Current Affairs 16 February 2024

We are here for you to provide the important Recent and Latest Current Affairs 16 February 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

MoD inks Rs 2,282.06cr contract with BEL to procure 11 Shakti EWS for IN; Signs Rs 1,752.13 Cr with AWEIL for 463 SRCG for IN & ICGThe Ministry of Defence (MoD) has signed a contract with Bharat Electronics Limited (BEL) to procure 11 Shakti Electronic Warfare Systems (EWS) along with associated equipment / accessories for the Indian Navy (IN) at a cost of Rs 2,167.47 crore.

• It also received additional orders worth Rs.114.59 crore to develop Very low frequency receivers (HD VLF), etc.

Note: MoD signed contracts worth Rs 2,282.06 crore to procure 11 EWS (Rs 2,167.47 crore) and additional orders (Rs.114.59 crore).

i.The Shakti EWS will be designed and developed by the Defence Electronics Research Laboratory (DLRL) Hyderabad, Telangana.
ii.On the lines of Aatmanirbharta in Defence, MoD also signs Rs 1752.13 crores contract with the Advanced Weapons and Equipment India Limited(AWEIL), Kanpur, Uttar Pradesh (UP) for the manufacturing and supply of 463 indigenously manufactured 12.7 mm Stabilised Remote Control Guns (SRCG) for the Indian Navy and Indian Coast Guard (ICG).
About Ministry of Defence:
Union Defence Minister– Rajnath Singh  (Constituency – Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)
>> Read Full News

PM Modi Inaugurated & Laid Foundation Stone of Various Projects Worth Rs 7500 cr in Jhabua, MP On 11 February 2024, Prime Minister (PM) Narendra Modi inaugurated and laid the foundation stone for multiple developmental projects worth Rs 7,500 crore in Jhabua, Madhya Pradesh (MP). The development projects will benefit the significant tribal population of the region.
i.The projects also focus on strengthening the water supply and provisioning of drinking water, enhancing education, and boosting the road, rail, and power sectors in MP.
ii.PM Narendra Modi announced the launch of ‘PM Surya Ghar: Muft Bijli Yojana’, to encourage people to install solar panels on their rooftops for free electricity. The scheme aims to provide free electricity of 300 units per month to 1 crore households in India.
About Madhya Pradesh:
Chief Minster– Mohan Yadav
Governor– Mangubhai C. Patel
National Parks– Dinosaur Fossil National Park and Van Vihar National Park
Wildlife Sanctuaries– Bagdara Wildlife Sanctuary and Gandhi Sagar Sanctuary
>> Read Full News

MIB Revised National Film Awards Regulations: Names of Indira Gandhi & Nargis Dutt Removed From Awards Category The Ministry of Information and Broadcasting (MIB) has revised the National Film Awards regulations and made significant changes, including renaming awards, merging categories, and increasing prize money. The changes were made based on the recommendation of the Committee for Rationalization of Film Awards.

• The change will come into effect in the upcoming 70th edition of the National Film Awards (2022), whose entries closed on January 30th, 2024.
• The ‘Indira Gandhi Award for Best Debut Film of a Director’ has been renamed ‘Best Debut Film of a Director’. The award includes a Swarna Kamal and cash award of Rs 3 lakh which will be presented to the director of the film.
• The ‘Nargis Dutt Award for Best Feature Film on National Integration’ has been clubbed with ‘Best Film on Social Issues’ and ‘Best Film on Environment Conservation/Preservation’. The newly formed award is named ‘Best Feature Film Promoting National, Social, and Environmental Values’.
• The awards are categorised into four sections. They are Feature films, non- features films, Best writing on cinema, and the Dadasaheb Phalke Award(Lifetime Achievement Award).

>> Read Full News

NITI Aayog Launches Greening India’s Wastelands with Agroforestry Report and PortalOn February 12, 2024, NITI Aayog(National Institution for Transforming India) launched the Greening and Restoration of Wasteland with Agroforestry (GROW) initiative, which includes GRWO report and portal at NITI Aayog headquarters in New Delhi, Delhi.
Note: Agroforestry involves integrating trees with crops and/or animals farming systems on the same unit of land.
About GROW Portal:
i.The GROW-Suitability Mapping portal on Bhuvan (https://bhuvan-app1.nrsc.gov.in/asi_portal/) will allow universal access to state and district-level data.
ii.This portal is expected to significantly boost the promotion of agroforestry initiatives by government bodies.
About GROW Report:
i.The report, developed under the leadership of NITI Aayog, used remote sensing and Geographic Information Systems (GIS) technologies to assess the suitability of agroforestry practices across all districts of India.
ii.The report includes Agroforestry Suitability Index (ASI) for national-level prioritisation, using thematic datasets.
Key Points:
i.The report offers a comprehensive state-wise and district-wise analysis and
provides insights to government departments and industries involved in greening and restoration projects.
ii.This also highlights the potential of converting underutilized areas such as wastelands, into productive agroforestry zones.
Key Points:
i.Agroforestry covers 8.65% of India’s total area, approximately 28.42 million hectares.
ii.Report GROW initiative aligns with national goal to restore 26 million hectares of degraded land by 2030, creating carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent.
iii.Approximately 16.96% of the Total Geographical Area (TGA) is wasteland, requiring transformation for productive use.
iv.India, the pioneer of the National Agroforestry Policy in 2014, aims to enhance productivity, profitability, and sustainability through agroecological land use system.

• These efforts are in alignment with global commitments such as the Paris Agreement, Bonn Challenge, United Nations Sustainable Development Goals (UN-SDGs), United Nations Convention on Combating Desertification (UNCCD), Doubling Farmers’ Income initiative, Green India Mission, among others.

About NITI Aayog(National Institution for Transforming India):
Chairperson– Prime Minister of India (Narendra Modi)
Chief Executive Officer (CEO)– B.V.R. Subrahmanyam
Headquarters– New Delhi, Delhi
Establishment– 2015

Unemployment rate dips to 6.5% in Q3FY24: 21st Quarterly PLFS by NSSO The National Sample Survey Office (NSSO), Ministry of Statistics and Programme Implementation (MoSPI) released its 21st quarterly Periodic Labour Force Survey (PLFS) bulletin for October-December 2023 (Q3FY24).
i.As per it, India’s urban unemployment rate (UR) in Current Weekly Status (CWS) terms for persons aged 15 years and above declined to 6.5% during Q3FY24 which is the lowest level in over 4 years.
ii.It was 6.6% in Q2FY24, and 7.2% in Q3FY23.
iv.At all India level, Labour Force Participation Rate (LFPR) in CWS increased to 49.9% (Q3FY24) from 48.2% in Q3FY23.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
Secretary– DR. G P Samanta
>> Read Full News

BANKING & FINANCE

Mirae Asset Launches 2 Passive Smallcap Funds; India’s 1st Multi Factor-based ETF on Nifty Smallcap250 Index Mirae Asset Mutual Fund launched 2 passive smallcap funds namely ‘Mirae Asset Nifty Smallcap 250 Momentum Quality 100 Exchange Traded Fund (ETF)’ and ‘Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund-of-Fund(FoF)‘.

• These are India’s 1st multi-factor-based ETF on the Nifty Smallcap 250 Index which aim to provide investors with sector-agnostic exposure within the smallcap category, employing a unique blend of factors for wealth creation.

About Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF:
i.It is an open-ended scheme that replicates the Nifty Smallcap 250 Momentum Quality 100 Total Return Index.
ii.Investment Objective: To generate returns, before expense, in alignment with the performance of the Nifty Smallcap 250 Momentum Quality 100 Total Return Index, subject to tracking error.
iii.The scheme’s New Fund Offer (NFO) opens on 12 February 2024 and will close on 21 February 2024, and re-opens for continuous Sale and Repurchase from 26 February 2024.
About Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF FoF:
i.Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF Fund-of-Fund is an open-ended fund-of-fund scheme investing in units of Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF.
ii.Investment objective: To provide long-term capital appreciation from a portfolio investing in units of Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF.
iii.The NFO opens on 15th February 2024 and closes on 28th February 2024 and re-opens on 4th March 2024.
Points to Note:
i.There is no guarantee that the schemes will achieve their investment objectives.
ii.Index Tracking: Both schemes benchmark the Nifty Smallcap 250 Momentum Quality 100 Total Return Index (TRI).

• Both schemes will be managed by the fund managers Ms. Ekta Gala and Mr. Vishal Singh.

Minimum Investment:
i.The minimum initial investment during the NFO for both schemes is Rs 5,000, with multiples of Re 1 thereafter.
ii.An additional purchase amount of a minimum of Rs.1000 is an added feature of the Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF FoF.

• It also includes the investment option of a Systematic Investment Plan (SIP) amount.

About Mirae Asset Investment Managers (India) Pvt. Ltd:
Chairman and Independent Director– Yogesh Chadha
Vice-Chairman and CEO– Swarup Anand Mohanty
Headquarters– Mumbai, Maharashtra
Started Operations in– 2008
It is the Asset Management Company (“AMC”) of Mirae Asset Mutual Fund.

REC & DVC Join Hands for Infra & Energy Projects in the Damodar Valley
REC Limited (formerly Rural Electrification Corporation Limited) has signed agreements worth Rs. 588 crores with Damodar Valley Corporation (DVC),  a Public Sector Enterprise (PSE) under the Ministry of Power (MoP), to strengthen infrastructure and energy projects in the Damodar Valley region (West Bengal and Jharkhand).

• This agreement includes a Term Loan agreement, an Escrow agreement, and Hypothecation deeds.
• Tubed coal mines will also be developed as part of the agreement.
• The agreement was signed in the presence of S. Suresh Kumar, Chairman and Managing Director(CMD) of DVC.

Note: REC is a ‘Maharatna‘ Central Public Sector Enterprise (CPSE) under the MoP, and is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC).

ACQUISITIONS & MERGERS

CCI Approval on 13th February 2024The Competition Commission of India (CCI) has approved the following on 13th February 2024.
Acquisition of Tianish Laboratories by Matrix Pharma
CCI has approved the Karachi (Pakistan) based Matrix Pharma Private Limited (Acquirer)  to acquire 100% paid-up share capital in Hyderabad (Telangana) based Tianish Laboratories Private Limited (Target).

• The target is a manufacturer of active pharmaceutical ingredients whereas the acquirer is an inactive company.
• The funding for the acquisition will be generated by the Acquirer by allowing two investors to subscribe to certain optionally convertible debentures of the Acquirer. The two investors are:
• Investor 1: Kotak Strategic Situations India Fund II which is an Alternative Investment Fund (AIF) registered with the Securities and Exchange Board of India (SEBI) under the SEBI (AIF) Regulations, 2012.
• Investor 2: Kotak Alternate Asset Managers Limited acts as an investment manager involved in activities like managing and advising funds.

Acquisition of Coastal Energen by Dickey Alternative Investment Trust and Adani Power
CCI has approved Ahmedabad (Gujarat) based Adani Power Limited (APL) and Gurugram (Haryana) based Dickey Alternative Investment Trust (DAIT) to jointly acquire 100% paid-up share capital in Chennai (Tamil Nadu) – based Coastal Energen Private Limited (CEPL).

• APL is a leading private-sector thermal power producer in India & DAIT is a category II AIF registered with SEBI.
• CEPL is a Coal-based power plant which owns and operates an imported coal-based thermal power plant at Tuticorin, Tamil Nadu.
• CEPL is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code).

About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established in – 2003(Operational from 2009)

SPORTS

India Hands over Chess Olympiad Torch to Hungary
India has officially handed over the Chess Olympiad torch to Hungary, which is set to host the 45th edition of the Chess Olympiad 2024 from 10th to 23rd September 2024 in Budapest, Hungary.

• The handover ceremony was held at Major Dhyan Chand National Stadium in New Delhi, Delhi, on 14th February 2024.
• The ceremony was attended by Union Minister for Youth Affairs and Sports Anurag Thakur, Grandmaster Viswanathan Anand(India),  International Chess Federation (FIDE) president Arkady Dvorkovich, and GM Judit Polgar (Hungary).
• The torch handover ceremony also kicked off the 100th anniversary celebration of FIDE, which was established in 1924.

Note:
India hosted the 44th FIDE Chess Olympiad 2022 in Mahabalipuram (Tamil Nadu) in 2022.

UWW Lifts Wrestling Federation of India’s Suspension
The United World Wrestling(UWW) has lifted the suspension on the Wrestling Federation of India(WFI) with immediate effect on 13th February 2024.

• WFI was suspended in August 2023 due to a delay in elections in the organisation.
• While lifting the ban, UWW has instructed WFI to conduct the elections of its Athletes’ Commission before the 1st of July 2024.
• Written guarantees are to be provided to UWW regarding no discriminatory action against the protested wrestlers.
• Indian wrestlers can now compete in international competitions under the Indian flag after previously competing as ‘neutral athletes’ under the UWW flag during the ban.

IMPORTANT DAYS

International Epilepsy Day 2024- February 12 International Epilepsy Day is annually observed across the globe on the 2nd Monday in February to raise awareness about epilepsy, a neurological disorder, its condition, diagnosis, and treatment.

• International Epilepsy Day 2024 is observed on 12 February 2024.

International Epilepsy Day 2023 was observed on 13 February 2023; In 2025, it will be observed on 10 February 2025.

• The 2024 theme of International Epilepsy Day is, “Milestones on My Epilepsy Journey.”

The campaign of International Epilepsy Day 2024 is, “#MyEpilepsyJourney.”
Background:
i.International Epilepsy Day, established in 2015, is a collaborative initiative by the International Bureau for Epilepsy (IBE) and the International League Against Epilepsy (ILAE).
ii.The 1st ever International Epilepsy Day was observed in 2015.
About International League Against Epilepsy (ILAE):
President– J. Helen Cross
Headquarters– Dundrum, Ireland
Founded in– 1909
>> Read Full News

World Radio Day 2024 – February 13  The United Nations (UN) World Radio Day (WRD) is annually observed across the globe on 13 February to celebrate Radio as a powerful and low-cost medium and to promote its role in fostering international collaboration among broadcasters.

• 13 February 2024 marks the observance of the 13th WRD.

The theme of World Radio Day 2024 is “Radio: A century informing, entertaining and educating”.
Points to note:
On the occasion of WRD 2024, Union Minister Anurag Singh Thakur, Ministry of Information and Broadcasting (MIB) unveiled revised policy guidelines to enhance the setup of Community Radio Stations (CRS) in India.
About Ministry of Information and Broadcasting (MIB):
Union Minister– Anurag Singh Thakur (Constituency: Hamirpur, Himachal Pradesh)
Minister of State– L. Murugan (Rajya Sabha – Madhya Pradesh)
>> Read Full News

STATE NEWS

Goa CM presents Rs 26,850.56 cr Budget for FY25; No New Taxes ImposedThe Chief Minister (CM) of Goa Pramod Sawant, who also holds the finance portfolio of the state, presented Rs 26,850.56 crore budget for Financial Year 2024-25 (FY25) with no additional taxes at the Goa State Legislative Assembly Complex in Porvorim, Bardez in Goa. It was his 5th budget.
i.The Gross State Domestic Product (GSDP) for FY25 is projected at Rs 1,21,309.02 crore at current prices with a growth rate of 13.87% as compared to FY24 and a Per Capita Income of Rs 7.64 lakh
ii.This budget’s focus is on improving infrastructure to boost tourism, IT (Information Technology) and employment.
About Goa:
Chief Minister– Pramod Sawant
Governor– P. S. Sreedharan Pillai
National Park– Mollem National Park
Wildlife Sanctuary – Bhagwan Mahavir Wildlife Sanctuary, Cotigao Wildlife Sanctuary
>> Read Full News

Odisha Declared Gupteswar Forest as its 4th Biodiversity Heritage SiteThe Odisha government has declared the Gupteswar forest in Koraput district as its fourth Biodiversity Heritage Site (BHS).

• The three other BHS sites in Odisha are Mandasaru in Kandhamal district, Mahendragiri in Gajpati district, and Gandhamardan in Bargarh and Bolangir districts.

About Gupteswar:
i.It is spread over 350 hectares of area and has sacred grooves traditionally worshiped by the local community and bestowed with a wide range of flora and fauna.
ii.The forest is adjacent to the Gupteswar Shiva temple in the Dhondrakhol reserve forest under the Jeypore forest division.
Floral & Faunal Diversity of Gupteswar:
i.As per the biodiversity inventory and survey conducted by the Odisha Biodiversity Board, the Gupteswar forest has 608 faunal species which include 28 species of mammals, 188 species of birds, 18 species of amphibia, 48 species of reptiles, and 141 species of butterflies, 43 species of moths, 41 species of odonates, 30 species of spiders, six species of scorpion,s and 20 species of lower invertebrates.
ii.The floral diversity of the forest inlcudes 182 species of trees, 76 species of shrubs, 177 species of herbs, 69 species of climbers, 14 species of orchids, and threatened medicinal plants like Indian trumpet tree, Indian snake root, etc.
iii.The limestone caves in Gupteswar boast of 8 species of bats out of the total 16 species found in southern Odisha.
About Biodiversity Heritage Site:
i.The state government has the power to notify the areas of biodiversity importance as ‘Biodiversity Heritage Sites’ in its Official Gazette as per Section 37 (1) of the Biological Diversity Act,2002.
ii.As of January 2024, there were  44 Biodiversity Heritage Sites in India.
Additional Info:
The Odisha state government has allocated an amount of Rs 35 lakhs for the preparation of the action plan and awareness-building activities in the localities in the BHS.

‘Kaji Nemu‘ named as State Fruit of Assam
The Government of Assam has declared Kaji Nemu (Citrus Limon) as the State Fruit of Assam. The announcement was made by Assam’s Agriculture Minister Atul Bora, following a Cabinet meeting. Kaji Nemu is also known as the “Queen of all citrus fruits”

• Kaji Nemu is a medium-to-large variety of lemon, that has an elongated, oblong, elliptic, to obovate shape.
• It is grown only in Assam and certain parts of the northeast India.
• It has a thin and glossy rind with unique aroma & antioxidant properties.
• In 2019, Kaji nemu received the Geographical Indication (GI) tag as ‘Agricultural’ Goods.

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