Daily Current Affairs March 05 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Reports Increase to 60.3% in Share of Term Deposits Among Banks’ Total Deposits in December 2023

• According to the Reserve Bank of India’s (RBI) quarterly data, the share of term deposits in scheduled commercial banks (SCBs) total deposits increased to 60.3% in December 2023 from 57.2% in March 2023.
• Rising return on term deposits (TDs) is driving the compositional shift in deposits of SCBs.

What is meant by term deposit?

• The term deposit is a contract between the bank and the customer for a definite term and it cannot be paid prematurely at the bank’s option-.
• Term deposit can be paid prematurely at the request of the customer.

Key Highlights :

• Interest Rate Trends: Weighted Average Domestic Term Deposit Rate (WADTDR) increased by 246 basis points (bps) for fresh deposits and 180 bps for outstanding deposits from May 2022 to December 2023.
• Hundred basis points equal a percentage point.
• Interest rates on TDs of over one year duration ranged from 6% to 7.25% by December-end 2023.
• Deposit Preference: Depositors are capitalizing on high deposit rates, with TDs accounting for nearly 97.6% of total deposits during April-December 2023.
• CASA Deposits: Share of current account and savings account (CASA) deposits decreased, as per RBI’s quarterly Basic Statistical Return (BSR) data for December 2023.
• Shift to Higher Interest Rate Buckets:Share of term deposits bearing over 7% interest rate increased to 61.4% of total term deposits in December 2023, up from 54.7% in the previous quarter and 33.7% in March 2023, according to BSR.
• Total Deposits: SCBs’ total deposits amounted to approximately ₹201 lakh crore as of December 29, 2023, with TDs constituting 88% and CASA deposits comprising the balance.
• CASA Accretion from RuSU Branches:Rural and semi-urban branches contributed 67.2% of incremental CASA deposits during April-December 2023.
• However, their combined share in total term deposits during October-December 2023 was significantly lower at 21.7%, according to RBI.
• Incremental Term Deposits:Around two-thirds of incremental term deposits during October-December 2023 were in the range of ₹1 lakh to less than ₹1 crore.
• This marked an increase from the previous quarter’s share of 46.5%.
• Female Share in Deposits:Female participation in incremental CASA deposits during October-December 2023 stood at 63.4%.
• For term deposits, it was 36.1%, and for total deposits, it was 40.1%.

Vadodara Municipal Corporation Launches First Certified Green Municipal Bond in India and Asia, Focused on Sustainable Water Infrastructure                         

• The Vadodara Municipal Corporation (VMC) issued Asia’s first certified Green Municipal Bond for sustainable water infrastructure worth Rs 100 crore, aimed at fostering sustainable urban development, aligned with the Paris Agreement, to enhance liquid wastewater management infrastructure.

Key Highlights :

• Funding Source: Raised Rs 100 crore through the Certified Green Municipal Bond for Sustainable Water Infrastructure.
• Mode of Bidding: The bond was open for bidding on the Electronic Bidding Platform (EBP) of the Bombay Stock Exchange.
• Coupon Rate: Subscription amount received at a coupon rate of 7.9%.
• Project Mobilization: VMC mobilized Rs 100 crore against its contribution of Rs 620.6 crore for 47 projects valued at Rs 1220.53 crore approved under the AMRUT 2.0 Scheme.
• Certification and Ratings:The Green Municipal Bond has been Certified by Climate Bond Initiative based on a report by DNV Business Assurance India Private Limited against VMC’s Green Finance Framework.
• Rated AA+/Stable and AA/Stable by India Rating & Research Private Limited and CRISIL Rating Limited, respectively.
• Listing Date: The bond is scheduled to be listed on the Bombay Stock Exchange on March 6th, 2024.

About Vadodara Municipal Corporation:

• Established under the Bombay Provincial Municipal Corporations Act, 1949, VMC is a key entity in developing Vadodara, aiming to transform it into a futuristic global city.
• Its operations focus on leveraging state-of-the-art technology to ensure equitable access to high-quality infrastructure, preserving the city’s ecological balance and cultural identity.

About Climate Bonds Initiative:

• The Climate Bonds Initiative is a global not-for-profit organisation working to mobilise global capital for climate action.
• Climate Bonds Standard and Certification is a science-based, multi-sector certification scheme for investments – and now companies/entities – that address the challenge of climate change.
• CEO : Sean Kidney

Insurance Regulatory and Development Authority to Introduce Collateral Requirements for Reinsurance Transactions with Cross-Border Reinsurers  

• The Insurance Regulatory and Development Authority of India (IRDAI) intends to introduce collaterals for reinsurance transactions with Cross Border Reinsurers (CBRs).

Key Highlights :

• Applicability and Timeline:The proposed guidelines outlined in an exposure draft will apply to all reinsurance placements with CBRs by cedants or insurers from India, for reinsurance programs from the financial year 2025-26 onwards.
• Need for Protection:IRDAI has observed an increase in premiums collected by CBRs from the Indian reinsurance market and recognizes the importance of protecting the interests of Indian reinsurers.
• Market Trends:CBRs have been garnering a significant amount of premiums from India, contributing to the expansion of their share in the Indian reinsurance market.
• Market Participation:As per the IRDAI annual report for FY23, 283 companies were participating in the Indian CBR reinsurance business, competing with state-owned GIC Re and Foreign Reinsurance Branches (FRBs).
• Responsibility and Forms of Collateral:The cedant placing re-insurance business with CBRs shall be responsible for collecting the collateral.
• The collateral offered will be either in the form of an irrevocable Letter of Credit (LC) from the CBR or premium or funds withheld by the ceding insurer.
• LC Issuance and Acceptance : The LC shall be issued through any IFSC Banking Unit (IBU) in GIFT IFSC or a scheduled commercial bank regulated by the Reserve Bank of India, which the cedant can choose to accept this LC either in Indian Rupees or in any freely convertible foreign currency.
• The amount of LC shall be with reference to the aggregate of outstanding claims liabilities and IBNR reserves of the ceding insurer for re-insurance contract or arrangement with the concerned CBR.
• Minimum Collateral Requirement : For CBRs with an A- or above rating from Standard and Poor’s or equivalent, the minimum collateral required will be 80% of the aggregate of outstanding claims liabilities and IBNR reserves.
• For CBRs below an A- rating, the minimum collateral requirement will be 100%.

What is meant by Cross Border Reinsurers?

• “Cross Border Reinsurers (CBR)” means those reinsurers who do not have any physical presence in India and do reinsurance business with Indian insurance/reinsurance companies.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

RBI Mandates Standardized Format for Reporting Director, Managing Director, or Chief Executive Officer Appointments/Reappointments in Asset Reconstruction Companies

• The Reserve Bank of India (RBI) has introduced a standardized format for Asset Reconstruction Companies (ARCs) to provide information regarding candidates for director, Managing Director (MD), or Chief Executive Officer (CEO) roles.

Key Highlights :

• As per section 3(6) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the guidelines attached to the circular dated October 11, 2022, Asset Reconstruction Companies (ARCs) are required to obtain prior approval of the RBI for the appointment or re-appointment of any director, MD or CEO.
• To ensure uniformity in the information submitted by ARCs for obtaining approvals, RBI has now prescribed a format for furnishing the requisite information about the candidate along with an indicative list of documents to be submitted with the application.
• ARCs are advised to submit complete applications along with duly signed annexures within 90 days before a vacancy arises or the proposed date of appointment or re-appointment.
• Also, the RBI may call for additional information/documents for processing the application, if required.
• These instructions shall be effective immediately.
• In October 2022, the RBI set new guidelines requiring ARCs to raise capital to Rs 200 crore by March 2024 and Rs 300 crore by March 2026, replacing the earlier minimum capital requirement of Rs 100 crore for licensing.
• Additionally, the RBI mandates Rs 1000 crore for ARCs aiming to become resolution applicants in insolvency cases.

Reserve Bank of India Announces National Electronic Funds Transfer Achieves New Record of 4.10 Crore Daily Transactions                        

• The National Electronic Funds Transfer (NEFT) has recorded its highest ever single-day transactions with the payment system processing 4.10 crore transactions on that day.

Key Highlights :

• Growth Trends : Over the past decade (2014-23), NEFT and RTGS (Real Time Gross Settlement) systems have experienced significant growth:
• NEFT: 700% increase in volume and 670% increase in value.
• RTGS: 200% increase in volume and 104% increase in value.
• 24/7 Operations: NEFT has been operational 24/7, 365 days a year since December 16, 2019, while RTGS followed suit from December 14, 2020.
• Managed by RBI: Both NEFT and RTGS systems are managed by the Reserve Bank of India (RBI).
• Usage: NEFT settles retail payments, whereas RTGS handles wholesale transactions.
• RTGS Milestone: The highest volume of RTGS transactions in a single day occurred on March 31, 2023, with 16.25 lakh transactions.
• NEFT Transaction Limits: Minimum transfer value is 1, with no maximum limit.

What is NEFT?

• NEFT, or National Electronic Funds Transfer, is a fund transfer mechanism started by the RBI in 2005.
• It settles transactions in half-hourly batches.
• Organisations, companies and individuals can use it to transfer funds from one bank account to another.
• It is available 24/7 throughout the year.

CURRENT AFFAIRS: NATIONAL NEWS

Establishing the foundation for sustainable steel production, the Union Minister of Steel inaugurates India’s first green hydrogen plant in the stainless steel sector.

• Union Minister for Steel and Civil Aviation, Jyotiraditya M. Scindia, today (4 March 2024) virtually inaugurated India’s 1st Green Hydrogen Plant in the Stainless Steel Sector located at Jindal Stainless Limited, Hisar.
• The inauguration also witnessed the presence of the Secretary, Ministry of Steel Sh. Nagendra Nath Sinha, Managing Director (Jindal Stainless Limited), Sh. Abhyuday Jindal, Founder, Hygenco Sh. Amit Bansal, and other officials of the Ministry of Steel.

India emerging as a Green leader

• The country is making significant strides in tackling climate change with initiatives like the Panchamrit (five fold strategy to fight climate change) and Mission LiFE (a worldwide effort dedicated to supporting eco-friendly lifestyle and protecting the environment), showcasing a holistic approach to development that balances both nature and human prosperity.

National Green Hydrogen Mission transforming India’s Steel Industry

• One key initiative in this journey is the National Green Hydrogen Mission (NGHM), launched last year with an outlay of around ₹20,000 crore with an aim to make India a Global Hub for production, usage and export of Green Hydrogen and its derivatives. The Mission is also supporting pilot projects in the steel sector with a budget of around ₹500 crore until FY 2029-30.

Green Hydrogen Milestone: Industry Transformation

• The project not only aligns with the government’s vision but also creates valuable employment opportunities, showcasing the potential of responsible industrial practices

About the Project

• It will be the world’s first off-grid Green Hydrogen plant for the stainless steel industry and the world’s first Green Hydrogen plant with rooftop & floating solar. This project is also a state-of-the-art green hydrogen facility with a target to reduce carbon emissions considerably by around 2,700 Metric Tonnes per annum and 54,000 tons of CO2 emissions over the next two decades.

Prime Minister Modi unveils many development initiatives in Telangana valued at 56,000 crore rupees.

• Prime Minister Narendra Modi inaugurated, dedicated, and laid the foundation stone of over 30 development projects worth more than 56,000 crore rupees in Adilabad, Telangana.
• All these projects are related to sectors like Power, Oil and petroleum, rail and road sectors of various states.
• The Prime Minister reached Telangana this morning on a 2-day visit.
• On the first leg of his visit to Telangana, Mr. Modi dedicated to the nation the 800 MW second unit of NTPC’s Telangana Super Thermal Power Project in Peddapalli.
• The Ultra-Supercritical Technology-based project will supply 85 per cent of power to the state and will have the highest power generation efficiency of approximately 42 per cent among all power stations of NTPC in the country.
• The projects include flagging off 660 MW unit of the North Karanpura Super Thermal Power Project in Chatra of Jharkhand, dedicating the Fly Ash Based Light Weight Aggregate Plant at Sipat, Bilaspur in Chhattisgarh, STP Water to Green Hydrogen Plant at Greater Noida in Uttar Pradesh.
• He also laid the foundation stone among others to Singrauli Super Thermal Power Project, Stage-III, two units of 800 MW each in Uttar Pradesh, Sea Water to Green Hydrogen plant at Simhadri, Visakhapatnam in Andhra Pradesh, Fly Ash Based FALG Aggregate Plant at Korba in Chhattisgarh.
• The Prime Minister also laid the foundation stone of one project of the Power Grid Corporation of India.

New Criminal Laws Replacing IPC, CrPC & Evidence Act To Come Into Force From July 1, 2024

• The three newly enacted criminal laws – Bharatiya Nyaya Sanhita 2023, Nagarik Suraksha Sanhita 2023 and Bharatiya Sakshya Adhiniyam 2023 – will come into effect from July 1.
• Bharatiya Nagarik Suraksha Sanhita, 2023, Bharatiya Nyaya Sanhit a, 2023 and Bharatiya Sakshya Adhiniyam, 2023 will replace the Indian Penal Code of 1860, the Code of Criminal Procedure of 1898 and the Indian Evidence Act of 1872.
• At the same time, Section 106(2) of the Bharatiya Nayay Sanhita (BNS), which prescribes 10 years imprisonment for fatal accidents if they are not immediately reported to the police, has been put on hold, as notified by the Central government.
• The home ministry issued three separate notifications declaring July 1 as the date on which the provisions of the three laws will come into force.
• The move comes after President Droupadi Murmu gave her assent to the three laws on December 25, 2023, days after Parliament passed the bills.

Shri Anurag Singh Thakur announces setting up of Film Certification Facilitation Office in Chandigarh

• Union Minister of Information and Broadcasting Shri Anurag Singh Thakur announced the setting up of a regional facilitation office of the Central Board of Film Certification (CBFC) in Chandigarh, to promote ease of doing business for filmmakers of the region.
• CBFC centres to curb piracy.12 nodal officers across the country will receive complaints against piracy and give instructions to remove pirated content on digital platforms.
• In a groundbreaking move, the Ministry of Information and Broadcasting in India has announced comprehensive changes to the film certification process, marked by the introduction of the new Cinematograph (Certification) Rules, 2024.
• These changes, aimed at fostering efficiency, transparency, and inclusivity, signify a departure from the rules established in 1983, addressing long-standing issues of corruption and representation within the Central Board of Film Certification (CBFC).
• The centerpiece of the new certification regime is the transition to an entirely online application process through the e-cinepramaan portal.
• Another significant aspect of the new rules is the increased representation of women on the CBFC, with a mandate that at least one-third of its members be women, with a preference for achieving gender parity.
• The new rules retain the existing film certification categories but introduce subdivisions within the ‘UA’ category to provide clearer guidance on parental supervision.
• Films will now be categorised as ‘UA 7+’, ‘UA 13+’, and ‘UA 16+’, allowing parents to make more informed decisions about the content their children consume.
• Additionally, in a move that simplifies the certification process for filmmakers, certifications will now be valid perpetually, eliminating the need for re-certification every 10 years.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Prime Minister Shri Narendra Modi and PM Mr Pravind Jugnauth of Mauritius  to jointly inaugurate new Airstrip and a Jetty at the Agalega Island in Mauritius                    

• Prime Minister Shri Narendra Modi and Mauritius Prime Minister Mr Pravind Jugnauth virtually inaugurated an airstrip and a jetty in Agalega islands.
• Agalega islands are situated approximately 650 nautical miles (1,050 km) north of Mauritius.
• Objective: To ensure maritime security and connectivity to the Agalega islands.

Key Highlights :

• Strategic Importance: PM Modi emphasized that India and Mauritius are actively collaborating to ensure security, prosperity, and stability in the Indian Ocean region.
• Project Impact: The developments will enhance the island’s capacity and capabilities in marine surveillance and security while also addressing developmental objectives.
• Historical Context: Previous attempts to upgrade the air strip date back to 2003, but substantial progress was lacking until now.
• Trigger for Development: The decision to develop the new airstrip and jetty was catalyzed by PM Modi’s visit to Mauritius in March 2015.
• Maritime Partnerships: PM Modi highlighted India and Mauritius’ status as “natural partners” in the maritime domain to address challenges in the Indian Ocean region.

About Mauritius :

• President : Prithvirajsing Roopun
• Prime Minister : Pravind Jugnauth
• Capital : Port Louis
• Currency : Mauritian rupee

CURRENT AFFAIRS: AWARDS AND HONOURS

OLA Electric Technologies Pvt. Ltd. receives the First PLI- Automotive Certificate from ICAT, Manesar.

• International Centre for Automotive Technology (ICAT), Manesar, one of the divisions of the National Automotive Board (NAB)- under the Ministry of Heavy Industries (MHI), Govt. of India has awarded its first PLI – Automotive Certificate to M/s. Ola Electric Technologies Pvt. Ltd. under the Production Linked Incentive (PLI) Scheme of MHI for Automobiles and Auto Components.
• The certificate was handed over by Dr. Hanif Qureshi, Additional Secretary – MHI to Dr. S.J. Dhinagar, Head of Engineering & Sr. VP- Ola Electric, in the presence of Shri Saurabh Dalela, Director-ICAT & senior officials from MHI, ICAT and M/s. Ola Electric.
• M/s. Ola Electric’s Battery Electric Vehicle – 2W [Ola S1 Pro (Gen2)] met the criteria of DVA of 50% (min.) for the Automotive PLI certificate, demonstrating their commitment to the indigenization of advanced automotive technology products.
• They have received this certificate from ICAT showcasing their dedication to the ‘Make in Bharat’ Abhiyan and strengthening the domestic production ecosystem.

About ICAT, Manesar:

• The International Centre for Automotive Technology (ICAT) was established in year 2006. It is one of the divisions of National Automotive Board (NAB), under Ministry of Heavy Industries, Govt. of India. ICAT has been notified by Ministry of Road Transport & Highways (MoRTH) in Rule 126 of Central Motor Vehicle Rules (CMVR) for Testing & Certification of Automobiles and their Safety Critical Components. Also, ICAT has been authorized by MHI for PLI-Auto Certification of AAT Products and FAME Certification. ICAT is one of the pioneer Testing Agency for providing quality services in the domain of Automotive Certification, Homologation, Design, Validation, R&D, PLI-Auto Certification, FAME Certification etc.

CURRENT AFFAIRS: MOUS AND AGREEMENT

An MoU is signed by the MoD with BEML Limited, BEL, and MIDHANI for the development of advanced fuelling and control systems for engines intended for heavy-duty uses domestically.

• The Ministry of Defence has signed a tripartite Memorandum of Understanding (MoU) with BEML Limited, Bharat Electronics Limited (BEL) and Mishra Dhatu Nigam Limited (MIDHANI) for the indigenous development of Advanced Fuelling and Control System for Engines for heavy duty applications.
• The MoU was inked with Chairman & Managing Director, BEML Limited Shri Shantanu Roy; CMD, MIDHANI Dr SK Jha; and CMD, BEL Shri Bhanu Prakash Srivastava, in the presence of Defence Secretary Shri Giridhar Aramane in New Delhi on March 04, 2024.
• This collaborative initiative will focus on leveraging indigenous capabilities to design, test, and manufacture an Advanced Fuelling and Control System that offers enhanced efficiency, performance, and reliability.
• By harnessing the latest advancements in engine technology and control systems, the companies aim to extend their domain expertise for the development of engine systems which will ensure self-reliance in the field of Combat vehicles.
• The MoU corroborates the resolve of the Government to develop complex technologies within the country under the ‘Aatmanirbhar Bharat’ initiative.

CURRENT AFFAIRS: RANKING AND REPORTS

India is 3rd largest digitalised country among G20 nations

• According to the State of India’s Digital Economy Report, 2024, by the Indian Council for Research on International Economic Relations (ICRIER), India is the third largest digitalised country in the world, only behind the United States of America (USA) and China.
• However, at the level of individual users, India is ranked 12th in terms of digitalisation among the G20 countries.
• The study is based on ‘CHIPS’ framework wherein it has scored countries on five pillars – connect, harness, innovate, protect and sustain.
• India has the world’s second-largest internet network with more than 700 million users.
• It has also seen one of the fastest rollouts of 5G, after its launch in October 2022.
• During its G20 presidency, India was recognised as a champion of using digital public infrastructure (DPI).

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy to Commission New MH 60R Seahawk Multi-Role Helicopter at INS Garuda, Kochi

• The Indian Navy will commission the newly inducted MH 60R Seahawk (a maritime variant of the Blackhawk helicopter) multi-role helicopter on 06 Mar 2024 at INS Garuda, Kochi marking a pivotal moment in India’s Defence modernisation journey.
• The Seahawks squadron will be commissioned in the Indian Navy as INAS 334.

Key Highlights :

• The helicopters are a part of the 24-aircraft FMS contract signed with the United States (US) government in Feb 2020.
• The Indian Navy is set to witness a significant surge in its maritime prowess with the induction of the Seahawks.
• The helicopter is designed for anti-submarine warfare (ASW), anti-surface warfare (ASuW), search and rescue (SAR), medical evacuation (MEDEVAC) and vertical replenishment (VERTREP).
• The helicopter has been rigorously tested in Indian Reference Atmosphere (IRA) conditions and is fully integrated into the Fleet.
• The advanced weapons, sensors and avionics suite make the Seahawks ideal for the Indian Navy’s maritime security needs, offering enhanced capabilities for both conventional as well as asymmetric threats.
• The MH 60R helicopter would enhance India’s blue-water capabilities, extending the operational reach of the Navy and supporting sustained naval operations across spectrums and over vast maritime domains.
• The Seahawk’s deployment in the IOR would strengthen the Indian Navy’s maritime presence, dissuading potential threats and ensuring a secure and safe environment in this strategically crucial region.
• The commissioning of the Seahawks underscores Indian Navy’s steadfast dedication to fortifying maritime security, aligning seamlessly with the Government of India’s visionary goal of ensuring Security And Growth for All in the Region.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Naval Staff : Admiral R. Hari Kumar

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

IPS Officer Daljit Singh Chaudhary Named New Director General of National Security Guard                      

• The Centre appointed 1990 batch IPS officer, Daljit Singh Chaudhary as the director general (DG) of the National Security Guard (NSG).
• He took the place of MA Ganapathy, who superannuated on 29 February, 2024.
• Chaudhary, who is currently the DG of Sashastra Seema Bal (SSB), has been given the additional charge of heading the NSG.

About NSG :

• Established : September 22, 1986, under the National Security Guard Act, 1986.
• Headquarters : New Delhi.
• The National Security Guard (NSG) is an elite counter-terrorism unit under the Indian Ministry of Home Affairs (MHA).
• National Security Guard personnel are referred to as ‘Black Cats’.
• Role and Function : It is a federal counter deployment force against terrorism and anti-hijacking operations
• The force is trained to deal with specific situations and used only in exceptional circumstances as deemed by the government.
• Significance:NSG was extensively utilized during the 26/11 terror attacks in Mumbai, highlighting its crucial role in combating terrorism and ensuring national security.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Prime Minister Narendra  Modi Announces India’s Own Space Station by 2035   

• Prime Minister Shri Narendra Modi unveiled India’s ambitious plans to launch its own space station by 2035 during his visit to the Vikram Sarabhai Space Centre (VSSC) in Thiruvananthapuram, Kerala.

Key Highlights :

• Progress in Space Technology:PM Modi highlighted India’s advancements in space technology, emphasizing the significant increase in satellite launches over the past decade.
• Seed of Scientific Temperament:Addressing the audience at VSSC, PM Modi stated that India’s success in the space sector is fostering a scientific temperament among the country’s youth.
• Gaganyaan Project:The Gaganyaan project aims to demonstrate India’s capability for human spaceflight by launching a crew of three members into a 400 km orbit for a three-day mission and safely returning them to Earth, landing in Indian sea waters.
• Precursor Missions:Before the manned mission, several precursor missions are planned to demonstrate technology readiness levels, including Integrated Air Drop Test (IADT), Pad Abort Test (PAT), and Test Vehicle (TV) flights.
• Launch Vehicle:India’s LVM3 rocket has been designated as the launch vehicle for the Gaganyaan mission due to its reliability.
• Recent Achievements:India’s recent achievements, such as the successful soft landing of Chandrayaan-3 on the Moon’s South Pole and the launch of Aditya-L1, its first solar mission, have propelled the nation to new heights in the global space arena.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: SPORTS NEWS

Indian Grandmaster R Praggnanandhaa wins the Prague Masters Chess match against fellow countryman Vidit Gujrathi.

• Indian Grandmaster R Praggnanandhaa defeated compatriot Vidit Gujrathi in the fifth round of Prague Masters Chess in the Czech Republic.
• In the other match, D. Gukesh went down against the Czech Republic’s David Navara.
• Praggnanandhaa shares the fourth spot with Navara and Gukesh with four rounds to play.
• In the Challengers section, Grandmaster R. Vaishali went down to Erwin L’Ami of Holland.
• The Prague Chess Festival is taking place from February 27 to March 7 at the Don Giovanni Hotel.

CURRENT AFFAIRS: IMPORTANT DAYS

World Sustainable Energy Days 2024: 5 – 8th March

• World Sustainable Energy Day 2024 is observed on 5 – 8th March across the world.
• It hosts events centred on sustainable energy production and use, which cover energy efficiency and renewable energy sources for buildings, industry, and transport.

World Sustainable Energy Days History:

• In her 2020 State of the Union address, President of the European Commission Ursula von den Leyen proposed the emissions reduction target be set at 55%, alongside a revision of the EU’s climate and energy legislation.
• The Commission adopted the communication ‘Stepping up Europe’s 2030 climate ambition – Investing in a climate-neutral future for the benefit of our people on the same day.
• It included an updated 2030 emissions reduction target of a net 55 % compared to 1990 levels.
• This new ´Fit for 55´ package aims to put the EU on track towards climate neutrality, and as energy accounts for 75% of GHG emissions, speeding up the energy transition is critical.
• As such, the 2024 edition of the WSED (Fit for 55) presents the far-reaching transformation of policies, technologies, and markets for achieving climate neutrality.

Daily CA One- Liner: March 5

• Union Minister for Steel and Civil Aviation, Jyotiraditya M. Scindia, today (4 March 2024) virtually inaugurated India’s 1st Green Hydrogen Plant in the Stainless Steel Sector located at Jindal Stainless Limited, Hisar
• Prime Minister Narendra Modi inaugurated, dedicated, and laid the foundation stone of over 30 development projects worth more than 56,000 crore rupees in Adilabad, Telangana.
• The three newly enacted criminal laws – Bharatiya Nyaya Sanhita 2023, Nagarik Suraksha Sanhita 2023 and Bharatiya Sakshya Adhiniyam 2023 – will come into effect from July 1.
• Union Minister of Information and Broadcasting Shri Anurag Singh Thakur announced the setting up of a regional facilitation office of the Central Board of Film Certification (CBFC) in Chandigarh, to promote ease of doing business for filmmakers of the region
• International Centre for Automotive Technology (ICAT), Manesar, one of the divisions of the National Automotive Board (NAB)- under the Ministry of Heavy Industries (MHI), Govt. of India has awarded its first PLI – Automotive Certificate to M/s. Ola Electric Technologies Pvt. Ltd. under the Production Linked Incentive (PLI) Scheme of MHI for Automobiles and Auto Components
• The Ministry of Defence has signed a tripartite Memorandum of Understanding (MoU) with BEML Limited, Bharat Electronics Limited (BEL) and Mishra Dhatu Nigam Limited (MIDHANI) for the indigenous development of Advanced Fuelling and Control System for Engines for heavy-duty applications
• According to the State of India’s Digital Economy Report, 2024, by the Indian Council for Research on International Economic Relations (ICRIER), India is the third largest digitalised country in the world, only behind the United States of America (USA) and China
• Indian Grandmaster R Praggnanandhaa defeated compatriot Vidit Gujrathi in the fifth round of Prague Masters Chess in the Czech Republic.
• According to the Reserve Bank of India’s (RBI) quarterly data, the share of term deposits in scheduled commercial banks (SCBs) total deposits increased to 60.3% in December 2023 from 57.2% in March 2023
• The Vadodara Municipal Corporation (VMC) issued Asia’s first certified Green Municipal Bond for sustainable water infrastructure worth Rs 100 crore, aimed at fostering sustainable urban development, aligned with the Paris Agreement, to enhance liquid wastewater management infrastructure.
• The Insurance Regulatory and Development Authority of India (IRDAI) intends to introduce collaterals for reinsurance transactions with Cross Border Reinsurers (CBRs).
• The Reserve Bank of India (RBI) has introduced a standardized format for Asset Reconstruction Companies (ARCs) to provide information regarding candidates for director, Managing Director (MD), or Chief Executive Officer (CEO) roles.
• The National Electronic Funds Transfer (NEFT) recorded its highest ever single-day transactions with the payment system processing 4.10 crore transactions on that day.
• Prime Minister Shri Narendra Modi and Mauritius Prime Minister Mr Pravind Jugnauth virtually inaugurated an airstrip and a jetty in Agalega islands.
• The Indian Navy will commission the newly inducted MH 60R Seahawk (a maritime variant of the Blackhawk helicopter) multi-role helicopter on 06 Mar 2024 at INS Garuda, Kochi marking a pivotal moment in India’s Defence modernisation journey.
• The Centre appointed 1990 batch IPS officer, Daljit Singh Chaudhary as the director general (DG) of National Security Guard (NSG).
• Prime Minister Shri Narendra Modi unveiled India’s ambitious plans to launch its own space station by 2035 during his visit to the Vikram Sarabhai Space Centre (VSSC) in Thiruvananthapuram, Kerala.
• World Sustainable Energy Day 2024 is observed on 5 – 8th March across the world.