Daily Current Affairs February 25 & 26 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Pension Fund Regulatory and Development Authority Announces Amendments to Trustee Bank (TB) and Central Recordkeeping Agency (CRA) Regulations to Prioritise Subscriber Protection, Reduce Compliance Costs, and Improve Business Ease

• The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Trustee Bank (TB) (Amendment) Regulations, 2023 and the Central Recordkeeping Agency (CRA) (Amendment) Regulations, 2023.
• The amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions related to the implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration.
• Amendments to CRA Regulations simplify and strengthen the provisions related to the governance of CRA in line with the Companies Act, 2013, and enhanced disclosure of information by CRA.

The other notable amendments include:

• Implementation of fraud prevention and mitigation policy by CRA to protect the interest of subscribers.
• Inclusion of certificate by CEO in the annual report in respect of adequacy and effectiveness of internal controls, compliance and audit processes.
• Criteria of ‘fit and proper person’ has been introduced for CRA and its key personnel.

What is meant by Trustee Bank?

• Trustee Bank as an intermediary provides day to day banking of the funds and banking facilities in accordance with the provisions of the guidelines and directions issued by PFRDA.
• The service levels of Trustee banks are monitored by NPS Trust.

Recent News :

• In Feb 2024, The Pension Fund Regulatory and Development Authority (PFRDA) notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023 .

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar

About PFRDA : 

• Established : 2003
• Headquarters : New Delhi, Delhi
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.

Japan Pledges ¥232.209 Billion Official Development Assistance Loan for 9 Projects Across Various Sectors in India                              

• The Japanese government has committed an Official Development Assistance (ODA) loan of 232.209 billion yen (about Rs 12,800 crore) for 9 projects across various sectors in India.
• The exchange of notes formalizing the loan commitment took place between Vikas Sheel, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, and Mr. Suzuki Hiroshi, Ambassador of Japan to India.

The ODA loan assistance has been committed to:

1. The North East Road Network Connectivity Improvement Project (Phase 3) (Tranche II): Dhubri-Phulbari bridge (JPY 34.54 billion)
2. The North East Road Network Connectivity Improvement Project (Phase 7): NH 127B (Phulbari-Goeragre section) (JPY 15.56 billion)
3. The Project for Promoting Start-up and Innovation in Telangana (JPY 23.7 billion)
4. The Project for the Construction of Chennai Peripheral Ring Road (Phase 2) (JPY 49.85 billion)
5. The Project for Promoting Sustainable Horticulture in Haryana (Tranche I) (JPY 16.21 billion)
6. The Project for Climate Change Response and ecosystem Services Enhancement in Rajasthan (JPY 26.13 billion)
7. The Project for the Establishment of the Medical College Hospital at Nagaland Institute of Medical Sciences and Research, Kohima (JPY 10 billion)
8. The Project for the Improvement of Urban Water Supply System in Uttarakhand  (JPY 16.21 billion)
9. The Dedicated Freight Corridor Project (Phase 1) (Tranche V) (JPY 40 billion)

Project Objectives :

• The road network connectivity projects aim to improve infrastructure development in India’s North East region, while the Chennai peripheral ring road project aims to alleviate traffic congestion and strengthen connections to the southern part of the state.
• The project in Nagaland will help develop tertiary level medical service delivery by developing a Medical College Hospital contributing towards universal health coverage.
• A unique project in Telangana will help discover entrepreneurial skills with focus on women and rural population and support business expansion of MSMEs.
• In Haryana, the project will promote sustainable horticulture and improve farmer’s income by promoting crop diversification and infrastructure development.
• The forestry project in Rajasthan will enhance ecosystem services through afforestation, forest and biodiversity conservation.
• In the mountainous state of Uttarakhand, the project aims to provide a stable water supply to urban towns.
• The fifth tranche of the Dedicated Freight Corridor project will help in construction of a new dedicated freight railway system and bring about modernisation of the intermodal logistics system enabling handling of increased freight traffic.

Note :

• India and Japan have had a long and fruitful history of bilateral development cooperation since 1958.

About Japan :

• Prime Minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen

About JICA :

• Established : October 1, 2003
• Headquarters : Tokyo, Japan
• President : Akihiko Tanaka

Alternative Investment Fund Commitments Exceed Rs 10 Trillion for the First Time, Driven by Increasing Demand from High Net Worth Individuals                                     

• Investment commitments received by Alternative Investment Funds (AIFs) have exceeded Rs 10 trillion for the first time, showcasing a significant increase in demand from investors seeking higher returns compared to traditional investment options.

Key Highlights :

• Growth Trends: As of December 2023, the investment commitments reached Rs 10.84 trillion, marking a quarter-on-quarter (Q-o-Q) increase of 13.6% and a year-on-year (Y-o-Y) increase of over 40%.
• Composition of Raised Funds: Data from the Securities and Exchange Board of India (SEBI) reveals that AIFs have raised approximately Rs 4.3 trillion, with Rs 3.1 trillion allocated to Category II funds, which typically involve investments in debt and equity.
• Target Investors and Ticket Size: AIFs cater primarily to high-net-worth individuals (HNIs), with a minimum investment ticket size of Rs 1 crore.

What is meant by AIF?

• Alternative Investment Fund (AIF) is a special investment category that differs from conventional investment instruments.
• It is a privately pooled fund.
• Generally, institutions and HNIs invest in AIFs as substantial investments are required.
• These investment vehicles adhere to the SEBI (Alternative Investment Funds) Regulations, 2012.
• AIFs can be formed as a company, Limited Liability Partnership (LLP), trust, etc.
• Resident Indians, Non-Resident Indians (NRIs), and foreign nationals can invest in these funds.
• AIFs come with a minimum lock-in period of 3 years.
• The number of investors in every scheme is restricted to 1000, except angel funds, where the number of investors goes up to 49.

PhonePe Introduces Indus Appstore to Compete with Google Play Store in India

• Walmart-backed Indian fintech PhonePe launched its app store for Android called Indus Appstore, becoming the first Indian rival to Google’s Play Store.

Key Highlights :

• PhonePe has informed us that no app listing fees will be charged for one year, until 1 April 2025, for developers.
• In first, the release mentioned, that developers can use any third-party payment gateway of their choice.
• Indus App Store allows Indian consumers to download over 2 lakh mobile apps and games, across 45 categories.
• Users will be able to discover these apps conveniently in 12 Indian languages, thereby catering to 95% of Indians’ language preferences.
• The app store also offers a brand new short-video based discovery feature, to make new app discovery more engaging for consumers.
• “For developers, Indus App Store provides a fair and level playing field to list, distribute and promote their products in the Indian app ecosystem.
• It provides a self-publishing platform, localization services, multiple tools to monitor and grow their apps along with a dedicated 24×7 customer support.
• PhonePe Group also runs a payments business that competes with Ant Group-backed Paytm and Google’s GPay.

About Phonepe :

• Founded : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam

RBI Report: Local Taxes and Fees Contribute 1.1% to Panchayats’ Total Revenue  

• According to a report by the Reserve Bank of India (RBI), Local taxes and fees contribute only 1.1% to Panchayats’ total revenue.

Key Highlights :

• Non-Tax Revenue Composition: Non-tax revenue, primarily from Panchayati Raj programs and interest earnings, makes up 3.3% of the total revenue receipts.
• States with Higher Non-Tax Revenue: States like Tamil Nadu, Himachal Pradesh, Maharashtra, and Telangana reported higher non-tax revenue compared to others, as per the RBI report.
• Limited Own Revenue: Own revenues of Panchayats, generated through local taxes, fees, and charges, constitute only 1.1% of their total revenue
• Major Revenue Sources: Panchayats’ sources of revenue are limited, mainly property taxes, fees, and fines.
• Around 95% of their revenues take the form of grants from higher levels of government, restricting their spending ability that is already hampered by delays in the constitution of State Finance Commissions.
• Ratio of Revenue Receipts: The ratio of Panchayats’ revenue receipts to states’ revenues varies, ranging from 0.1% in Andhra Pradesh to 2.5% in Uttar Pradesh.
• Utilization of eGramSwaraj Platform: Over 5 lakh Panchayati Raj Institutions (PRIs) utilize the eGramSwaraj platform for accounting purposes as of September 2023.
• Expenditure Composition: Investment in capital projects accounts for 29.6% of the total expenditure of Panchayats in 2022-23, with significant shares allocated to Panchayati Raj programs, transportation, water supply and sanitation, rural electrification, and rural housing.

About eGramSwaraj Platform:

• Introduced : 2020
• eGramSwaraj serves as a simplified, work-based accounting application for PRIs, addressing various aspects of Panchayat operations including planning, accounting, budgeting, and online payments through the eGramSwaraj-PFMS interface.

CURRENT AFFAIRS: NATIONAL NEWS

Gujarat’s “Sudarshan Setu,” the nation’s longest cable-stayed bridge, was opened by Prime Minister Modi.

• Prime Minister Narendra Modi inaugurated India’s longest cable-stayed bridge, Sudarshan Setu, in Gujarat’s Devbhumi Dwarka district.
• On the second day of his Gujarat visit, PM Modi cut the ceremonial ribbon and dedicated the 4.77-km-long Sudarshan Setu, also known as Signature Bridge, to the nation.
• Constructed at Rs 978 crore, it connects Okha town in the Devbhumi Dwarka district with Bet Dwarka island in the Gulf of Kutch.
• After performing pooja at the Dwarkadhishji Mukhya Mandir, PM Modi took a stroll on the sea link and waved to fishermen and ferry-boat operators on board their boats.

Key Highlights:

• The PM also inaugurated and laid the foundation stone for projects worth more than 4150
• Sudarshan Setu has a unique design, with footpaths decorated with verses from Srimad Bhagavad Gita and images of Lord Krishna on either side.
• It also has solar panels installed on the upper parts of the footpath, which generate one megawatt of electricity.
• The bridge will ease transportation and significantly reduce the time spent by devotees traveling between Dwarka and Bet-Dwarka.
• Before the construction of the bridge, pilgrims had to rely on boat transport to reach Bet Dwarka. This iconic bridge will also serve as the main tourist attraction of Devbhumi Dwarka.
• The PM also inaugurated pipeline project at Vadinar and three Rail Electrification projects in the state.
• The PM laid foundation stone of various projects including widening of Dhoraji-Jamkandorna-Kalavad section of NH-927 and Regional Science Center at Jamnagar.

The Defence Security Corps commemorates its 77th Raising Day.

• The Defence Security Corps (DSC) is celebrating its 77th Raising Day on 25^th
• The Corps was raised on this day in 1947 as ‘Defence Department Constabulary’.
• DSC troops have been providing security to various sensitive defense and civil installations across the length and breadth of the Country since 1947.
• Chief of the Army Staff General Manoj Pande has conveyed best wishes to all ranks, veterans and families of the Defence Security Corps on the occasion.
• Lieutenant General Rakesh Kapoor, Deputy Chief of the Army Staff and Colonel Commandant of DSC underscored the exemplary role played by the corps in the past seventy-seven years.

In Chhattisgarh, Prime Minister Modi unveils many development initiatives valued at over Rs 35000 crore.

• Prime Minister Narendra Modi virtually dedicated, inaugurated and laid the foundation stone of 10 projects worth about Rs 34,400 crore in Chhattisgarh.
• The prime minister officially opened the Lara Super Thermal Power Project Stage-I by the National Thermal Power Corporation (NTPC) and laid the foundation stone for Stage-II in Raigarh district.
• The first stage of the project cost Rs 15,800 crore, while the second stage involves an investment of Rs 15,530 crore.
• Equipped with advanced supercritical technology for Stage-I and ultra-supercritical technology for Stage-II, the project will reduce coal consumption and carbon dioxide emissions.
• Half of the power generated from both stages will go to Chhattisgarh, benefiting other states like Gujarat, Madhya Pradesh, Maharashtra, Goa, Daman and Diu, and Dadra and Nagar Haveli.
• In efforts to promote renewable energy, the Prime Minister also inaugurated a solar PV project in Rajnandgaon costing Rs 900 crore, and a 50MW solar power plant in Bhilai, enhancing the use of solar energy for trains.
• Additionally, the Prime Minister inaugurated three ‘First Mile Connectivity (FMC)’ projects by South Eastern Coalfields Limited (SECL), costing over Rs 600 crore collectively.
• These projects aim to improve the eco-friendly and efficient evacuation of coal from locations like Dipka and Raigarh.

Union Minister V. Muraleedharan attends the Rio de Janeiro G20 Foreign Ministers’ Meeting.

• Minister of State for External Affairs V. Muraleedharan participated in the G20 Foreign Ministers’ Meeting (FMM) held under the Brazilian G20 Presidency in Rio de Janeiro.
• Foreign Ministers and Heads of Delegation of G20 Members, invited countries and International Organizations participated in the Foreign Ministers’ Meeting.
• At Session I, the Minister of State expressed India’s steadfast support to Brazil’s G20 Presidency and noted that four developing countries – Indonesia, India, Brazil and South Africa – are holding the G20 Presidency in a row.
• Recalling the inclusion of the African Union (AU) in the G20 last year, he welcomed the AU to its first G20 FMM as a permanent G20 Member.
• He emphasized the importance of an inclusive and action-oriented response to contemporary global challenges, which have a disproportionate impact on the Global South.
• At the Session-II, Mr. Muraleedharan noted that the global order has undergone dramatic changes since the creation of the present multilateral governance architecture in the 20th century.
• He emphasized the critical need for a paradigm shift in the structures and working methods of key global institutions to make them more responsive to contemporary challenges.
• The Minister of State also participated in the India-Brazil-South Africa (IBSA) Foreign Ministers’ Meeting.
• IBSA Ministers emphasized the importance of IBSA solidarity and convergence, and agreed on the need to boost functional cooperation in areas of shared interest.

The 23rd Inter-CPSU Cricket Tournament for Power Sector PSUs is hosted by NHPC.

• NHPC has successfully hosted the 23rd Inter Central Public Sector Unit T-20 Cricket tournament under the aegis of the Power Sports Control Board (PSCB) in Gurugram.
• The final match of the tournament was played between POWERGRID and NTPC.
• In an exciting final, NTPC defeated POWERGRID by three runs and emerged victorious as champions of the 23rd Inter CPSU Cricket tournament 2024.
• The Bhakra Beas Management Board (BBMB) team finished as Second Runner-up.
• A total of 14 teams including teams from the Ministry of Power, NHPC, THDC, NEEPCO, BEE, DVC, CEA, NTPC, Grid Controller of India, Powergrid, PFC, SJVNL, BBMB and REC had participated in the tournament.
• The tournament witnessed exciting cricketing action in 46 league matches. Shri Manish Sharma from CEA and Shri Sanjeev Parmar from BBMB were declared as Best Batsman and Best Bowler respectively of the Tournament.

ESIC extends medical benefits to superannuated insured persons with relaxed norms

• The Employees’ State Insurance Corporation (ESIC) decided to extend medical benefits to superannuated insured persons with relaxed norms.
• The decision was taken at the 193rd meeting of ESIC under the chairmanship of Union Minister Bhupender Yadav.
• The ESIC approved a proposal to provide medical benefits to the insured superannuating workers who went out of the ESI Scheme coverage due to exceeding the wage ceiling, if the worker was under insurable employment for at least 5 years before superannuation/ voluntary retirement.
• The persons who were in insurable employment for at least 5 years after April 1, 2012 and superannuated/voluntarily retired on or after April 1, 2017 with wages up to Rs 30,000 per month will be benefitted under the new scheme.
• To promote holistic wellbeing of the ESI beneficiaries, a new Policy on AYUSH 2023 in ESIC institutions was adopted during the meeting.
• The policy details the establishing of Panchkarma, Kshara Sutra and AYUSH Units in ESIC Hospitals

India and Bangladesh collaborate for transboundary tiger conservation in Sunderbans

• A cross-border initiative, focused on harmonious coexistence with tigers in the Sunderbans, seeks to preserve biodiversity in both India and Bangladesh.
• The people-centric engagement took place at Joymoni, Bagerhat District, Bangladesh on February 4 to 8 , under the Integrated Tiger Habitat Conservation Program supported by IUCN (International Union for Conservation of Nature) and Germany’s KfW Development Bank.
• The WTI partnered with the Lokamata Rani Rashmoni Mission, Joynagar (West Bengal), and WildTeam, Bangladesh, on the initiative.
• The project has been on since 2018-19, and looks at mitigation – attending to tiger incidents, giving the tiger a safe passage back to the forest to prevent attacks on humans and retaliatory action on the tiger.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Philippines Makes History as First Asian Nation to Ratify International Labour Organisation Convention Addressing Workplace Violence and Harassment

• The Philippines has made history by becoming the first Asian country to ratify the Violence and Harassment Convention 2019 (No. 190) announced by the International Labour Organisation (ILO).

Key Highlights :

• Instrument of Ratification Deposited: The Philippines deposited the instrument of ratification with ILO Deputy Director-General Celeste Drake, indicating its formal commitment to implementing the provisions of Convention No. 190.
• Comprehensive Approach to Address Workplace Violence and Harassment: Convention No. 190 addresses workplace violence and harassment comprehensively, marking a significant step towards ensuring safe and respectful work environments globally.
• Global Significance: With this ratification, the Philippines becomes the 38th country in the world and the first Asian country to ratify Convention No. 190, demonstrating its commitment to international labor standards and workplace safety.
• First International Labour Standard: Convention No. 190 is the first international labor standard specifically designed to address violence and harassment in the world of work comprehensively, according to the ILO.
• Mandates for Member Countries: Under the convention, member countries are mandated to adopt inclusive, gender-responsive strategies for preventing and eradicating workplace violence and harassment, in consultation with representative employers’ and workers’ organizations.

About International Labour Organisation :

• Headquarters : Geneva, Switzerland
• Director General : Gilbert Houngbo
• The ILO is a United Nations agency whose mandate is to advance social and economic justice by setting international labour standards.
• It became the first specialised agency of the United Nations (UN) in the year 1946.
• The organization got the Nobel Peace Prize in 1969, for its efforts to improve peace amongst the classes, and for promoting justice and fair work for the workers.
• The ILO is the only tripartite U.N. agency.

About Philippines :

• President : Bongbong Marcos
• Capital : Manila
• Currency : Philippine peso

Malta Joins International Solar Alliance as 119th Member Country

• Malta has become the 119th country to join the International Solar Alliance (ISA).
• Christopher Cutajar, Permanent Secretary of the Maltese Ministry of Foreign Affairs, signed the ISA Framework Agreement.
• Note : In December 2023, Romania became the 118th signatory country to join ISA.

Key Highlights :

• The platform seeks to develop and deploy cost-effective and transformative energy solutions powered by the sun to help member countries develop low-carbon development trajectories.
• It has a special focus on making an impact in countries classified as Least Developed Countries (LDCs) and Small Island Developing States (SIDS).

About ISA :

• Headquarters : Gurugram, Haryana
• Director-General : Ajay Mathur
• Member Countries : 97
• International Solar Alliance (ISA) was co-founded by India and France.
• India and France jointly launched the International Solar Alliance (ISA) on 30 November 2015 at COP21 in Paris, France.
• Its main objective is to reduce the use of conventional energy by using solar energy efficiently.

About Malta :

• President : George Vella
• Prime Minister : Robert Abela
• Capital : Valletta
• Currency : Euro

CURRENT AFFAIRS : STATE NEWS

Uttarakhand Chief Minister Pushkar Singh Dhami Unveils ‘Himalayan Basket’ Initiative                           

• Uttarakhand Chief Minister (CM) Shri Pushkar Singh Dhami inaugurated the ‘Himalayan Basket’ initiative, introduced by local entrepreneurs Sumit and Sneha Thapliyal.
• Objective: The initiative, initiated in 2018, aims to enhance local employment opportunities by utilizing the abundant agricultural resources of the region.

Key Highlights :

• Focus Areas: The project concentrates on procuring milk, turmeric, and mint from local farmers to manufacture and export high-demand products such as ‘Churpi’ (a hard cheese) and ghee.
• Market Demand: There is a notable demand for dairy products like ‘Churpi’ and ghee in the state, which the initiative seeks to address by sourcing ingredients locally and producing these items.
• Product Description: ‘Churpi’ is described as a special hard cheese made from cow’s milk, while ghee refers to clarified butter, both of which are popular in the region.
• Broader Vision: The ‘Himalayan Basket’ initiative transcends its agricultural focus, embodying a vision for economic empowerment and sustainability in the Himalayan region.
• Economic Opportunities: By tapping into the market demand for products like ‘Churpi’ and ghee, the initiative creates new avenues for local farmers and entrepreneurs, contributing to economic growth and development in the area.

Recent News :

• In Feb 2024, Chief Minister of Uttarakhand Pushkar Singh Dhami inaugurated a Sewerage Treatment Plant at Haldwani in Nainital district

About Uttarakhand :

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dham

CURRENT AFFAIRS: BUSINESS NEWS

Indraprastha Gas to set up 19 CBG plants in multi-states

• Indraprastha Gas Ltd (IGL) plans to set up 19 plants to produce compressed biogas (CBG) that would feed into its city gas distribution network.
• IGL signed preliminary agreements with two technology partners for setting up compressed biogas plants in Delhi, Haryana, Rajasthan, and Uttar Pradesh.
• This partnership aims to produce 0.45 million metric standard cubic meters per day of biogas from waste, equivalent to approximately 5% of IGL’s daily gas requirements.
• The biogas projects will help municipal authorities get rid of municipal waste while helping farmers dispose of agricultural waste.

India’s Oilfield Capex to Shrink by One-Fifth by 2030: IEA

• India’s annual capital spending on developing oilfields will fall next year, shrinking by about a fifth by 2030 in the absence of major discoveries, which will lead to a drop in domestic oil production and expand dependence on imports, according to the International Energy Agency (IEA).
• Capital expenditure on developing oil projects is estimated to drop below $3.5 billion in 2030 from around $4.3 billion in 2024.
• India’s exploration licencing rounds have been dominated by state-run ONGC and Oil India, with limited participation by foreign firms.

CURRENT AFFAIRS: AWARDS AND HONOURS

Indira Gandhi, Nargis Dutt’s names dropped from National Film Awards categories

• The Ministry of Information & Broadcasting (I&B) has dropped the names of former Prime Minister Indira Gandhi and late actor Nargis Dutt from the National Film Awards.
• The ‘Indira Gandhi Award for Best Debut Film of a director’ will now be simply called ‘Best Debut Film of a Director’.
• Indira’s name became associated with the award during the 28th National Film Awards in 1980.
• Moreover, the ‘Nargis Dutt Award for Best Feature Film on National Integration’ has become the ‘Best Feature Film Promoting National, Social and Environmental Values’.
• Nargis’s name came to be associated with the National Film Awards in 1965, during the 13th edition of the awards, for best feature film category.

Key Highlights

• Last year, at the 69th edition of the National Film Awards (for 2021), Vivek Agnihotri’s The Kashmir Files bagged the Nargis Dutt Awards, whereas the Indira Gandhi Award went to Vishnu Mohan for his Malayalam film Meppadiyan.
• Prize money for awards has also been revised. For instance, the prize money for the Dadasaheb Phalke Award, presented for one’s lifetime contribution to the field of cinema, has been increased from Rs 10 lakh to Rs 15 lakh.
• For Swarn Kamal and Rajat Kamal awards, the prize money has been upped to Rs 3 lakh and Rs 2 lakh respectively, as opposed to earlier cash prizes ranging between Rs 50,000 and Rs 2 lakh.
• Awards for ‘Best Animation Film’ and ‘Best Special Effects’ have been clubbed under a new category — ‘Best AVGC (animation, visual effects, gaming and comics) Film’, with two further sub-categories.
• The award for ‘Best Feature Film’ in each of the languages specified in Schedule VIII of the Constitution has been renamed as ‘Best (name of the language) Feature Film’.
• The awards for films released in 2022 will be announced later this year.
• The new regulations have come into effect based on the recommendations of a committee set up by the I&B ministry with an aim “to rationalise the honours”.
• The committee was headed by Neerja Sekhar, Additional Secretary in the Information & Broadcasting (I&B) Ministry, and also included filmmakers Priyadarshan and Vipul Amrutlal Shah, Central Board of Film Certification chief Prasoon Joshi, as well as I&B joint secretary (films) Prithul Kumar.
• The awards were first presented in 1954 by the Government of India with an aim “to honour films made across India, on a national scale, to encourage the furthering of Indian art and culture”.

CURRENT AFFAIRS : DEFENCE NEWS

India’s Largest Defence Equipment Exhibition, Defence Expo, Organized Near Pune at Moshi

• India’s largest defence equipment exhibition, Defence Expo, is being organized by the Industries Department of the Maharashtra government at the International Exhibition and Convention Center at Moshi near Pune.
• The exhibition will be inaugurated in the presence of Union Minister of State for Defence Ajay Bhatt and Chief Minister of Maharashtra Eknath Shinde.

Key Highlights :

• Duration and Aim: The exhibition is scheduled for 3 days and is aimed at promoting the manufacturing of the latest weapons required for the defence forces under the Atmanirbhar Bharat Yojana.
• It also aims to involve small and large industries near Pune in the defence production process.
• Participating Companies: More than 1,200 small companies producing arms and other materials related to the defence sector will showcase their capabilities at the Expo.
• Displayed Equipment: The exhibition will feature indigenously made tanks, protective vehicles, missiles, air force helicopters, rocket launchers, and ammunition.
• Educational Sessions: Lectures and seminars by defence experts have been organized to provide additional knowledge and insights into the defence sector.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Lieutenant General Upendra Dwivedi Assumes Role as Vice Chief of Army Staff, Succeeding Lieutenant General MV Suchindra Kumar                                            

• Lieutenant General Upendra Dwivedi has assumed the appointment of the Vice Chief of the Army Staff.
• On assumption of appointment, Lieutenant General Upendra Dwivedi laid wreath at the National War Memorial and was accorded Guard of Honour at the South Block Lawns.
• He took over as the Vice Chief of the Army Staff from Lieutenant General MV Suchindra Kumar, who now has been appointed as the General Officer Commanding-in-Chief, Northern Command.

About Upendra Dwivedi :

• Upendra Dwivedi was commissioned into 18 JAMMU & KASHMIR RIFLES in 1984, a unit he later commanded.
• During his illustrious career spanning across 39 years, he has held command appointments in challenging operational environments, spanning the length and breadth of the country.
• Prior to taking over as the Vice Chief of the Army Staff, Lieutenant General Upendra Dwivedi was appointment of General Officer Commanding-in-Chief, Northern Command from 2022-2024 in an extremely challenging operational environment.
• Lieutenant General Dwivedi was awarded ‘Distinguished Fellow’ at the National Defence College equivalent course at the US Army War College, Carlisle, USA.
• His two overseas tenures include Somalia, as part of HQ UNOSOM II and Seychelles as Military Advisor to the Government of Seychelles.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Odysseus Achieves Historic Milestone as 1st United States Spacecraft to Land on the Moon Since 1972

• After a gap of 52 years since the last successful Apollo mission, a U.S.-made spacecraft named Odysseus has successfully landed on the Moon.
• This event also signifies the arrival of private space companies on the lunar surface.
• Odysseus, a spacecraft built by Intuitive Machines, a 10-year-old company based in Houston, used a Falcon 9 rocket by SpaceX to take off from Earth on February 15.
• The spacecraft carried 6 NASA payloads to the Moon.

Key Highlights :

• Location of Moon Landing: The lander module of Odysseus, known as Nova-C, became the second spacecraft to land in the Moon’s south pole region, following Chandrayaan-3’s landing last year.
• Frequency of Moon Landings: Odysseus’s landing marks the 3rd moon-landing event within a year, following Chandrayaan-3 and Japan’s SLIM (Smart Lander for Investigating Moon).
• Exploration Goals: The successful landing of Odysseus signifies a new phase in lunar exploration aimed at creating infrastructure and technology ecosystems capable of supporting long-term human presence on the Moon.
• The first launch as part of the CLPS initiative was by a company called Astrobotic last month, but it developed problems shortly after launch and could not reach the Moon.
• Like Odysseus, both the spacecraft as well as the rocket on that mission came from private companies.
• CLPS Initiative: Odysseus is the first successful mission under NASA’s Commercial Lunar Payload Services (CLPS) initiative.
• NASA has contracted 14 space companies for such missions, with at least 6 more lunar landings scheduled by 2026.
• Future Plans: NASA plans to land the first human beings on the Moon since the Apollo Missions by 2026.
• Intuitive Machines is expected to undertake another lunar landing mission later this year as part of the CLPS initiative.

CURRENT AFFAIRS : OBITUARIES

Former Maharashtra Chief Minister, Manohar Joshi Passed away

• Former Maharashtra Chief Minister Manohar Joshi passed away at the age of 86 in Mumbai.

About Manohar Joshi :

• Joshi was born on 2 December 1937 in Raigad district in Maharashtra.
• He, also affectionately known as Joshi Sir.
• Joshi began his political career after his experience as a member of RSS, joining Shiv Sena in 1967.
• He was appointed as the municipal councillor of Mumbai from 1968-70.
• He was also the mayor of Mumbai during 1976-1977.
• He was elected to the Maharashtra Legislative Assembly in 1990 and was the Leader of the Opposition in the assembly during 1990-91.
• He was appointed as the Union minister of Heavy Industries and Public Enterprises after winning in the 1999 general elections.
• He was the first chief minister from undivided Shiv Sena and held the post during 1995-1999.
• He was also the Speaker of the Lok Sabha from 2002 to 2005.

Daily CA One- Liner: February 25 & 26

• Prime Minister Narendra Modi inaugurated India’s longest cable-stayed bridge, Sudarshan Setu, in Gujarat’s Devbhumi Dwarka district.
• The Defence Security Corps (DSC) is celebrating its 77th Raising Day on 25^th
• Prime Minister Narendra Modi virtually dedicated, inaugurated and laid the foundation stone of 10 projects worth about Rs 34,400 crore in Chhattisgarh
• Minister of State for External Affairs V. Muraleedharan participated in the G20 Foreign Ministers’ Meeting (FMM) held under the Brazilian G20 Presidency in Rio de Janeiro
• NHPC has successfully hosted the 23rd Inter Central Public Sector Unit T-20 Cricket tournament under the aegis of the Power Sports Control Board (PSCB) in Gurugram
• The Employees’ State Insurance Corporation (ESIC) decided to extend medical benefits to superannuated insured persons with relaxed norms
• A cross-border initiative, focused on harmonious coexistence with tigers in the Sunderbans, seeks to preserve biodiversity in both India and Bangladesh.
• Indraprastha Gas Ltd (IGL) plans to set up 19 plants to produce compressed biogas (CBG) that would feed into its city gas distribution network
• India’s annual capital spending on developing oilfields will fall next year, shrinking by about a fifth by 2030 in the absence of major discoveries, which will lead to a drop in domestic oil production and expand dependence on imports, according to the International Energy Agency
• The Ministry of Information & Broadcasting (I&B) has dropped the names of former Prime Minister Indira Gandhi and late actor Nargis Dutt from the National Film Awards
• The Pension Fund Regulatory and Development Authority (PFRDA) has notified the Trustee Bank (TB) (Amendment) Regulations, 2023 and the Central Recordkeeping Agency (CRA) (Amendment) Regulations, 2023.
• The Japanese government has committed an Official Development Assistance (ODA) loan of 232.209 billion yen (about Rs 12,800 crore) for 9 projects across various sectors in India.
• Investment commitments received by Alternative Investment Funds (AIFs) have exceeded Rs 10 trillion for the first time, showcasing a significant increase in demand from investors seeking higher returns compared to traditional investment options.
• Walmart-backed Indian fintech PhonePe launched its app store for Android called Indus Appstore, becoming the first Indian rival to Google’s Play Store.
• According to a report by the Reserve Bank of India (RBI), Local taxes and fees contribute only 1.1% to Panchayats’ total revenue.
• The Philippines has made history by becoming the first Asian country to ratify the Violence and Harassment Convention 2019 (No. 190) announced by the International Labour Organisation (ILO).
• Malta has become the 119th country to join the International Solar Alliance (ISA).
• Uttarakhand Chief Minister (CM) Shri Pushkar Singh Dhami inaugurated the ‘Himalayan Basket’ initiative, introduced by local entrepreneurs Sumit and Sneha Thapliyal.
• India’s largest defence equipment exhibition, Defence Expo, is being organized by the Industries Department of the Maharashtra government at the International Exhibition and Convention Center at Moshi near Pune.
• Lieutenant General Upendra Dwivedi has assumed the appointment of the Vice Chief of the Army Staff.
• After a gap of 52 years since the last successful Apollo mission, a U.S.-made spacecraft named Odysseus has successfully landed on the Moon.
• Former Maharashtra Chief Minister Manohar Joshi passed away at the age of 86 in Mumbai.