Daily Current Affairs March 13 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Small Industries Development Bank of India Secures $24.5 Million from Green Climate Fund for ‘Avaana’ Fund        

• Development bank, Small Industries Development Bank of India (SIDBI) has received $24.5 million from the Green Climate Fund (GCF) for its maiden first anchored project, Avaana Sustainability Fund (ASF)’ valued at $120 million.
• GCF approved SIDBI’s project and committed the investment during its 38th board meeting in Rwanda on March 5, 2024.

Key Highlights :

• The primary aim of the ASF project is to invest in early-stage companies harnessing technology-led innovation to spur climate solutions and sustainability in India.
• Anticipated outcomes include significant contributions to climate change mitigation, adaptation, and the enhancement of resilience in vulnerable sectors of the Indian economy.
• This project marks the success of the first project anchored by SIDBI including first secured for India in the past few years by an Indian Accredited Entity (AE).

About GCF :

• The Green Climate Fund, a pivotal component of the historic Paris Agreement, is the world’s largest climate fund.
• It was established formally as a financing mechanism by the United Nations Framework Convention on Climate Change (UNFCCC) in 2010 it is headquartered in the Songdo district in South Korea.
• It is mandated to assist developing countries in realizing their Nationally Determined Contributions (NDCs) by expediting transformative climate action through partnership-driven approaches and flexible financing solutions.
• GCF’s investment strategy targets 4 significant transitions: Built Environment; Energy Industry; Human Security, Livelihood, Wellbeing; and Land Use-Forests and Ecosystems, employing 4 key approaches.
• The mandate of GCF is to promote a paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions (mitigation) and to adapt to the impacts of climate change (adaptation).

About Small Industries Development Bank of India :

• Established : 2 April 1990
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).

Financial Experts Forecast Mandatory Listing for 6 Non-Banking Financial Companies in the Coming Year 2025

• Tata Sons’ initial public offer (IPO) has been in focus for the past week.
• There are five other companies who also have to launch their offers in slightly-over one year.
• These include companies like Bajaj Housing Finance and five other shadow banks including Piramal Capital and Housing Finance, Tata Capital Financial Services, HDB Financial Services, and Aditya Birla Finance that must list in a year on account of being featured in Reserve Bank of India’s list of ‘upper-layer’ non-banking financial companies.

Key Highlights :

• Regulatory Framework: The Reserve Bank of India (RBI) issued scale-based regulations in October 2021, categorizing non-banking financial companies (NBFCs) into layers based on factors like size, activity, and perceived weaknesses.
• Classification of NBFCs: NBFCs are categorized into base layer, middle layer, upper layer, and top layer. Upper Layer NBFCs (NBFC-UL) are subject to stricter regulations due to their size and activity.
• Listing Requirement: One key requirement for NBFC-UL is mandatory listing on a stock exchange within three years of being classified as such.
• RBI’s List: In September 2022, RBI issued a list of 16 upper-layer NBFCs, which was subsequently updated in 2023, excluding Shanghvi Finance.

What is a Non-Banking Financial Company (NBFC)?

• A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

Bank of Baroda Introduces Special Offers for Female Account Holders                                     

• On the occasion of International Women’s Day (March 08, 2024), Bank of Baroda has announced attractive offers and benefits for its women account holders on the opening of either a bob Mahila Shakti Savings Account or a bob Women Power Current Account – accounts designed specifically for women.
• This offer is applicable for accounts opened till June 30, 2024 and loan facilities availed till December 31, 2024.
• Aim : To empower women financially by providing them with tailored financial products and attractive benefits.
• Exclusive Benefits: Women-centric accounts offer exclusive benefits, including:
• Up to 25 basis points interest rate concession on retail loans, with concessions varying based on the type of loan (e.g., 0.25 per cent on two-wheeler loans, 0.15 per cent on education loans, 0.10 per cent on auto loans, home loans, and mortgage loans).
• Complete waiver of processing charges on retail loans, including personal loans.
• 50% discount on annual safe deposit locker charges.

About BoB :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD and CEO : Debadatta Chand.
• Tagline : India’s International Bank

Following the Reserve Bank of India, JM Financial Faces Regulatory Scrutiny from the Securities and Exchange Board of India

• The Market regulator Securities and Exchange Board of India (SEBI) barred JM Financial, a registered merchant banker, from acting as a lead manager for any new public issue of debt securities.
• The order comes after the Reserve Bank of India (RBI) halted JM Financial Products, a subsidiary of JM Financial, from extending loans against shares and debentures, including sanction and disbursal of loans against initial public offering (IPO) and non-convertible debentures (NCDs).
• The SEBI stated that JM Financial may continue to act as a lead manager for public issue of debt securities for a period of 60 days from the date of this Order.
• SEBI has stated that the observations made in the order are based on the material available on record and that the investigation into this matter will be completed in 6 months.
• JMFPL is a non-banking finance company (NBFC) and a subsidiary of JMFL.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

World Bank Approves Program to Enhance Rural Connectivity in Assam, Benefiting 1.8 Million Amid Extreme Weather Conditions                           

• The World Bank’s Board of Executive Directors has approved the Assam Resilient Rural Bridges Program, aimed at enhancing connectivity for over 1.8 million people residing in rural areas of Assam, India, particularly during extreme weather conditions.

Key Highlights :

• The $452 million Assam Resilient Rural Bridges Program aims to strengthen the resilience and management of roads and bridges to help people living in 1,739 villages gain round-the-year access to wholesale markets, schools, hospitals, and places of work.
• As a result of better connectivity, savings of more than $82 million within the next 6 years are expected against the earlier costs for people to journey to these places.
• The Program will also connect almost 633,000 women-led textile and handicraft producers living within 2 km of roads or collection points.
• The $452 million Program loan from the International Bank of Reconstruction and Development (IBRD) will use the financing instruments of Program-for-Results (PforR) and Investment Project Financing (IPF) to link disbursement of funds directly to the achievement of results while providing technical assistance.
• The Program loan has a maturity of 19 years with a grace period of 4.5 years.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga

CURRENT AFFAIRS: NATIONAL NEWS

In Ahmedabad, Gujarat, the Prime Minister sets up the foundations for several developmental projects valued at over Rs. 1,06,000 crores, dedicating them to the country.

• The Prime Minister, Shri Narendra Modi dedicated to the nation and laid the foundation stone of various developmental projects worth over Rs 1,06,000 crores at Dedicated Freight Corridor’s Operation Control Centre in Ahmedabad, Gujarat.
• The development projects encompass multiple sectors including railway infrastructure, connectivity and petrochemicals.
• He also flagged off 10 new Vande Bharat trains.

Background

• In a major boost to Railway infrastructure, connectivity and petrochemicals sector, the Prime Minister visited DFC’s Operation Control Centre in Ahmedabad to lay the foundation stone and dedicate a slew of railway and Petrochemicals projects worth over Rs. 1,06,000 crores.
• The Prime Minister laid the foundation stone of Railway Workshops, Loco Sheds, Pit lines/ Coaching Depots; the Phaltan – Baramati New line; Electric Traction System upgradation work and dedicate to the Nation two new sections of Dedicated Freight Corridor between New Khurja to Sahnewal (401 Rkm) section of Eastern DFC and New Makarpura to New Gholvad section (244 Rkm) of Western DFC; Western DFC’s Operation Control Center (OCC), Ahmedabad.

Government abolishes wireless operating licence, launches regulatory sandbox to ease trial permit

• The government has abolished wireless operating licence and launched a regulatory sandbox for quick and online approval of product testing, Union Communications and IT Minister Ashwini Vaishnaw
• 15 organisations including industry bodies ICEA, MAIT, and Nasscom should come together to make it Asia’s biggest technology event to be held from October 15-19.
• The India Mobile Congress is currently organised by telecom industry body COAI (Cellular Operators Association of India) with the support of the Department of Telecommunications.
• The IMC will coincide with the World Telecommunication Standardization Assembly (WTSA 2024) from 15-24 October 2024 preceded by the Global Standards Symposium (GSS 2024) on 14 October 2024 at New Delhi.

Centre notifies CAA rules, sets up application portal

• The government announced the long-pending implementation of the Citizenship Amendment Act (CAA), approved by Parliament in 2019, notifying the rules under which the legislation will operate.
• The law aims to grant citizenship to migrants belonging to the Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities from Afghanistan, Bangladesh and Pakistan who had come to India on or before December 31, 2014.
• The rules pave the way for granting citizenship to persecuted minorities belonging to Hindu, Sikh, Jain, Buddhist, Parsi and Christian communities from Pakistan, Bangladesh and Afghanistan who entered India on or before December 31, 2014.
• The 39-page notification issued by the home ministry stated the rules will come into force from 11^th March, the date of publication in the official gazette.
• The CAA rules, 2024, have a provision which states that refugees from six minority communities from three countries applying for grant of citizenship by registration or naturalisation will have to submit an application, an affidavit verifying the correctness of the statements made in it, another affidavit from an Indian citizen testifying to their character, and a declaration that they are familiar with one of the languages specified in the eighth schedule to the Constitution of India.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Sweden Becomes the 32nd Member State to Join NATO Alliance                                 

• Sweden has officially become the 32nd member of NATO after it completed the accession process in Washington.
• The handover of documents took place at a ceremony two years after Sweden applied to join the military alliance following the full-scale war between Russia and Ukraine in February 2022.

Key Highlights :

• Completion of Accession: The handover of documents marking Sweden’s membership took place at a formal ceremony, signifying the completion of the accession process.
• Objections and Approval: Sweden’s path to NATO membership faced challenges, including objections from Turkey and Hungary. Despite these hurdles, Sweden eventually received approval to join the alliance.
• Flag Raising Ceremony: A significant event marking Sweden’s membership is the raising of its flag alongside those of the other 31 Allies.
• This ceremony will take place at NATO headquarters in Brussels on March 11, 2024, simultaneously with similar ceremonies at NATO commands across Europe and North America.

About NATO :

• North Atlantic Treaty Organization (NATO) is a military alliance established by the North Atlantic Treaty (also called the Washington Treaty) of April, 1949, by the United States, Canada, and several Western European nations to provide collective security against the Soviet Union.
• Headquarters : Boulevard Leopold III in Brussels, Belgium.
• Secretary General : Jens Stoltenberg
• Membership : 32 states

CURRENT AFFAIRS : STATE NEWS

Kerala Leads Nation in Highest Passport Penetration Among Women           

• In line with the visible shift in the migration pattern from Kerala of late, women from the southern State hold the highest number of passports issued in the country till 2023, followed by Maharashtra, Tamil Nadu, Punjab, and Gujarat.

Key Highlights :

• Overall Passport Holders: Kerala has the highest number of total passport holders in the country, reaching 98.92 lakh, which includes both males and females.
• Male Passport Holders: Uttar Pradesh has the highest number of male passport holders, with a count of 70.58 lakh.
• Female Passport Holders in Kerala: The number of female passport holders in Kerala is reported to be 42.17 lakh, underscoring the significant presence of women in the migration trend.
• Migration for Education: The rise in female passport holders reflects a growing trend of Kerala’s youth, particularly female students, pursuing higher education abroad.
• This aligns with the findings of a 2023 survey on “Youth Student Migration from Kerala,” which revealed an increasing number of women from Kerala opting for overseas education opportunities.
• Research Findings: The survey conducted as part of the Centre for Public Policy Research (CPPR) Youth Leadership Fellowship in 2023 showed a significant increase in female participation in migration compared to previous studies.
• While the 2018 Kerala Migration Survey indicated a female migration participation rate of 15.8%, the latest study found that females represented 32% of the survey respondents.
• Canadian Visa Data: Further supporting the trend of increased female migration for education, data from a facilitator revealed that nearly half of the over 7,200 students who recently secured Canadian visas were female.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

Maharashtra Introduces 4th Women’s Policy for Comprehensive Development

• The state of Maharashtra has introduced its 4th women’s policy, aimed at fostering the holistic development of women.
• Objectives of the Fourth Policy: The newly announced fourth policy aims to promote gender equality and establish a society where women and other gender communities do not face struggles for their identity and rights.
• Maharashtra has become the first state in India to introduce a women’s policy, showcasing its commitment to women’s development and empowerment.
• Aditi Tatkare, the Women and Child Development Minister, unveiled the policy on the eve of Women’s Day, coinciding with the golden jubilee year of the Women’s Economic Development Corporation.

Key Highlights :

• Policy Coverage: The new policy encompasses various facets of women’s empowerment, including health, nutrition, education, skills development, women’s safety, prevention of violence against women, gender equality, and economic and social empowerment.
• Pioneering Initiative: Maharashtra takes the lead as the first state in India to introduce a comprehensive women’s policy, demonstrating its commitment to advancing women’s rights and well-being.
• Previous Policies: The state has previously announced three women’s policies, all aimed at advancing women’s development across various sectors.
• Honouring Successful Women: At the event, women who have achieved success through self-help groups were honored.
• These women represent diverse fields such as seaweed production, hydroponic farming, dairy business, and community leadership in tribal areas.
• Notable Honorees: Some of the notable honorees include Varsha Gorivale from Ratnagiri for seaweed production, Lata Jadhav for hydroponic farming, Mamta Brahmankar from Gondia for her dairy business, Kalpana Limji Mangam from Yavatmal for her work in tribal areas, and Kaishalya Wadvi from Nandurbar and Varsha Sangle from Chhatrapati of Sambhajinagar for their roles as village Sarpanchs.

About Maharashtra :

• Governor: Ramesh Bais
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

CURRENT AFFAIRS: BUSINESS NEWS

India to transition to middle-income economy by FY36; hit $15 trillion mark by FY47

• The Indian economy will transit to an upper middle-income country by FY36, reaching the $15 trillion mark by FY47, India Ratings and Research (Ind-Ra).
• The rating agency noted that if the economy maintains a real GDP growth of 6.25%, it could become an upper-middle-income country by FY36, with per capita income reaching $9,218 by FY47.
• Until 2006, the World Bank classified India as a low-income country. In 2007, India moved to the lower-middle income country and since then has remained there.
• India’s per capita GDP stood at A country with per capita income in the range of $4,466 to $13,845 is categorised as upper-middle income economy.
• According to the rating agency, the size of the Indian economy is likely to reach $15 trillion by 2047, which is around half of the government’s projections. Finance Minister Nirmala Sitharaman recently said that achieving a $30 trillion economy by 2047 is a “conservative” estimate.

Coal Sector Aims to Ramp up Renewable Energy Capacity to Over 9 GW by 2030

• The coal sector aims to ramp up renewable energy capacity to over 9 GW by the year 2030, signalling a profound commitment to sustainability and environmental stewardship.
• In alignment with the Prime Minister’s ‘Panchamrit’ announcement during COP-26 and to progress towards the goal of net zero carbon emissions by 2070, Ministry of Coal has taken significant steps for promoting renewables initiatives towards reducing carbon footprints.
• With a keen focus on enhancing renewable energy capacity, the Ministry has set ambitious net-zero electricity consumption plan for Coal/Lignite PSUs.
• Recognizing the pivotal role of renewables in mitigating environmental impact, the Ministry is actively promoting the deployment of both rooftop solar and ground-mounted solar projects across mining facilities.

Key Highlights

• Furthermore, innovative plans are underway to develop solar parks within the reclaimed mining areas as well as other suitable lands, leveraging underutilized land resources for sustainable energy generation.
• This strategic initiative is aligned with the government’s updated NDC target to achieve 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
• In order to minimize the carbon footprints of mining, the Ministry of Coal has issued directives to coal companies to accelerate the adoption of solar energy solutions.
• This includes the installation of rooftop solar panels on all government buildings and the establishment of solar projects in de-coaled areas and other suitable lands, effectively harnessing solar potential in previously utilized spaces.
• Presently, the combined solar capacity installed by leading coal companies, including Coal India Limited (CIL), NLC India Limited (NLCIL), and SCCL, stands at approximately 1700 MW, supplemented by an additional 51 MW from wind mills.

CURRENT AFFAIRS: AWARDS AND HONOURS

Oscars 2024: The complete list of winners at the 96th Academy Awards

• The 96th Academy Awards ceremony, which was presented by the Academy of Motion Picture Arts and Sciences, took place on March 10, 2024, at the Dolby Theatre in Hollywood, Los Angeles.
• During the gala, the AMPAS presented Academy Awards in 23 categories honoring films released in 2023.
• The following is a complete list of Oscar winners at the 96th Academy Awards

Best picture
Oppenheimer

Best actor in a leading role
Cillian Murphy, Oppenheimer

Best actress in a leading role
Emma Stone, Poor Things

Best director
Christopher Nolan, Oppenheimer

Best supporting actor
Robert Downey Jr, Oppenheimer

Best supporting actress
Da’Vine Joy Randolph, The Holdovers

Best adapted screenplay
American Fiction

Best original screenplay
Anatomy of a Fall

Best animated featured film
The Boy and the Heron

Best animated short
War is Over! Inspired by the Music of John & Yoko

Best international feature
The Zone of Interest, United Kingdom

Best documentary feature
20 Days in Mariupol

Best documentary short
The Last Repair Shop

Best original score
Oppenheimer

Best original song
What Was I Made For?, Barbie

Best sound
The Zone of Interest

Best production design
Poor Things

Best live action short
The Wonderful Story of Henry Sugar

Best cinematography
Oppenheimer

Best makeup and hairstyling
Poor Things

Best costume design
Poor Things

Best visual effects
Godzilla Minus One

Best film editing
Oppenheimer

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ashwani Kumar was Unanimously Elected as the New President of the Federation of Indian Export Organisations        

• Ashwani Kumar, Partner at Victor Forgings, Jalandhar, has been unanimously elected as the new President of the Federation of Indian Export Organisations (FIEO).
• He has replaced A Sakthivel.

About Mr Ashwani Kumar :

• Mr Ashwani Kumar is a well known and popular business entrepreneur and exporter from Jalandhar (Punjab), representing the engineering sector of exports.
• Previous Positions: Prior to his election as President, Mr. Kumar held several key positions in various renowned organizations across the country. These include:
• Chairman (Northern Region) and Member of the Managing Committee of FIEO
• Member of the Governing Body of NIT, Jalandhar
• Convenor of Hand Tools Panel (Pan India) and Deputy Regional Chairman (Northern Region), EEPC India
• In addition to his role in FIEO, Mr. Kumar has actively participated in various forums and associations in Jalandhar, including its Focal Point Industries Association, Effluent Treatment Society, Management Association, Badminton Association, Integrated Association of SMEs, and Doaba Airport Association.
• He also serves as a Trustee of K L Saigal Memorial Trust.

About FIEO :

• Established : 1965
• Headquarters : New Delhi, Delhi
• Director General & CEO : Dr. Ajay Sahai
• Federation of Indian Export Organisations (FIEO) is the apex trade promotion organisation in India set up by the Ministry of Commerce, Government of India, and the private trade and industry segment in 1965.
• The organisation is responsible for representing and assisting Indian entrepreneurs and exporters in foreign markets.

Shri AS Rajeev appointed as Vigilance Commissioner in the Central Vigilance Commissioner 

• Shri AS Rajeev has been appointed as Vigilance Commissioner in the Central Vigilance Commission (CVC) by the Hon’ble President of India through a warrant dated 9th February 2024, under the power vested under Section 4 (1) of the Central Vigilance Commission Act, 2003.
• Shri AS Rajeev took the oath as Vigilance Commissioner on 11th March 2024 before the Central Vigilance Commissioner.

About Shri A S Rajeev :

• Shri A S Rajeev is a career banker with over 38 years of experience in four banks, namely, Syndicate Bank, Indian Bank, Vijaya Bank and Bank of Maharashtra.
• He has also served as Nominee Director in EXIM Bank, New India Assurance Co Ltd and National Payments Corporation of India (NPCI).
• He has also been Vice Chairman of the Indian Banks Association and a Member of Core Group constituted by RBI for the implementation of Indian Accounting Standards.

Note :

• The Central Vigilance Commissioner was authorized by the President of India as per the provision contained in Section 5 (3) of the CVC Act 2003.
• The Central Vigilance Commission Act, 2003, provides for the appointment of a Central Vigilance Commissioner and two Vigilance Commissioners.
• The tenure of the Vigilance Commissioner is 4 years or till the incumbent attains the age of 65 years.

About Central Vigilance Commission :

• Central Vigilance Commission (CVC) is an apex Indian governmental body created in 1964 to address governmental corruption.
• In 2003, the Parliament enacted a law conferring statutory status on the CVC.
• It was set up by the Government of India Resolution on 11 February 1964,on the recommendations of the Committee on Prevention of Corruption, headed by Santhanam, to advise and guide Central Government agencies in the field of vigilance.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Union Minister Jitendra Singh Inaugurates Indian National Space Promotion and Authorisation Centre Technical Centre in Ahmedabad

• Union Minister Jitendra Singh inaugurated the IN-SPACe Technical Centre at the headquarters of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) in the Bopal area of Ahmedabad.
• India’s target is to take the space economy from 2% to 10% by 2030, which will be a five-fold increase, and 15 per cent by 2047 as per the vision document.
• Presently, India’s space economy is valued at USD 8 billion, but projections suggest a manifold increase by 2040.
• The IN-SPACe Technical Centre will focus on the development of rockets, expanding beyond satellite development, which has been the primary focus of ISRO (Indian Space Research Organisation).
• The IN-SPACe Technical Centre offers various facilities, including the Climate Simulation Test Facility (CSTF), Thermal and Vacuum Environment Simulation Facility (TVAC), Vibration Test Facility (VTF), Space Systems Assembly Integration Testing and Checkout Laboratory, RF and Opto-Electronics Laboratory, and Clean Rooms for Assembly, Integration, and Testing (AIT) activities.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Defence Ministry signs ₹200 crore contract for anti-drone systems under iDEX initiative

• The Ministry of Defence has signed a ₹200 crore contract for anti-drone systems for the Indian Army and Indian Air Force (IAF) with Big Bang Boom Solutions Private Limited (BBBS).
• This is the largest contract signed by the MoD under the Innovations for Defence Excellence (iDEX) initiative, according to the company.
• The focus of the iDEX programme is to foster an ecosystem of innovation and technology development in defence.
• It is our constant endeavour to engage with young innovators who can bring technologically advanced solutions for modernising the Indian military.
• This order contracted to Big Bang Boom Solutions is a step in that direction and we are happy to have young companies support the nation’s growth

Key Highlights

• The Ministry of Defence has signed a ₹200 crore contract for anti-drone systems for the Indian Army and Indian Air Force (IAF) with Big Bang Boom Solutions Private Limited (BBBS).
• This is the largest contract signed by the MoD under the Innovations for Defence Excellence (iDEX) initiative, according to the company.
• “BBBS’s Vajra Sentinel System is a state-of-the-art solution designed to detect, track and neutralise drones at extraordinary ranges.
• It utilises passive RF sensor technology to eliminate false alarms, and its sensor and jammer combination meets stringent military standard specifications for durability and reliability.
• It has a number of state-of-the-art tech improvements such as Advanced Electronically Scanned Array (AESA) radar and kamikaze drones which can be upgraded on demand by the user.

CURRENT AFFAIRS: RANKING AND INDEX

Adani Electricity Mumbai tops discoms rating chart, Torrent Power Surat 2^nd

• Adani Electricity Mumbai has topped the chart in the performance ranking of power distribution companies for 2022-23.
• Torrent Power Surat and Torrent Power Ahmedabad were at second and third spots in the 12th edition of Integrated Rating of Discoms released by Union Minister for Power and New & Renewable Energy R K Singh.
• As many as 14 out of 55 distribution companies received the highest A+ rating.
• Utilities of Gujarat, Haryana, Karnataka, Madhya Pradesh and Andhra Pradesh were in the A+ / A category, a power ministry release stated.
• In all, out of the 55 utilities that have been rated, 14 have received a performance rating of A+, 4 have received A, 7 have received B, 13 have received B-, 11 have received C and 6 have received the rating of C-. No utility has received the lowest rating of D
• In addition, two private utilities, TPNODL (Odisha) and DNHDDPDCL (Dadar, Nagar & Haveli, Daman & Diu) too have received A+ rating; however, they have not been included in the main ranking list since they have not completed three full years of operations.
• Gujarat’s state power utilities Dakshin Gujarat Vij Company Ltd (DGVCL) and Uttar Gujarat Vij Company Ltd (UGVCL) at fourth and fifth positions respectively.

CURRENT AFFAIRS: IMPORTANT DAYS

National No Smoking Day: 13th March

• National No Smoking Day 2024 is observed on 13th March 2024 (the Second Wednesday of March)
• The National No Smoking Day 2024 theme is, “Protecting children from tobacco industry interference”.

National No Smoking Day History

• The first National No Smoking Day was in 1984, and it now takes place on the second Wednesday of March to encourage people all over the world to quit smoking.
• According to the researchers, this effort has proven very effective, and was observed that at least one in ten people gave up smoking on National No Smoking Day.

Daily CA One- Liner: March 13

• Prime Minister, Shri Narendra Modi dedicated to the nation and laid the foundation stone of various developmental projects worth over Rs 1,06,000 crores at Dedicated Freight Corridor’s Operation Control Centre in Ahmedabad, Gujarat.
• The government has abolished wireless operating licence and launched a regulatory sandbox for quick and online approval of product testing, Union Communications and IT Minister Ashwini Vaishnaw
• The government announced the long-pending implementation of the Citizenship Amendment Act (CAA), approved by Parliament in 2019, notifying the rules under which the legislation will operate.
• The Indian economy will transition to an upper middle-income country by FY36, reaching $15 trillion mark by FY47, India Ratings and Research (Ind-Ra)
• The coal sector aims to ramp up renewable energy capacity to over 9 GW by the year 2030, signalling a profound commitment to sustainability and environmental stewardship.
• The 96th Academy Awards ceremony, which was presented by the Academy of Motion Picture Arts and Sciences, took place on March 10, 2024, at the Dolby Theatre in Hollywood, Los Angeles.
• The Ministry of Defence has signed a ₹200 crore contract for anti-drone systems for the Indian Army and Indian Air Force (IAF) with Big Bang Boom Solutions Private Limited (BBBS).
• Adani Electricity Mumbai has topped the chart in the performance ranking of power distribution companies for 2022-23
• Development bank, Small Industries Development Bank of India (SIDBI) has received $24.5 million from Green Climate Fund (GCF) for its maiden first anchored project, Avaana Sustainability Fund (ASF)’ valued at $120 million.
• Tata Sons’ initial public offer (IPO) has been in focus for the past week.
• On the occasion of International Women’s Day (March 08,2024), Bank of Baroda has announced attractive offers and benefits for its women account holders on the opening of either a bob Mahila Shakti Savings Account or a bob Women Power Current Account – accounts designed specifically for women.
• Market regulator Securities and Exchange Board of India (SEBI) barred JM Financial, a registered merchant banker, from acting as a lead manager for any new public issue of debt securities.
• The World Bank’s Board of Executive Directors has approved the Assam Resilient Rural Bridges Program, aimed at enhancing connectivity for over 1.8 million people residing in rural areas of Assam, India, particularly during extreme weather conditions.
• Sweden has officially become the 32nd member of NATO after it completed the accession process in Washington.
• In line with the visible shift in the migration pattern from Kerala of late, women from the southern State hold the highest number of passports issued in the country till 2023, followed by Maharashtra, Tamil Nadu, Punjab, and Gujarat.
• The state of Maharashtra has introduced its 4th women’s policy, aimed at fostering the holistic development of women.
• Ashwani Kumar, Partner at Victor Forgings, Jalandhar, has been unanimously elected as the new President of the Federation of Indian Export Organisations (FIEO).
• Shri AS Rajeev has been appointed as Vigilance Commissioner in the Central Vigilance Commission (CVC) by the Hon’ble President of India through a warrant dated 9th February 2024, under the power vested under Section 4 (1) of the Central Vigilance Commission Act, 2003.
• Union Minister Jitendra Singh inaugurated the IN-SPACe Technical Centre at the headquarters of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) in the Bopal area of Ahmedabad.
• National No Smoking Day 2024 is observed on 13th March 2024 (the Second Wednesday of March)