Current Affairs 29 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 29 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

MoRD Notifies 3-10% hike in MGNREGA Wage Rates for FY25The Ministry of Rural Development (MoRD) has notified a 3-10% increase in the wage rate of workers under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in nominal terms for the financial year 2024-25(FY25).

• The notification was issued under Section 6 (1) of the MGNREGA, 2005.
• The new wage hike range from Rs 7 to Rs 26 will come into force from 1st April 2024.

Note: The last revision in MGNREGA wages was notified on 24 March 2023 and the wage increase for 2023-24 ranged from 2-10%.
Highlights:
i.The wages have seen an average increase of about 7% from the existing all-India average wage rate of Rs 267.32 per day to Rs 285.47 per day for FY25.
ii.Goa witnesses the highest hike of 10.56% over the current wage rate, while Uttar Pradesh(UP) and Uttarakhand have recorded the lowest raise of 3.04% each.

• Goa, Karnataka (10.4%), Andhra Pradesh (10.29%), and Telangana (10.29%) have seen a significant hike of over 10% increase.

iii.Kerala (3.90%) and Lakshadweep (3.62%) have a hike below 4%.
iv.Haryana sees the highest NREGS wage rate at Rs 374 per day, while Arunachal Pradesh and Nagaland have the lowest at Rs 234 per day.
Points to note:
i.MGNREGA wage rates are determined by changes in the Consumer Price Index for Agricultural Labor (CPI-AL), reflecting rural inflation.
ii.Union Budget 2024-25 has allocated Rs 86,000 crore for MGNREGA. This was at par with the revised estimate for MGNREGA in the ongoing financial year 2023-24.
iii.States can also provide wage rates exceeding the Centre’s notified levels for the beneficiaries.
Note: In the fiscal year 2023-24(FY24), the average employment days per household nationwide stood at 51 days, falling short of the promised 100 days.

Israel Aerospace Industries opens its Indian subsidiary “AeroSpace Services India”
Israel Aerospace Industries (IAI) has opened its Indian subsidiary AeroSpace Services India (ASI) in New Delhi, Delhi.

• ASI acts as the sole authorised original equipment manufacturer’s (OEM) technical representative for the entire Medium Range Surface-to-Air Missile (MRSAM) system used by the Indian Army, Indian Air Force(IAF), and Indian Navy.
• The MRSAM system includes an advanced phased array radar, command and control, mobile launchers and interceptors with advanced RF seeker.
• MRSAM has been jointly developed by IAI and the Defence Research & Development Organisation (DRDO) and produced at Bharat Dynamics Limited (BDL) for the Indian forces.

INTERNATIONAL AFFAIRS

UNEP Report: Globally, Around 19% of the Food Produced was Wasted in 2022On March 27, 2024, the United Nations Environment Programme (UNEP) released its ‘Food Waste Index Report 2024-Think Eat Save Tracking Progress to Halve Global Food Waste‘ which tracks the progress of countries to halve food waste by 2030.

• As per it, world wasted an estimated 19% of the food produced globally in 2022, or about 1.05 billion metric tons. This equals to 132 kilograms per person, amounting to nearly one-fifth of all available food.
• The report is co-authored by UNEP and Waste and Resources Action Programme (WRAP), an international charity.
• Researchers analyzed country data on households, food service and retailers.

Note:
Sustainable Development Goal 12.3 is committed to halve per capita global food waste at the retail and consumer levels and to reduce food loss across supply chains by 2030.

• This report was first released in 2021.

Key Points:
i.Globally, each person wastes about 79 kilograms of food annually, totaling at least 1 billion meals wasted daily.
ii.Household waste contributes to 60% of food wastage, followed by 28% from food service and 12% from retailers.
iii.783 million people facing chronic hunger globally and escalating food crises in many regions.
iv.150 million children under the age of five suffer stunted growth and development due to a chronic lack of essential nutrients in their diets.
v.Food loss and waste produce 8-10% of global greenhouse gas emissions, ranking third after China and the US if considered as a country.
vi.Governments and industry groups employ public-private partnerships to reduce food waste, focusing on measurement and redistribution strategies.

• Only a few G20 countries like Australia, Japan, the United Kingdom, the United States and the European Union (EU) have suitable food waste tracking systems, emphasizing the need for consistent measurement and reporting to guide progress toward 2030 goals.

vii.As of 2022, only 21 countries have incorporated food loss and waste reduction into their national climate plan.

BANKING & FINANCE

IRDAI Retains the ‘D-SIIs’ status for LIC, GIC Re and New India Assurance Company

The Insurance Regulatory and Development Authority of India (IRDAI) retained the Domestic Systemically Important Insurers (D-SIIs) status for Life Insurance Corporation of India (LIC), General Insurance Corporation of India Limited (GIC Re) and the New India Assurance Company Limited.

• This means, these public sector insurance companies will continue to be identified as D-SIIs, as in the 2022-23 list of D-SIIs.

Key Points:
i.D-SIIs are insurers considered ‘too big or too important to fail’ (TBTF) due to their size, market significance, and interconnectedness.
ii.D-SIIs face additional regulatory measures to address systemic risks and moral hazards, necessitating enhanced corporate governance and comprehensive risk management frameworks.
iii.LIC and New India are the largest life and general insurance companies in India, with GIC Re serving as the sole Indian reinsurer.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Establishment– 1999 (Incorporated in 2000)

RBI modifies norms for Lenders Having Exposure into AIFsOn March 27, 2024, the Reserve Bank of India (RBI) issued directive to address the regulatory concerns related to the investment by regulated entities (REs) in the Alternative Investment Funds (AIFs).

• The instructions were issued in exercise of its powers conferred by Sections 21 and 35A of the Banking Regulation (BR) Act, 1949 read with Section 56 of the Act ibid; Chapter IIIB of the RBI Act, 1934 and Sections 30A, 32 and 33 of the National Housing Bank (NHB Act, 1987

Key Points:
i.According to the new directive, downstream investments for Regulated Entities (REs) should exclude equity shares of the debtor company but include other investments, including hybrid instruments.
ii.Provisioning should be required only to the extent of RE’s investment in the AIF scheme, which will be invested by the AIFs in a debtor’s company and not the entire investment in the AIF scheme.
iii.The scope of the directive does not include the Investments by REs in AIFs through intermediaries such as fund of funds or mutual funds
Click here to know more 
Background:
In December 2023, RBI had restricted banks and NBFCs (Non-Banking Financial Companies) from investing in AIFs, which have downstream investments in debtor companies. If banks or NBFCs had such investments in AIFs, they were given 30 days to liquidate their holdings or make 100% provisions against them.
Innoviti Payments, Concerto Software get RBI payment aggregator licences
Offline point-of-sales(PoS) deploying company Innoviti Payments and payment gateway Vegaah, which is run by Concerto Software and Systems, have secured the online payment aggregator (PA) licence from RBI.
Key Points:
i.CCAvenue, under Infibeam Avenues, also received its PA license from the RBI recently.
ii.MSwipe, a point-of-sales (PoS) company, has also acquired the PA license, offering online payment services to its offline customers seeking an omnichannel experience.
iii.PAs are authorized to settle ecommerce transactions, subjecting them to RBI regulations.

India releases 2nd tranche of Rs 500 Crore to Bhutan for GyalSung Infrastructure ProjectOn 26th March 2024, India released the 2nd tranche of Rs 500 Crore for the development of infrastructure related to GyalSung Project to Bhutan.

• Sudhakar Dalela, Indian Ambassador to Bhutan handed over the tranche to Lyonpo D.N. Dhungyel, Minister of Foreign Affairs and External Trade, Bhutan.

MoU related to GyalSung Infrastructure Project:
i.A Memorandum of Understanding(MoU) on the concessionary financing arrangements for the GyalSung Infrastructure Project was signed between India and Bhutan on January, 2024.
ii.The MoU laid down the framework for the disbursal of Rs 1,500 Crore as concessionary financing to the Royal Government of Bhutan.
iii.The 1st tranche of Rs 500 Crore was released on 28th January, 2024.
iv.Till Now, Government of India(GoI) has released Rs 1000 Crore to Government of Bhutan.
 Note: Earlier, MoU was signed between Indian Government and GyalSung in February, 2023. Government of India(GoI) has provided financial assistance of Rs 200 Crore for the DeSuung for GyalSung programme.
About GyalSung:
i.It is an important national initiative envisioned by His Majesty King, Jigme Khesar Namgyel Wangchuck to build the strong foundation for the future of Bhutan.
ii.It was launched by King of Bhutan, during 112th National Day of Bhutan on 17th December, 2019.
iii.Its primary objective is to enhance the capabilities of youth of Bhutan which will enable them to participate in the nation building.

• It also aims to empower youngsters of Bhutan to realize their potential as competent and productive citizens in service of the Tsawa Sum.

iv.It is a one-year integrated training programme mandatory for all youths attaining the age of 18.
v.Simultaneously, GyalSung Infra has been set up as a separate entity to carry out design work and build infrastructure for five academies as greenfield projects.
About Bhutan:
Prime Minister: Tshering Tobgay
Capital: Thimphu
Currency: Bhutanese Ngultrum (BTN)

ECONOMY & BUSINESS

Morgan Stanley raises India’s GDP growth estimate to 6.8% for FY24-25Brokerage Firm Morgan Stanley in its report titled ‘Building Stronger Recovery’ has increased India’s Gross Domestic Product (GDP) forecast for FY24-25 to 6.8% from 6.5% estimated earlier amid continued traction in industrial and capex activity.

• For Calendar Year (CY) 2024 Indian economy will grow at 6.8% as compared to 6.4%.
• For FY24, India’s GDP growth will be at 7.9%, and for Q4FY24 (January- March) GDP growth is at 7% with gross value added Growth of 6.7%.

Key Points:
i.India’s growth in FY25 to be broad-based, with narrowing rural-urban consumption gaps and Private-Public Capex (Capital Expenditure).
ii.Consumer Price Index (CPI) inflation projected to moderate to 4.5%, with the current account deficit around 1% of GDP.

• Capex expected to exceed nominal GDP growth in 2024-25 and 2025-26.

iii.Consumption remains dominant, accounting for 60.3% of GDP, with private consumption rebounding close to pre-pandemic levels.
iv.Global growth to slightly decline to 2.8% in 2024, stabilizing at 2.9% in 2025.
v.India aims to increase export market share from 2.4% to 4.5% by 2031 through supply-chain diversification and manufacturing policies.

APPOINTMENTS & RESIGNATIONS

Ritu Raj Awasthi Sworn in as Judicial Member of LokpalOn 27th March 2024, Ritu Raj Awasthi sworn in as one of the three Judicial member of Lokpal of India. The oath of office was administered by Justice AM Khanwilkar, Chairperson of Lokpal of India at the ceremony held in Lokpal of India office at New Delhi, Delhi.

• Prior to the appointment, Ritu Raj Awasthi was serving as the Chairperson of 22nd Law Commission of India since November 2022. He resigned from the post on 26th March 2024 to join Lokpal.

About Ritu Raj Awasthi:
i.Ritu Raj Awasthi has previously served as the Chief Justice(CJ) of Karnataka High Court from 11 October 2021 to 2 July 2022.
ii.He also served as the Judge of Allahabad High Court from 13 April 2009 to 10 October 2021.
Other Appointments: 
During the event, Pankaj Kumar, a 1986 batch IAS officer from Gujarat cadre(retired), and Ajay Tirkey, a 1987 batch IAS officer from Madhya Pradesh (MP) cadre(retired), took charge as the non-judicial members of Lokpal.
About Pankaj Kumar:
Pankaj Kumar served as the Chief Secretary of Gujarat from 2021 till his retirement in January 2023.
About Ajay Tirkey:
i.Ajay Tirkey served as Secretary of the Department of Land Resources, Ministry of Rural Development until his retirement in December 2023.
ii.He also served in various other ministries, including women and child development and defense.
iii.He served as the Principal Secretary to the Governor of Madhya Pradesh from 2015 to 2017.
Background:
The appointments were made after two existing Judicial Members Justice P. K. Mohanty and Justice Abhilasha Kumari and three non-judicial Members D. K. Jain, Archana Ramasundaram and Mahender Singh completed their tenure in Lokpal on 26th March 2024.
About Lokpal:
i.The Lokpal  is an anti-corruption authority or body of ombudsman who represents the public interest in the Republic of India.
ii.It is the first institution of its kind in independent India, established under Lokpal and Lokayuktas Act 2013.
iii.It consists of a chairperson and 8 members of whom 50% are judicial members.
iv.The chairperson and other members hold the office for a term of 5 years from the date on which they enter upon or until they attain the age of 70 years.

India’s Kamal Kishore Appointed as UNSG’s Special Representative in UNDRROn 27th March 2024, United Nations (UN) Secretary-General (SG) Antonio Guterres appointed Kamal Kishore of India as Assistant Secretary-General and Special Representative of the SG for Disaster Risk Reduction, United Nations Office for Disaster Risk Reduction (UNDRR).

• He is currently serving as the Head of the Department of National Disaster Management Authority (NDMA)(rank of Secretary to the Government of India), the apex body for Disaster Management in India.
• He succeeds Mami Mizutori of Japan who held the post since January 2018.

Note: UNDRR Director, Paola Albrito will serve as the Acting Special Representative until Kamal Kishore takes charge.
About Kamal Kishore:
i.Prior to joining NDMA, Kamal Kishore served in the United Nations Development Programme (UNDP) in Geneva(Switzerland), New Delhi(India) and New York(the United States of America).
ii.He has also served as Director of Information and Research, and Manager of the Extreme Climate Events Programme at the Asian Disaster Preparedness Centre in Bangkok (Thailand) from 1996 to 2002.
iii.He led the G20 Working Group on Disaster Risk Reduction, as part of India’s Group of 20 (G20) presidency in 2023.
iv.He also contributed to developing the Coalition for Disaster Resilient Infrastructure, launched by Narendra Modi, Prime Minister(PM) of India at the Climate Action Summit in 2019.
About United Nations Office for Disaster Risk Reduction (UNDRR):
UNDRR was established to ensure the implementation of the International Strategy for Disaster Reduction.
Headquarters– Geneva, Switzerland
Established in 1999

ACQUISITIONS & MERGERS

SBI Mutual Fund Acquires 3% Stake in Savita Oil Technologies
On 22nd March 2024, SBI Mutual Fund(MF) acquired a 3% stake, equivalent to 20.73 lakh equity shares, in Savita Oil Technologies Ltd, via a block deal.  SBI MF bought the shares at an average price of Rs. 408 apiece from its promoter entity Mehra Syndicate.

• Before the sale, promoters held 62.78% stake, equivalent to 43,383,855 shares. Post-sale, promoter stake reduced to 59.78%, comprising 41,310,855 shares.
• As of March 26, 2024, Savita Oil Technologies Ltd’s market capitalization has crossed the Rs 3,000 crore mark value.
• Apart from SBI Mutual Fund, HDFC Mutual Fund has a 7.4% stake in Savita Oil Technologies.

Note: Mumbai(Maharashtra) based Savita Oil Technologies (Previously Savita Chemicals Limited) is a manufacturer and distributor of greases, industrial oils, petroleum products, and transformer oils.

SCIENCE & TECHNOLOGY

China Successfully Launched Yunhai-3 02 Satellite to Monitor Atmospheric, and Space Environments China launched a new satellite “Yunhai-3 02” from the Taiyuan Satellite Launch Center located in north China’s Shanxi Province. The satellite was launched atop a modified version of the Long March-6 rocket.

• This launch marks the 514th mission of the Long March series carrier rockets, highlighting China’s extensive experience in space missions.

Note: The 95-foot-long (29 meters) Long March 6 is the smallest of China’s new-generation launchers.
Focus Areas:
Yunhai-3 02 has entered the preset orbit and this state-of-the-art satellite is specifically designed to conduct:

• Atmospheric and marine environment surveys.
• Space environment monitoring.
• Disaster prevention and reduction efforts.
• Scientific experiments.

About China:
Capital– Beijing
President– Xi Jinping
Currency–  Renminbi (RMB), also known as the Chinese yuan

Starburst Accelerator & IIT Madras Signed MoU to Establish 100 Million Euros Startup Hub
French aerospace and defence firm Starburst Accelerator (SARL) collaborated with the Indian Institute of Technology-Madras (IIT Madras) to establish an innovative hub for start-ups with the funding support of 100 million Euros. A Memorandum of Understanding (MoU) formalizing this collaboration was signed at the IIT Madras campus in Chennai, Tamil Nadu.

• Under this partnership, IIT Madras will enable Starburst to set up accelerator programs to strengthen India’s Aviation, Space, and Defence (ASD) ecosystem.
• The collaboration aims to foster entrepreneurship, and innovation within the ASD sector in India.

Signatories: The MoU was signed by François Chopard, Founder and Chief Executive Officer (CEO) of Starburst Aerospace; Prof V Kamakoti, Director of IIT Madras; and  Manu Santhanam, Dean (ICSR) of IIT Madras.
ASD Venture Capital Funds: Starburst Accelerator SARL intends to establish venture capital funds for ASD technology, driving economic transformation and global integration for Indian startups.

• This collaboration will facilitate export promotion and provide avenues for Indian ASD startups to access international markets via Starburst’s extensive network.

OBITUARY

Sahitya Akademi Awardee Dr Gurulinga Kapse Passed AwayA renowned Kannada Writer and Sahitya Akademi Awardee Dr Gurulinga Kapse passed away on 26th March 2024 in Dharwad, Karnataka. He was born on 2nd April 1928 in Loni village in Vijayapura district, Karnataka.
About Gurulinga Kapse:
i.He has written more than 50 books on children’s literature, folklore, and Aurobindo’s philosophy.
ii.Gurulinga Kapse worked as a professor at Karnatak University, Dharwad.
iii.He also served as the president of Karnataka Sahitya Academy, Government of Karnataka,  from 2001–2004.
Awards:
i.He won the Sahitya Akademi Translation Prize in 2021 for his book “Ondu Putada Kathe” (A short story), the Kannada translation of the Autobiography of Marathi Writer V. S. Khandekar titled “Eka Panachi Kahani” originally written in Marathi.
ii.In 2004, He received the Rajyotsava Award for Literature, the second-highest civilian award given by the Karnataka government. The award is annually presented on the 1st November, the formation day of Karnataka.

Psychologist Daniel Kahneman, a Nobel Laureate in Economic Sciences Passed AwayDaniel Kahneman, Renowned Israeli-American and the first and only psychologist to win a Nobel Prize(Economics), passed away at the age of 90. He was born on 5 March 1934, in Tel Aviv, British Mandate of Palestine (now Israel).
Awards/Honours:
i.He won the Nobel Prize in Economic Science – formally known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobe in 2002 for integrating insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty.

• He shared the award with an American economist Vernon Lomax Smith.

ii.In 2007, he received the Lifetime Contribution Award from the American Psychological Association.
iii.He received the United States of America(USA)’s Presidential Medal of Freedom in 2013
About Daniel Kahneman:
i.Dr. Kahneman held the position of professor of psychology at the:

• Hebrew University in Jerusalem (1970-1978);
• University of British Columbia (UBC), Canada (1978-1986); and
• University of California, Berkeley, United States (US) (1986-1994).

ii.He was the Eugene Higgins Professor of Psychology Emeritus, and a professor of psychology and public affairs at the Woodrow Wilson School of Public and International Affairs (now SPIA), at Princeton University, New Jersey, US since 1993.
iii.He has authored several books and some of his notable works include:

• Thinking, Fast and Slow (2011); Co-author of Noise: A Flaw in Human Judgment (2021), among others.

BOOKS & AUTHORS

Zoological Survey of India Published a Book Titled ‘An Illustrated Guide to the Lepidoptera of India’The Zoological Survey of India (ZSI) published the first of its kind book titled ‘An illustrated guide to the Lepidoptera of India: taxonomic procedures, family characters, diversity, and distribution’.
Authors:
i.The book was written by Dr. Dhriti Banerjee, Director of the ZSI, along with Dr. Navneet Singh, Dr. Rahul Joshi, and Dr. P. C. Pathania, ZSI scientists, and Dr. R.C. Kendrick, a Lepidoptera expert from Hong Kong.
ii.Three chapters in the book were authored by Paul Waring (United Kingdom – UK), Mark Sterling (Natural History Museum, UK), Gaurab Nandi Das and Martin Konvicka (University of South Bohemia, Czech Republic). These chapters equip the readers with various techniques in lepidopterology.
About the Book:
i.It details the main diagnostic characters for all the families and superfamilies of Butterflies and Moths found in India.
ii.The book describes how to gather and organize voucher material in the field, and the taxonomic procedures followed in laboratory, and identifies the superfamily, and family-level of lepidoptera.
iii.It also provides knowledge about the lepidopteran diversity and patterns of distribution, globally.
Note:The book is based on the outputs from the 6th Asian Lepidoptera Conservation Symposium, hosted by the ZSI in 2019.
Lepidoptera:
i.Lepidoptera (moths and butterflies) is the second largest order in the class Insecta.
ii.Globally, the Lepidoptera are diversified into 166,320 species, 143 families, and 43 superfamilies, of which 13,124 species, 101 families, and 31 superfamilies occur in India.

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