during the 38th board meeting of GCF held in Kigali, Rwanda from 5-7 March 2024.

Key Points:
i.ASF will invest in early-stage start-ups and Micro, Small, and Medium Enterprises (MSMEs)  harnessing technology-led innovation to spur climate solutions and sustainability in India.
ii.The outcomes of ASF will include contribution to climate change mitigation, adaptation and enhancement of resilience in vulnerable sectors of the Indian economy.
iii.The ASF’s investment strategy targets 4 significant transitions: built environment; energy industry; human security, livelihood, wellbeing; and land use-forests and ecosystems, employing 4 key approaches.
Additional info: SIDBI, designated as an Accredited Entity (AE) and direct access entity (DAE) with the GCF, is accessing climate finance to implement low-carbon and climate-resilient projects
About GCF:
i.GCF, based in Incheon, South Korea, is a fund established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC).
ii.GCF is a critical element of the historic Paris Agreement  and it is the world’s largest climate fund.
iii.It is mandated to support the developing countries to realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director– Sivasubramanian Ramann
Headquarter– Lucknow, Uttar Pradesh
Establishment– 1990

Bank of Baroda unveils bob Earth Green Term Deposit Scheme to Finance Earth Friendly Projects
Bank of Baroda (BoB), one of India’s leading public sector banks, has launched ‘bob Earth Green Term Deposit Scheme’ to raise deposits to finance eligible environment-friendly projects and sectors.

• The scheme offers stable & secure financial returns along with an opportunity to contribute to a greener planet.

Eligibility:
The General Public/Resident Indians, Non-Resident Indians (NRIs) and High Net worth Individuals (HNI) investors are all eligible to invest in the scheme.
Innovative Tenures: 
The scheme offered in some innovative tenures that act as a reminder of the planet’s Climate & Sustainability goals. This includes
i.1.5 years Tenure – signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels
ii.1717 days Tenure – doubly emphasising the United Nations (UN)’s 17 Sustainable Development Goals (SDG).

Future Generali Launches ‘Health PowHER’, a Unique Health Insurance Plan for Women
Mumbai (Maharashtra) based Future Generali India Life Insurance Company Limited (FGILI) has launched a comprehensive women’s health insurance plan ‘Health PowHER’ designed specifically for women.

• The plan aims to address the various needs of women across the different stages of their lives.
• The plan offers coverage for women-specific health issues such as reproductive health, breast health, gynaecological health, hormonal health, bone health and mental health.

Note: FGILI is a joint venture(JV) between Generali Group and Future Group.

APPOINTMENTS & RESIGNATIONS

Asif Ali Zardari Sworn in as Pakistan’s 14th President for 2nd TermOn 10 March 2024, Asif Ali Zardari, co-chairman of the center-left Pakistan People’s Party (PPP) was sworn in as the 14th President of the Islamic Republic of Pakistan for the 2nd time. Previously, he served as the 11th President of Pakistan from 9th September 2008 to 9th September 2013.

• Asif Ali Zardari replaced Arif Alvi, who stayed in office for 5 months after completing his 5-year term in September 2023.
• Chief Justice of Pakistan Qazi Faez Isa administered the oath to Asif Ali Zardari at Aiwan-e-Sadr, the Presidential Palace in Islamabad, Pakistan.

Election Results:
i.Asif Ali Zardari secured 411 electoral votes in parliament and all 4 provincial assemblies, backed by PPP, Pakistan Muslim League-Nawaz (PML-N) party, and the Muttahida Qaumi Movement-Pakistan (MQM-P).
iii.Opposition candidate Mahmood Khan Achakzai, supported by Pakistan-Tehreek-e-Insaf (PTI), and Sunni Ittehad Council (SIC), secured 181 votes.
About Asif Ali Zardari:
i.His first government role was as the environment minister during Benazir’s second term (1993-1996) and also as the minister of investment from 1995 to 1996.
ii.He has been elected as a member of the National Assembly 4 times and as a senator from 1990 to 2024.

• He resigned from parliament after being elected as president in March 2024.

iii.He was elected president in 2008, the 1st ever democratically elected president to complete his full term in Pakistan’s history.

Nayab Singh Saini Sworn in as 11th CM of HaryanaOn 12th March 2024, Nayab Singh Saini, Haryana State President of the Bharatiya Janata Party (BJP) and a Member of Parliament (MP) elected from the Kurukshetra Constituency, was sworn in as the 11th Chief Minister (CM) of Haryana.

• Haryana Governor Bandaru Dattatreya administered oath of office and secrecy to Nayab Singh Saini in the event held in Chandigarh.
• Nayab Singh Saini succeeded  Manohar Lal Khattar who stepped down resulting in a split in BJP-Jannayak Janata Party (BJP-JJP) alliance which had ruled the state since 2019.

About Nayab Singh Saini:
i.Nayab Saini started his political career in 1996 by joining BJP.
ii.In 2014, he became an MLA for the first time representing Narayangarh Constituency.
iii.He served as a Minister of State for Labour and Employment and Mines & Geology in the Manohar Lal Khattar cabinet from 2014 to 2019.
iv.Since 2019, he has been serving as an MP in the Lower House of Parliament (Lok Sabha(LS)).
Other Noted Appointments:
Five other Members of the Legislative Assembly (MLAs) took oath in the new Cabinet.

• They are Kanwar Pal Gujjar (Jagadhri Constituency), Jai Parkash Dalal((Loharu Segment), Moolchand Sharma (Ballabgarh Constituency), and Banwari Lal (Bawal Constituency), Ranjit Singh (An Independent MLA from Rania Constituency).

Additional Info:
The BJP has 41 MLAs in the 90-member House, while the JJP has 10. The main opposition Indian National Congress (INC) has 30 MLAs while the Indian National Lok Dal and Haryana Lokhit Party one seat each.
About Haryana:
Chief Minister – Nayab Singh Saini
Governor – Bandaru Dattatreya
National Park – Sultanpur National Park, Kalesar National Park
Wildlife Sanctuary – Kalesar Wildlife Sanctuary, Bir Shikargah Wildlife Sanctuary

SPORTS

Badminton: Indian Pair Satwiksairaj Rankireddy and Chirag Shetty Win Men’s Doubles Title in French Open 2024The Indian badminton pair Satwiksairaj Rankireddy and Chirag Shetty won the men’s doubles title by defeating Chinese Taipei’s Lee Jhe-Huei and Yang Po-Hsuan at the finals of the YONEX French Open 2024.

• The 94th edition of the French Open, the Badminton World Federation (BWF) World Tour Super 750 Badminton tournament, was held from 5-10th March 2024 at the Arena Porte de la Chapelle, Paris, France.

Note:
As of 13th March’ 24, Chirag and Satwik pair is ranked world’s no. 1 in the BWF men’s doubles ranking.
Winners of French Open 2024:

Key Points:
i.The French Open 2024 men’s doubles title is the first title for the Chirag and Satwik pair in 2024.
ii.This victory also marks their second French Open title and second BWF World Tour Super 750 title. They were winners in 2022 and runners-up in 2019.
iii.It was their seventh BWF world tour title, including the Hyderabad Open (2018), Thailand Open (2019), India Open (2022), French Open (2022), Swiss Open (2023), Indonesia Open (2023), and Korea Open (2023).
iv.In 2024, the Indian pair finished runners-up in the Malaysian Open and the India Open.
v.India’s Lakshya Sen lost in the semifinals of the men’s singles against Kunlavut Vitidsaran (Thailand).
About French Open:
i.The first edition of the French Open badminton tournament was held in 1909.
ii.It was recognized as one of the five BWF World Tour Super 750 events in 2018.
iii.It is organised by the French Badminton Federation, or Fédération Française de Badminton (FFBad), with sanction from the BWF.
About Badminton World Federation (BWF):
President – Poul-Erik Høyer Larsen
Headquarters – Kuala Lumpur, Malaysia
Established – 1934

Red Bull’s Max Verstappen Wins Saudi Arabian Grand Prix 2024Belgian-Dutch driver Max Verstappen (competing under the Dutch flag) of Red Bull won the Formula 1 (F1) Saudi Arabian Grand Prix (GP) 2024 held at Jeddah Corniche Circuit, Jeddah, Saudi Arabia from 7th to 9th March 2024.
Winners of Saudi Arabian GP 2024:

Highlights:
i.Verstappen won the first two races of a season for the first time in 2024 when he triumphed in the Bahrain Grand Prix and the Saudi Arabian Grand Prix.
ii.Verstappen won his second Saudi Arabian GP title (2022 and 2024).
iii.It also marks the ninth consecutive win for Verstappen since he won the Japanese Grand Prix in September 2023.
iv.It marks his 56th win and 100th podium finish in his driving career.
v.It was Red Bull’s 115th GP title, surpassing the Williams Racing team’s 114 to fourth position in the list of the teams with the most GP titles. Ferrari with 242 wins stands 1st and McLaren with 183 wins stands 2nd.
Points to Note:
Oliver Bearman of the United Kingdom(UK) made his debut in F1 as Ferrari’s youngest-ever driver at 18 years and 305 days.
About Saudi Arabian GP:
i.Saudi Arabian GP 2024 was the fourth edition of the Saudi Arabian GP since its first edition was held in 2021.
ii.The 6.174-kilometer(km) Jeddah Corniche Circuit is the third-longest circuit in the 2024 F1 calendar. The 7.004 km Spa-Francorchamps circuit in Belgium is the longest.

IMPORTANT DAYS

World Rotaract Day 2024 – March 13 & World Rotaract Week 2024 – March 11–17World Rotaract Day is annually observed across the globe on 13 March to recognise and acknowledge the services provided by the Rotaractors, and members of Rotaract clubs across the world.

• The Day also offers an opportunity to raise awareness about the work that Rotaract clubs are doing around the world.

13 March 2024 marks the observance of the 56th anniversary of the formation of the 1st Rotaract Club in North Carolina, United States of America (USA).
World Rotaract Week:
i.World Rotaract Week is annually celebrated around the world by the Rotaractors and Rotarians during the week on which World Rotaract Day is observed (13 March).

• The Week commemorates the founding of the first Rotaract Club in 1968.

ii.World Rotaract Week 2024 is observed from March 11–17, 2024.
>> Read Full News

STATE NEWS

Karnataka-WEF agree to set up Centre for Artificial Intelligence in StateThe State Government of Karnataka has signed a Letter of Intent with World Economic Forum (WEF) to establish India’s sole Centre for Artificial Intelligence (AI) in Karnataka.

• This center will be a part of the WEF Centre for the Fourth Industrial Revolution (C4IR) Network, aiming to govern inclusive technology and foster digital transformation.

Key Points:
i.The AI center in Karnataka, the only one in India under WEF, will facilitate industry-academia networks, technological trend exchanges, research collaborations, and global issue responses.
ii.It will provide a globally connected platform, especially for AI startups, utilizing Bengaluru’s recognition as a top global city for AI.
iii.This will drive local economic growth through innovation and job creation.
iv.During the 54th WEF summit in Davos, Switzerland in January 2024, the Karnataka government signed 8 Memorandum of Understandings (MoUs) with global firms, amounting to Rs 23,000 crore, spanning sectors such as AI, citizen services, sustainability, and e-governance.

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