Current Affairs 17 & 18 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 17 & 18 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

Overview of PM Modi’s visit to Gujarat on March 12, 2024Prime Minister (PM) Narendra Modi visited Gujarat on 12th March, 2024. During his visit, PM laid the foundation stone and dedicated to the nation multiple developmental projects worth more than 1 lakh crore in Gujarat.

• PM Modi unveiled various railway projects worth Rs 85,000 crore at Ahmedabad, Gujarat.
• PM Narendra Modi laid the foundation stone of Petrochemicals Complex of Petronet LNG(Liquefied Natural Gas) worth more than Rs 20, 000 crore at Dahej, Gujarat.
• PM Narendra Modi virtually inaugurated India’s 1st automobile in-plant railway siding project of Maruti Suzuki on 12th March, 2024 from Ahmedabad, Gujarat.
• PM Narendra Modi inaugurated the redeveloped Kochrab Ashram and launched the Master Plan of the Gandhi Ashram Memorial at Sabarmati Ashram, Ahmedabad, Gujarat.

About Gujarat:
Chief Minister (CM): Bhupendra Rajnikant Patel
Governor: Acharya Devvrat
Capital: Gandhinagar
National Park (N.P.): Gir National Park, Marine National Park
>> Read Full News

MoS Meenakshi Lekhi Unveiled Revamped Website of ASI & handed over MoUs under the Adopt a Heritage 2.0Union Ministers of State (MoS) Meenakshi Lekhi, the Ministry of Culture (MoC), has launched the revamped website of the Archaeological Survey of India (ASI) (https://asi.nic.in) at the National Museum in New Delhi, Delhi.

• She also handed over the Memorandums of Understanding (MoUs) for Monuments Adoption under the Adopt a Heritage 2.0 to the representatives of the Corporate-Houses.

Revamped Website:
i.This new website offers a more comprehensive and user-friendly experience for everyone, especially students seeking information on India’s vast history.
ii.The revamped website and program highlight the government’s commitment to using technology to make India’s cultural heritage more accessible.
MoUs:
i.ASI has MoUs with the corporates for Monuments Adoption under the ‘Adopt a Heritage 2.0’ programme.
ii.The MoU aims to make the preservation of 14 out of 4000 heritages of ASI an inclusion process based on the theme of ‘Sabka Saath, Sabka Vikas, Sabka Pryas’.
iii.These 14 monuments will be changed to give a much better viewer experience, a much more livelier history of the monuments and much more exposition of their place in India’s culture.
iv.The corporates (Smarak Sarathi / Sathi) engaged in MoU will adopt a specific monument and contribute to their maintenance and better showcasing to the public.
v.MOU with entities will be signed for a five-year period that can be extended for another five years.
Point to note:
The 14 monuments include Agra Fort in Agra (Uttar Pradesh), Mehrauli Archaeological Park (Delhi), Buddhist Stupa in Champaran (Bihar), Kailasanatha temple in Kanchivaram (Tamil Nadu), Kandariya Temple & Khajuraho in Chhatarpur (Madhya Pradesh), Safdarjung Tomb (Delhi), Group of Monuments in Mamallapuram (Tamil Nadu), Sun temple in Puri (Odisha), Elephanta Caves in Raigarh (Maharashtra), Upper Fort Aguada  (Goa), Purana Qila (Delhi), Qutub Minar (Delhi), Humanyun’s Tomb (Delhi) and Uggar Sain’s Baoli (Delhi).
About “Adopt a Heritage 2.0”:
In September 2023, ASI launched the ‘Adopt a Heritage 2.0’ programme to collaborate with corporate stakeholders to enhance amenities at Historical monuments by utilising their corporate social responsibility (CSR) funds.
About Archeological Survey of India (ASI):
ASI is the premier organization for archaeological research and protection of cultural heritage in India. It function under Ministry of Culture (MoC).
Director General – Yadubir Singh Rawat
Headquarters – New Delhi, Delhi
Established in – 1861

MoD Signs Contracts Worth Rs 8073 cr with HAL to Acquire 34 ALH Dhruv Mk III for Indian Army & ICGOn 13th March 2024, The Ministry of Defence (MoD) has signed contracts worth Rs 8073.17 crore with Hindustan Aeronautics Limited (HAL) for the acquisition of 34 Advanced Light Helicopters (ALH) Dhruv Mk III equipped with Operational Role Equipment for Indian Army/IA (25 ALHs) and Indian Coast Guard/ICG (9 ALHs).

• This acquisition is under Buy (Indian-IDDM – Indigenously Designed, Developed & Manufactured) category.
• This contract follows an approval of the Cabinet Committee on Security (CCS)

ALH Dhruv Mk III UT (Utility): (Indian Army Version):
i.It is Designed for Search & Rescue, Troop Transportation, Internal Cargo, and Recce/Casualty Evacuation.
ii.It has proved its effectiveness in challenging terrains like the Siachen Glacier and Ladakh.
ALH Mk III MR (Maritime Role): (ICG Version):
i.It is designed  for Maritime Surveillance and Interdiction, Search and Rescue, Rappelling Operations, Cargo & Personnel Transportation, and Pollution Response.
ii.It has showcased resilience in adverse environmental conditions over sea and land.
Note: This project is expected to create employment of  approximately 190 Lakh Man-Hours, involving over 200 MSMEs (Micro, Small and Medium Enterprises) and 70 local vendors, aligning with the vision of ‘Aatmanirbhar Bharat’ (Self-reliant India).
MoD inks contract with AVNL for 693 Armament Upgrades of Infantry Combat Vehicle BMP2 to BMP2M
MoD also signed a contract with Armoured Vehicles Nigam Limited (AVNL) to procure 693 Armament Upgrades of Infantry Combat Vehicle BMP2 to BMP2M.

• It includes Night Enablement, Gunner Main Sight, Commander Panoramic Sight and Fire Control System (FCS) with Automatic Target Tracker under Buy {Indian-IDDM} Category.

Key Points:
i.AVNL has developed an indigenous solution for equipping existing BMP 2/2K vehicles with Night Fighting Capabilities and Fire Control Systems (FCS).
ii.The solution integrates technology from Defence Research and Development Organisation (DRDO) and Bharat Electronics Limited (BEL), Chennai, Tamil Nadu.
iii.This initiative aims to strengthen the indigenous defense manufacturing ecosystem and promote self-reliance in the field.

MHI & IIT Roorkee Partners to Advance Automotive and EV SectorThe Ministry of Heavy Industries (MHI) signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology(IIT)-Roorkee, Uttarakhand to encourage innovation and advance the automotive and electric vehicle (EV) sector.
Key People:
i.The MoU was signed by K.K Pant, Professor, IIT Roorkee and Vijay Mittal, Joint Secretary, MHI.
ii.The MoU was exchanged in the presence of Union Minister Mahendra Nath Pandey, MHI; Pushkar Singh Dhami, Chief Minister (CM) of Uttarakhand (through Video Conference).
About the MoU:
i.The MoU aims to create a Centre of Excellence (CoE) and an Industry Accelerator at IIT Roorkee.
ii.For this purpose, IIT Roorkee partners with International Centre for Automotive Technology (ICAT) Manesar (Haryana), a premier institute for automotive testing and research, for services like automotive electrical and electronics testing.
iii.The MoU is a part of Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector Phase II of MHI.
iv.The partnership leverages expertise from both MHI & IIT Roorkee to bridge the gap between academia and industry.
v.Project Cost: The total cost of the project is Rs.24.6645 Crore. Out of this MHI will offer Rs. 19.8745 Crore and Rs.4.78 Core will be contributed by industry partners.
Additional Info:
The partnership also motivates many startups to collaborate with IIT-Roorkee for projects related to EV.
About Ministry of Heavy Industries (MHI):
Union Minister –Mahendra Nath Pandey (Constituency: Chandauli, Uttar Pradesh)
Union Minister of State (MoS) – Krishan Pal Gurjar (Constituency: Faridabad, Haryana)

INTERNATIONAL AFFAIRS

SIPRI Report 2023: India World’s Largest Arms Importer Between 2019– 2023According to ‘Trends in International Arms Transfers, 2023’ released by Swedish think tank, Stockholm International Peace Research Institute (SIPRI), India was the world’s top arms importer for the period 2019-23. India’s imports has increased by 4.7% compared to the period 2014-18.

• Saudi Arabia and Qatar were the 2nd and 3rd largest importers.
• United States (US), France, Russia were the top 3 largest exporters of arms between 2019-23.

India’s main suppliers:
i.Russia remains India’s top arms supplier at 36%, however, it’s the first time since 1960–64 that their deliveries comprised less than half of India’s imports.
ii.The 2nd and 3rd main suppliers of India are France (33%) and the United States of America(USA) (13%).
About Stockholm International Peace Research Institute (SIPRI):
Director– Dan Smith
Establishment– 1966
Headquarters– Solna, Sweden
>> Read Full News

India & Dominican Republic Signs Protocol For Establishment Of Joint Economic And Trade CommitteeOn 12th March 2024, The protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic was signed at the Ministry of Foreign Affairs (MIREX) of the Dominican Republic at Santo Domingo.
Signatories: The protocol was signed by Roberto Álvarez, Minister of Foreign Affairs of Dominican Republic and Ramu Abbagani, Ambassador of India to the Dominican Republic on behalf of the Department of Commerce, Ministry of Commerce and Industry(MOCI).
Background:
i.On 24th January 2024, the Union Cabinet chaired by Prime Minister Narendra Modi approved the proposal to sign the protocol for establishment of JETCO between India and the Dominican Republic.
ii.This will boost the existing economic and commercial relations further.
Note: 2024 marks the 25 years of establishment of diplomatic relations between India and Dominican Republic.
About the protocol to establish JETCO:
Objective: The protocol aims to establish a bilateral institutional mechanism between both nations in trade and commerce, enhance collaboration in various service sectors, and foster technological exchange and innovation.
Key Points:
i.The protocol expects to strengthen and develop cooperation in trade, services, industrial technologies, and other various sectors through technical assistance, training programs, and capacity building.
ii.This will mitigate trade and industry challenges and provide a platform for sharing knowledge and best practices between the 2 nations.
Additional info: India primarily imports gold from the Dominican Republic; and exports pharmaceuticals, marine products, motor vehicles, 2 and 3-wheelers, etc., to the Dominican Republic.

India-Singapore signs MoU on Law, Dispute Resolution to Boost Ties
India and Singapore signed a Memorandum of Understanding (MoU) to enhance cooperation on legal and dispute resolution services, aimed at bolstering collaboration in international commercial dispute resolution.

• The agreement was signed virtually by Singapore’s Minister for Culture, Community and Youth and Second Minister for Law, Edwin Tong, and India’s Minister for Law and Justice, Arjun Ram Meghwal.

Key Points:
i.Under this MoU, both ministries will work together, facilitate the exchange of best practices and promote the adoption of Alternate Dispute Resolution (ADR) mechanisms.
ii.The Singapore Mediation Centre (SMC) will administer the formal ADR process, starting with mediation sessions conducted by neutral mediators to facilitate settlements while maintaining confidentiality.
iii.A Joint Consultative Committee, co-chaired at the Ministerial or Secretary level, will also be set up, and will meet regularly to make and implement specific proposals under the   MoU.

BANKING & FINANCE

ADB & MoF signed USD 181 Million Loan Agreement to Improve Urban Mobility in Peri-Urban Areas of AhmedabadOn 13th March 2024, the Ministry of Finance (MoF) and the Asian Development Bank (ADB) has signed a loan agreement worth USD 181 Million for the ‘Ahmedabad Peri-urban Livability Improvement Project’.

• The amount will be utilised to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad city in Gujarat.

Signatories: 
The loan agreement was signed by Juhi Mukherjee, Joint Secretary, Department of Economic Affairs (DEA), MoF and Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission.
Key Details:
i.Financing: The total finance of the program is USD 316.9 million.

• Out of this ADB committed to offer USD 181 million whereas the remaining USD 135.9 million will be financed through Non-ADB sources.

ii.The project is implemented by the Ahmedabad Urban Development Authority (AUDA) of the Government of Gujarat.
iii.Urban Development and Urban Housing Department of the Government of Gujarat will be executing the project.
iv.The closing date of the project is 30th June 2028.
About the project:
i.The project will construct essential infrastructure like a 166 km water distribution network, 126 km of climate-resilient drainage systems, 300 km of sewerage systems, and four sewage treatment plants.
ii.Ten key junctions along the Sardar Patel Ring Road will be improved to enhance connectivity between peri-urban areas and the Ahmedabad city.
iii.Climate-resilient infrastructure and treated sewage recycling for industrial use are key aspects of the project.
iv.The project also strengthens urban planning capacities and promotes social inclusion.
v.Capacity building for government agencies and awareness campaigns for communities will be carried out as a part of the program.
Note: The project was approved in October 2023.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters – Mandaluyong City, Manila, Philippines
Established in – 1966
Members – 68 members (49 from Asian region)

NPCI Partners with Nepal’s Fonepay Payment Service for Cross-Border UPI Transactions between India & Nepal
NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), partnered with Fonepay Payment Service Ltd, Nepal’s largest payment network, to launch cross-border Unified Payment Interface (UPI) transactions between India and Nepal.

This initiative was unveiled at Global Fintech Fest 2023 in India in September 2023.

• The partnership is now fully operational and enables Quick Response (QR) code-based person-to-merchant (P2M) UPI transactions between India and Nepal.
• In the 1st phase, Indian consumers can make instant, secure, and convenient UPI payments across various business stores in Nepal using UPI-enabled Apps.
• Merchants within the Fonepay Network can effortlessly accept UPI payments from Indian customers.

Note:  NIPL was established on 3 April 2020, as a wholly-owned subsidiary of NPCI.

ECONOMY & BUSINESS

Fitch revises India’s FY25 GDP Growth Forecast to 7% from 6.5%Fitch Rating, an international credit rating agency,  has increased its forecast for India’s Gross Domestic Product (GDP) growth by 0.5% points to 7% for the fiscal year 2024-25 (FY25) from its prior prediction of 6.5% due to improving domestic demand and increasing investments.

• For FY24, India’s GDP growth is estimated at 7.8% and the growth rate is projected to be 6.5% for FY26.

Key Points:
i.Indian economy achieved about an 8% growth rate in the first three-quarters (April 2023 – December 2023)of FY24.
ii.The growth rate was at 8.4% in the third quarter(Q3 – October to December 2023).
iii.Fitch’s forecast indicates that growth in the short term will exceed the estimated potential of the economy and then the growth follows the trend of FY25.
Inflation:
i.Fitch predicts that the headline Inflation rate will be at 4% by the end of FY25 and the value will remain almost unchanged in FY26.
ii.Inflation remained almost unchanged at 5.09% in February 2024, as high food inflation kept the retail inflation from falling further
iii.Fitch expects a 50 basis point (bps) rate cut by the Reserve Bank of India (RBI) in the second half of 2024 (from July to December 2024).
Additional Info:
Fitch raised the global growth forecast to 2.4% from 2.1% projected earlier, due to the strong growth of the United States of America (USA)’s economy.

AWARDS & RECOGNITIONS

Golden Book Award 2024: Author Rakhi Kapoor won the award for “Breaking Free Embracing me“
Wings Publication International announced the winners of Golden Book Award 2024, which celebrates and honours the outstanding authors and their literary works.
Author Rakhi Kapoor won her 2nd Golden Book Award for her 26th book titled “Breaking Free Embracing Me: healing from childhood abuse and Toxic Conditioning”.

• She is a physiotherapist who pioneered the concept of prenatal counselling in India to enhance maternal and fetal health outcomes.
• She previously won the award in 2023 for her 25th book titled “Now You Breathe: Overcoming Toxic Relationships and Abuse”.

The winners of Golden Book Award 2024 includes Anupam Kher (Lessons Life Taught Me, Unknowingly: An Autobiography); Raju S Jha (Drunken Manager); Gaurav Tiwari (Love. That Lasted Forever). Click here for the complete list of winners of 2024

APPOINTMENTS & RESIGNATIONS

Gyanesh Kumar & Dr. Sukhbir Singh Sandhu appointed as new Election Commissioners; Arun Goel ResignsOn 15th March 2024, Retired Indian Administrative Service (IAS) officers Gyanesh Kumar and Dr. Sukhbir Singh Sandhu took charge as the New Election Commissioners(ECs) in the Election Commission of India(ECI).

• Gyanesh Kumar and Dr. Sukhbir Singh Sandhu are of 1988 batch from Kerala & Uttarakhand cadre respectively.
• The post of ECs were vacant since the retirement of Anup Chandra Pandey on 14th February 2024 and resignation of Arun Goel on 8th March 2024.

Note: The appointment was made by a high-powered selection committee chaired by Prime Minister(PM) Narendra Modi. The committee includes Union Minister Arjun Meghwal, Ministry of Law and Justice and Leader of Opposition Adhir Ranjan Chowdhury.
Details of the appointment:
i.This appointment marks the inaugural instance of Election Commissioners being appointed under the new Chief Election Commissioner (CEC) and other ECs (Appointment, Conditions of Service and Term of Office) Act, 2023 brought in by the government in December 2023.
ii.Sukhbir Singh Sandhu was appointed as EC on 3rd February 2024 for a contract term of one year. His tenure will end on 4th February 2025.
About Gyanesh Kumar:
i.Prior to his retirement in January 2024, he served as Secretary of the Ministry of Cooperation.
He has also served as Additional Secretary in the Ministry of Home Affairs(MoHA) and secretary in the Ministry of Parliamentary Affairs.
About Sukhbir Singh Sandhu:
i.He served as the Chairman of the National Highways Authority of India (NHAI) and also as Additional Secretary of the Department of Higher Education, Ministry of Human Resource Development.
iii.He was appointed as the Chief Secretary of Uttarakhand in 2021. He retired from the post in January 2024.
iv.On 3rd February 2024, he was appointed the Secretary to the Lokpal on a one-year contract.
Arun Goel resigned from the post of EC:
i.Election Commissioner Arun Goel resigned from his post as EC ahead of 2024 Lok Sabha elections.
ii.He was appointed as EC on 19th November 2022 and his tenure as EC was till 6th December 2027.
ii.Prior to taking voluntary retirement from service (VRS) from service on  18th November 2022, He served as secretary at the Ministry of Heavy Industry.

ENVIRONMENT

Begonia Narahari: New Flowering Plant Species Found in Mishmi Hills of Arunachal Pradesh
Scientists have discovered a new colourful flowering plant species, ‘Begonia Narahari’ in the Mishmi Hills in Lohit district, Arunachal Pradesh. The findings were published in the international journal Phytotaxa, the world’s largest journal in Botanical Taxonomy.

• The new species has been named after Prof. Garikapati Narahari Sastry, former director of the Council of Scientific and Industrial Research (CSIR)-North East Institute of Science and Technology (NEIST), Jorhat, Assam.
• The species was discovered by scientists from the University of Science & Technology Meghalaya (USTM), Meghalaya and Council of Scientific and Industrial Research (CSIR)-North East Institute Of Science And Technology (NEIST), Assam.
• The plant has a distinctive feature of displaying a vivid blue iridescence in direct light and it is currently found only in the Demwe locality of Lohit.
• Following the International Union for Conservation of Nature (IUCN) species assessment guidelines (IUCN, 2022), the species is classified as Data Deficient (DD) due to limited global population information.

Note: Begonia is a genus of perennial flowering plants in the Begoniaceae family and is one of the largest and fastest-growing genera of flowering plants. It is mainly found in the tropical and subtropical regions of the world.

SPORTS

Ranji Trophy 2023-2024: Mumbai Wins their 42nd Ranji Trophy title by Defeating Vidarbha in the finalsThe Mumbai cricket team led by Ajinkya Rahane won the Ranji Trophy 2023-2024 season by defeating Vidarbha led by Akshay Wadkar in the finals held at Wankhede Stadium in Mumbai, Maharashtra.

• This marks the Mumbai team’s 42nd Ranji Trophy and first trophy since 2016.
• The 89th edition of the Ranji Trophy, India’s premier domestic first-class cricket tournament, was held from 5th January to 14th March 2024.
• Tanmay Agarwal of Hyderabad scored 300 runs with 147 balls. With this he became the world’s fastest triple-hundred scorer in first-class cricket.
• Indian fast bowler Dhawal Kulkarni announced his retirement from international cricket and first-class cricket after the Ranji Trophy Finals.

>> Read Full News

IMPORTANT DAYS

World Consumers Rights Day 2024 – March 15  World Consumers Rights Day (WCRD) is annually observed across the globe on 15 March to raise global awareness of consumer rights, needs, protection, and empowerment.
The 2024 theme of WCRD is, ‘Fair and responsible AI for consumers’.

• The campaign emphasises safeguarding consumer search in the era of generative AI.

WCRD is annually coordinated by Consumers International, a membership organisation for consumer groups around the world.
Background:
i.WCRD was inspired by John Fitzgerald Kennedy, the former President of the United States of America (US), who sent a special message to the US Congress on 15th March 1962, in which he formally addressed the issue of consumer rights.

• He was the first world leader to formally acknowledge the importance of consumer rights on a global stage.

ii.WCRD was first observed on 15 March 1983.
About Consumers International:
Director General– Helena Leurent
Headquarters– London, the United Kingdom (UK)
Founded in– 1960
>> Read Full News

STATE NEWS

Chhattisgarh CM Vishnu Deo Sai Launched Krishak Unnati Yojna to Provide Input Assistance to Paddy CultivatorsChhattisgarh Chief Minister (CM) Vishnu Deo Sai launched ‘Krishak Unnati Yojna‘ to provide input assistance to farmers, primarily paddy cultivators, during the event held at Saryu Prasad Agrawal Stadium in Balod district,Chhattisgarh.
About ‘Krishak Unnati Yojna’:
Objective: To increase farmers’ income, boost crop production, and productivity, and reduce cultivation costs. It also aims to ensure fair prices for crops.
Key Points:
i.The input assistance will be provided based on the paddy purchased from the farmers.
ii.Under this scheme, the paddy of all the farmers of Chhattisgarh will be purchased at the rate of Rs. 3100 per quintal.
iii.Under this scheme, farmers will be provided input assistance at the rate of Rs 19,257 per acre on the basis of paddy purchased from them
CM Transfered Rs 13320 crore to 24.75 lakh farmers :
i.Under the scheme, input assistance worth Rs 13,320 crore was transferred to the bank accounts of 24.75 lakh farmers through Direct Benefit Transfer (DBT).
ii.Out of this, 24.72 lakh farmers sold paddy in the Kharif marketing season 2023-2024. The paddy cultivators were paid the difference amount of Rs 13,289 crore.
ii.More than Rs 31 crore was paid to 2,829 farmers producing paddy seeds through the seed corporation.
Paddy Price Support:
i.Farmers guaranteed Rs 3100 per quintal, with Rs 917 per quintal as additional support.
ii.Over 24 lakh farmers have sold paddy at cooperative societies and stand to benefit from the scheme.
Note: The government has already given a support price of Rs 2183 per quintal to the farmers.
About Chhattisgarh:
Chief Minister– Vishnu Deo Sai
Governor– Biswabhusan Harichandan
Wildlife Sanctuaries– Sarangarh-Gomarda Wildlife Sanctuary and Pamed Wild Buffalo Wildlife Sanctuary
Tiger Reserves– Udanti-Sitanadi Tiger Reserve and Achanakmar Tiger Reserve

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