Daily Current Affairs March 09 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

Infibeam Avenues gains over 9% on RBI’s authorization for Payment Aggregator Licence

• Infibeam Avenues Ltd shares surged more than 9% in trade after the company announced that it received the final authorisation for operating as an Online Payment Aggregator by the Reserve Bank of India (RBI).
• Infibeam Avenues received this final authorisation from the RBI for operating as a payment aggregator (PA) for its payment gateway brand, CCAvenue, on March 4.
• The in-principle approval for this authorization was granted in October 2022.
• The company informed that the Reserve Bank of India had introduced the payment aggregator framework in March 2020, as per which, it is mandatory for payment gateways to secure an aggregator license to acquire merchants as well as deliver cutting-edge digital payment acceptance solutions.
• Currently, a total of over 10 million merchants are available on Infibeam’s CCAvenue platform, with the company crossing the onboarding of half a million merchants in the first half of the financial year 2024 itself, with the growth attributed to the growing relationship with banking partners and merchants.

About Infibeam Avenues:

• Infibeam Avenues Limited is an Indian payment infrastructure and software-as-a-service fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally.
• Headquarters: Gandhinagar
• Founder: Vishal Mehta
• Founded: 2007

RBI, Bank Indonesia sign MoU to promote the use of local currencies for cross-border transactions

• The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai for establishing a framework to promote the use of local currencies viz. the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions.
• The MoU was signed by the Governor of the Reserve Bank of India Mr. Shaktikanta Das and the Governor of Bank Indonesia Perry Warjiyo.
• This collaboration marks a key milestone in strengthening bilateral cooperation between RBI and BI.

Key Highlights:

• In a press release issued, the RBI stated the MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between India and Indonesia, aims to promote the use of INR and IDR
• The RBI stated the MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries.
• It added that this framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market.
• The use of local currencies would optimise costs and settlement time for transactions.

About Bank Indonesia:

• Bank Indonesia is the central bank of the Republic of Indonesia. It replaced in 1953 the Bank of Java, which had been created in 1828 to serve the financial needs of the Dutch East Indies.
• Subsidiaries: Museum Bank Indonesia, Indonesische Overzeese Bank
• Founder: People’s Consultative Assembly
• Headquarters: Central Jakarta, Indonesia
• Founded: 1 July 1953
• Currency: Indonesian rupiah
• Governor: Perry Warjiyo

About RBI :

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

Moody’s Bullish on India: GDP growth forecast skyrockets to 8 pc for FY24

• Leading global rating agency, Moody’s, has raised the bar for India’s economic prowess, revising its GDP growth forecast for the fiscal year 2023-24 to an impressive 8 percent.
• This projection is underpinned by India’s strong government expenditure, robust domestic consumption, and its potential to capitalise on global trade shifts, particularly in the wake of companies diversifying away from
• The upgraded forecast solidifies India’s position as the fastest-growing economy among major G20 nations.

Moody’s Upgrades Growth Forecast

• Moody’s outlook for India’s economy manifests in the revised GDP growth forecast of 8 percentfor the fiscal year ending March 2024.
• The agency emphasises that government capital expenditure and strong domestic consumption will be vital in propelling India’s economic growth.
• Furthermore, India is set to capitalise on increased global trade and investment opportunities as businesses shift away from

Economic strength and December quarter surge

• According to a report by Mint, India’s economic resilience is highlighted by the unexpected growth surge of 8.4 percentin the December quarter, defying concerns of a slowdown.
• The National Statistical Office’s revised GDP estimates indicate higher growth for the first two quarters of the fiscal year.
• Encouragingly, key indicators in manufacturing and services sectors, as indicated by the HSBC Flash India Composite Purchasing Managers’ Index (PMI), position India as one of the fastest-growing major economies.

Inflation trends and monetary policy

• Moody’s anticipates a downward trend in India’s inflation rate, projecting a decline to 5.5 percent in the fiscal year 2023-24 from the previous fiscal year’s peak of 6.7 percent.
• This expectation of disinflation is considered a crucial factor supporting monetary easing.
• Despite the Reserve Bank of India (RBI) maintaining a steady repo rate at 6.5 percent, Moody’s notes that the solid growth dynamics, coupled with inflation above the 4.0 percenttarget, suggest a cautious approach towards policy easing.

Banking sector outlook

• Beyond GDP growth, Moody’s comprehensive report delves into the banking sector’s outlook.
• The agency foresees a continued reduction in non-performing assets (NPAs) as the operating environment improves.
• The NPA ratio has already witnessed a decline to 3.2 percent, indicating the banking sector’s resilience.
• Moody’s expects banks to maintain strong capitalization, with the ability to raise capital easily if needed.
• The report also touches upon the profitability of banks, projecting healthy levels while acknowledging a marginal decline in Net Interest Margin due to deposit repricing.

About Moody’s Ratings:

• Moody’s Ratings, previously known as Moody’s Investors Service, often referred to as Moody’s, is the bond credit rating business of Moody’s Corporation, representing the company’s traditional line of business and its historical name.
• Parent organization: Moody’s Corporation
• Headquarters: New York, United States
• Founder: John Moody
• Founded: 1909

RBI tightens rules for credit and debit cards linked to business accounts

• The Reserve Bank of India (RBI) has tightened norms for credit and debit cards used for business accounts.
• The banking regulator has told business card issuers to put in place an effective mechanism to monitor the end use of
• The central bank stated that card issuers shall not share card data (including transaction data) of the cardholders with the outsourcing partners unless the sharing of such data is essential to discharge the functions assigned to the latter.
• “In case of sharing of any data as stated above, explicit consent from the cardholder shall be obtained. It shall also be ensured that the storage and the ownership of card data remains with the card issuer,” the RBI stated.
• The amendments, which have come into effect, were “necessary and expedient in the public interest”, the banking regulator stated.

Key Highlights:

• The RBI says that card issuers should inform customers of the implications of paying only ‘the minimum amount due’.
• “A legend/warning to the effect that “Making only the minimum payment every month would result in the repayment stretching over months/years with consequential compounded interest payment on your outstanding balance” shall be prominently displayed in all the billing statements to caution the cardholders about the pitfalls in paying only the minimum amount due.
• This comes a day after the central bank issued directions to banks for giving options to customers to choose from multiple card networks. The directions will come into effect beginning September 6, 2024.
• The directions do not apply to card issuers who issue credit cards on their authorized card networks.
• The directions do not apply to credit card issuers with the number of active cards issued by them being 10 lakh or less in number.
• “The authorized card networks tie up with banks / non-banks for issuance of credit cards. The choice of network for a card issued to a customer is decided by the card issuer (bank / non-bank) and is linked to the arrangements that the card issuers have with card networks in terms of their bilateral agreements,” the RBI had stated.
• The decision has been taken after the banking regulator observed that some arrangements “existing between card networks and card issuers are not conducive to the availability of choice for customers.”
• The directions apply to authorized card networks such as American Express Banking Corp, Diners Club International Ltd, MasterCard Asia Pacific Pte Ltd, National Payments Corporation of India-Rupay, and Visa Worldwide Pte Limited.

CURRENT AFFAIRS: CABINET APPROVALS

I. Cabinet Approves Minimum Support Price for Raw Jute for 2024-25 Season

• The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has approved the Minimum Support Prices (MSP) for Raw Jute for 2024-25 season.
• The MSP of Raw Jute (TDN-3 equivalent to earlier TD-5 grade) has been fixed at Rs.5,335/- per quintal for 2024-25 season.
• This would ensure a return of 64.8 percent over the all India weighted average cost of production.
• The announced MSP of raw jute for 2024-25 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India weighted average cost of production as announced by the Government in the Budget 2018-19.
• The decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).

Key Highlights

• The MSP for 2024-25 season is an increase of Rs.285/-per quintal for Raw Jute over the previous season. In the last 10 years, the Government has increased MSP for Raw jute from Rs.2,400 per quintal in 2014-15 to Rs.5,335/- per quintal in 2024-25, registering a growth of 122 percent.
• In the current season 2023-24, the Government has procured a record amount of more than 6.24 lakh bales of Raw Jute, at the Cost of Rs.524.32 crore, benefitting around 1.65 lakh farmers.
• The Jute Corporation of India (JCI) will continue as Central Government Nodal Agency to undertake Price Support Operations and the losses incurred, if any, in such operations, will be fully reimbursed by the Central Government.

II. Cabinet approves continuation of Rs.300 targeted subsidy to PM Ujjwala Yojana Consumers

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the continuation of targeted subsidy of Rs.300 per 14.2 kg cylinder (and proportionately pro-rated for 5 kg cylinder) for up to 12 refills per year to be provided to the beneficiaries of Pradhan Mantri Ujjwala Yojana (PMUY) during FY 2024-25.
• As on 1st March 2024 there are more than 10.27 crore PMUY beneficiaries.
• The total expenditure will be Rs.12,000 crore for 2024-25.
• The subsidy is credited directly to bank accounts of the eligible beneficiaries.
• To make Liquified Petroleum Gas (LPG), a clean cooking fuel, available to the rural and deprived poor households, Government launched Pradhan Mantri Ujjwala Yojana in May 2016, to provide deposit free LPG connections to adult women of poor households.
• India imports about 60% of it’s LPG requirement.
• Average LPG consumption of PMUY consumers has increased by 29 percent from 3.01 refills in 2019-20 to 3.87 refills (till January 2024) prorated for 2023-24.
• All PMUY beneficiaries are eligible for this targeted subsidy.
• Cabinet Approves Ambitious IndiaAI Mission to Strengthen the AI Innovation Ecosystem
• In furtherance to the vision of Making AI in India and Making AI Work for India, the Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the comprehensive national-level IndiaAI mission with a budget outlay of Rs.10,371.92 crore.
• The IndiaAI mission will establish a comprehensive ecosystem catalyzing AI innovation through strategic programs and partnerships across the public and private sectors.
• By democratizing computing access, improving data quality, developing indigenous AI capabilities, attracting top AI talent, enabling industry collaboration, providing startup risk capital, ensuring socially impactful AI projects and bolstering ethical AI, it will drive responsible, inclusive growth of India’s AI ecosystem.
• The approved IndiaAI Mission will propel innovation and build domestic capacities to ensure the tech sovereignty of India.

The Mission will be implemented by ‘IndiaAI’ Independent Business Division (IBD) under Digital India Corporation (DIC) and has the following components:

1. IndiaAI Compute Capacity:The IndiaAI compute pillar will build a high-end scalable AI computing ecosystem to cater to the increasing demands from India’s rapidly expanding AI start-ups and research ecosystem. The ecosystem will comprise AI compute infrastructure of 10,000 or more Graphics Processing Units (GPUs), built through public-private partnership. Further, an AI marketplace will be designed to offer AI as a service and pre-trained models to AI innovators. It will act as a one-stop solution for resources critical for AI innovation.
2. IndiaAI Innovation Centre:The IndiaAI Innovation Centre will undertake the development and deployment of indigenous Large Multimodal Models (LMMs) and domain-specific foundational models in critical sectors.
3. IndiaAI Datasets Platform– The IndiaAI Datasets Platform will streamline access to quality non-personal datasets for AI Innovation. A unified data platform will be developed to provide a one-stop solution for seamless access to non-personal datasets to Indian Startups and Researchers.
4. IndiaAI Application Development Initiative– The IndiaAI Application Development Initiative will promote the AI applications in critical sectors for the problem statements sourced from Central Ministries, State Departments, and other institutions. The initiative will focus on developing/scaling/promoting adoption of impactful AI solutions with potential for catalyzing large scale socio-economic transformation.
5. IndiaAI FutureSkills– IndiaAI FutureSkills is conceptualized to mitigate barriers to entry into AI programs and will increase AI courses in undergraduate, masters-level, and Ph.D. programs. Further, Data and AI Labs will be set-up in Tier 2 and Tier 3 cities across India to impart foundational level courses.
6. IndiaAI Startup Financing:The IndiaAI Startup Financing pillar is conceptualized to support and accelerate deep-tech AI startups and provide them streamlined access to funding to enable futuristic AI Projects.
7. Safe & Trusted AI– Recognizing the need for adequate guardrails to advance the responsible development, deployment, and adoption of AI, the Safe & Trusted AI pillar will enable the implementation of Responsible AI projects including the development of indigenous tools and frameworks, self-assessment checklists for innovators, and other guidelines and governance frameworks.

IV. Cabinet approves Uttar Poorva Transformative Industrialization Scheme, 2024

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade for Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI – 2024) for a period of 10 years from the date of notification along with 8 years for committed liabilities at a total cost of Rs.10,037 crore.
• The following incentives would be available under the scheme to investors for setting up new units or undertaking significant expansion of the existing units.

S. No	Where GST is applicable	Where GST is not applicable
1	Capital Investment Incentive (For Both New & Expanding Units): Zone A: 30%  of eligible value of investment in plant and machinery / construction of building & durable physical assets with cap of Rs. 5Cr. Zone B:  50% of eligible value of investment in plant and machinery / construction of building & durable physical assets with cap of Rs. 7.5 Cr.	Capital Investment Incentive (For Both New & Expanding Units): Zone A:  30% of eligible value of investment in plant and machinery / construction of building & durable physical assets with cap of Rs. 10 Cr. Zone B:   50% of eligible value of investment in plant and machinery / construction of building & durable physical assets with cap of Rs. 10 Cr.
2	Central Capital Interest Subvention (For Both New & Expanding Units): Zone A:  3% interest subvention offered for 7 years Zone B:  5% interest subvention offered for 7 years	Central Capital Interest Subvention (For Both New & Expanding Units):   Zone A:  3% interest subvention offered for 7 years Zone B:  5% interest subvention offered for 7 years
3	Manufacturing & Services linked incentive (MSLI)– For New Units only – linked to Net Payment of GST, i.e., GST paid less Input Tax Credit with upper limit of   Zone A: 75% of eligible value of investment in P&M Zone B: 100% of eligible value of investment in P&M	NIL
Maximum Eligible benefits to one unit from all components of the scheme: Rs. 250 Cr.

Expenditure involved:

• The financial outlay of the proposed scheme is Rs.10,037 crore for the scheme period from the date of notification for 10 years. (Additional 8 years for committed liabilities).
• This will be a Central Sector Scheme.
• The scheme is proposed to be divided into two parts. Part, A caters to the incentives to the eligible units (Rs. 9737 crores), and Part B, is for implementation and institutional arrangements for the scheme. (Rs. 300 Crore).

Background:

• The government of India has formulated New Industrial Development Scheme, UNNATI (Uttar Poorva Transformative Industrialization Scheme), 2024 as a Central Sector Scheme for the development of Industries and generation of employment in the states of North East Region. The scheme’s main objective is to generate gainful employment, which will lead to the area’s overall socio-economic development. It will create productive economic activity in the manufacturing and service sectors.

V. Cabinet approves additional instalment of Dearness Allowance and Dearness Relief to Central Government employees and pensioners

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 1.1.2024 representing an increase of 4% over the existing rate of 46% of the Basic Pay/Pension, to compensate against price rise.
• The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs.12,868.72 crore per annum.
• This will benefit about 49.18 lakh Central Government employees and 67.95 lakh pensioners.
• This increase is by the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.

VI. Cabinet approves introduction of the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Ministry of Law & Justice for the introduction of the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024 in Parliament.
• To ensure that the Constitutional rights of the Scheduled Tribes in the State of Goa are safeguarded, it is imperative to enact a law to provide for enabling provisions empowering the Election Commission to make amendments in the Delimitation of Parliamentary and Assembly Constituencies Order, 2008 and readjust the seats in the Legislative Assembly of the State of Goa for the Scheduled Tribes of the State.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister to present first-ever National Creators Award:

• Prime Minister Shri Narendra Modi will present the first ever National Creators Award at Bharat Mandapam, New Delhi.
• Prime Minister will also address the gathering on the occasion.
• The National Creators Award is an effort to recognize excellence and impact across domains, including storytelling, social change advocacy, environmental sustainability, education, and gaming, among others.
• The award is envisioned as a launchpad for using creativity to drive positive change.
• The National Creator Award has witnessed exemplary public engagement.
• In the first round, more than 1.5 lakh nominations across 20 different categories were received.
• The award will be provided across twenty categories including the Best Storyteller Award; The Disruptor of the Year; Celebrity Creator of the Year; Green Champion Award; Best Creator For Social Change; Most Impactful Agri creator; Cultural Ambassador of The Year; International Creator award; Best Travel Creator Award; Swachhta Ambassador Award; The New India Champion Award; Tech Creator Award; Heritage Fashion Icon Award; Most Creative Creator (Male & Female); Best Creator in Food Category; Best Creator in Education Category; Best Creator in Gaming Category; Best Micro Creator; Best Nano Creator; Best Health and Fitness Creator.

Union Minister Ashwini Vaishnaw launches NITI Aayog’s – ‘NITI for States’ Platform

• Shri Ashwini Vaishnaw, Union Minister of Communications, Railways, and Electronics & Information Technology,launched the ‘NITI for States’ platform, a comprehensive digital initiative designed to empower states and union territories (UTs) in their pursuit of national development goals.
• Shri Vaishnaw, also inaugurated the ‘NITI For States – Viksit Bharat Strategy Room’ at NITI Aayog in the presence of Prof. Ramesh Chand, Dr V. K. Saraswat, & Dr. Arvind Virmani, Members of NITI Aayog and Shri B.V.R. Subrahmanyam, CEO, NITI Aayog.
• Senior officials from ministries and departments of the Government of India, senior officials from State Governments, ABP fellows, development partners and media were present at the event.
• Additionally, Shri Vaishnaw inaugurated the ‘NITI for States’ Exhibition at Rang Bhawan, Akashvani, New Delhi.
• This Exhibition, that was a result of collaboration of various government organisations, took visitors through some of its salient features such as mobile integration for easy accessibility, an Expert Helpdesk, built-in AI and Multilingual Support by Bhashini.
• PM Gatishakti BISAG-N team, with the support of DPIIT, was also integrated to provide for the geospatial tool for Area-Based Planning.

Crossing 900 Million Tons, Coal Production reaches an unprecedented milestone

• The coal production in India has reached an unprecedented milestone, crossing 900 million tons (MT), setting the stage to approach the ambitious 1 billion ton (BT) target by March 31, 2024.
• Notably, during the current fiscal year i.e. 2023-24, India has achieved a remarkable feat by surpassing last year’s coal production of 893.19 MT, twenty-seven days in advance.
• Additionally, there is ample coal stock of around 85 MT available with coal companies, while domestic coal-based thermal power plants maintain coal stocks of 43.28 MT as of March 5, 2024, ensuring uninterrupted power supply across the country.
• The sufficient coal stock and record-breaking coal production facilitate meeting the escalating electricity demand, especially during peak consumption periods, thereby fostering stability in the energy sector and supporting economic growth.
• India’s achievement of surpassing 900 MT in coal production not only bolsters India’s energy security but also reduces dependence on coal imports, thereby saving forex substantially.
• In alignment with the Prime Minister’s vision of “Atma Nirbhar Bharat”, relentless efforts and strategic initiatives are undertaken by the Ministry of Coal to propel its journey towards sustainable development and self-reliance in the energy domain.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Sweden officially joins NATO, ending decades of neutrality

• Sweden formally joined NATOas the 32nd member of the transatlantic military alliance, ending decades of post-World War II neutrality and centuries of broader non-alignment with major powers as security concerns in Europe have spiked following Russia’s 2022 invasion of Ukraine.
• President Joe Biden congratulated Sweden on its admission and stated it was a sign that Russian President Vladimir Putin’s intervention in Ukraine had united, rather than divided, the alliance.
• Sweden, along with Finland, which joined NATO last year, both abandoned the long-standing military neutrality that was a hallmark of the Nordic states’ Cold War foreign policy after Russia invaded Ukraine in early

Fears of Russian military threat:

• Russia’s full-scale invasion of Ukraine on February 24, 2022, sparked Sweden and its neighbour Finland – which shares a 1,340km (832-mile) border with Russia – to apply to join NATO.
• Sweden’s lack of military preparedness was revealed in 2013 when Russian bomber planes flew across the Gulf of Finland close to the Swedish island of Gotland in what was believed to be simulated nuclear attacks.
• Stockholm needed the support of NATO jets to ward the Russian planes away from its airspace.
• The next year there were reports that a Russian submarine was operating in the Stockholm

Sweden’s shift away from a neutral stance:

• While Stockholm has been drawing ever closer to NATO over the last two decades, membership marks a clear break with the past, when for more than 200 years, Sweden avoided military alliances and adopted a neutral stance in times of war.
• After World War II, it built an international reputation as a champion of human rights, and when the Soviet Union collapsed in 1991, successive governments pared back military spending.
• As recently as 2021, its defence minister had rejected NATO membership, only for the then-Social Democrat government to apply, alongside neighbour Finland, just a few months later.
• While Finland joined last year, Sweden was kept waiting as Turkey and Hungary delayed ratifying Sweden’s accession.
• Turkey approved Sweden’s application in
• Hungary delayed its move until Kristersson visited Budapest on February 23, during which the two countries agreed on a fighter jet deal.
• Sweden adds cutting-edge submarines and a sizeable fleet of domestically produced Gripen fighter jets to NATO forces and would be a crucial link between the Atlantic and Baltic.
• Russia has threatened to take unspecified “political and military-technical counter-measures” in response to Sweden’s move.

About NATO:

• The North Atlantic Treaty Organization (NATO), also called the North Atlantic Alliance, is an intergovernmental military alliance of 32 member states – 30 European and two North American.
• Formation: 4 April 1949
• Headquarters: Brussels, Belgium
• Membership: 32 states
• Secretary General: Jens Stoltenberg
• Chair of the NATO Military Committee: Rob Bauer

About Sweden:

• Capital: Stockholm
• Official language: Swedish
• Continent: Europe
• Prime Minister: Ulf Hjalmar Kristersson

Panama becomes 97th member to ratify the International Solar Alliance

• Panama has officially ratified the International Solar Alliance (ISA), marking its entry as the 97th member nation. The information was divulged by Randhir Jaiswal, spokesperson of the Ministry of External Affairs.
• Panama’s commitment to sustainable energy was underscored as Ambassador Yasiel Burillo presented the Instrument of Ratification to Joint Secretary (Economic Diplomacy) Abhishekifs during a meeting in New Delhi.
• This formal act solidifies Panama’s pledge to collaborate within the framework of the ISA, joining other nations in the pursuit of harnessing solar energy for a greener future.
• Joint Secretary (ED & MER), MEA Abhishek Singh expressed gratitude for Panama’s commitment, highlighting the importance of international collaboration in advancing renewable energy solutions.
• Moreover, on March 5, Malta became the 119th country to join the International Solar Alliance, the Ministry of External Affairs stated.

About ISA:

• ISA was conceived as a joint effort by India and France.
• Currently, 116 countries are signatories to the ISA Framework Agreement.
• The International Solar Alliance (ISA) is an action-oriented, member-driven, collaborative platform for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition in its member countries
• Notably, the sixth assembly of the International Solar Alliance was hosted at ‘Bharat Mandapam,‘ Pragati Maidan in the national capital on October 31.
• ISA Director General Ajay Mathur stated that the investment in solar is expected to be 380 billion dollars this year, as last year witnessed an investment of 310 billion.
• He also stated that the ISA is supporting the growth of 9.5 GW of solar energy in projects across the world.

About Panama:

• Capital: Panama City
• Currencies: Panamanian Balboa, United States Dollar
• Official language: Spanish
• President: Laurentino Cortizo

CURRENT AFFAIRS: STATE NEWS

Bengaluru’s First Driverless Metro Train, Aided by AI

• The Bengaluru Metro Rail Corporation Limited (BMRCL) is embarking on a significant milestone with the introduction of driverless trains equipped with cutting-edge technology.
• As the first of its kind in Bengaluru, these trains represent a leap forward in urban transportation infrastructure.

About CBTC-Enabled Driverless Metro Train

• Communication-Based Train Control (CBTC): The driverless metro trains are equipped with CBTC technology, enabling seamless communication between trains and control systems.
• Unattended Train Operations (UTO): The trains boast full automation, including tasks such as door operations and train movement, under Enhanced Supervision Capability from the Operations Control Centre (OCC).
• Enhanced Safety Measures: In addition to automation, the trains feature advanced safety protocols to ensure passenger well-being and operational efficiency.

Manufacturing and Design

• Manufacturers: The train coaches are manufactured by CRRC Nanjing Puzhen Co Ltd, in collaboration with Titagarh Rail Systems Ltd., as part of the Make In India Initiative.
• Technological Integration: These trains mark the first integration of artificial intelligence (AI) technology for track monitoring and safety enhancement.
• Customization for Bengaluru’s Needs: The design and manufacturing process have been tailored to address the specific requirements and challenges of Bengaluru’s urban environment.

Special Features

• AI-Powered Track Monitoring: AI algorithms analyze sensor data to detect anomalies and ensure track safety.
• Advanced Surveillance Systems: Front and rear-view cameras enable real-time monitoring of passenger activities and enhance security measures.
• Emergency Egress Device (EED): Equipped with a user-friendly emergency system to ensure passenger safety during unforeseen circumstances.
• Enhanced Passenger Comfort: The trains are designed with features aimed at enhancing passenger comfort and convenience during travel.

Safety Parameters

• Testing Protocol: The prototype trains to undergo a series of static and dynamic tests, including signaling, collision detection, and obstacle avoidance.
• Statutory Approvals: Trials conducted by regulatory bodies such as the Research Designs and Standards Organisation (RDSO) and the Commissioner of Metro Rail Safety (CMRS) ensure compliance with safety standards.
• Stringent Quality Assurance: The safety testing process includes comprehensive checks and balances to verify the reliability and performance of the trains under various operating conditions.

Operational Considerations

• Transition Period: Initially, the trains will operate with a human train operator for a transitional period of at least six months.
• Gradual Rollout: Revenue operations will commence with a limited number of trains, gradually transitioning to full-scale driverless operations.
• Training and Skill Development: The transition to driverless operations will involve training programs and skill development initiatives for metro staff to ensure a smooth transition and operational efficiency.

About Karnataka:

• Capital: Bengaluru (Executive Branch)
• Chief minister: Siddaramaiah
• Governor: Thawar Chand Gehlot

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

SAP appoints Manish Prasad as President, MD for Indian Subcontinent

• Cloud software major SAP announced the appointment of Manish Prasad as President and Managing Director for SAP Indian Subcontinent.
• In his new role, Manish takes over responsibilities from Kulmeet Bawa, who has moved on to assume a global role for the SAP Business Technology Platform (SAP BTP). Manish brings over 26 years of leadership experience.
• He rejoined the software company in 2021 as the Head of Industries. Previously, he worked with the company for two years as Head of Consulting and Services – Sales for India, until he stepped down in 2019 to join Wipro for a third stint as the India Business Head.

Previous roles of Manish:

• In his previous roles, Manish served Accenture as the MD and Application Services Lead for North America, Wipro as the Vice President of Energy, Natural Resources, and Utilities, Dell as the Global Account Manager, and Wipro Technologies as the Director overseeing APAC, Australia, and Middle East operations.
• He also worked with IBM and Tata Steel at the beginning of his career.

ACKO General Insurance names Animesh Das as CEO

• Insurtech unicorn Acko has elevated its chief underwriting officer, Animesh Das, as the new Chief Executive Officer (CEO) of its subsidiary entity–ACKO General Insurance—as Sanjeev Srinivasan takes the board role.
• Varun Dua will continue as the CEO of Acko Technologies, the parent company of Acko General Insurance.
• Srinivasan, the former MD and CEO at Bharti Axa General Insurance, joined the General Atlantic-backed venture in 2021 as the managing director and CEO of the subsidiary unit.
• During his tenure, the company successfully launched its health, life and travel insurance portfolios, with Gross Written Premium (GWP) doubling in the last two years.
• Meanwhile, Das, whose appointment is subject to the board’s approval, has been a part of Acko’s core members team for the past six years.
• Founded in 2016 by Varun Dua, Acko started in the direct-to-consumer (D2C) auto insurance space.
• In March 2023, the firm entered the retail health insurance segment and acquired Parentlane to expand into the health business.
• It holds tie-ups with PhonePe and MyGate to directly offer comprehensive insurance products to consumers on their platform besides partnerships with over 50 platforms, including  Oyo, redBus, Zomato, HDB Financial Services and Urban Company, to offer embedded insurance.

About Acko General Insurance:

• Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India in September 2017.
• Founder: Varun Dua
• Founded: 3 November 2016
• Headquarters: Bengaluru, Karnataka

LTIMindtree appoints Vipul Chandra as chief financial officer

• LTI Mindtree’s Chief Financial Officer, Vinit Teredesai, has announced his resignation from the company effective April 24, 2024.
• The company made this announcement on March 7, citing Teredesai’s desire to explore professional opportunities outside the L&T Group as the reason for his resignation.
• The Board of Directors has appointed Vipul Chandra as the new CFO, effective April 25, 2024.
• Chandra is currently the Head of Treasury at Larsen & Toubro, the parent company.
• Teredesai is a finance professional with 29 years of experience in the technology and manufacturing sectors.
• Meanwhile, Chandra has been associated with L&T for more than 10 years and previously served as the Managing Director and Head of Corporate Sales & Structuring at Citi Bank.

CURRENT AFFAIRS: SPORTS NEWS

Union Minister of Petroleum and Natural Gas Hardeep S Puri inaugurates 5th ONGC Para Games

• The Minister Hardeep S Puri inaugurated the 5th ONGC Para Games being held in Thyagaraj Stadium, New Delhi from 8-10 March 2024.
• Shri Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas (MoPNG) and senior officials from Oil & Gas PSUs attended the event.
• Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs, The ONGC Para Games is a testament to the spirit of the participating athletes.
• Shri Puri lauded India’s performance at Paralympic events across the world.
• The country has already made a mark in the Tokyo Paralympics 2020 with a total of 19 Medals (5 Gold, 8 Silver & 6 Bronze medals).
• In recently held Asian Para Games 2023 at Hangzhou, India won 111 Medals (29 Gold, 31 Silver & 51 Bronze medals)
• The 5th ONGC Para Games, featuring a total of 371 athletes, will witness active participating from 249 ONGCians across a range of sporting disciplines. Athletes from various oil and gas public enterprises, including ONGC, IOCL, BPCL, HPCL, EIL, OIL, and GAIL, will compete across disciplines such as athletics, badminton, table tennis, and wheelchair racing.

Daily CA One- Liner: March 9

• The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi, has approved the Minimum Support Prices (MSP) for Raw Jute for 2024-25 season
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the continuation of targeted subsidy of Rs.300 per 14.2 kg cylinder (and proportionately pro-rated for 5 kg cylinder) for up to 12 refills per year to be provided to the beneficiaries of Pradhan Mantri Ujjwala Yojana (PMUY) during FY 2024-25.
• In furtherance to the vision of Making AI in India and Making AI Work for India, the Cabinet chaired by Prime Minister Shri Narendra Modi has approved the comprehensive national-level IndiaAI mission with a budget outlay of Rs.10,371.92 crore.
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade for Uttar Poorva Transformative Industrialization Scheme, 2024 (UNNATI – 2024) for a period of 10 years from the date of notification along with 8 years for committed liabilities at a total cost of Rs.10,037 crore.
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 1.1.2024 representing an increase of 4% over the existing rate of 46% of the Basic Pay/Pension, to compensate against the price rise
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Ministry of Law & Justice for the introduction of the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024 in Parliament.
• Prime Minister Shri Narendra Modi will present the first ever National Creators Award at Bharat Mandapam, New Delhi
• Shri Ashwini Vaishnaw, Union Minister of Communications, Railways, and Electronics & Information Technology, launched the ‘NITI for States’ platform, a comprehensive digital initiative designed to empower states and union territories (UTs) in their pursuit of national development goals.
• The coal production in India has reached an unprecedented milestone, crossing 900 million tons (MT), setting the stage to approach the ambitious 1 billion ton (BT) target by March 31, 2024
• The Minister Hardeep S Puri inaugurated the 5th ONGC Para Games being held in Thyagaraj Stadium, New Delhi from 8-10 March 2024.
• Infibeam Avenues Ltd shares surged more than 9% in trade after the company announced that it received the final authorisation for operating as an Online Payment Aggregator from the Reserve Bank of India (RBI).
• The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai for establishing a framework to promote the use of local currencies viz. the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions.
• Leading global rating agency, Moody’s, has raised the bar for India’s economic prowess, revising its GDP growth forecast for the fiscal year 2023-24 to an impressive 8 percent.
• The Reserve Bank of India (RBI) has tightened norms for credit and debit cards used for business accounts. The banking regulator has told business card issuers to put in place an effective mechanism to monitor the end use of
• Sweden formally joined NATOas the 32nd member of the transatlantic military alliance, ending decades of post-World War II neutrality and centuries of broader non-alignment with major powers as security concerns in Europe have spiked following Russia’s 2022 invasion of Ukraine.
• Panama has officially ratified the International Solar Alliance (ISA), marking its entry as the 97th member nation. The information was divulged by Randhir Jaiswal, spokesperson of the Ministry of External Affairs.
• The Bengaluru Metro Rail Corporation Limited (BMRCL) is embarking on a significant milestone with the introduction of driverless trains equipped with cutting-edge technology.
• Cloud software major SAP announced the appointment of Manish Prasad as President and Managing Director for SAP Indian Subcontinent.
• Insurtech unicorn Acko has elevated its chief underwriting officer, Animesh Das, to the new Chief Executive Officer (CEO) of its subsidiary entity–ACKO General Insurance—as Sanjeev Srinivasan takes the board role.
• LTI Mindtree’s Chief Financial Officer, Vinit Teredesai, has announced his resignation from the company effective April 24, 2024. The Board of Directors has appointed Vipul Chandra as the new CFO, effective April 25, 2024.