Daily Current Affairs March 01 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Grants Final Approval for Amazon Pay to Operate as Payment Aggregator           

• Amazon Pay, the financial technology division of e-commerce giant Amazon, has secured the esteemed payment aggregator (PA) license from the Reserve Bank of India (RBI), marking a significant milestone in its operations.
• The regulatory approval permits the payments platform to function as a payment aggregator, empowering it to facilitate e-commerce transactions through its application.
• The fintech firm joins a list of companies that the central bank has granted authorisation to operate as payment aggregators (PA) in 2023.
• In addition to the PA license, Amazon Pay already holds a Prepaid Payment Instruments (PPI) license, enabling it to operate its wallet services, including Amazon Pay balance: Money, as outlined in RBI documentation.

What are Payment Aggregators (PAs)?

• PAs are entities defined by the RBI that facilitate e-commerce sites and merchants to accept various payment instruments from customers for completing their payment obligations.
• They enable merchants to connect with acquirers, receive payments from customers, pool them, and transfer them to the merchants after a specific time period.

Intermediaries in Payment Transactions:

• PAs act as intermediaries between the merchant and the customer in payment transactions.
• They play a crucial role in streamlining the payment process for merchants, eliminating the need for them to create separate payment integration systems.

Role of Payment Aggregator License:

• A payment aggregator license allows a company to operate as an intermediary between merchants and payment processors or banks.
• This license enables the aggregator to accept payments on behalf of multiple merchants, consolidate them, and distribute the funds to the respective merchants.

Utilization in Online Marketplaces:

• The payment aggregator model is commonly utilized by businesses operating online marketplaces or platforms with multiple sellers offering goods or services.
• It provides a convenient and efficient payment solution for both merchants and customers within the marketplace ecosystem.

Regulatory Compliance and Standards:

• Obtaining a payment aggregator license ensures regulatory compliance and adherence to financial and security standards set by relevant authorities.

Recent News :

• In Feb 2024, two fintech startups, Decentro and Juspay, and enterprise software-as-a-service (SaaS) firm Zoho received final authorisation from the RBI for payment aggregator (PA) licences.

Government Spending Realignment to Lower Debt-GDP Ratio to 73.4% by 2030-31: RBI Report

• A strategic realignment of government spending is expected to lead to a decline of the general government debt-gross domestic product (GDP) ratio to 73.4% by 2030-31 from an estimated 81.6% in 2023-24, according to a report by the Reserve Bank of India which is in contrast to advanced and emerging economies where the ratio is expected to go up.

Key Highlights :

• The general government debt to GDP ratio is 81.6% of GDP in 2023-24 (BE).
• This projection stands notably lower than the IMF’s estimate of 78.2%.
• The report highlighted the contrasting global trends, revealing an expected increase in the debt-GDP ratio for advanced economies from 112.1% in 2023 to 116.3% in 2028, and for emerging and middle-income countries from 68.3% to 78.1% within the same period.
• The report titled ‘The Shape of Growth Compatible Fiscal Consolidation’ was authored by RBI staff including Deputy Governor Michael Debabrata Patra.
• It highlighted that the outstanding debt of the Union government is projected to decrease to 57.1% of GDP in 2024-25 from 58.2% of GDP in 2023-24.
• Additionally, over 95% of the outstanding debt is issued in domestic currency, mitigating exchange rate risk, and the weighted average maturity of the outstanding stock of dated securities is 2 years, reducing rollover risk.

RBI Extends Export Credit Interest Equalisation Scheme Until June 30, 2024                       

• Government of India (GoI) has allowed for the extension of the Interest Equalization Scheme for Pre and Post-Shipment Rupee Export Credit (‘Scheme’) up to June 30, 2024.
• Under this extension, Manufacturers and Merchant Exporters dealing with specified 410 HS lines will benefit from a 2 percent interest equalization rate, while MSME manufacturers exporting under any HS line will receive a higher rate of 3 per cent.
• The scheme, inaugurated on April 1, 2015, was originally slated for a five-year duration until March 31, 2020.
• However, it has since been extended multiple times, including a one-year extension amidst the Covid-19 pandemic, along with additional extensions and allocations of funds.
• With effect from FY 2023-24, the banks which have priced the loans covered under this scheme at an average interest rate of greater than Repo Rate + 4% prior to subvention would be subjected to certain restrictions under the scheme.
• The annual net subvention amount has been already capped at Rs 10 Cr per Importer-Exporter Code (IEC) in a given financial year and the same has been communicated to the trade & industry and banks.
• This is applicable to All Scheduled Commercial Banks (excluding RRBs), Primary (Urban) Cooperative Banks & State Cooperative Banks (scheduled banks having AD category-I license), and Exim Bank.
• This cap applies to all disbursements made from April 1, 2023, onwards.

IndusInd Bank Collaborates with Uttar Pradesh Government for Livestock Welfare Program

• IndusInd Bank and Bharat Financial Inclusion Limited (100% subsidiary of IndusInd Bank) have signed a Memorandum of Understanding (MoU) with the State Government of Uttar Pradesh to focus on livestock healthcare management and welfare in the Western Uttar Pradesh region through their social initiative, Bharat Sanjeevani Program.
• Through this association, IndusInd Bank and Bharat Financial Inclusion Limited (100% subsidiary of IndusInd Bank) will extend comprehensive operational support for the newly established Cow Sanctuary in Muzaffarnagar and a doorstep tele-medicine and mobile veterinary service under the CSR umbrella – Sattvam.

About Bharat Sanjeevani Program :

• Bharat Sanjeevani Program, a CSR program by IndusInd Bank and Bharat Financial Inclusion Limited (100% subsidiary of IndusInd Bank), aims to aid the Cow Sanctuary in Muzaffarnagar, a landmark initiative by the Government of India.
• The sanctuary is dedicated to providing care for 5,000 destitute cattle initially, and will be expanded in a phase-wise manner.
• Concurrently, in collaboration with the Harit Pradesh Milk Producer Company (HPMPC) and promoted by the National Dairy Development Board (NDDB), the program will introduce doorstep telemedicine and mobile veterinary services in 7 districts of Western Uttar Pradesh, i.e., Muzaffarnagar, Meerut, Bulandshahr, Saharanpur, Hapur, Shamli, and Bijnor.
• Additionally, the initiative encompasses a centralized call center in Muzaffarnagar, deploying professionals, medicines, and a mobile app for farmers, enabling livestock farmers within these districts to access mobile veterinary services through a toll-free number.
• The Bharat Sanjeevani Program has contributed to more than 15 lakh farmers and treated over 2 million livestock in the states of Madhya Pradesh, Jharkhand, Rajasthan, Karnataka, Maharashtra and Telangana.
• In recognition of this project, in 2019 BFIL received the maiden National CSR award from the Ministry of Corporate Affairs.

About IndusInd Bank :

• Founded : April 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sumant Kathpalia.
• Tagline : We Make You Feel Richer

CURRENT AFFAIRS: CABINET APPROVALS

I. The National One Health Mission for integrated disease control and pandemic preparation will be led by the Director of the National Institute of One Health, Nagpur, who will be appointed at the rank of scientist ‘H’ (pay level-15) by the Cabinet.

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of creation of one post at the level of Scientist H (in the pay level 15) as Director of National Institute of One Health, Nagpur who will also serve as the Mission Director for the multi-Ministerial and multi-sectoral National One Health Mission for integrated disease control and pandemic preparedness, by bringing human, animal, plant and environmental sectors together.

Financial implications:

• The creation of one post of Director of the National Institute of One Health at the level of Scientist ‘H’ in the pay level 15 (Rs.1,82,000 – Rs.2,24,100) will have annual financial implications of approx. Rs.35.59 lakhs.

Implementation strategy and targets:

• The director of the National Institute for One Health, Nagpur will serve as the mission director for the multi-ministerial and multi-sectoral National One Health Mission for integrated disease control and pandemic preparedness by bringing human, animal, plant and environmental sectors together.
• A programme for strengthening research and development towards integrated diseases central and pandemic preparedness for the National One Health Mission has already been approved on 01.01.2024.

II. Giant leap for India Semiconductor Mission: Cabinet approves three more semiconductor units

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the establishment of three semiconductor units under ‘Development of Semiconductors and Display Manufacturing Ecosystems in India. 
• All three units will start construction within the next 100 days.
• The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India was notified on 21.12.2021 with a total outlay of Rs. 76,000 crore.
• In June, 2023, the Union Cabinet approved the proposal of Micron for setting up a semiconductor unit in Sanand, Gujarat.
• Construction of this unit is progressing at a rapid pace and a robust semiconductor ecosystem is emerging near the unit.

The approved three semiconductor units are:

1. Semiconductor Fab with 50,000 wfsm capacity:

Tata Electronics Private Limited (“TEPL”) will set up a semiconductor fab in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan.

Investment: This fab will be constructed in Dholera, Gujarat. Investment in this fab will be Rs.91,000 crore.

Technology partner: PSMC is renowned for its expertise in logic and memory foundry segments. PSMC has 6 semiconductor foundries in Taiwan.

Capacity: 50,000 wafer starts per month (WSPM)

2. Semiconductor ATMP unit in Assam:

Tata Semiconductor Assembly and Test Pvt Ltd (“TSAT”) will set up a semiconductor unit in Morigaon, Assam.

Investment: This unit will be set up with an investment of Rs.27,000 crore.

Technology: TSAT semiconductor is developing indigenous advanced semiconductor packaging technologies including flip chip and ISIP (integrated system in package) technologies.

Capacity: 48 million per day

Segments covered: Automotive, electric vehicles, consumer electronics, telecom, mobile phones, etc.

3. Semiconductor ATMP unit for specialized chips:

CG Power, in partnership with Renesas Electronics Corporation, Japan and Stars Microelectronics, Thailand will set up a semiconductor unit in Sanand, Gujarat.

Investment: This unit will be set up with an investment of Rs.7,600 crore.

Technology partner: Renesas is a leading semiconductor company focussed on specialised chips. It operates 12 semiconductor facilities and is an important player in microcontrollers, analog, power, and System on Chip (‘SoC)’ products.

Segments covered: The CG power semiconductor unit will manufacture chips for consumer, industrial, automotive and power applications.

Capacity: 15 million per day

III. Cabinet approves PM-Surya Ghar: Muft Bijli Yojana for installing rooftop solar in One Crore households

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved PM-Surya Ghar: Muft Bijli Yojanawith a total outlay of Rs.75,021 crore for installing rooftop solar and providing free electricity up to 300 units every month for One Crore households.
• The Prime Minister launched the scheme on 13th February, 2024.

The major highlights of the scheme include:

Central Financial Assistance (CFA) for Residential Rooftop Solar

1. The scheme provides a CFA of 60% of system cost for 2 kW systems and 40% of additional system cost for systems between 2 to 3 kW capacity. The CFA will be capped at 3 kW. At current benchmark prices, this will mean Rs 30,000 subsidy for 1 kW system, Rs 60,000 for 2 kW systems and Rs 78,000 for 3 kW systems or higher.
2. The households will apply for subsidy through the National Portal and will be able to select a suitable vendor for installing rooftop solar. The National Portal will assist the households in their decision-making process by providing relevant information such as appropriate system sizes, benefits calculator, vendor rating etc.
3. Households will be able to access collateral-free low-interest loan products of around 7% at present for installation of residential RTS systems up to 3 kW.

Other Features of the Scheme

1. A Model Solar Village will be developed in each district of the country to act as a role model for adoption of rooftop solar in rural areas,
2. Urban Local Bodies and Panchayati Raj Institutions shall also benefit from incentives for promoting RTS installations in their areas.
3. The scheme provides a component for payment security for renewable energy service company (RESCO) based models as well as a fund for innovative projects in RTS.

Outcome and Impact

• Through this scheme, the households will be able to save electricity bills as well as earn additional income through the sale of surplus power to DISCOMs. A 3 kW system will be able to generate more than 300 units a month on average for a household.
• The proposed scheme will result in the addition of 30 GW of solar capacity through rooftop solar in the residential sector, generating 1000 BUs of electricity and resulting in a reduction of 720 million tonnes of CO₂equivalent emissions over the 25-year lifetime of rooftop systems.
• It is estimated that the scheme will create around 17 lakh direct jobs in manufacturing, logistics, supply chain, sales, installation, O&M and other services.

Availing Benefits of PM-Surya Ghar: Muft Bijli Yojana

• The Government has launched a massive campaign since the launch of the scheme for raising awareness and generating applications from interested households. Households can register themselves on https://pmsuryaghar.gov.in  to avail benefits under the scheme.

IV. Cabinet approves Nutrient Based Subsidy (NBS) rates for KHARIF Season, 2024 on Phosphatic and Potassic (P&K) fertilizers and Inclusion of 3 new Fertilizer grades under NBS scheme

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for KHARIF Season, 2024 (from 01.04.2024 to 30.09.2024) on Phosphatic and Potassic (P&K) fertilizers and inclusion of 3 new fertilizer grades under NBS scheme.
• The tentative budgetary requirement for Kharif season 2024 would be approximately Rs.24,420 crore.

Benefits:

1. Availability of fertilizers to farmers at subsidized, affordable and reasonable prices will be ensured.
2. Rationalization of subsidy on P&K fertilizers in view of recent trends in the international prices of fertilizers and inputs.
3. Inclusion of three new grades in NBS will support in promoting balanced soil health and offer alternatives to the framers to choose fertilizers fortified with micro-nutrients as per the soil requirement.

Implementation Strategy and targets:

• The subsidy on P&K fertilizers will be provided based on approved rates for Kharif 2024 (applicable from 01.04.2024 to 30.09.2024) to ensure smooth availability of these fertilizers to the farmers at affordable prices.

Background:

• The government is making available 25 grades of P&K fertilizers to farmers at subsidized prices through fertilizer manufacturers/importers.
• The subsidy on P&K fertilizers is governed by NBS Scheme w.e.f 01.04.2010.
• Following its farmer-friendly approach, the Government is committed to ensure the availability of P&K fertilizers to the farmers at affordable prices.
• Because of the recent trends in the international prices of fertilizers & inputs i.e. Urea, DAP, MOP and Sulphur, the Government has decided to approve the NBS rates for Kharif 2024 effective from 01.04.24 to 30.09.24 on Phosphatic and Potassic (P&K) fertilizers.
• The government has also decided to include 3 new Fertilizer grades under the NBS scheme.
• The subsidy would be provided to the fertilizer companies as per approved and notified rates so that fertilizers are made available to farmers at affordable prices.

V. Cabinet approves royalty rates for mining of 12 critical and strategic minerals – Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten, and Vanadium

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 (‘MMDR Act’) for specifying rate of royalty in respect of 12 critical and strategic minerals, viz., Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten and Vanadium.
• This completes the exercise of the rationalisation of royalty rates for all 24 critical and strategic minerals.
• It may be noted that the Government had notified the royalty rate of 4 critical minerals, viz., Glauconite, Potash, Molybdenum and Platinum Group of Minerals on 15th March, 2022 and of 3 critical minerals, viz., Lithium, Niobium and Rare Earth Elements on 12th October, 2023.
• Recently, the Mines and Minerals (Development and Regulation) Amendment Act, 2023, which has come into force from 17th August, 2023, had listed 24 critical and strategic minerals in Part D of the First Schedule of the MMDR Act.
• The amendment provided that mining lease and composite licence of these 24 minerals shall be auctioned by the Central Government.
• The Geological Survey of India (GSI) and Mineral Exploration & Consultancy (MECL) have recently handed over the exploration report of 13 blocks containing one or more of critical minerals like Cobalt, Titanium, Gallium, Vanadium and Tungsten.
• Further, these agencies are conducting exploration for these critical and strategic minerals in the country.
• The Central Government has launched the first tranche of the auction of critical and strategic mineral blocks in November, 2023 for minerals such as Lithium, REE, Nickel, Platinum Group of Elements, Potash, Glauconite, Phosphorite, Graphite, Molybdenum, etc. which is getting positive response from the industry. Total 20 mineral blocks are being auctioned in the first tranche.
• The last date of submission of bids (Bid Due Date) for the first tranche of auction was 26th February, 2024.

VI. Cabinet approves establishment of International Big Cat Alliance (IBCA)

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the establishment of the International Big Cat Alliance (IBCA) with headquarters in India with a one-time budgetary support of Rs.150 crore for a period of five years from 2023-24 to 2027-28.
• Acknowledging India’s leading role in conserving tigers, other big cats and many of its endangered species, the Prime Minister of India during his speech on the occasion of Global Tiger Day, 2019 called for an Alliance of Global Leaders to curb poaching in Asia.
• He reiterated this on the occasion of Commemorating 50 years of India’s Project Tiger on April 9, 2023 and formally announced the launch of an International Big Cat Alliance aiming at securing the future of big cats and landscapes they thrive.
• The pioneering and long-standing tiger and other big cat conservation good practices that evolved in India may-be replicated in many other range countries.
• Seven big cats include Tiger, Lion, Leopard, Snow Leopard, Puma, Jaguar and the Cheetah out of these five big cats viz. Tiger, Lion, Leopard, Snow Leopard and Cheetah are found in India.
• IBCA aims for mutual cooperation among countries for mutual benefit in furthering the conservation agenda.
• IBCA would have a multipronged approach in broad basing and establishing linkages manifold in several areas and help in knowledge sharing, capacity building, networking, advocacy, finance and resources support, research and technical support, education and awareness.

CURRENT AFFAIRS : INTERNATIONAL NEWS

FATF Delists United Arab Emirates, Uganda, Barbados, and Gibraltar from Watchlist

• Financial Action Task Force’s (FATF) in its plenary meeting in February, 2024 removed the United Arab Emirates (UAE) successfully from the watchdog’s grey list.
• Barbados, Gibraltar and Uganda will also be removed from the FATF’s grey list.

Key Highlights :

• Grey List Additions: Kenya and Namibia have been added to the Financial Action Task Force (FATF) greylist.
• The two African states are now under increased monitoring by the organisation for their inadequate measures against money laundering and terrorism financing.
• Efforts to Address Deficiencies: The UAE has been diligently working over the past two years to strengthen its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework to address deficiencies identified by FATF and implement recommended measures.
• Potential Impact: The removal of the UAE from the grey list could enhance confidence in the country and attract more foreign investment.
• It may also lead to increased trade between India and the UAE.
• Previous Scrutiny: The UAE came under closer scrutiny in 2022 due to concerns raised by FATF regarding money laundering and terrorist financing risks involving banks, precious metals, stones, and property.

About FATF :

• Established : 1989
• Headquartered : Paris, France
• It serves as the global watchdog for money laundering and terrorist financing.
• FATF has 39 member countries, and India became a member in 2010.

FATF Lists: FATF maintains two lists:

• Black List: Also known as Non-Cooperative Countries or Territories (NCCTs), countries on this list support terror funding and money laundering activities.
• The list is regularly revised by FATF.
• Grey List: Countries considered as safe havens for supporting terror funding and money laundering are placed on the grey list, serving as a warning to take corrective actions to avoid being blacklisted.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

De Beers’ Sachin Jain Named Chief Executive Officer of World Gold Council                                   

• The World Gold Council has appointed Sachin Jain as its new Chief Executive Officer (CEO), India, who will take up the role in March 2024.
• Jain will succeed Somasundaram PR, who will continue in his present job and duties till Jain joins to facilitate a smooth transfer.
• Somasundaram will continue to work with the World Gold Council as an advisor on the establishment of a self-regulatory organisation (SRO), which is a critical project for the Indian gold sector.

About Sachin Jain :

• Sachin joins from De Beers where he has held several senior roles for the past 13 years.
• As Managing Director of De Beers India, he has led the De Beers Forevermark business in India and the Middle East.
• He has over two decades of rich experience and understanding of the Indian consumer.
• Previously, Sachin has held senior positions for De Beers, Lladro, Swatch Group and Benetton.

About World Gold Council :

• Founded : 1987
• Headquarters: London, United Kingdom
• President : Kelvin Dushnisky
• CEO: David Tait
• The World Gold Council is the market development organisation for the gold industry.

Paytm Founder and CEO Vijay Shekhar Sharma steps down from Paytm Payments Bank board                                        

• Vijay Shekhar Sharma, Chief Executive Officer (CEO) of Paytm and nominee of One97 Communications Ltd (OCL), has resigned from his positions as part-time non-executive chairman and board member of Paytm Payments Bank Limited (PPBL).
• His resignation facilitated a transition in the structure and composition of the PPBL board.

Key Highlights :

• Restructuring of PPBL Board: PPBL, facing a crisis, opted for a reconstitution of its board, aiming for a structure comprising only independent and executive directors.
• This restructuring suggests an effort to bring in expertise and independence in decision-making within the bank.
• Withdrawal of Nominee by One97 Communications:One97 Communications Ltd (OCL), holding 49% stake in PPBL, has withdrawn its nominee, Vijay Shekhar Sharma, from the PPBL board.
• This withdrawal indicates a shift in the relationship between Paytm and PPBL, potentially impacting governance and strategic decisions.
• Ownership Structure:Vijay Shekhar Sharma owns 51% of the Payments Bank in his personal capacity, which further highlights his significant involvement and stake in the bank’s operations
• New Composition of PPBL Board: The reconstituted board of PPBL includes distinguished individuals:
  • Ex-Central Bank of India Chairman Srinivasan Sridhar,
  • Retired IAS officer Debendranath Sarangi,
  • Former Executive Director of Bank of Baroda Ashok Kumar Garg,
  • Retired IAS Rajni Sekhri Sibal.
• They have joined as independent directors, indicating a focus on bringing diverse expertise and experience to the governance of PPBL.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Zurich Insurance to Acquire 70% Stake in Kotak Arm Immediately in Revised Agreement

• Zurich Insurance Group will buy a 70% stake in Kotak Mahindra Bank’s general insurance arm by paying 55.60 billion rupees (nearly $671 million) upfront instead of staggering the purchase as planned last year.

Key Highlights :

• Revised Deal Terms:The original agreement, announced in November of the previous year, outlined Zurich’s acquisition of a 51% stake in the Kotak unit for 40.51 billion rupees.
• Additionally, the agreement included an option for Zurich to acquire an additional 19% holding within three years from the first purchase.
• Significance of the Deal : This acquisition represents the largest investment by a global insurer in a non-life insurer within the Indian market, highlighting the growing interest of international players in India’s insurance sector.
• Impact on Valuation:Despite the change in the deal’s terms, the valuation of Kotak General Insurance remains unaffected.
• The valuation was reported as 79.43 billion rupees according to a filing from November 2023.

About Zurich Insurance Group :

• Founded : 1872
• Headquarters : Zürich, Switzerland
• Chairman : Michel Liès
• CEO : Mario Greco

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Union Minister Rajeev Chandrasekhar Unveils ‘Investor Information and Analytics Platform’ Established by IIT Madras

• Union Minister of State for Electronics and IT, Skill Development and Entrepreneurship Rajeev Chandrasekhar inaugurated the ‘Investor Information and Analytics Platform’ developed by the Indian Institute of Technology (IIT) Madras.
• IIT Madras collaborated with YNOS Venture Engine, an incubatee startup of IIT Madras, in developing the platform.

Purpose of the Platform :

• The platform serves as a comprehensive resource for startups, providing access to venture capitalists (VCs), investors networks, government schemes, and various components of the startup ecosystem.
• It aims to streamline the process for entrepreneurs to gather information on government agencies, incubators, investors, VCs, and banks investing in startups.

Key Highlights :

• Development and Research : The platform was developed by researchers at the Centre for Research on Start-ups and Risk Financing (CREST) of IIT Madras.
• Benefits:It will significantly benefit startup founders, entrepreneurs, and young Indians aspiring to create innovative devices, services, and platforms for India and the global market.
• StartupGPT: An important feature of the platform is “StartupGPT,” an AI-based conversational platform designed to facilitate easy access to information for users navigating through extensive data.

Data Availability:

• The platform boasts a vast repository of information, including details on over 200,000 startups, nearly 11,000 angel investors, 5,000 VCs, about 1,000 incubators, over 100 government agencies funding startups, and around 550 supportive banks.

About Ministry of Electronics & IT :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : Rajeev Chandrasekhar

India Introduces 1st Septic Tank Cleaning Robot to Bolster Swachh Bharat Campaign

• India’s first septic tank/manhole cleaning robot, offering an end-to-end solution to eliminate manual scavenging, is strengthening the swachhata abhiyan in different corners of the country.
• The technology called Homosep Atom developed by the startup incubated in the Department of Science and Technology (DST)-Technology Business Incubator (TBI) of IIT Madras, solves manual cleaning methods and transforms it to robotic cleaning methods.
• It has reached 16 cities in different parts of India and empowers extensive blade cleanings, solid waste desilting, suction and storage at one device; thereby reducing the cost of owning multiple assets and promotes robotic cleaning in sewers.

Key Highlights :

• DST-Technology Business Incubators (TBIs) are established in Academic /Technical /R&D Institutions as part of NIDHI programme to support and nurture knowledge driven innovative start-ups into successful enterprises.
• The startup called Solinas, which developed this affordable robotic solution integrated Artificial Intelligence (AI) to inspect, clean, and manage confined space for sanitation purposes.
• It helped clean up manhole blockages and reduced sewer overflows in Madurai.
• The application of Homosep Atom was also extended to the intricate lanes of Chennai’s densely populated areas.
• Targeting septic tanks associated with large apartments, housing boards, and individual houses, this process enabled Municipalities to promptly and efficiently clean, clear, and transport waste to treatment plants. Besides, sanitary workers were empowered with manhole cleaning robots that helped them clean the manholes from outside and avoid going inside the toxic environment, thus providing dignity to the sanitary workers.
• Solinas is a deep-tech and climate tech startup born out of IIT Madras, founded with the intent to solve the challenges that revolutionises the water and sanitation sector and improves the climatic conditions.
• The startup specialises in developing miniature robots, including India’s 1st 90mm water robot and 120mm sewer robot, capable of navigating through pipelines below 100mm to address contamination challenges in water-sewer pipelines.

CURRENT AFFAIRS: IMPORTANT DAYS

Zero Discrimination Day: 1st March

• Zero Discrimination Day 2024 is celebrated on March 1st, 2024.
• Zero Discrimination Day 2024 helps to create a global movement of solidarity to end all forms of discrimination.
• The United Nations (UN) and other international organizations are responsible for Zero Discrimination Day.
• The theme for Zero Discrimination Day 2024 is “To protect everyone’s health, protect everyone’s rights.”
• Zero Discrimination Day was first celebrated and observed on March 1st, 2014.
• Zero Discrimination Day was launched by UNAIDS.
• The executive director of UNAIDS Michel Sidibe started it on 23rd December of 2013 with the major event in Beijing.
• This day is noted by the organizations that combat discrimination against people living with HIV/AIDS.
• UNAIDS is the organization that conducts programs on HIV/AIDS awareness and discrimination against people living with HIV/AIDS.
• The main motive to establish this day was to work with discrimination against the people who were affected by HIV/AIDS and also bring equality among the person all over the world in every prospect because we have equal rights.

World Civil Defence Day: 1st March

• World Civil Defence Day 2024 is observed on the 1st of March 2024

World Civil Defence Day History

• In 1958, the International Association of Geneva Zones became the International Civil Defense Organization (ICDO) and was given a new status as a non-governmental organization with objectives such as establishing a liaison between national civil defence organizations, undertaking and promoting studies and research on population protection matters, and facilitating the exchange of experience and the coordination of efforts in the area of disaster prevention, preparedness, and intervention.
• In 1972 the representatives of ICDO member states approved the current text of the organization’s constitution, which entered into force on 1 March 1972.
• It attributes the status of the intergovernmental organizations to the ICDO.
• March 1 was established as World Civil Defense Day.

Self Injury Awareness Day: 1st March

• Self Injury Awareness Day 2024 is observed on the 1st of March 2024
• The Self-Injury Awareness Day (SIAD) is a global event that is conducted every year on March 1st.

Self Injury Awareness Day History

• The history and origin of Self Injury Awareness Day are not known properly but the day was celebrated more than 20 years on 1st March.
• In the late 19th century two American doctors noticed that women around Europe were harming themselves in self-torture.
• Later in 1959, the Mental Health Organization passed the Mental Health Act to remove the barriers against the treatment of mental illness in hospitals.
• In 1979, people were categorized into nine groups based on the form they self-harm themselves.
• It is noted that teens are the highest statistic for self-harm. A study shows that 15% of teens and 17-35% of students engage in self-injury.

Employee Appreciation Day: 1st March

• Employee Appreciation Day 2024 is observed every year on the 1st Friday of March, so, for this year it is observed on March 1st, 2024.
• Employee Appreciation Day 2024 is an annual event that focuses attention on employees in all industries.

Employee Appreciation Day History

• Employee Appreciation Day is an unofficial holiday observed on the first Friday of March.
• It was the brainchild of Bob Nelson, one of Recognition Professionals International’s founding board members.
• Nelson collaborated with his publishing company, Workman Publishing, to make the holiday appear prominently on workplace calendars starting in 1995.

Daily CA One-Liner: March 1

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the creation of one post at the level of Scientist H (in the pay level 15) as Director of the National Institute of One Health, Nagpur who will also serve as the Mission Director for the multi-Ministerial and multi-sectoral National One Health Mission for integrated disease control and pandemic preparedness, by bringing human, animal, plant and environmental sectors together
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the establishment of three semiconductor units under ‘Development of Semiconductors and Display Manufacturing Ecosystems in India. 
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved PM-Surya Ghar: Muft Bijli Yojanawith a total outlay of Rs.75,021 crore for installing rooftop solar and providing free electricity up to 300 units every month for One Crore households.
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Department of Fertilizers for fixing the Nutrient Based Subsidy (NBS) rates for KHARIF Season, 2024 (from 01.04.2024 to 30.09.2024) on Phosphatic and Potassic (P&K) fertilizers and inclusion of 3 new fertilizer grades under NBS scheme
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the amendment of the Second Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 (‘MMDR Act’) for specifying rate of royalty in respect of 12 critical and strategic minerals, viz., Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten and Vanadium.
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the establishment of the International Big Cat Alliance (IBCA) with headquarters in India with a one-time budgetary support of Rs.150 crore for a period of five years from 2023-24 to 2027-28.
• Amazon Pay, the financial technology division of e-commerce giant Amazon, has secured the esteemed payment aggregator (PA) license from the Reserve Bank of India (RBI), marking a significant milestone in its operations.
• A strategic realignment of government spending is expected to lead to a decline of the general government debt-gross domestic product (GDP) ratio to 73.4% by 2030-31 from an estimated 81.6% in 2023-24, according to a report by the Reserve Bank of India which is in contrast to advanced and emerging economies where the ratio is expected to go up.
• The Government of India (GoI) has allowed for the extension of the Interest Equalization Scheme for Pre and Post-Shipment Rupee Export Credit (‘Scheme’) up to June 30, 2024.
• IndusInd Bank and Bharat Financial Inclusion Limited (100% subsidiary of IndusInd Bank) have signed a Memorandum of Understanding (MoU) with the State Government of Uttar Pradesh to focus on livestock healthcare management and welfare in the Western Uttar Pradesh region through their social initiative, Bharat Sanjeevani Program.
• Financial Action Task Force’s (FATF) in its plenary meeting in February, 2024 removed the United Arab Emirates (UAE) successfully from the watchdog’s grey list.
• The World Gold Council has appointed Sachin Jain as its new Chief Executive Officer (CEO), India, who will take up the role in March 2024.
• Vijay Shekhar Sharma, Chief Executive Officer (CEO) of Paytm and nominee of One97 Communications Ltd (OCL), has resigned from his positions as part-time non-executive chairman and board member of Paytm Payments Bank Limited (PPBL).
• Zurich Insurance Group will buy a 70% stake in Kotak Mahindra Bank’s general insurance arm by paying 55.60 billion rupees (nearly $671 million) upfront instead of staggering the purchase as planned last year.
• Union Minister of State for Electronics and IT, Skill Development and Entrepreneurship Rajeev Chandrasekhar inaugurated the ‘Investor Information and Analytics Platform’ developed by the Indian Institute of Technology (IIT) Madras.
• India’s first septic tank/manhole cleaning robot, offering an end-to-end solution to eliminate manual scavenging, is strengthening the swachhata abhiyan in different corners of the country.
• Zero Discrimination Day 2024 is celebrated on March 1st, 2024.
• World Civil Defence Day 2024 is observed on the 1st of March 2024
• Self Injury Awareness Day 2024 is observed on the 1st of March 2024
• Employee Appreciation Day 2024 is observed every year on the 1st Friday of March, so, for this year it is observed on March 1st, 2024.