Current Affairs 8 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 8 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

PM Modi Inaugurates Multiple Development Projects and Program worth Rs 17,000 crore in Madhya PradeshThe Prime Minister (PM) Narendra Modi addressed the ‘Viksit Bharat Viksit Madhya Pradesh’ program via video conferencing, during which he laid the foundation stone and dedicated multiple development projects worth approximately Rs 17,000 crores across Madhya Pradesh on February 29, 2024.

• The projects serve various crucial sectors such as irrigation, power, road, rail, water supply, coal, and industry, among others.

Highlights
i.He Launched Cyber Tehsil Project in Madhya Pradesh.
ii.He unveiled the Vikramaditya Vedic Clock in Ujjain.
About Madhya Pradesh
Capital – Bhopal
Chief Minister– Mohan Yadav
Governor – Mangubhai C. Patel
Ramsar Sites – Bhoj Wetland, Sakhya Sagar, Sirpur Lake, Yashwant Sagar
>> Read Full News

Union Minister Scindia Inaugurates India’s 1st Green Hydrogen Plant in Stainless Steel Sector in HaryanaUnion Minister Jyotiraditya Scindia, Ministry of Steel, virtually inaugurated India’s 1st Green Hydrogen Plant in the Stainless Steel Sector at Jindal Stainless Limited (JSL) in Hisar, Haryana.

• The Green Hydrogen plant has been set up by JSL in association with Hygenco Green Energies Private Limited.
• This plant will be the world’s 1st off-grid Green Hydrogen plant for the stainless steel industry and the world’s 1st Green Hydrogen plant with rooftop and floating solar.

About the Green Hydrogen Plant:
The state of the art Green Hydrogen Plant aims to reduce carbon emissions by around 2,700 Metric Tonnes per annum and 54,000 tons of Carbondioxide (CO2) emissions over 20 years.
Features:
i.The plant features 350 normal cubic meters per hour (Nm3/hr) alkaline bipolar electrolyser that operates fully automated.
ii.It ensures an average uninterrupted round-the-clock supply of 90 Nm3/hr of green hydrogen using dedicated solar energy and storage.
iii.The facility employs an advanced energy management and control system, and Hygenco manages it through the Build-Own-Operate (BOO) model.
iv.The facility has a comprehensive monitoring system, to track hydrogen generation, renewable energy production, states of charge, pressure, and temperature.
v.This system empowers real-time decision-making, ensuring optimal efficiency.
Points to note:
i.Hygenco’s state-of-the-art technology enhances hydrogen yield and also positions the plant to deliver cost-competitive hydrogen.
ii.The waterbody inside the facility has floating solar panels which will also help in reducing water evaporation.
iii.The green hydrogen will be used by JSL in stainless steel manufacturing processes at the Hisar unit.
iv.The application of green hydrogen in stainless steel manufacturing is a significant step towards a cleaner, greener future.

MoSPI signed a MoU with ISRO’s NRSC to facilitate Urban Frame Survey in Digital Mode

Field Operations Division (FOD) of National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MoSPI) have signed a Memorandum of Understanding (MoU) with National Remote Sensing Centre (NRSC) under the Indian Space Research Organization (ISRO) to facilitate Urban Frame Survey (UFS) in a digital mode.

• The state-of-the-art Geo ICT(Information Communication Technology) tools and techniques using Bhuvan Platform will be used for UFS.

Signatories: Subash Chandra Malik, Additional Director General, NSSO, MoSPI, and Dr. Srinivasa Rao S, Deputy Director, Bhuvan Geoportal & Web Services Area (BG&WSA), NRSC signed the MoU in the presence of Dr. Prakash Chauhan,  Director NRSC, and  Raushan Kumar Choudhary,  Deputy Director General (UFS).
About UFS:
i.The survey was conducted once in every five years to prepare and maintain a frame of compact urban geographical units, which will be the sampling frame for NSSO large-scale socio-economic surveys.
ii.For the preparation of the urban map under UFS, each town is divided into a certain number of Investigator Units (IV Units), which are further divided into UFS blocks.
iv.UFS maps are prepared by drawing boundaries of blocks/wards/IV units/towns on satellite pictures obtained from the Bhuvan portal using QGIS (Quantum Geographic Information System) software.
About UFS (2022 – 2027):
i.The current UFS phase (2022–2027) is planned to conduct survey work in around 8134 towns using improved and robust versions of mobile, desktop, and web-based GIS (Geographic Information Systems) solutions built on the Bhuvan Platform.
ii.The previous UFS phase 2017–22 was conducted for the first time in digital mode, and before that, it was conducted manually.
About the MoU:
The following works are to be undertaken through the MoU:
i.Development/improvement of mobile application for Geo-tagging of NSSO Urban Frame Survey data.
ii.Creation of a web portal for visualization, data scrutiny, editing, etc., of data submitted through the mobile application.
iii.QGIS plug-in development for accessing captured polygons.
iv.Fine-tuning of block, IV-unit, ward, and town boundaries of UFS using high-resolution satellite imagery.
v.Capacity building of NSSO officials by the NRSC.
About National Remote Sensing Centre (NRSC):
i.NRSC was established in 1974 as National Remote Sensing Agency (NRSA), a registered society under Department of Science & Technology.
ii.The centre was renamed as NRSC and became a full-fledged centres of ISRO in 2008.
Director– Dr. Prakash Chauhan
Headquarters – Hyderabad, Telangana

MoES Secretary Dr. M. Ravichandran co-chairs 1st Blue Talks in New DelhiThe first edition of ‘Blue Talks’ meeting was held in New Delhi, Delhi on 29th February 2024. The meeting hosted by the Ministry of Earth Sciences (MoES) was co-partnered by the Embassy of France and Embassy of Costa Rica in India.

• The meeting was jointly co-chaired by the Secretary, MoES Dr. M. Ravichandran; Ambassador of France to India, Thierry Mathou, and Costa Rica Chargée d’affaires, Sofia Salas Monge.
• Discussions were held on matters related to ‘Ocean Health and Governance’.

About of Blue Talks:
Participants: More than 50 participants from Government, Academia and Research Institutes took part in the meeting.
Aim
i.Exchange successful practices on ocean governance and health.
ii.Gather recommendations from diverse stakeholders.
iii.Contribute to the preparation of UNOC3.
iv.Identify actionable steps to improve ocean health.
Highlights:
i.This meeting precedes the High-Level Event on Ocean Action (HLEOA) called ‘Immersed in Change,’ set for June 7th-8th, 2024, in San Jose, Costa Rica.
ii.The ‘HLEOA’ serves as a preliminary gathering to collect recommendations and visions for the upcoming United Nations Ocean Conference (UNOC3) in Nice, France, in June 2025.

• Notably, MoES, India has been recognized as a lead partner for UNOC3 2025.

Farmers’ Enrollment under PMFBY increase by 27% in FY24Farmers’ enrollment under Pradhan Mantri Fasal Bima Yojana (PMFBY) has increased by 27% in the financial year 2023-24 (FY24). So far, around 56.80 crore farmers have enrolled under PMFBY and more than 23.22 crore farmers have received claims.

• The application count has witnessed a growth of 33.4% and 41% year-on-year during 2021-22 and 2022-23, respectively.

Points to note: 
i.Since 2016, Farmers have paid around Rs 31,139 crore as their share of premium against which they have claimed over Rs 1,55,977 crore.
ii.More than 42% of total farmers insured under the PMFBY in FY 2023-24 are non-loanee farmers.
About PMFBY:
i.PMFBY is a Central Sector Scheme launched by the Ministry of Agriculture & Farmers Welfare(MoAFW) in 2016. This is the world’s 3rd largest insurance scheme, in terms of premiums.
ii.The scheme is implemented by the concerned government of State/Union Territories(UTs).
Note: PMFBY which was initially compulsory for loanee farmers availing Crop Loan has been made voluntary since 2020.
Objective: To offer financial support to stabilize the income of farmers particularly during the natural calamity hit seasons/years/areas.
Premium: The Maximum Premium payable by the farmers will be 2% for all Kharif Food & Oilseeds crops, 1.5% for Rabi Food & Oilseeds crops, and 5% for Annual Commercial/Horticultural Crops.
Efforts by GoI:
i.The government of India (GoI) has periodically revised the Operational Guidelines of the PMFBY to ensure that the eligible benefits reach the farmers timely and transparently.
ii.To improve the implementation and coverage under the PMFBY, the GoI has undertaken several measures such as,

• Increase in tenure to 3 years for the selection of insurance company through a bidding process;
• Infusion of improved technology like National Crop Insurance Portal (NCIP), Yield Estimation System based on Technology (YES-TECH), Weather Information Network and Data Systems (WINDS), Collection of Real-time Observations and Photographs of Crops (CROPIC), etc.,

Government Notifies Rules framed under Section 49M of the Wild Life (Protection) Act, 1972
The Central Government in exercise of the powers conferred by clause (jv) of sub-section (1) of Section 63 of the Wild Life (Protection) Act, 1972 (53 of 1972), unveiled Living Animal Species (Reporting and Registration) Rules, 2024.

• Under this, anyone owning a living specimen of a listed animal species must register within six months of these rules coming into effect, and thereafter within thirty days of acquiring such a specimen, using the PARIVESH 2.0 portal and informing the State Chief Wild Life Warden.

Key Points:
i.The Wild Life (Protection) Act, 1972 (53 of 1972), serves as the legal framework for safeguarding wild animal species, managing their habitats, and regulating trade in their products. Last amended in 2022, the Wild life (Protection) Amendment Act, 2022, became effective on April 1, 2023.
ii.Section 49 M mandates the registration of possession, transfer, and birth, as well as reporting deaths, of living scheduled animal species listed in the Appendices of CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora ) and Schedule IV of the Wild Life (Protection) Act, 1972.

BANKING & FINANCE

PNB & EaseMyTrip partners to Launch Co-branded Travel Credit Card: ‘PNB EMT Credit Card’Punjab National Bank (PNB), an Indian public sector bank, has partners with EaseMyTrip(EMT), one of India’s largest online travel tech platforms, to launch ‘PNB EMT Credit Card’, a co-branded premier travel credit card.

• The card is intended for both mass and premium customers and offers a variety of rewards for Indian travelers.
• The PNB EMT credit card is available for an annual membership fee of Rs 2,000 and can be globally used across 100 countries.

Contactless Payments:
i.The new credit card with a joining fee of Rs 2,000 includes a secure wallet for contactless payments.
ii.The card information is encrypted before being transmitted to the merchant’s Point of Sale (PoS) machine. Encryption ensures hassle-free and secure transactions.
Note: The customers avail the card through the website of PNB or easemytrip or PNB ONE App.
Exclusive Benefits:
i.The card offers discounts on EaseMyTrip booking (flight, hotel and bus.)
ii.This also offers benefits like cashback, gift vouchers and Airport Lounge Access.
iii.The card includes insurance coverage up to Rs. 2 lakhs for accidental death and personal total disability.
iv.The renewal fee waiver is applicable on achieving an annual spend milestone of Rs 1 lakh in the preceding year.
About Punjab National Bank (PNB):
PNB is a MD & CEO– Atul Kumar Goel
Headquarters– New Delhi, Delhi
Established in– 1894
Tagline– The Name You Can Bank Upon
About Easy Trip Planners Pvt. Ltd(EaseMyTrip.com):
Co-founder & CEO– Nishant Pitti
Co-Founders– Rikant Pittie & Prashant Pitti
Founded in 2008
Headquarters– New Delhi, Delhi

Bank of Baroda offers LITE Savings Account with Lifetime Zero Balance FeatureBank of Baroda (BoB) has launched a Lifetime Zero Balance Savings Bank Account called ‘bob LITE Savings Account’. This account offers a lifetime free RuPay Platinum Debit Card for customers who maintain a nominal Quarterly Average Balance (QAB).
Eligibility:
i.The account is open to all resident individuals, including minors aged 10 years and above who can read and write.
ii.QAB requirements: 

• Rs. 3,000 for metro/urban branches
• Rs. 2,000 for semi-urban branches
• Rs. 1,000 for rural branches

Features:
i.bob LITE Savings Account is a simple, convenient and hassle-free option to save and manage money.
ii.The account holders get attractive discounts & offers on Travel, Shopping & E-commerce spending made through the given Debit & Credit Card.
iii.Annual fees will be levied on debit card, if QAB is not maintained.
iv.The account holder can make transactions which is of saving-oriented nature; whereas Commercial transactions are non-allowable transactions.
v.The account holder is allowed to withdraw up to Rs.50000 per day.
RBL Bank offers GO Savings Account with Zero Balance Feature
RBL Bank Limited has launched a zero-balance digital savings account called ‘GO Account’. This account offers a free premium GO Debit Card.
Features:
i.The account offers interest rates of up to 7.5% per annum for saving accounts and 8.10% for fixed accounts.
ii.The account holders are provided with vouchers worth Rs.1,500 for premier brands, comprehensive cyber insurance cover, accident and travel insurance up to Rs.1 crore and other premium banking services.
iii.Fees:

• The Joining fee for the GO Account is Rs. 1,999 (plus Goods and Service Tax/GST).
• The renewal fee for the GO Account will be INR 599(plus GST) per annum.

Note: Renewal fees will be waived off on spends of Rs. 1 Lakh or above using GO Debit Card in the previous year.
About the Card:
i.GO Debit Card is powered by contactless Visa Technology.
ii.This Global Acceptance card offers complimentary insurance coverage.
iii.Fees: It is a free debit card. But for the second year the annual fee will be Rs. 599  (plus GST) which will be waived off on spending Rs.1 Lakh.
About Bank of Baroda:
Managing Director (MD) & Chief Executive Officer (CEO) – Debadatta Chand
Headquarters – Vadodara, Gujarat
Established in – 1908
Tagline– India’s International Bank
About RBL Bank Ltd:
MD & CEO- R Subramaniakumar
Headquarters – Mumbai, Maharashtra
Established in – 1943
Tagline– Apno Ka Bank

ECONOMY & BUSINESS

FDI Inflows Decline 13% to USD 32bn in April-December 2023According to the data by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI), Foreign direct investment (FDI) inflows in India decreased by 13% to USD 32.03 billion in April-December 2023. This is attributed by lower investments in sectors like computer hardware and software, telecom, auto, and pharma.
Key Points:
i.FDI inflows were USD 36.74 billion during April to December 2022.
ii.Inflows in the October-December quarter of 2023 (Q3FY24) rose by 18% to USD 11.6 billion compared to the Q3FY23 (USD 9.83 billion).
iii.Total FDI, including equity inflows, reinvested earnings, and other capital, declined by about 7% to USD 51.5 billion during April-December 2023 from USD 55.27 billion in the April-December 2022.
iv.FDI equity inflows decreased from major countries like Singapore, the United States (US), the United Kingdom (UK), Cyprus, and the United Arab Emirates (UAE) during April-December 2023.

• However, inflows increased from countries like Mauritius, the Netherlands, Japan, and Germany.

v.Investments from the Cayman Islands and Cyprus dropped to USD 215 million and USD 796 million, respectively, in April-December 2023, compared to USD 624 million and USD 1.15 billion in April-December 2022.
vi.Sectors experiencing a contraction in inflows included computer software and hardware, trading, services, telecommunication, automobile, pharma, and chemicals.

• In contrast, construction (infrastructure) activities, development, and power sectors saw growth in inflows.

vii.Maharashtra received the highest FDI inflow of USD 12.1 billion during April-December 2023, with notable declines observed in other states like Karnataka, Delhi, Tamil Nadu, West Bengal, Rajasthan, and Haryana.

• Gujarat, Telangana, and Jharkhand saw positive growth in FDI inflows.

viii.FDI equity inflows into India declined by 22% to USD 46 billion in the Fiscal Year 2022-23 (FY23).

ACQUISITIONS & MERGERS

CCI clears Ring Plus Aqua’s 59% stake buy in Maini Precision Products
The Competition Commission of India (CCI) has granted approval to Ring Plus Aqua Limited’s (RPAL) proposed acquisition of a 59.25% stake in Maini Precision Products Limited (MPPL)

• Under this, there will be acquisition of 59.25% shareholding in MPPL by RPAL, the acquisition of the entire shareholding of JK Files & Engineering Limited (JK Files) in JK Talabot Limited (JKTL) by a wholly owned subsidiary of Raymond Limited (New Company), and merger of RPAL, MPPL and the engineering business of JK Files into the New Company.

Key Points:
i.Raymond Limited and its subsidiaries specialize in manufacturing and selling textiles, lifestyle products, branded apparel, hardware, automotive parts, and real estate.
ii.JK Files, a subsidiary, focuses on hand tools, cutting tools, and power tool distribution. JKTL, a branch of JK Files, is involved in engineering.
iii.RPAL, another subsidiary, manufactures and exports specific automotive components. MPPL produces precision products tailored to customer designs for various industries.

SCIENCE & TECHNOLOGY

Indian Navy Commissions INS Jatayu at Minicoy & India’s 1st MH-60R Seahawk Helicopter Squadron in KochiThe Indian Navy (IN) commissioned the Indian Naval Ship (INS) Jatayu at Minicoy, the southernmost island in Lakshadweep. This is the 2nd naval base in Lakshadweep after INS Dweeprakshak in Kavaratti, the capital of Lakshadweep.

• It was commissioned by Admiral Radhakrishnan (R.) Hari Kumar, the Chief of Naval Staff (CNS).

The CNS R. Hari Kumar also commissioned Indian Naval Air Squadron (INAS) 334 ‘Seahawks’, India’s first MH 60R multirole helicopter Squadron, at INS Garuda in Kochi, Kerala.

• The first Seahawk squadron of 48 officers and 170 men is commanded by Captain M. Abhisheik Ram. The squadron is raised with six helicopters.

About Indian Navy (IN):
Chief of Naval Staff (CNS)– Admiral Radhakrishnan Hari Kumar
Headquarters– New Delhi, Delhi
Founded– January 26, 1950
>> Read Full News

IAF’s C-17 Aircraft Successfully Airdrops Indigenously Built Platform
Indian Air Force (IAF)’s transport aircraft C-17 airdropped an extra long and heavy indigenously developed platform that can carry a maximum load of over 22 tonnes.

• The platform was developed by the Aerial Delivery Research and Development Establishment (ADRDE), which is a pioneer Research & Development (R&D) lab of the Defence Research and Development Organisation (DRDO). 
• With the ability to carry multiple such platforms, the combat capabilities of C-17 aircraft will be further enhanced in its varied missions to air-deliver critical loads to troops on the ground.

SPORTS

Red Bull’s Max Verstappen Wins Season-Opening F1 Bahrain Grand Prix 2024 Belgian-Dutch driver Max Verstappen (competing under the Dutch flag) of Red Bull won the season-opening Formula 1 (F1) Bahrain Grand Prix 2024 held at the Bahrain International Circuit, Bahrain, from 29th February to 2nd March 2024.
Winners of Bahrain Grand Prix 2024:

Max Verstappen’s Records:
i.This victory also marks Verstappen’s second consecutive Bahrain GP title (2023 and 2024).
ii.It marks the eighth consecutive win of Verstappen since he won the Japanese Grand Prix in September 2023.
iii.In the 2023 season, he won 19 of 22 races and also won his third consecutive F1 World Championship title (2023, 2022, and 2021).
iv.The 2024 F1 season marks the longest-ever F1 season with 24 races.
About Bahrain GP:
i.The Bahrain GP marks the inaugural event of the 75th Formula 1 World Championship since its first edition held in 1950.
ii.Bahrain GP 2024 officially known as ‘Formula 1 Gulf Air Bahrain Grand Prix 2024’ was the 20th edition since its first edition held in 2004 as the first GP in the Middle East.
About Federation Internationale de l’Automobile (FIA)
The F1 Grand Prix races are organised by Federation Internationale de l’Automobile (FIA).
President – Mohammed Ben Sulayem
Headquarters – Paris, France
Established – 1904

IMPORTANT DAYS

6th Jan Aushadhi Diwas – 7th March 2024 The Jan Aushadhi Diwas (Generic Medicine Day) is annually observed across India on 7th March to create awareness about the importance of Generic Medicines and to highlight the benefits of Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP).

• 7th March 2024 marks the observance of 6th Jan Aushadhi Diwas.

Background:
i.On 7th March 2019, the Prime Minister (PM) of India, Narendra Modi declared the 7th March of every year as Jan Aushadhi Diwas.
ii.The first ever Jan Aushadhi Diwas was observed on 7th March 2019.
About Ministry of Chemicals & Fertilizers (MoC&F):
Union Minister – Mansukh Mandaviya (Rajya Sabha – Gujarat)
Union Minister of State (MoS) – Bhagwanth Khuba (Constituency: Bidar, Karnataka)
>> Read Full News

STATE NEWS

Brajesh Mehrotra appointed as Chief Secretary of Bihar
The Government of Bihar has appointed Brajesh Mehrotra, a 1989 batch Indian Administrative Service (IAS) officer, as the Chief Secretary (CS) of Bihar with effect from 4th March 2024.

• Mehrotra succeeded Amir Subhani, a 1987 batch IAS officer, who voluntarily retired from the post.
• Prior to the appointment, Mehrotra served as additional chief secretary of revenue and land reforms with the additional charge of general administration and parliamentary affairs. He also holds the post of Bihar’s chief information commissioner.

Note: Amir Subhani was given charge of Chairman of Bihar Electricity Regulatory Commission (BERC) for five years from the date of assuming charge, or till the age of 65 years, whichever is earlier.

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