Current Affairs 18 March 2021

We are here for you to provide the important Recent and Latest Current Affairs 18 March 2021, which have unique updates of Latest Current Affairs 2021 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

India commissions ‘INS Dhruv’ Nuclear Missile Tracking Vessel; Becomes 5th Country in the World India commissioned its Ocean Surveillance & Nuclear Missile Tracking Vessel called ‘INS Dhruv’ (codenamed as VC 11184), with this it became the 5th Country after USA, France, Russia & China to possess such a Tracking vessel. It was constructed at Hindustan Shipyard Ltd, Visakhapatnam under the Make in India initiative at an ~ cost of INR 725 Crore.

• It is one of the Largest Warships to be built at an Indian Yard.
• It was originally commissioned into the Indian Navy in a secret manner in October 2020.

Developed by

• Joint Crew of National Technical Research Organisation (NTRO), the Defence Research and Development Organisation (DRDO) and the Indian Navy.
• It will also be operated by NTRO, DRDO and the Indian Navy.

Purpose

• To monitor missile launches at long distances
• To monitor the telemetry data of Strategic missile launched by India during Trials
• Detecting the launch of missiles by adversary countries
• It will monitor the Indian Ocean bed

About the National Technical Research Organisation (NTRO):
Chief – Anil Dhasmana
Head Office – New Delhi
Established – 2004
<<Read Full News>>

Cabinet Approvals on March 16, 2021On March 16, 2021, the Union Cabinet headed by Prime Minister (PM) Narendra Modi gave approval to several important proposals. They are

• Approval for the closure of Handicrafts and Handlooms Export Corporation of India Limited (HHEC).
• Approval for Revised Cost Estimates for the strengthening of Transmission & Distribution in Arunachal Pradesh & Sikkim.
• Clearance for Development Finance Institution (DFI) with Capital Infusion of INR 20, 000 Crore.
• MoU between India & Maldives on Cooperation in Sports and Youth Affairs.

Closure of Handicrafts & Handlooms Export Corporation of India Limited (HHEC)

• The cabinet approved the closure of HHEC, New Delhi. HHEC is a Government of India undertaking under the administrative control of the Ministry of Textiles.

Approval of RCE for Arunachal Pradesh, Sikkim
PM Narendra Modi approved the Revised Cost Estimate (RCE) of ‘Comprehensive Scheme for Strengthening of Transmission & Distribution in Arunachal Pradesh & Sikkim’.

• The estimated cost of RCE is INR 9129.32 Crore.
• Objective – To Strengthen the Intra-State Transmission & Distribution Infrastructure in the 2 states by providing grid connectivity to remote areas.
• Implementing Agency –  POWERGRID, to be commissioned by December 2021.

Establishment of DFI
Approval for Development Finance Institution (DFI) with Capital Infusion of INR 20, 000. The setting up of DFI was announced in the Union Budget 2021-22.

• Objective –  To raise funds from Pension, Sovereign wealth funds for Long-term funding of Infrastructure & Developmental Activities.
• Target –  To have a lending Portfolio of at least INR 5 Lakh Crore within 3 years’ time.

About Maldives:
Capital – Male
President – Ibrahim Mohamed Solih
Currency – Maldivian Rufiyaa (MVR)

<<Read Full News>>

Overview of India-Finland Virtual Summit 2021On March 16, 2021, India-Finland Virtual Summit 2021 was held between India’s Prime Minister Narendra Modi & Finland’s Prime Minister Sanna Marin.

• India & Finland had announced a new partnership in the fields of ICT, Mobile Technology, Digital Education clean energy investment and evolution of 6G.
• Both sides noted that Digital Domain was one of the promising sectors for an intensive India-Finland partnership.
• Indian IT firms Wipro & Tech Mahindra will collaborate with Finnish companies for developing 5G & 6G technologies for use in India & other markets
• Both sides announced the initiation of ‘Digital Partnerships’ & ‘Sustainability Partnerships’.

About Finland:
President – Sauli Niinistö
Capital – Helsinki
Currency – Euro (EUR)
<<Read Full News>>

Maharashtra with its 56,000 Millionaire Households Leads the Country in HNI Households – Reported by Hurun IndiaOn March 16,2021, Hurun India released the ‘Wealth Report 2020’ in which Maharashtra ranked first in the state wise distribution of High Net-worth Individual(HNI) households with 56,000 dollar millionaire households followed by Uttar Pradesh, Tamil Nadu, Karnataka and Gujarat.
Key points:

• Based on the report there are 4.12 lakh dollar-millionaire households / affluent households in India with a networth of at least Rs 7 crore.
• Maharashtra is the highest Gross/Net State Domestic Product (GSDP) Generating state in Inida with growth rate of about 13.16%
• Around 70.3% of the millionaire households of the country are in the top 10 states of the report

About Hurun India 
MD & Chief Researcher – Anas Rahman Junaid
Chairman -Rupert Hoogerwerf
Headquarters – Mumbai Maharashtra
<<Read Full News>>

6th India-Brazil-South Africa (IBSA) Women’s Forum Meeting Held; Chaired by Smriti Zubin Iranii.The 6th India-Brazil-South Africa(IBSA) Women’s Forum meeting was virtually held on 16th March 2021. The meeting was chaired by Smriti Zubin Irani, Union Minister, Ministry of Women and Child Development, Government of India.
ii.India, Brazil and South Africa shared their best practices & reiterated commitment towards enhancing mutual cooperation in bridging gender gaps.
iii.The IBSA’s vision to ensure improving the status and condition of women by addressing the structural and institutional barriers and to strengthen gender mainstreaming were resolved during the meeting.
iv.A joint declaration highlighting the shared IBSA goals and commitments towards achieving gender equality in all the spheres of life.
About IBSA Forum:
IBSA was established in 2003.
The IBSA fund was established in 2004 and became operational in 2006.
<<Read Full News>>

PTC India Signed a Pact with NPC to Explore Business Opportunities in Consultancy Servicesi.On 16th March 2021, PTC India Limited (Formerly known as Power Trading Corporation of India Limited), a leading provider of power trading solutions in India has signed an initial pact with the National Productivity Council(NPC), under Department for Promotion of Industry & Internal Trade, Ministry of Commerce and Industry to explore the business opportunities in consultancy services.
ii.Under this pact, both NPC and PTC have agreed to jointly explore and develop business opportunities for consultancy or project management services in the areas of energy efficiency, renewable energy, productivity enhancements, quality assurances, optimization of technology, and others within India and overseas.
About NPC:
Chairman– Dr. Guruprasad Mohapatra
Director-General– Arun Kumar Jha
Established in 1958
About PTC India Limited:
Chairman & Managing Director– Deepak Amitabh
Headquarters– New Delhi
Established in April 1999
<<Read Full News>>

TRIFED Signed MoU with Craft Village for the Development of Tribal CommunitiesOn 16th March 2021, the Tribal Cooperative Marketing Development Federation of India (TRIFED) under the Ministry of Tribal Affairs, has signed a Memorandum of Understanding (MoU) with the Craft Village by ZEPHYR, a social organisation working for the training and promotion of Craft Sector for the overall development of the tribal communities.

• The MoU was exchanged between Iti Tyagi, Founder, Craft Village and Anupam Trivedi, Executive Director, TRIFED in the presence of Pravir Krishna, Managing Director, TRIFED and senior officials of both organisations.

Aim:
to develop a customized community-based creative manufacturing system that helps take these products to a global audience.
Features of the MoU:
i.Both TRIFED and Craft Village will work towards developing functional and globally appealing ideas.
ii.The design will be developed at the Craft Village campus or at the tribal clusters or artisans or artisan groups who will enrol in the same.
iii.The developed products will be marketed by the TRIFED through its Tribes India Network of outlets and online platforms.
iv.Both TRIFED and Craft Village will be organising workshops and symposiums on tribal art and crafts to create awareness about the tribal art and craft forms among the general public.
v.Training and skill development programmes for tribal artisans and craftsperson will be organised to support them to develop better products.
Other aspects of the collaboration:

• To create better economic opportunities for tribal artists various selected shows will be presented at the International Folk Art Markets.
• TRIFED and Craft Village will work to make films on tribal craft culture and cuisine to disseminate the information about the tribal communities.

About TRIFED:
Managing Director– Pravir Krishna
Executive Director– Anupam Trivedi
Headquarters– New Delhi
About Craft Village:
Founder– Iti Tyagi
Co-Founder– Somesh Singh
Location– New Delhi

Indian Railways connects 2 ends of arch of ‘Chenab Bridge’ – World’s Highest Railway BridgeIndian Railway has successfully connected the 2 ends of the main arch of ‘Chenab Bridge’ – World’s Highest Railway Bridge. It is being built by Konkan Railway Corporation Ltd (KRCL) at a cost of INR 12, 000 Crores.

• The bridge is 1.315 Kms long and is to be completed by the end of 2021.
• It is being constructed over the River Chenab which is 35 Metres higher than the Eiffel Tower in Paris, France.
• The bridge will connect Bakkal (katra) and Kauri (Srinagar) in the Reasi district of Jammu & Kashmir UT.
• The Chenab bridge is part of the 111-Km Udhampur-Srinagar-Baramulla Rail Link (USBRL) Project.
• Three agencies; IRCON, KRCL and Northern Railway with extensive experience in the construction of rail lines are involved in this project.

About Konkan Railway Corporation Limited (KRCL):
Chairman & Managing Director (CMD)–  Sanjay Gupta
Headquarters – Navi Mumbai, Maharashtra

INTERNATIONAL AFFAIRS

Asia-Pacific Region to Achieve Just 10% Targets of UN’s Sustainable Development Goals: UN-ESCAP Report
i.On 16^th March, 2021, United Nations- Economic and Social Commission for Asia and the Pacific (ESCAP)’s report titled “Asia and the Pacific SDG Progress Report, 2021” states, Asia-Pacific(APAC) region may achieve just 10% targets of sustainable development goals(SDGs) by 2030.(i.e.)Only nine out of 140 measurable targets of the SDG will be achieved by 2030.
ii.Globally, Asia-Pacific region is too slow in achieving the half of the SDG goals and many SDG’s were achieved at levels well below the 2020 Target.
iii.The Progress of Environmental Goals is too slow in Asia-Pacific Region.Gender equality (Goal 5), clean water and sanitation (Goal 6), affordable and clean energy (Goal 7), decent work and economic growth (Goal 8), and life on land (Goal 15) are too slow in progress and achieving Target.
iv.Climate action (Goal 13) and life below water (Goal 14) are the worst achieved goal.There is no or less progress in these 2 above SDG Goals.
About United Nation-Economic and Social Commission for Asia and the Pacific (UN-ESCAP):
Executive Secretary – Armida Salsiah Alisjahbana
Headquarter – Bangkok, Thailand
<<Read Full News>>

India 3rd Most Polluted Country, Delhi Most Polluted Capital City : IQAir ReportAccording to the ‘2020 World Air Quality Report’ released by IQAir (Swiss Air Technology Company), India was the 3rd Most Polluted Country in the World in 2020 after Bangladesh & Pakistan. Delhi was the most polluted Capital City for the 3rd consecutive time it was followed by Dhaka (Bangladesh) & Ulaanbaatar (Mongolia).

• In the case of World’s most polluted cities, Hotan of China came first followed by India’s Ghaziabad (Uttar Pradesh) & Bulandshahr (Uttar Pradesh).
• The rankings are based on annual average PM 2.5 (Particulate Matter) of the year 2020. It covered 106 Countries.

Most Polluted Countries in 2020

<<Read Full News>>

5th Volume Of UN’s Report “State Of The World’s Indigenous Peoples”: Suggest Measures To Protect Rights of Indigenous People

i.On 15th and 16th March 2021, the United Nations(UN) Department of Economic and Social Affairs(DESA) released the State of the World’s Indigenous Peoples (SOWIP) volume V entitled “Rights to Lands, Territories and Resources”. The report examines challenges faced by the indigenous people in asserting their rights to lands, in the context of agribusiness, extractive industries, development, conservation and tourism.
ii.The preparation of the report was overseen by the Secretariat of the Permanent Forum on Indigenous Issues.
iii.The report offers a wide range of perspective on the rights of indigenous peoples on lands, territories and resources through analysis of legislation and agreements at the national and international level and through customary law.
About UN-DESA:
Under-Secretary-General for Economic and Social Affairs– Liu Zhenmin
Headquarters– New York, United States
<<Read Full News>>

BANKING & FINANCE

SBI & IOCL inked India’s First SOFR linked ECB deal by Replacing LIBOROn March 16, 2021, the State Bank of India (SBI) and Indian Oil Corporation Limited (IOCL) inked the first SOFR (Secured Overnight Financing Rate) linked External Commercial Borrowing (ECB) deal by replacing the London Inter-Bank Offered Rate (LIBOR) which is used by world banks when charging each other for short-term loans.

• This SOFR linked ECB deal is for about $100 million with a maturity of 5 years.

SBI & IOCL Being the changeover:

• This deal made by SBI & IOCL is the first SOFR linked ECB deal in India. It will facilitate other firms in India to take this as a reference to make a transition from Libor to Alternate Reference Rates (ARR) linked ECB.
• In July 2017, Financial Conduct Authority (FCA) in the UK decided to stop LIBOR, the international benchmark reference rate lending by December 2021 and suggested using ARRs

About Indian Oil Corporation Limited(IOCL)
Establishment -30 June 1959
Headquarters – New Delhi
Chairperson – Shrikant Madhav Vaidya
<<Read Full News>>

RBI imposes Rs 2 crore penalty on SBI for regulatory violations
On March 16, 2021, RBI has imposed a monetary penalty of Rs.2 crore on the State Bank of India over “deficiencies in regulatory compliance”.

• SBI was penalized for “contravention of provisions of section 10 (1) (b) (ii) of the Banking Regulation Act, 1949 and specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission”.
• This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Act.
• SBI was fined Rs 7 crore by the Reserve Bank of India (RBI) in 2019 for violating norms related to non-performing assets (NPAs) and fraud risk management, among other items.

ECONOMY & BUSINESS

Gautam Adani Becomes World’s Biggest Wealth Gainer in 2021; Beats Jeff Bezos & Elon Musk

On March 16,2021 , Adani Group chairman Gautam Adani become the World’s Biggest Wealth Gainer in 2021, ahead of Jeff Bezos, founder of Amazon, and Tesla CEO, Elon Musk as per the recent Bloomberg Billionaires Index.Gautam Adani gained USD 16.2 billion & was followed by Google Co-founder Larry Page, who gained 14.3 billion USD.

• As per Bloomberg Billionaires Index, now he became the 26th richest person in the world.

• Adani, a first-generation entrepreneur added a total of USD 16.2 billion to his net worth which has now jumped to USD 50 billion.
• Adani has been rapidly expanding his conglomerate, adding ports, airports, data centers and coal mines in India, and also proceeding with his Carmichael coal project in Australia.
• The shares of some of Adani’s group including Adani Total Gas have almost doubled while Adani Enterprises increased 90%, Adani Transmission Ltd gained 79%. Adani Power and Adani Ports and Special Economic Zones Ltd gained more than 50%.

AWARDS & RECOGNITIONS        

Paris-based duo of Anne Lacaton and Jean-Philippe Vassal Wins the Pritzker Architecture Prize 2021i.On 16th March 2021, French architects and educators Anne Lacaton and Jean-Philippe Vassal were selected as the laureates of the Pritzker Architecture Prize 2021, the highest honour in the field of architecture. The award was announced by Tom Pritzker, Chairman of The Hyatt Foundation. The Paris based duo won the award for their various social housing projects undertaken by their Paris based studio Lacaton & Vassal.
ii.Anne Lacaton became the first French female architect to win the prize and the 6th woman to receive the prize since it was established in 1979.
iii.The Prize was established by the Pritzker family of Chicago through their Hyatt Foundation in 1979. 
<<Read Full News>>

APPOINTMENTS & RESIGNATIONS          

Kapil Dev Inducted into PGTI As A Board MemberOn 15th March 2021, Former Indian Cricketer Kapil Dev was inducted into the Professional Golf Tour of India (PGTI) as a board member. Kapil Dev, the captain of the Indian Cricket team that won the 1983 World Cup, will be working towards the development of Golf in the country.
The official inclusion of Kapil Dev into the board was made while announcing the Prometheus School Delhi-NCR Open Golf Championship 2021, which will be held from 16th to 19th March 2021 in Gurugram, Haryana.
Roles of Kapil Dev as PGTI Board member:

• As a member of the PGTI board, he will be convincing the corporates to associate and invest in Indian golf.
• He will work towards getting more attention from sponsors and investors and making golf more popular in India.

Golf in India:
In India, around 500 corporate golf events are taking place in India.
Presently around 200 scratch golfers, a player who can play to a course handicap of zero on any and all rated golf courses, in India are below the age of 22.
Delhi-NCR Open Golf Championship 2021:
The Delhi-NCR Open Golf Championship 2021 organised by TATA Steel PGTI and Prometheus School, Noida at the Golden Greens Golf Club in Gurugram.
This is the 10th event of the 2020-2021 PGTI season with a prize purse of Rs.30 lakhs.
In this event, the golfers can earn official World Golf Ranking(OWGR) points which will improve their chances to qualify for the Tokyo Olympics.
Note:
Rashid Khan (306), Udayan Mane (317), Karandeep Kochhar (348) and Chikkarangappa (349) are the four highest-ranked Indians in the world.
About Professional Golf Tour of India (PGTI):
PGTI is the controlling body for professional golf in India.
CEO– Uttam Singh Mundy
President– Gautam Thapar
Head office– Gurugram, Haryana
Formed in 2006

ACQUISITIONS & MERGERS        

Tech Mahindra Planned To Purchase 70% Stake From Perigord Asset Holdings Ltd On March 15, 2021, Tech Mahindra announced its plan to acquire a 70 % stake in Ireland-based Perigord Asset Holdings Ltd for around Rs 182 crore and plans to buy the remaining 30% shareholding over a period of 4 years at a valuation of its financial performance.
The objective of the Acquisition:

• It is intended to help in augmenting its expertise in the domains of global pharmaceutical, and HLS (Healthcare and Lifesciences).
• It is a part of Tech Mahindra’s long-term growth plan which is to make a presence across key markets in Ireland, Germany, the USA, and India with enhanced global delivery.

About Perigord Asset Holdings Ltd:

• For the financial year ended December 31, 2020, Perigord had reported revenues of around Rs 170 crore.
• It is a platform with expertise in the artwork space and life sciences industry that desires to digitally transform the world of Pharmaceutical packaging services

About Tech Mahindra:
Establishment – 1986
Chairman – Anand G. Mahindra
MD&CEO – CP Gurnani

SCIENCE & TECHNOLOGY

Indian Army decommissions 2 Artillery: 130mm Self-propelled Guns & 160mm MortarsOn 16th March 2021, Indian Army decommissioned 2 of its longest serving Artillery – 130mm Self Propelled M-46 Catapult Guns and the 160mm Tampella Mortars, after making a customary firing of their last salvos in Mahajan Field Firing Range. The decommissioning event saw the presence of Director General Artillery, Lieutenant General K Ravi Prasad.
India’s Land Boundary:
India shares land boundaries with 7 countries – Bangladesh, China, Pakistan, Nepal, Myanmar, Bhutan & Afghanistan.
Line of Control – India & Pakistan (at Jammu & Kashmir)
Line of Actual Control – India & China
Radcliffe Line – India & Pakistan (at Punjab)
About Indian Army:
The President of India is the Supreme Commander of the Indian Armed Force.
Chief of Defence Staff – Bipin Rawat
Chief of Indian Army – Manoj Mukund Naravane
Motto – “Service Before Self”
<<Read Full News>>

ENVIRONMENT

Crotalaria lamelliformis: New Species Discovered from Chittoor, Andhra PradeshA team of Botanists has discovered a new species of Calycinae genus named “Crotalaria lamelliformis” in the Sadasivakona grove area a part of Southern Eastern Ghats, in Chittoor district, Andhra Pradesh.

• The new species was discovered as a part of the critical investigation from July 2018 to November 2020.
• The discovery of “Crotalaria lamelliformis” has been published in “Phytotaxa”, an international journal.

Team:
i.P. Sivaramakrishna from Sri Venkateswara University.
ii.P. Yugandhar from Sri Venkateswara University.
iii.Lalji Singh, Scientist-E from the Botanical Survey of India(BSI), Andaman and Nicobar regional centre.
About Crotalaria lamelliformis:
i.The species is also found in the surrounding region of Kailasakona and Pudi areas.
ii.Following the IUCN (International Code for Botanical Nomenclature) rules, this species has been assigned under the category data deficient.
iii.The diversity of Crotalaria species are mostly confined to the peninsular region of India.
iv.The discovery of Crotalaria lamelliformis is an addition to the 116 species from India.

BOOKS & AUTHORS

A book titled “Gandhi in Bombay’’ by the authors Usha Thakkar and  Sandhya Mehta

On 15th March 2021,The Indiatourism Mumbai, Regional Office of Ministry of Tourism in the Western Region organized an online book reading session of “Gandhi in Bombay’’ by the authors Dr.Usha Thakkar and  Sandhya Mehta , as part of the Azadi Ka Amrit Mahotsav celebrations.

• Azadi Ka Amrit Mahotsav (India @ 75) is a series of events to be organised by the Government of India to commemorate the 75th Anniversary of India’s Independence.

Sanjaya Baru’s “India’s Power Elite: Caste, Class, and Cultural Revolution”, to be released in April 

Sanjaya Baru’s book named “India’s Power Elite: Caste, Class, and Cultural Revolution” to be released in April by Penguin Random House India. The book says about the inside story of India’s power elite.
About the Book:

• Through this book, the author unveils the emerging dynamics of political, economic, and cultural power in contemporary India.
• It mainly analyzes the fault lines and power struggles dominating our political, economic, and social institutions.

About Sanjaya Baru:

• He is a former media advisor to Manmohan Singh (May 2004 to August 2008) and currently teaches at the Indian School of Public Policy.
• Served as Secretary-General of the Federation of Indian Chambers of Commerce and Industry (FICCI) (September 2017 – April 2018)

 Sanjaya Baru’s Books:

• The Political Economy of Indian Sugar: State Intervention and Structural Change (1990)
• Strategic consequences of India’s economic performance (2006)
• One of his famous books “The Accidental Prime Minister”, a detailed chronicle of his experience of serving the Prime Minister which is released in April 2014 and published by Penguin India
• 1991: How P.V. Narasimha Rao Made History by Sanjaya Baru (2016)
• India and the World: Essays on Geoeconomics and Foreign Policy (2016)

STATE NEWS

J&K approves Rs. 2 lakhs worth Interest-free Housing loans under PMAY-UOn 14th March, 2021 Jammu & Kashmir’s (J&K) Administrative Council under the chairmanship of Lieutenant Governor Manoj Sinha, approved to provide additional interest-free loan up to Rs. 2 lakhs for construction of houses. The loan will be provided to the economically weaker section to the beneficiaries under Beneficiary Led Construction (BLC) component of the Pradhan Mantri Awas Yojana-Urban (PMAY-U).
Note- India is targeting to provide “Housing for all” through PMAY-U by 2022.
i.All beneficiaries of BLC can avail the additional interest free loan.
ii.At present, a financial assistance of Rs. 1.66 lakh is provided as a housing loan under PMAY-U.
iii.With this extension, the interest-free loan can be availed up to Rs. 3.66 lakhs.
iv.Loans under BLC have a tenure of 10 years with 6-months moratorium period.
About Jammu & Kashmir (J&K):
World’s highest Railway Bridge, an arch bridge is constructed in J&K across Chenab river.
Srinagar, Anantnag and Baramulla cities are located on the banks of Jhelum river.
Kishtwar city is located on the banks of Chenab river.
Gandhi Sagar Dam is constructed on Chambal River.

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