Daily Current Affairs March 06 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Governor Shaktikanta Das Declares India’s Share of Global Digital Payments Volume at 46%

• During the Digital Payments Awareness Week on March 4, 2024, the Reserve Bank of India (RBI) Governor Shaktikanta Dasrevealed that digital transactions in India have experienced a remarkable 90-fold increase over 12 years.

Key Highlights :

• Retail Digital Payments Statistics: Retail digital payments in India surged from 162 crore transactions in the financial year 2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024).
• India’s Global Share in Digital Transactions: India accounts for nearly 46%of the world’s digital transactions, based on 2022 data.
• Significance of UPI (Unified Payments Interface): UPI has emerged as a prominent fast payment system, gaining recognition not only in India but globally.
• It is the primary driver behind the growth of digital payments in India.
• UPI’s Contribution and Market Share:The share of UPI in digital payments has reached close to 80% in 2023.
• The volume of UPI transactions increased from 43 crore in 2017 to 11,761 crore in 2023.
• Advanced Functionalities of UPI:UPI has evolved to include advanced features such as offline payments through NFC technology (UPI Lite X), payments through feature phones (UPI 123Pay), and AI-based conversational payments (hello! UPI).
• Daily Transaction Volume of UPI:Currently, UPI processes close to 42 crore transactions in a day, showcasing its widespread adoption and usage.
• UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.
• Global Impact of UPI:India’s emphasis on extending the benefits of UPI globally has resulted in partnerships with countries like Sri Lanka, Mauritius, France, United Arab Emirates (UAE), and Singapore for emerging fintech and payment solutions.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Reserve Bank of India Set to Introduce Interoperable Internet Banking Payment System in 2024

• The Reserve Bank of India (RBI) is working to allow interoperability for internet banking transactions which is expected to be operational in 2024 and will facilitate quicker settlement of funds for merchants.
• The move is aimed at addressing delays in the actual receipt of payments by merchants and is a part of the regulator’s payment vision 2025.
• The RBI has approved implementing such a system for NPCI Bharat BillPay Limited (NBBL).
• The new system will facilitate quicker settlement of funds for merchants.

Key Highlights :

• Current Scenario with Payment Aggregators (PAs):Presently, internet banking transactions processed through payment aggregators (PAs) lack interoperability.
• Each bank is required to integrate separately with different PAs of various online merchants.
• Role of Payment Aggregators:Payment aggregators serve as intermediaries facilitating digital payments between consumers and merchants.
• There are currently 18 authorized online payment aggregatorsby RBI, including well-known entities such as Razorpay Software Pvt. Ltd, Amazon Pay (India) Pvt. Ltd, and Google India Digital Services Pvt. Ltd.

What is interoperability?

• Interoperability refers to the technical compatibility enabling a payment system to operate seamlessly with other payment systems.
• It allows for the undertaking, clearing, and settling of payment transactions across different systems without the need for participants to engage in multiple systems.

IIFL Finance Limited Faces Action under Section 45L(1)(b) of the Reserve Bank of India Act, 1934

• The Reserve Bank of India (RBI)invoked its authority under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directing IIFL Finance Limited to immediately cease sanctioning or disbursing gold loans, as well as from any activities involving the assignment, securitization, or sale of its existing gold loan assets.
• Continued Servicing of Existing Portfolio: Despite the directive, IIFL Finance Ltd. is permitted to continue servicing its existing gold loan portfolio through regular collection and recovery procedures.
• Growth in Gold Loan Assets:The gold loan asset under management of IIFL Finance Ltd. has demonstrated significant growth, increasing by 35% year-on-year to reach ₹24,692 crore.
• Additionally, there was a 4% quarter-on-quarter growth.
• Portfolio Composition: As of the December quarter, the gold loan portfolio accounted for a substantial portion, comprising 32% of the total assets under management of the company.

Tata-Owned Air India Secures Favorable Three-Year Loan by Refinancing Short-Term Loans with State Bank of India and Bank of Baroda

• Tata Group-owned Air Indiahas refinanced its short-term loans with State Bank of India (SBI) and Bank of Baroda (BoB) to secure a three-year loan at an attractive rate.
• Purpose of the Loan:The newly secured Rs 19,000 crore loan will be utilized to finance Air India’s working capital requirements and to upgrade its aircraft fleet, emphasizing the strategic investment in the airline’s operations.

Key Highlights :

• Replacement of Bridge Loan:This loan replaces the previous short-term bridge loan of Rs 18,000 crore that Air India had obtained from SBI and BoB to facilitate Tata Group’s takeover of the airline in January 2022.
• The bridge loan was renewed for an additional year in 2023.
• Loan Allocation:SBI holds a significant share of the loan at approximately Rs 13,300 crore, while BoB’s share amounts to Rs 5,700 crore, thereby replacing the previous bridge loan facility.
• Attractive Interest Rate: At 7.5%,the loan was priced at a very thin margin as the six-month treasury bill was hovering around 7.10% last quarter, while the three-month treasury bill was around 6.90%.
• The rate is even lower than SBI’s benchmark margin cost of funds-based lending rate (MCLR).
• Tata Group’s Aviation Consolidation:The diversified Tata Group, which acquired the national carrier in 2022, is undertaking a consolidation of its aviation businesses.
• In 2023, the group renamed its joint venture with AirAsia to AIX Connect ahead of its merger with Air India Express, the low-cost subsidiary of Air India.
• Merger Plans:Vistara CEO Vinod Kannan anticipates completing the merger of Vistara with Air India by mid-2025.
• Singapore Airlines (SIA),holding a 49% stake in Vistara, will own 25.1% of the merged Air India post-merger.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

Flipkart Partners with Axis Bank to Introduce UPI Handle, Aiming to Compete with Third-Party Apps                       

• E-commerce platform Flipkart has ventured into the digital payments sector by launching its own unified payments interface (UPI) handle, @fkaxis,in collaboration with Axis Bank.
• Alongside the UPI handle, Flipkart introduced the initiative ‘India’s Most Rewarding UPI,’ aimed at providing unique and rewarding UPI experiences for users.

Key Highlights :

• Availability and Registration:Currently accessible to Android users through the Flipkart app, the UPI handle allows users to register for a new UPI ID for seamless fund transfers and in-app payments.
• This marks Flipkart’s second financial technology (fintech) offering in collaboration with Axis Bank, following the launch of co-branded credit cards in
• Zero-Cost Solutions :Flipkart UPI offers convenient and zero-cost solutions along with a smooth onboarding process.
• Additionally, Flipkart offers one-click and quick payments for mobile recharge and bill payment within the app.
• Flipkart also provides the Flipkart Axis Bank Credit Card.
• Context of RBI Directive to Paytm Payments Bank: The introduction of Flipkart’s UPI handle comes amid the Reserve Bank of India’s directive to Paytm Payments Bank to virtually discontinue operations post-March 15.
• Market Dynamics of UPI Players : Paytm Payments Bank had a share of just 13% of UPI volumes in December, as per data from National Payments Corporation of India (NPCI).
• The market is dominated by PhonePe, which commanded 46% of the volumes in December while GooglePay had a share of 36%.
• NPCI Enforcement Challenges : NPCI has been attempting to restrict the market shares of individual players in the UPI space to 30% but has delayed the enforcement of the rules to the end of this year.
• With the absence of Paytm Payments Bank, it will be harder for NPCI to enforce the cap.

About Flipkart :

• Founded : 2007
• Headquarters : Bangalore, Karnataka
• CEO : Kalyan Krishnamurthy

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

National Bank for Agriculture and Rural Development Initiates Pilot Programme for District-Level Technology Exhibitions         

• The National Bank for Agriculture and Rural Development (NABARD)has launched a pilot programme under which technology exhibitions would be organised in the districts.
• Primary objective of the ODOE programme :To create a market for rural and grassroots innovations, fostering economic growth and sustainability in rural areas.

Key Highlights :

• One-District One-Exhibition (ODOE): To start with, the NABARD has organised 3 ODOEsin Bhadradri Kothagudem, Mahabubnagar and Nizambad districts in Telangana on February 15, 16 and 17, 2024.
• Collaboration with TSIC:NABARD collaborated with the Telangana State Innovation Cell (TSIC), a government organization promoting innovation, to host these exhibitions.
• Innovator Participation: A total of 30 innovators showcased grassroots innovations at the exhibitions, aimed at benefiting rural communities.
• Audience Engagement:These exhibitions attracted around 4,000 farmers, providing them with opportunities to learn about and adopt innovative technologies for agricultural and rural development.

About NABARD :

• Headquarters : Mumbai, Maharashtra, India
• Chairman : Shri. Shaji K V
• It was established on the recommendations of Sivaraman Committee(by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
• It is under the jurisdiction of the Ministry of Finance (MoF),Government of India (GoI).

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Modi unveils many development initiatives in Telangana valued at 7,200 crore rupees.

• Prime Minister Narendra Modi laid the foundation stoneand dedicated to the nation multiple development projects worth over 7,200 crore rupees in Telangana from Sangareddy.
• These projects encompass sectors like road, rail, petroleum, aviation and natural gas.
• The Prime Minister inaugurated the Indian Oil Paradip-Hyderabad Product Pipeline which will carry petroleum products in a cheaper and environmentally sustainable way.
• Telangana Governor Dr Tamilisai Soundararajan, and Union Minister, G Kishan Reddy were present on the occasion among others.

Key Highlights

• Addressing the gathering, the Prime Minister said that the Central government has been working continuously to assist the development of Telangana as today marks the second day of his visit to the state.
• Mr Modi recalled laying the foundation stones and dedicating multiple development projects to the nation worth about 56,000 crore rupees from Adilabad yesterday in energy, climate and infrastructure sectors.
• Prime Minister said he believes in the mantra of rashtra vikas through vikas of the states.
• Highlighting his government’s working ideology, the Prime Minister emphasized that the central government is working to serve Telangana with the same spirit and congratulated the citizens for the development works launched

Prime minister will introduce development initiatives in Odisha valued at around 19,600 million rupees.

• Prime Minister Narendra Modiwill arrive at Bhubaneswar on a day-long visit to Odisha
• Mr Modi is scheduled to fly to Chandikhol in Jajpur district to inaugurate and lay the foundation stone for multiple developmental projects worth 19,600 crore rupees.
• The projects relate to various sectors including oil and gas, railways, road, transport, national highways and atomic energy.

Key Highlights

• The Prime Minister is also scheduled to flag off a MEMU train on the Paradip-Haridaspur line connecting Paradip to Keonjhar through Kendrapara.
• This will be the first passenger train to pass through Kendrapara district meeting the long-lasting demand of the people of the district since independence.
• This is the Prime Minister’s second visit to Odisha for the ensuing Lok Sabha and Assembly elections in the state.
• Mr Modi visited Odisha on the 3rd of last month to inaugurate the IIM campus at Sambalpur and addressed a public meeting there.
• Elaborate security arrangements have been made both at the Biju Patnaik International Airport at Bhubaneswar and the meeting places of the Prime Minister at Chandikhol.

Amit Shah launches umbrella body for urban co-op banks

• Union Home Minister and Minister of Cooperation, Shri Amit Shah inaugurated the umbrella organization for Urban Cooperative Banks (UCBs), the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), in New Delhi.
• The umbrella organization will provide various facilities to small banks, facilitate dialogue between banks and regulators, and work on improving communication.
• The NUCFDC has received a Certificate of Registration(CoR) from the RBI to operate as a Non-Banking Finance Company (NBFC) and serve as the umbrella organisation for the urban cooperative banking sector.
• In addition to this, it will be allowed to operate as a Self-Regulatory Organisation (SRO) for the sector.
• The NUCFDC aims to raise capital, with plans to reach a capital base of Rs.300 crores.
• It intends to utilise this capital to support Urban Cooperative Banks and develop a shared technology platform to improve service offerings and reduce costs.
• At present, there are over 1,500 scheduled and non-scheduled Urban Cooperative Banks in India with a total number of branches exceeding 11,000.
• The banks have a deposit size of over Rs 5.33 lakh crore, and total lending of more than Rs 3.33 lakh crore.
• Urban Cooperative Banks in the country have reduced their Net NPA rate to 2.10% and there is a need for further improvement.
• They are regulated by both the Reserve Bank of India (RBI) and the respective state governments.
• They (like the PACS) registered under the Co-operative Societies Act.

Indian government allows derivatives trading in skimmed milk powder, apples, bamboo and 8 other commodities

• The Indian government has permitted derivatives trading in 11 more commoditiesincluding skimmed milk powder, cement, apple, bamboo and timber based on a recommendation from the Securities and Exchange Board of India (SEBI), which supervises the trading.
• Finance Ministry added these commodities under the Securities Contracts (Regulation) Act, 1956, taking the total number of commodities in which derivatives trading can be done to 104.
• The expanded list now includes a total of 104 items, up from 91 before.
• Other commodities in which derivatives trading has been allowed are weather, freight, white butter, cashew, metal alloys and manganese.
• All these changes are implemented with immediate effect.
• It has also been specified that derivatives trading will also be permitted in alloys of five metals that are already a part of the list. These are alloys of nickel, zinc, aluminium, copper, and lead.
• Every year SEBI seeks derivatives trading in new commodities and the Finance Ministry has amended its notification by adding these.

CURRENT AFFAIRS : STATE NEWS

Himachal Pradesh Chief Minister Sukhvinder Sukhu Introduces Monthly Rs 1,500 Aid for Women Aged 18-60

• Himachal Pradesh (HP) Chief Minister (CM) Sukhvinder Sukhu announced a monthly aid of ₹1,500 for women aged 18 to 60 from the next financial year, fulfilling a Congress party ‘guarantee’ promised before the state Assembly elections.
• The initiative is called the “Indira Gandhi Pyari Behna Sukh Samman Nidhi Yojna,”and the state government plans to allocate ₹800 crore annually for this scheme.
• The financial support aims to benefit over 5 lakh womenin the specified age group.
• With this announcement, five out of the 10 poll promises made by the Congress party have been fulfilled by the Himachal Pradesh government.
• The move is in line with the party’s commitment to address key socio-economic issues.
• CM Sukhvinder Sukhu highlighted the restoration of the old pension scheme, benefiting 1.36 lakh state employees.

About HP :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu

Delhi Finance Minister Atishi Announces Monthly Assistance Scheme of Rs 1000 for Women Aged 18 and Above in Delhi Budget

• Delhi Finance Minister Atishi announced the introduction of the ‘Mukhyamantri Mahila Samman Yojana,‘ which will provide a monthly assistance of₹1,000 to women above the age of 18 starting from the fiscal year 2024-25.
• The budget for the financial year 2024-25 in the Delhi Assembly was presented by Atishi, with an outlay of ₹76,000 crore.

Key Highlights :

• Scope and Benefits: Over 50 lakh womenare expected to benefit from this scheme, empowering them to meet their needs independently without relying on others.
• The government has allocated ₹2,000 crorefor the implementation of this initiative.
• Eligibility Criteria: To qualify for the scheme, a woman must be a registered voter in Delhi, not be receiving benefits from any other government scheme, and not be an income taxpayer.
• Number of Female Voters: According to the final electoral roll published in January, 2024 Delhi has 67,30,371 female voters, indicating the significant potential reach of the scheme.

About Delhi :

• Governor : Vinai Kumar Saxena
• Chief Minister : Arvind Kejriwal
• Wildlife Sanctuary : Asola Bhatti Wildlife Sanctuary

Cuttack’s Rupa Tarakasi and Banglar Muslin Awarded Geographical Indication (GI) Tag                                   

• Cuttack’s renowned Rupa Tarakasi, also known as Silver Filigree, has been awarded the Geographical Indication (GI) tagby the Geographical Indications Registry in Chennai, recognizing its unique geographical origin and craftsmanship.
• The application for the GI tag was filed by the Odisha State Co-operative Handicrafts Corporation Limited,with facilitation from the Department of Textile and Handicrafts, Government of Odisha, underscoring the state’s support for promoting local crafts.
• Filigree, traditionally associated with fine craftsmanship and intricate designs in classical jewellery, holds a significant cultural and artisanal heritage in Cuttack.

Other products to get GI tag:

• The other products to join the GI league are Banglar muslin is the one of the popular traditional handloom craft of Bengal, Narasapur crochet lace products and Kutch rogan craft.
• The Banglar muslin is one of the popular traditional handloom craft of Bengal.
• Narsapur in West Godavari region of Andhra Pradesh, which is known for crochet skills, has received global acclaim for its intricate craftsmanship, unique designs and good quality crochet craft was brought by missionaries to Narsapur, and now Narsapur is a strong centre for intricate handmade crocheted lace work.
• Ratlam Riyawan Lahsun (Garlic),a variety named after Riyawan village in Ratlam district of Madhya Pradesh also bagged the GI tag along with the Ambaji White Marble, which is formed when limestone is re-crystallised under the earth’s crust due to intense pressure and heat.
• Tripura Risa Textile, Hyderabad Lac Bangles, Majuli Mask of Assam, and Assam Majuli Manuscript Painting are among the other products recognized with the GI tag, highlighting the importance of traditional textiles and crafts in India’s cultural heritage.

About GI Tag :

• A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
• A GI is a label that is applied to products that have a specific geographical origin and that have characteristics related to a particular location.
• The tag is valid for a period of 10 yearsafter which it is renewed.

About Odisha :

• Governor : Ganeshi Lal
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar

CURRENT AFFAIRS: SUMMITS AND CONFERENCE

CCI organises the 9th edition of the National Conference on Economics of Competition Law

• The Competition Commission of India(CCI) organised the 9th National Conference on Economics of Competition Law in New Delhi.
• Dr Arvind Virmani, Member, NITI Aayog was the Keynote Speaker and Smt. Ravneet Kaur, Chairperson, CCI, delivered the Special Address at the Inaugural Session of the Conference.
• The Conference, which brought together scholars, practitioners, and experts working in the area of economics of competition law, has been organised by the CCI every year since 2016.
• The National Conference concluded with a Plenary Session on ‘Artificial Intelligence: Challenges and Opportunities’ which was moderated by Dr Arghya Sengupta, Founder and Research Director, Vidhi Centre for Legal Policy.

CURRENT AFFAIRS: BUSINESS NEWS

Production of coal increases to 74.76 MT in February 2024.

• The Ministry of Coal has recordeda surge in overall coal production during February 2024 as per provisional data, attaining 60 Million Tonne (MT) of coal production in comparison to 86.38 MT of the corresponding month in the previous year, representing an increase of 11.83 per cent.
• According to the Coal Ministry, The production of Coal India Limited(CIL) has risen to 74.76 MT in February 2024 as compared to 68.78 MT in February 2023 with a growth of 8.69 per cent.
• The cumulative coal production up to February this year has seen a quantum jump to 880.72 MT in the financial year 2023-2024 as compared to 785.39 MT during the same period in the previous financial year.
• Additionally, Coal dispatch has witnessed a significant boost in February 2024, reaching 84.78 MT showcasing notable progress compared to the 74.61 MT recorded in February 2023, with a growth rate of 13.63 percent.
• The growth underscores the concerted efforts of all stakeholders in ensuring a steady coal supply to support various sectors of the economy.

L&T commissions the first indigenously manufactured Hydrogen Electrolyser at Hazira

• Larsen & Toubro(L&T) commissioned its first indigenously manufactured electrolyser at the Green Hydrogen Plant at A M Naik Heavy Engineering Complex in Hazira, Gujarat.
• This step marks L&T Electrolysers Limited’s entrance into the domestic manufacturing of electrolysers, aligning with the company’s focus on enhancing sustainable energy solutions.
• The electrolyser, with a rated power capacity of 1 MW, expandable to 2 MW, is capable of producing 200 Nm3/Hr of hydrogen.
• It features two stacks and an Electrolyser Processing Unit (EPU) ML-400, both developed and assembled in India, conforming to international standards.
• L&T Electrolysers Limited, an entity formed under L&T, specializes in the production of pressurized alkaline electrolysers, incorporating technology from McPhy Energy, France.
• L&T Electrolysers has been allocated a significant 300 MW/annum capacity under the Production Linked Incentive (PLI) of the National Green Hydrogen Mission, launched by ministry of new and renewable energy (MNRE) and implemented by the Solar Energy Corporation of India (SECI).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Shehbaz Sharif was sworn in as the 24th Prime Minister of Pakistan

• Shehbaz Sharif, the president of Pakistan Muslim League-Nawaz (PML-N), was elected as the 24th Prime Minister of Pakistanby the National Assembly.
• The session of the National Assembly was chaired by Speaker Sardar Ayaz Sadiq.
• This marks Shehbaz Sharif’s second term as Prime Minister, having previously served in the role from April 2022 to August 2023.

Key Highlights :

• Consensus Candidate:Shehbaz Sharif, aged 72, was the consensus candidate of both the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP).
• Vote Tally: Shehbaz Sharif received 201 votes out of the 336-member house, securing a significant majority.
• Opposition Challenger:Omar Ayub Khan, representing the Pakistan Tehreek-e-Insaf (PTI) party led by jailed former Prime Minister Imran Khan, was Shehbaz Sharif’s challenger. He secured 92 votes in the election.

About Shehbaz Sharif :

• Shehbaz Sharif born in September 1951 in Lahore, Punjab, Pakistan.
• Previously in his political career, he served as the Chief Minister of Punjab three times,making him the longest-serving Chief Minister of Punjab.

About Pakistan:

• Capital: Islamabad
• Currency: Rupee
• President: Arif Alvi

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Boosts Operational Capability with Commissioning of INS Jatayu at Minicoy Island (Lakshadweep)

• The Indian Navywill commission Naval Detachment Minicoy as INS Jatayu with Adm R Hari Kumar, the Chief of the Naval Staff, presiding over the event.

Key Highlights :

• Strategic Significance: The commissioning signifies a crucial milestone in bolstering security infrastructure in the strategically vital Lakshadweep Islands, highlighting the Navy’s commitment to enhancing regional security.
• Establishment History: Naval Detachment Minicoy was established in the early 1980s under the operational command of the Naval Officer-in-Charge (Lakshadweep), aiming to bolster maritime security in the region.
• Geopolitical Importance of Minicoy:Minicoy, being the southernmost island of Lakshadweep, holds significant strategic value as it lies along the crucial Sea Lines of Communications (SLOCs), vital for maritime trade and security.
• Operational Capability Enhancement:The establishment of an independent naval unit with adequate infrastructure and resources will significantly enhance the operational capability of the Indian Navy in the Lakshadweep Islands.
• Focus on Anti-Piracy and Anti-Narcotics Operations: INS Jatayu will play a crucial role in conducting anti-piracy and anti-narcotics operations in the Western Arabian Sea, contributing to regional security and stability.
• First Responder Capability:The base will augment the Indian Navy’s capability as the first responder in the region, ensuring prompt and effective response to any maritime security threats or emergencies
• Enhanced Connectivity:The establishment of INS Jatayu will also improve connectivity between the Lakshadweep Islands and the mainland, facilitating smoother logistics and operational coordination.
• INS Jatayu is the second Naval base in Lakshadweep after INS Dweeprakshak in

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 : SCIENCE & TECHNOLOGY

Prime Minister Shri Narendra Modi Unveils 4 Astronaut-Designates for Gaganyaan Mission     

• Prime Minister Shri Narendra Modi announced the names of the 4 astronauts who are undergoing training for the country’s maiden human space flight mission, Gaganyaan.
• The 4 candidates, Group Captains Prasanth Balakrishnan Nair (47), Angad Pratap (41), Ajit Krishnan (41), and Wing Commander Shubhanshu Shukla (38), are officers of the Indian Air Force (IAF).
• These selected astronauts will follow in the footsteps of Rakesh Sharma,the first and only Indian to have travelled to space in 1984 aboard a Russian spacecraft.
• Additionally, Indian-Americans Kalpana Chawla and Sunita Williams have also been to space on NASA missions.

Key Highlights :

• NASA Mission for IAF Pilot:One of the four Indian Air Force (IAF) pilots selected as astronauts is expected to participate in a NASA mission to the International Space Station later this year.
• This opportunity arises from an agreement between the space agencies of India and the United States.
• Involvement in Gaganyaan Mission: The remaining astronauts will be involved in India’s Gaganyaan mission, which is the country’s first manned space flight.
• The mission is currently scheduled for launch next year.
• Space Capsule Capacity: The space capsule designated for the Gaganyaan mission has the capability to carry three astronauts.
• However, the final decision regarding whether two or three astronauts will be sent on the mission is yet to be determined.
• Global Perspective on Human Spaceflights: To date, only 3 countries– the United States, Russia, and China – have successfully conducted human spaceflights.
• However, over 600 astronauts, including more than 70 women, from nearly 50 different countries have ventured into space, highlighting the international nature of space exploration.
• Impact of COVID-19 Pandemic: The original launch schedule for the Gaganyaan mission in 2022, coinciding with India’s 75 years of independence, was disrupted due to the COVID-19 pandemic.
• The pandemic caused delays in various aspects of the mission’s preparation and execution.

Key details about the 4 astronauts :

• Gp Capt Prasanth Balakrishnan Nair: An alumnus of the National Defence Academy (NDA), Gp Capt Prasanth Balakrishnan Nair hails from Nemmara village in Kerala’s Palakkad district.
• He received the prestigious Sword of Honour at the Air Force Academy, recognizing his exceptional performance.
• Gp Capt Ajit Krishnan:Born in Chennai on April 19, 1982, Gp Capt Ajit Krishnan is a distinguished fighter pilot and NDA alumnus.
• He has been honored with the President’s Gold Medal and the Sword of Honour at the Air Force Academy.
• Additionally, he is an alumnus of DSSC, Wellington.
• Gp Capt Angad Pratap:Born in Prayagraj on July 17, 1982, Gp Capt Angad Pratap is another NDA graduate and fighter pilot.
• He was commissioned into the Indian Air Force (IAF) in December 2004, showcasing his dedication and commitment to service.
• Wg Cdr Shubhanshu Shukla: Born in Lucknow on October 10, 1985, Wing Commander Shubhanshu Shukla is an NDA alumnus who was commissioned into the IAF in June 2006.
• His background demonstrates his strong foundation in military training and preparedness.

Other key Highlights :

• Inauguration of Space Infrastructure Projects:Prime Minister Narendra Modi inaugurated 3 significant space infrastructure projects worth approximately Rs 1,800 crore.
• These projects include the SLV Integration Facility (PIF) at the Satish Dhawan Space Centre in Sriharikota, the new ‘Semi-cryogenics Integrated Engine and Stage Test facility’ at ISRO Propulsion Complex in Mahendragiri, and the ‘Trisonic Wind Tunnel’ at VSSC in Thiruvananthapuram.
• Utilization of LVM3 Rocket for Gaganyaan Missions: ISRO plans to employ its LVM3 rocket, previously known as GSLV-MkIII, for all Gaganyaan missions.
• The LVM3 rocket is ISRO’s most powerful launch vehicle, having completed 7 successful flights.
• It comprises liquid, solid, and cryogenic stages.
• Components Qualified for Missions:The Vikas engine, to be used in the liquid stage of the LVM3 rocket, and the solid booster, a component of the solid stage, have already undergone qualification for the Gaganyaan missions.
• This signifies that these critical components have met the necessary standards and requirements for space missions.

CURRENT AFFAIRS: SPORTS NEWS

Indian shuttler B Sai Praneeth announces retirement from international badminton

• Indian shuttler B Sai Praneethhas announced his retirement from international badminton.
• The 31-year-old battled nagging injuries since the Olympic Games in Tokyoand decided to hang his boots due to that.
• Praneeth confirmed the news on his social media accounts.
• In his 24-year-long career, he won a World Championships bronze medal and represented India at the Tokyo 2020 Olympics.
• Following his retirement, Praneeth who has also won the 2017 Singapore Open, is set to begin a new innings as the head coach of the Triangle Badminton Academy in the US.
• He joins in April month.

Uzbek Abdusattorov is defeated by Indian Grandmaster R Praggnanandhaa in the Prague International Chess Festival in 2024.

• Indian Grandmaster R Praggnanandhaadefeated Nodirbek Abdusattorov of Uzbekistan in the sixth round of the Prague International Chess Festival 2024 Masters to retain the fourth spot in the tournament. 
• Abdusattorov remains as the sole leader despite the loss.
• India’s Vidit Gujrathi went down against Germany’s Vincent Keymer from a winning position.
• Gukesh D also lost his match against Mateusz Bartel of Poland.
• The Prague Chess Festival is taking place from February 27 to March 7 at Don Giovanni Hotel.

Max Verstappen wins season-opening Bahrain Grand Prix amid Red Bull turmoil

• Formula 1 champion Max Verstappeneased to victory in the season-opening Bahrain Grand Prix despite the turmoil surrounding his Red Bull team principal Christian Horner.
• Verstappen started in pole position and was never seriously challenged on his way to a commanding one-two win for Red Bull ahead of his teammate Sergio Perez.
• Carlos Sainz Jr. was third for Ferrariafter fighting hard with teammate Charles Leclerc.
• At the start of the longest-ever F1 season at 24 races, Verstappen already shows signs of repeating his near-perfect record from 2023, when the Dutch driver won 19 of 22 races on his way to a third straight title.
• The 2024 FIA Formula One World Championshipis a motor racing championship for Formula One cars and is the 75th running of the Formula One World Championship.
• The 2024 season is set to feature six sprint races in China, Miami, Austria, the United States, Brazil, and Qatar, promising heightened excitement.
• A record-breaking 24 Grands Prix are scheduled for the 2024 season, making it the longest calendar in F1 history.
• The Chinese Grand Prix is making a comeback to the championship after being absent since 2019 due to the COVID-19 pandemic.
• The Emilia-Romagna Grand Prix cancelled in 2023 because of floods, is expected to return in May.
• Unlike the past three years, there won’t be a new grand prix added in 2024.

Daily CA One- Liner: March 6 

• Prime Minister Narendra Modi laid the foundation stoneand dedicated to the nation multiple development projects worth over 7,200 crore rupees in Telangana from Sangareddy
• Prime Minister Narendra Modiwill arrive at Bhubaneswar on a day-long visit to Odisha
• Union Home Minister and Minister of Cooperation, Shri Amit Shah inaugurated the umbrella organization for Urban Cooperative Banks (UCBs), the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), in New Delhi
• The Indian government has permitted derivatives trading in 11 more commoditiesincluding skimmed milk powder, cement, apple, bamboo and timber based on a recommendation from the Securities and Exchange Board of India (SEBI), which supervises the trading.
• The Competition Commission of India(CCI) organised the 9th National Conference on Economics of Competition Law in New Delhi.
• The Ministry of Coal has recordeda surge in overall coal production during February 2024 as per provisional data, attaining 60 Million Tonne (MT) of coal production in comparison to 86.38 MT of the corresponding month in the previous year, representing an increase of 11.83 per cent
• Larsen & Toubro(L&T) commissioned its first indigenously manufactured electrolyser at the Green Hydrogen Plant at A M Naik Heavy Engineering Complex in Hazira, Gujarat
• During the Digital Payments Awareness Week on March 4, 2024, the Reserve Bank of India (RBI) Governor Shaktikanta Dasrevealed that digital transactions in India have experienced a remarkable 90-fold increase over 12 years.
• The Reserve Bank of India (RBI) is working to allow interoperability for internet banking transactions which is expected to be operational in 2024 and will facilitate quicker settlement of funds for merchants.
• The Reserve Bank of India (RBI)invoked its authority under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, directing IIFL Finance Limited to immediately cease sanctioning or disbursing gold loans, as well as from any activities involving the assignment, securitization, or sale of its existing gold loan assets.
• Tata Group-owned Air Indiahas refinanced its short-term loans with State Bank of India (SBI) and Bank of Baroda (BoB) to secure a three-year loan at an attractive rate.
• E-commerce platform Flipkart has ventured into the digital payments sector by launching its own unified payments interface (UPI) handle, @fkaxis,in collaboration with Axis Bank.
• The National Bank for Agriculture and Rural Development (NABARD)has launched a pilot programme under which technology exhibitions will be organised in the districts.
• Himachal Pradesh (HP) Chief Minister (CM) Sukhvinder Sukhu announced a monthly aid of ₹1,500 for women aged 18 to 60 from the next financial year, fulfilling a Congress party ‘guarantee’ promised before the state Assembly elections.
• Delhi Finance Minister Atishi announced the introduction of the ‘Mukhyamantri Mahila Samman Yojana,‘ which will provide monthly assistance of₹1,000 to women above the age of 18 starting from the fiscal year 2024-25.
• Cuttack’s renowned Rupa Tarakasi, also known as Silver Filigree, has been awarded the Geographical Indication (GI) tagby the Geographical Indications Registry in Chennai, recognizing its unique geographical origin and craftsmanship.
• Shehbaz Sharif, the president of Pakistan Muslim League-Nawaz (PML-N), was elected as the 24th Prime Minister of Pakistanby the National Assembly.
• The Indian Navywill commission Naval Detachment Minicoy as INS Jatayu with Adm R Hari Kumar, the Chief of the Naval Staff, presiding over the event.
• Prime Minister Shri Narendra Modi announced the names of the 4 astronauts Group Captains Prasanth Balakrishnan Nair (47), Angad Pratap (41), Ajit Krishnan (41), and Wing Commander Shubhanshu Shukla (38), who are undergoing training for the country’s maiden human space flight mission, Gaganyaan
• Indian shuttler B Sai Praneethhas announced his retirement from international badminton
• Indian Grandmaster R Praggnanandhaadefeated Nodirbek Abdusattorov of Uzbekistan in the sixth round of the Prague International Chess Festival 2024 Masters to retain the fourth spot in the tournament.
• Formula 1 champion Max Verstappeneased to victory in the season-opening Bahrain Grand Prix despite the turmoil surrounding his Red Bull team principal Christian Horner