Current Affairs 7 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 7 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

Bureau of Energy Efficiency Celebrates 22nd Foundation Day; State Energy Efficiency Index 2023 releasedBureau of Energy Efficiency (BEE), under the Ministry of Power, celebrated its 22nd Foundation Day on 1st March 2024 under the theme “Energy Transition through Electrification and Decarbonization in lndia”. The main event of the celebration of BEE’s 22nd Foundation Day was held in New Delhi, Delhi
i.During the event Union Minister Raj Kumar Singh, Ministry of Power launched the 5th edition of State Energy Efficiency Index(SEEI 2023); BEE’s Standards and Labeling(S&L) Programs for Packaged Boilers and Visi Coolers, and inaugural edition of India EV Digest.
ii.The celebration also featured an exhibition on Electric Mobility and Electric Cooking, which was inaugurated by the Union Minister Raj Kumar Singh.
About Ministry of Power (MoP):
Union Minister– Raj Kumar Singh (Constituency- Arrah, Bihar)
Minister of State (MoS)– Krishan Pal (Constituency- Faridabad, Haryana)
>> Read Full News

Union Minister of SDE Dharmendra Pradhan Launches Project ODISERV in OdishaUnion Minister Dharmendra Pradhan, Ministry of Skill Development and Entrepreneurship (MSDE), launched Project ODISERV at Gangadhar Meher University (GMU) in Sambalpur, Odisha, aiming to equip young graduates of Odisha for employment opportunities in the financial services sector.

• The Project Odiserv is the inaugural skill development initiative by the National Skill Development Corporation (NSDC) and Bajaj Finserv Ltd.

Note: NSDC, a Public Private Partnership (PPP) under MSDE, is a key player in shaping India’s skill ecosystem.
About ODISERV:
i.ODISERV utilises Bajaj Finserv’s Certificate Programme for Banking Finance & Insurance (CPBFI) program to transmit knowledge and skills to graduates, especially first-generation graduates.
ii.CPBFI program is a 100-hour comprehensive training initiative that prepares youth from tier-II and tier-III cities for employment in the financial services sector.

• It was started to fill the talent gap in the financial services sector.

iii.The project is expected to transform the skill development landscape in Odisha.
Note: Around 1100 students in Odisha have already been trained under Project ODISERV and a some of them have also received job offers.
The Training Program:
i.A 100-hour training program focusing on the banking, finance, and insurance industries.
ii.Designed to boost competencies and increase the employability of Odisha’s youth.
Expanding Reach:
i.ODISERV is expected to launch CPBFI in 60 colleges across 11 cities and 10 districts including Sambalpur, Dhenkanal, Angul, Cuttack, Khordha, Balasore, and Puri in Odisha.
ii.Already launched in 30 colleges, enrolling 1100 students and delivering 25,000 hours of training in 2 months.
National Reach:
i.NSDC & Bajaj Finserv’s partnership to introduce CPBFI in 22 states across India, covering 400+ colleges.
ii.The partnership aims to build the capabilities of 20,000 candidates initially via the CPBFI program.
Curriculum and Adaptability:
i.CPBFI program was developed in collaboration with industry experts, training partners, psychological health institutes, and educational institutions.
ii.The program’s curriculum adapts to the evolving landscape of finance, banking, and insurance, incorporating the latest industry trends.

10 Products from 8 States got Geographical IndicationTagGeographical Indication Registry(Chennai, Tamil Nadu-TN) under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry(MoCI), has awarded geographical indication (GI) tags to 10 distinct products from 8 states.

• The 10 products are Majuli Mask of Assam, Assam Majuli Manuscript Painting, Ambaji White Marble, Kutch Rogan Craft, Cuttack Silver Filigree (Chandi Tarakasi), Narasapur Crochet Lace Products, Ratlam Riyawan Lahsun (Garlic), Hyderabad Lac Bangles, Tripura Risa Textile, Bengal Muslin.
• Among 10 products, 2 originate from Gujarat, 2 from Assam, and each from West Bengal, Andhra Pradesh, Madhya Pradesh, Tripura, Odisha, and Telangana received a Geographical Indication (GI) tag.

>> Read Full News

Union Minister Piyush Goyal Launches ‘e-Kisan Upaj Nidhi’ to Facilitate Post-Harvest Financing for FarmersUnion Minister Piyush Goyal, Ministry of Consumer Affairs, Food & Public Distribution(MoCAF&PD), launched ‘e-Kisan Upaj Nidhi’, an online digital platform of the Warehousing Development and Regulatory Authority (WDRA) to facilitate post-harvest financing for farmers.
About ‘e-Kisan Upaj Nidhi’:
i.The platform enables farmers to secure collateral-free loans from the banks against their farm produce stored in the WDRA-registered warehouse.
ii.It also simplifies the process for farmers to store their produce at any WDRA-registered warehouse for six months at 7% interest per annum.
iii.It was developed collaboratively by the Department of Food and Public Distribution, the Department of Financial Services, and the National Bank for Agriculture and Rural Development (NABARD).
Note: The union minister also announced that the security deposits to be paid by the farmers to WDRA registered warehouses would be reduced to 1% from 3%.
Points to note:
i.This initiative was to overcome losses suffered by farmers due to the low commodity prices of agricultural products during the post-harvest season.
ii.The loan amount will help farmers prepare their subsequent crops.
Process of getting loans:
i.The farmers were given electronic Negotiable Warehouse Receipts (e-NWRs) once they stored their produce in a WDRA-registered warehouse.
ii.Launched in 2018, e-NWR is a digital warehousing receipt issued by registered warehouses regulated and governed by WDRA.
iii.The farmers were given e-NWRs once they stored their produce in WDRA-registered warehouses, and they will seek loans from banks against their e-NWR.
Additional Info:
WDRA waived the application fee for the registration of warehouses storing agricultural commodities for farmers until October 25, 2025.
About Warehousing Development Regulatory Authority (WDRA):
The WDRA is a statutory authority under the Department of Food and Public Distribution (DFPD) of MoCAF&PD.
Chairman – T K Manoj Kumar
Headquarters – New Delhi, Delhi
Established in – 2010

DoT Launched Digital Intelligence Portal & ‘Chakshu’ Facility to Curb Cyber Crime & Financial FraudsUnion Minister Ashwini Vaishnaw, Ministry of Communications(MoC) launched the Department of Telecommunications (DoT)’s ‘Digital Intelligence Platform (DIP)’ and ‘Chakshu’(चक्षु)’  facility on the Sanchar Saathi portal to empower the people and to foster a secure digital ecosystem.

• DIP aims to eliminate the use of telecom resources in cybercrimes and financial frauds by coordinating the stakeholders.
• Chakshu facility will enable the citizens to report suspected fraud communication.

About DIP: 
i.DIP, developed by the DoT, is a secure and integrated platform.
ii.This enables the sharing of real-time intelligence, information exchange, and coordination among stakeholders like Telecom Service Providers (TSPs), law enforcement agencies (LEAs), banks etc.
iii.This platform also offers information related to the cases detected as misuse of telecom resources.
iv.This will also act as a repository for the citizen-initiated requests on the Sanchar Saathi portal for action by the stakeholders.
Chakshu Facility: 
i.Chakshu is a citizen-centric facility added to the existing facilities on the Sanchar Saathi portal of DoT.
ii.This will enable people to report fraud communication received over phone calls, short message service(SMS), or WhatsApp.

• This includes Know Your Customer(KYC) expiry or update of bank account, gas connection and impersonation as a government official, and disconnection of all mobile numbers by the Department of Telecommunications.

Note: Victims of cybercrime or financial fraud can report through helpline number 1930 or the website https://www.cybercrime.gov.in
Additional info: 
Some of the Facilities available on Sanchar Saathi portal include

• To report the stolen/lost mobile handset for blocking and tracing,
• To know the mobile connections issued in their name
• To check the genuineness of mobile handset
• To report the incoming international calls received with Indian telephone number
• To check the details of licensed wireline Internet Service Providers.

2nd Phase of Dak Karmayogi Project Completed; MoS Devusinh Chauhan Launched 25 New Courses
On 5th March 2024, Union Minister of State (MoS) Devusinh Chauhan, Ministry of Communications (MoC) participated in the event organised to mark the completion of the 2nd Phase of Dak Karmayogi project, an e-learning platform to enhance the competencies of Gramin Dak Sevaks and Postal Department employees.

• Union MoS also launched 25 new courses under Dak Karmayogi during the event held in New Delhi, Delhi.
• He also launched a Special Cover commemorating successful journey of Dak Karmayogi Project.
• The event was attended by Vineet Pandey, Secretary (Posts), Department of Posts, MoC

Note:

i.Dak Karmayogi Project will enable them to effectively deliver a number of G2C (Government to Citizens) services, and upgrade their Attitude, Skill and Knowledge (ASK).
ii.The 2nd phase of the project was launched in June 2023.

INTERNATIONAL AFFAIRS

India Ranks 113 in the World Bank’s Women, Business, and the Law 2024 IndexAccording to the 10th edition of Women, Business, and the Law (WBL) 2024 report released by the World Bank Group, India has climbed to 113th place out of 190 countries in the Index, with a score of 74.4%. For the first time, WBL assesses the gap between legal reforms and actual outcomes for women in 190 economies.

• The index shows that in India, women enjoy 60% of the legal rights granted to men, which is lower than the global average of 64.2%.
• Despite challenges, India outperforms its South Asian counterparts, where women enjoy 45.9% of the legal protections provided to men.

About World Bank (WB):
President (WB Group)- Ajay Banga
Headquarters– Washington, DC, USA
Established in– 1944
>> Read Full News

BANKING & FINANCE

WB approved USD 452 Million Loan to Boost Connectivity in AssamWorld Bank(WB) has approved a new project worth USD 452 million to improve connectivity for over 1.8 million people living in rural areas of Assam.
The Assam Resilient Rural Bridges Program will strengthen the resilience and management of roads and bridges to help people living in 1,739 villages.
Key Points:
i.The Program Development Objective (PDO) is to build green, inclusive, and resilient connectivity for over 1.8 million people living in rural areas of Assam and strengthen the road and bridge management capability of the Public Works Roads Department, Assam.
ii.The total finance of the program is USD 564.71 million.
iii.Out of the committed USD 452 million, WB will use the financing instruments such as

• Program-for-Results (PforR) Disbursement Linked Indicators (DLIs) – USD 424.29 million.
• Investment Project Financing (IPF) financed Technical Assistance (TA) – USD 26.58 million.

iv.The program is implemented by the Public Works Roads Department, Government of Assam.
v.The Program loan has a maturity of 19 years with a grace period of 4.5 years.
vi.The project was approved for the fiscal year 2024 (1st July 2023 – 30th June 2024).
Significance:
i.The connectivity is expected to save about USD 82 million within the next six years.
ii.The Program will support the Government of Assam to attract private investment and connect almost 633,000 women-led textile and handicraft producers.
iii.There is also a plan to develop electronic vehicles and logistics hubs through the program.
About World Bank Group:
The World Bank consists of five arms namely
i.International Bank for Reconstruction and Development (IBRD)
ii.International Development Association (IDA)
iii.International Finance Corporation (IFC)
iv.Multilateral Investment Guarantee Agency (MIGA)
v.International Centre for Settlement of Investment Disputes (ICSID)

REC Limited Partnered with UNISED to Support Childrens Education in Siddharthnagar, UP REC Limited through its Corporate Social Responsibility (CSR) arm REC Foundation has partnered with the Unit of Science and Educational Development (UNISED) to support the education of approximately 75,500 children in the Siddharthnagar district of Uttar Pradesh (UP).

• REC has committed financial support of Rs 9.91 crores to support education.

Note: REC Limited, formerly Rural Electrification Corporation Limited, is a ‘Maharatna’ Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP).
Signing of MoA:
i.The Memorandum of Agreement (MoA) was signed between the REC Foundation and UNISED in New Delhi, Delhi.
ii.The MoA was finalised by Bhupesh Chandolia, Head of CSR at REC Foundation, and Rashmi Kumari, Assistant Programme Director at UNISED.
iii.The agreement in line with UNISED’s dedication to enhancing educational opportunities for underprivileged children
UNISED’s Innovative Approach:
i.UNISED, with a nationwide presence and commitment, focuses on innovative learning systems.
ii.UNISED will implement solar energy-operated smart classes and set up joyful learning resource labs in government schools across Siddharthnagar.
iii.It aims to provide students with access to modern educational tools and resources, enhancing academic and creative excellence.
About REC Limited:
It is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).
Chairman & Managing Director (CMD)- Vivek Kumar Dewangan
Headquarters– New Delhi, Delhi
Incorporated in– 1969

Reserve Bank of India Suspended the Function of JMFPL
The Reserve Bank of India (RBI) has barred Mumbai (Maharashtra) based JM Financial Products Ltd (JMFPL) from financing against shares and debentures including sanction and disbursal of loans against initial public offering (IPO) of shares with immediate effect.

• RBI imposed the ban in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934,
• The RBI cited “serious deficiencies” observed in loans sanctioned by JM Financial for IPO financing and non-convertible debenture (NCD) subscriptions as the reason for the ban.
• The RBI conducted a limited review of JMFPL’s books based on information shared by the Securities and Exchange Board of India (SEBI).
• The restrictions will be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of RBI.

Note: JMFPL is a Systemically Important Non-Deposit Taking NBFC (NBFC-ND-SI) registered with RBI.

ECONOMY & BUSINESS

Moody’s revised India’s GDP growth to 6.8% for 2024According to Global credit rating agency Moody’s report “Global Macro Outlook 2024”, India’s Gross Domestic Product (GDP) projections for 2024 has been raised to 6.8% from 6.1% earlier.

• For 2025, India’s GDP growth is estimated at 6.4%.

Key Points:
i.This revision is due to India’s strong economic performance in 2023, exceeding expectations, and a lessening of global economic challenges.
ii.The economic growth of the first quarter (Q1 – January to March) of 2024 is the aftermath of the growth of the fourth quarter (Q4 – October to December) of 2023.
iii.India’s real GDP rate is predicted to be about 6-7% in 2024.
iv.In 2024, India’s economy is performing well and will remain the fastest-growing economy among Group 20 (G20) countries.
v.The demand in the economy was high due to high Goods and Services Tax (GST) collections, rising auto sales, consumer optimism and double-digit credit growth.
vi.Expanding manufacturing and services Purchasing Manager’s Index (PMI) acts as an economic driving force.
Policy rate:
i.In January 2024, Headline inflation dropped to 5.1% from 5.7% (December 2023).
ii.Core inflation also moderated to 3.5%, down from 3.8% in December 2023.
iii.The RBI held the repo rate steady at 6.5% (as of February 2024) since March 2023.
Points to note:
i.India’s real GDP grew at 8.4 % in the 3rd quarter of FY24(October-December quarter), resulting in a 7.7% growth for full-year 2023.
ii.Interim Union Budget for 2024-2025 has allocated about Rs.11.1 lakh crore or 3.4% of GDP of fiscal year 2024-25 (FY25) which is 16.9% above the 2023-24 estimates.

NGEL & UP Rajya Vidyut partners to Develop RE Projects in UP
NTPC Green Energy Limited (NGEL) has signed a joint venture agreement (JVA) with Lucknow, Uttar Pradesh (UP) based UP Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for the development of renewable power parks and projects in UP.

• The renewable energy (RE) power generated from the proposed joint venture company (JVC) will meet the Renewable Generation Obligation (RGO) of UPRVUNL.

Note: NGEL is a wholly owned subsidiary of NTPC Limited; NTPC is Maharatna Central Public Sector Enterprise (CPSE) functioning under the Ministry of Power (MoP).

APPOINTMENTS & RESIGNATIONS

Mian Muhammad Shehbaz Sharif Took Oath as Pakistan’s PM for a 2nd TimeMian Muhammad Shehbaz Sharif was sworn in as the Prime Minister (PM) of Pakistan for a 2nd term on 4 March 2024. Pakistan’s newly formed parliament elected Shehbaz Sharif as the new PM, who secured 201 votes in a 336-member National Assembly, surpassing the required 169 votes.

• Previously, he served as PM of a coalition government for 16 months from April 2022 to August 2023 before Parliament was dissolved to hold general elections.
• President Arif Alvi administered the oath to him at a ceremony at the Presidential mansion, Aiwan-e-Sadr in Islamabad, Pakistan.

Note:

• On 14 August 2023, Anwar-ul-Haq Kakar was appointed as Pakistan’s 8th caretaker PM.
• Shehbaz Sharif is the younger brother of 3-time PM of Pakistan, Nawaz Sharif, who currently serves as the President of the Pakistan Muslim League-Nawaz (PML-N) party.

Election Outcome:
i.Pakistan held general elections to its National Assembly – the lower house on 8 February 2024.
ii.Shehbaz Sharif was the consensus candidate of the PML-N party and Bilawal Bhutto Zardari’s Pakistan Peoples Party (PPP).
iii.Shehbaz Sharif defeated his opponent, Omar Ayub Khan of the Pakistan Tehreek-e-Insaf (PTI) party of jailed former PM Imran Khan, which secured 92 votes.
iv.Both PML-N (75 seats) and PPP (54 seats) formed a coalition government, with one of the PTI-backed legislators also joining the PML-N’s party.
Note: As per Pakistan’s constituency, a political party or alliance needs 169 seats in the National Assembly to assume power.
About Mian Muhammad Shahbaz Sharif:
i.His career in public service began as President of the Lahore Chamber of Commerce & Industry in 1985.
ii.He was elected to the Punjab Assembly in 1988 and to Pakistan’s National Assembly (1990-93) and later to the Punjab Assembly (1993-96) as Leader of the Opposition.
iii.He became a Member of the Punjab Assembly for the 3rd time in 1997.
iv.He was elected as Chief Minister (CM) of Punjab and was sent into forced exile after the 1999 military coup.
v.He was elected unopposed as a Member Punjab Assembly for the 4th term in 2008, serving as CM for the 2nd time till 2013.
vi.In the general elections of 2013, he led his party PML-N to victory and elected CM Punjab for the record 3rd time.
vii.In 2018, he was elected as a member of the National Assembly and served as the opposition leader until Imran Khan’s removal via a no-trust vote in April 2022.

Tamás Sulyok Appointed as Hungary’s President
Tamás Sulyok, Former Head of Hungary’s Constitutional Court (CC) & a lawyer, was appointed as the President of Hungary by receiving 134 votes in parliament.

• He succeeded Katalin Novák, the first female President of Hungary, who resigned in February 2024 due to a scandal.
• Tamás Sulyok will be serving the post for a term of five years (until 2029)

Note: The unicameral National Assembly of Hungary currently has 198 members.
About Hungary:
Prime Minister – Viktor Orbán
Capital – Budapest
Currency – Forint

IMPORTANT DAYS

International Day for Disarmament and Non-Proliferation Awareness 2024 – March 5The United Nations (UN) International Day for Disarmament and Non-Proliferation Awareness is annually observed across the globe on 5 March to promote awareness and understanding of disarmament issues among the public, especially among the youth.

• 5 March 2024 marks the observance of the 2nd International Day for Disarmament and Non-Proliferation Awareness.

Background:
i.On 7 December 2022, the UN General Assembly (UNGA) adopted the resolution A/RES/77/51 and proclaimed the 5 March of every year as the International Day for Disarmament and Non-Proliferation Awareness.
ii.The 1st International Day for Disarmament and Non-Proliferation Awareness was observed on 5 March 2023.
About United Nations Office for Disarmament Affairs (UNODA):
Under-Secretary-General and High Representative– Izumi Nakamitsu
Headquarters– New York, The United States of America(USA).
>> Read Full News

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