Daily Current Affairs March 17 & 18 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

SEBI Grants Approval for Beta Version Launch of T+0 Settlement from March 28

• The Capital markets regulator Securities and Exchange Board of India (SEBI) has approved the launch of the beta version of the T+0 settlement on an optional basis from March 28, 2024.
• On March 15,2024 after a meeting with its Board, SEBI announced the new and optional settlement cycle.

Definition of T+0 Settlement :

• T+0 settlement means that the funds and securities for a transaction will be settled on the day the trade was entered into.

Key Highlights :

• Beta Version Details : The beta version of the T+0 settlement will be launched for a limited set of 25 scrips and a limited set of brokers.
• SEBI will continue stakeholder consultation, including with users of the beta version.
• Review Process : SEBI’s Board will review the progress of the T+0 settlement beta version at the end of 3 months and 6 months from the implementation date and decide on further actions.
• Previous Settlement Cycle : Securities markets previously operated on a T+1 settlement cycle, which was introduced in phases starting in 2021 and completed in January 2023.
• Objective of Shorter Settlement Cycles: Shorter settlement cycles, such as T+0 or T+1, aim to increase liquidity in the market and reduce risk.
• Relaxations for Foreign Portfolio Investors (FPIs):SEBI also approved various relaxations for FPIs to improve ease of doing business.
• Notably, FPIs holding not more than 50% of their India equity assets under management (AUM) in the corporate group, excluding holding in the parent company with no identified promoter, are eligible for certain relaxations.
• The composite holdings of all such FPIs (that hold in excess of the 50% concentration criteria and are not exempted) in the company with no identified promoter, is less than 3% of its total equity share capital.

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.

India’s Forex Reserves Grow by $10.47 Billion, Reaching $636.095 Billion

• According to the Reserve Bank of India (RBI), India’s foreign exchange reserves surged by $10.47 billion to reach $636.095 billion for the week ended March 8,2024.
• In the preceding reporting week, the overall reserves had grown by $6.55 billion to $625.626 billion.

Key Highlights :

• Historical High: India’s forex reserves had reached an all-time high of $645 billion in October 2021.
• However, they experienced a decrease as the central bank utilised the reserves to stabilise the rupee amidst global pressures.
• Components of Reserves:Foreign currency assets, a significant component of the reserves, increased by $8.121 billion to $562.352 billion.
• Gold reserves also witnessed an increase of $2.299 billion to $50.716 billion.
• Special Drawing Rights (SDRs) rose by $31 million to $18.211 billion.
• India’s reserve position with the International Monetary Fund (IMF) increased by $19 million to $4.817 billion.
• Composition of Foreign Currency Assets: Foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

What are Foreign exchange reserves?

• Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets.
• It is generally held in reserve currencies, usually the US Dollar and to a lesser degree the Euro, Japanese Yen, and Pound Sterling.

Reserve Bank of India Purchases 8.7 Tonnes of Gold in January 2024, Marking Highest Acquisition in Nearly 2 Years

• The Reserve Bank of India (RBI) bought 8.7 tonnes of gold in January 2024, making it the largest purchase by the central bank since July 2022.
• According to the World Gold Council data, the RBI’s gold holding has climbed to 812.3 tonne in January, from 803.58 tonne in December 2023.
• Purpose of Gold Purchase: The central bank is diversifying its forex reserves and hedging against foreign currency risks by adding gold to its reserves.

Key Highlights :

• History of RBI’s Gold Purchases: RBI began buying gold in 2018 to bolster its reserves.
• Notably, during the global financial crisis in 2009, it purchased 200 tonnes of gold.
• Gold Purchase in Current Financial Year: In the first 10 months of the current financial year, the RBI has added nearly 17.7 tonnes of gold to its reserves.
• International Gold Purchases : Turkey, China and Kazakhstan also bought a significant volume of yellow metal in January.
• Turkey bought 11.8 tonnes of gold, China purchased 10 tonnes and Kazakhstan bought 6.2 tonnes.
• Reason for Central Banks’ Gold Purchases: Central banks worldwide have been aggressively adding gold to their forex reserves over the past 5 years to hedge against foreign currency risks.
• Government Notification: The government issued a notification allowing the RBI to import gold without paying levies, which typically include a 15% import duty, including a 5% agriculture infrastructure development cess.

About World Gold Council (WGC) :

• Established : 1987
• Headquarters : London, United Kingdom
• The World Gold Council is the market development organisation for the gold industry.
• It works across all parts of the industry, from gold mining to investment, to stimulate and sustain demand for gold.
• It was established to promote the use of and demand for gold through marketing, research, and lobbying.
• WGC was the creator of the first gold exchange-traded fund.

Recent News :

• In March 2024, The Indian government announced that gold imported by the Reserve Bank of India (RBI) will be exempted from import duty and Agriculture Infrastructure Development Cess (AIDC).

About RBI :

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

Government of India and Asian Development Bank Ink $181 Million Loan Deal to Enhance Livability and Mobility in Ahmedabad

• The Government of India (GoI) and the Asian Development Bank (ADB) signed a $181 million loan to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad city in
• The signatories to the loan agreement for the Ahmedabad Peri-urban Livability Improvement Project were Ms.Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance for the Government of India, and Shri Rajesh Vasudevan, Officer-in-Charge of ADB’s India Resident Mission, for ADB.
• Aim : To make peri-urban areas of Ahmedabad livable, environmentally sustainable, and efficient with robust physical and social infrastructure, a vibrant economy, and a distinct identity as a preferred investment destination.

Key Highlights :

• Infrastructure Development: The project involves the construction of various infrastructure components, including:
• 166 km of water distribution network
• 126 km of climate-resilient stormwater drainage
• 300 km of sewerage systems
• 4 sewage treatment plants
• Improvement of 10 junctions along Sardar Patel Ring Road.
• Beneficiaries: The project aims to benefit the urban poor, women, and migrant workers by providing improved urban services and governance.
• Capacity Building: Additionally, the project will focus on building the capacity of government agencies in financial planning, revenue enhancement, and infrastructure asset operations.

Recent News :

• In March 2024, The Government of India (GoI) and the Asian Development Bank (ADB) signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).

About Ministry of Finance :

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

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Arya.ag and Shivalik Bank Collaborate to Provide Rs 200 Crore in Commodity Financing for Farmers

• Grain commerce platform ag has partnered with Shivalik Small Finance Bank to assist farmers, agro-processors, and micro-enterprises financially.
• Through this partnership, Arya.ag acts as a business correspondent for the bank to facilitate over ₹200 crore in warehouse receipt financing in the current financial year.
• The initiative will help expand the bank’s reach, bringing essential funding to the agricultural ecosystem across India.
• Managing Director and CEO of Shivalik Small Finance Bank : Anshul Swami,
• Co-founder of Arya.ag : Anand Chandra

Numerous Asset Reconstruction Companies Close to Meeting Reserve Bank of India’s Revised Net Owned Fund Requirement

• Most of the asset reconstruction companies (ARCs), barring two or three, will be able to meet the minimum net owned fund (NOF) norm of ₹200 crore by the March-end 2024 deadline.

Key Highlights :

• Many ARCs are within striking distance of the minimum NOF target of ₹200 crore, having reached ₹175-180 crore by December-end 2023 due to improvement in recovery rate from security receipts (SRs).
• Currently, there are 27 ARCs in India.
• For ARCs that existed as of October 11, 2022 (when the minimum NOF prescription was ₹100 crore), a glide path has been prescribed for achieving the minimum NOF target of ₹200 crore by March-end 2024 and ₹300 crore by March-end 2026.
• NOF consists of paid-up equity capital, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of assets but not reserves created by revaluation of assets.
• Out of the 29 ARCs that existed when RBI revised upwards the minimum NOF norm in October 2022, 2 ARCs – Lone Star India Asset Reconstruction Private Limited and Arcion Revitalisation Pvt Ltd have surrendered their licences.
• According to a 2021 RBI report on ARCs, preference given to ARCs by banks is largely on account of three fundamental needs that ARCs are able to fulfil.
• First, ARCs allow banks/ FIs to focus on their core function of lending by removing the sticky stressed assets from their books and thereby freeing up their capital and management for productive use.
• Second, where lenders invest in security receipts (SRs), ARCs make recovery for lenders by acting as the manager of the stressed assets.
• Third, ARCs can help the borrowers in reviving their businesses.
• ARCs’ assets under management are expected to increase to ₹1.50-lakh crore by March-end 2024 from ₹1.38-lakh crore as on March-end 2023, per a joint Assocham-Crisil report.

What is meant by Asset Reconstruction Company?

• An Asset Reconstruction Company is a specialised financial institution that buys NPAs or bad assets from banks and financial institutions so that the latter can clean up their balance sheets.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister of India lays foundation stone for 2,880 MW Dibang Multipurpose Hydroelectric Project of Arunachal Pradesh

• The Prime Minister of India Shri Narendra Modi laid the foundation stone of the 2,880 MW Dibang Multipurpose Hydropower Project of NHPC Limited in Lower Dibang Valley district of Arunachal Pradesh, at a Viksit Bharat Viksit North East Program in Itanagar, Arunachal Pradesh.
• To be built at a cost of more than Rs. 31,875 crores, the Dibang project will be the highest dam structure in the country.
• It will generate electricity, help in flood moderation and lead to employment opportunities and socioeconomic development in the region.
• The 2,880 MW Dibang Multipurpose project would come up near Munli village in Lower Dibang Valley District, Arunachal Pradesh.
• The project will have a 278-metre-high dam, which would be the highest Concrete-Gravity Dam in India.
• The Dam is planned to be constructed with Roller Compacted Concrete (RCC) technique and it will be the highest RCC Dam in the World.
• The Dibang Dam aims to place a peak of more than 5 lakh cubic metres of concrete in one month, which will be the first in the world.
• The Dibang Project will provide 12% free power and an additional 1% free power for the Local Area Development Fund for the development of the state of Arunachal Pradesh.

Union Health Ministry Launches Action Plan To Reduce Snakebite Deaths By Half By 2030

• Apurva Chandra, Union Health Secretary, launched a National Action Plan for Prevention and Control of Snakebite Envenoming (NAP-SE) in India in Delhi.
• The action plan seeks to reduce snakebite deaths by half by 2030.
• NAPSE provides a broad framework for states to develop their own action plan for the management, prevention and control of snakebites through the ‘One Health’ approach.
• The activities envisaged under human, wildlife, tribal and animal health components will be undertaken by concerned stakeholders at all levels.
• A Snakebite Helpline No. 15400, a vital resource that provides immediate assistance, guidance, and support to individuals and communities affected by snakebite incidents, will be piloted in five states (Puducherry, Madhya Pradesh, Assam, Andhra Pradesh and Delhi).
• This initiative aims to ensure prompt access to medical care and information to the general public.

Key Highlights

• A National Rabies Control Program website was also launched on the occasion.
• It is a comprehensive online platform dedicated to providing resources, updates, and insights on rabies.
• The National One Health Programme for Prevention and Control of Zoonoses was also onboarded on the Integrated Health Initiative Platform. This initiative will help strengthen the surveillance of zoonotic diseases in the country.
• As per the Central Bureau of Health Investigation (CBHI) reports (2016-2020), the average annual frequency of snakebite cases in India is around 3 lakhs and about 2000 deaths occur due to snakebite envenoming.
• In India, around 90% of snakebites are caused by the ‘big four’ among the crawlers – common krait, Indian cobra, Russell’s viper and saw-scaled viper.

India will host ITU’s prestigious World Telecom Standardization Assembly Delhi 2024 (WTSA 2024) from 15th – 24th October 2024.

• India will be hosting the World Telecommunication Standardization Assembly (WTSA 2024) from 15-24 October 2024, preceded by the Global Standards Symposium (GSS 2024) on 14 October 2024
• The eighth edition of the IMC, co-hosted by the Department of Telecommunications (DoT) and COAI, will be held from October 15 to 24.
• It will be held concurrently with the World Telecommunication Standardisation Assembly (WTSA 2024), preceded by the Global Standards Symposium (GSS 2024) on October 14, 2024, in New Delhi.
• The International Telecommunication Union (ITU), a specialised United Nations agency for information and communication technologies of which India is a part, conducts the WTSA every four years to plan its standardization programme.
• Ashwini Vaishnaw also released new guidelines for Spectrum Regulatory Sandbox and Wireless Test Zones
• Introduced by the DoT, the guidelines will enable the development of technology for using and improving the efficiency of greenfield spectrum bands.
• Now, the applicants can apply through Saral Sanchar Portal at a nominal charge of Rs 1,000 per spectrum per annum.
• The government has also abolished the requirement for a Wireless Operating License (WoL) for establishing, maintaining, or working on telecommunication, including radio equipment.
• An MoU was also signed between the Department of Telecommunications and Ericsson in the presence of the Minister for offering accredited courses on 5G for students of DoT’s 100 5G use case labs.
• The project aims to strengthen capacity building and skill development in the 100 5G use case labs, enabling institutes to mentor students and faculties in creating innovative 5G products and use cases.

CURRENT AFFAIRS : STATE NEWS

Rajasthan Government Initiates Free Seed Kits Program to Enhance Millets Production

• The Rajasthan government has taken the initiative to distribute free seeds of millets and coarse grains to farmers to enhance millet production in the state.
• The government plans to provide free mini kits of various seeds to farmers, including maize, pearl millet (bajra), mustard, moong, sorghum (jowar), and moth seeds.
• The distribution of free seed kits is set to begin in the next financial year.

Key Highlights :

• Targeted Farmers: The distribution is aimed at benefiting approximately 1.2 million farmers with maize seeds, 800,000 farmers with pearl millet (bajra) seeds, 700,000 farmers with mustard seeds, 400,000 farmers with moong seeds, and 100,000 farmers with sorghum (jowar) and moth seeds.
• Rajasthan’s Contribution to Millet Production: Rajasthan holds a significant share, accounting for 26% of the total millet production in the country.
• It is noted for its production of pearl millet and sorghum, with the state contributing 41% to the country’s bajra production.
• Rajasthan Millet Promotion Mission: The government initiated the Rajasthan Millet Promotion Mission in the fiscal year 2022-23.
• A provision of Rs 40 crore was made to establish 100 primary processing units by farmers, entrepreneurs, and voluntary organizations.
• PM Kisan Samman Nidhi: The PM Kisan Samman Nidhi has been increased from Rs 6,000 to Rs 8,000 per year per farmer, providing additional financial support to farmers.
• Minimum Support Price (MSP) for Wheat: The minimum support price for wheat has been increased to Rs 2,400 per quintal, accompanied by an additional bonus of Rs 125 per quintal.

About Rajasthan :

• Governor : Kalraj Mishra
• Chief Minister : Bhajan Lal Sharma
• Capital : Jaipur
• National Park : Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Accenture Launches Accenture LearnVantage to Help Clients and Their People Gain Essential Skills and Achieve Greater Businezss Value in the AI Economy

• Accenture has launched Accenture LearnVantage, a technology learning and training services for its clients.
• The company will invest $1 billion in Accenture LearnVantage over three years and has agreed to acquire educational platform Udacity.
• Accenture LearnVantage will help clients re-skill and upskill in the areas of technology, data and AI to fill .gaps created by advances in technologies.
• Udacity provides localised course offerings in multiple languages, including English, Arabic, Korean and Spanish.
• Udacity’s more than 230 professionals will join the Accenture LearnVantage business.
• Julie Sweet, chair and CEO, Accenture.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Rashmi Govil Appointed as Indian Oil Corporation’s Director of Human Resources

• Rashmi Govil has taken charge as Director (Human Resources) at Indian Oil Corporation Limited (IndianOil).
• With this elevation, IndianOil now has 2 women functional directors on its Board.
• Sukla Mistry, Director (Refineries), is another director on the board that has a total of 7 functional directors.

About Rashmi Govil :

• She joined IndianOil in 1994 and brings with her nearly three decades of rich experience in various facets of the human resources function.
• She has pioneered the unique innovation cell ‘Srijan’, steered the roll-out of enterprise-wide SAP solutions in HR, and has led multiple landmark settlements with the collectives, including long-term wage settlements with the unions of IndianOil.
• She has also worked at Indian Oil’s refineries headquarters, as well as handled the challenging environment at the unit at Mathura Refinery.
• Prior to her appointment as Director (HR), she was serving as Executive Director (HRD & Employee Relations) at the company’s corporate office.

About Indian Oil Corporation Limited :

• Founded : 30 June 1959
• Headquarters : New Delhi, Delhi
• Chairman ; Shrikant Madhav Vaidya
• IOCL is an Indian oil and gas company under the ownership of the Ministry of Petroleum and Natural Gas, Government of India (GoI).

B Sairam Assumes Role as the New Chairman and Managing Director of Northern Coalfields Limited

• B Sairam has been appointed as the new Chairman and Managing Director (CMD) of Northern Coalfields Limited (NCL), the flagship subsidiary of Coal India Limited based in Singrauli.

About B Sairam :

• With over 33 years of dedicated service in the coal sector, Sairam brings a wealth of knowledge and experience to his new role.
• He has worked across various areas within the coal industry, including mine operations, planning, logistics, and regulatory affairs.
• He underwent a 15-day immersion program at Nanyang Business School, Singapore, to understand global energy dynamics.
• Before his appointment as CMD of NCL, Sairam served as Director (Technical) at Central Coalfields Limited in Ranchi.

About Northern Coalfields Limited (NCL) :

• Northern Coalfields Limited operates 10 highly mechanized mines in the Singrauli and Sonebhadra Districts of Madhya Pradesh (MP) and Uttar Pradesh (UP), respectively.
• The company is targeting over 135 million tonnes of coal production and dispatch in the fiscal year 2023-24.

Senior bureaucrat Rahul Singh appointed as the new Central Board of Secondary Education Chief

• A 1996-batch Indian Administrative Service (IAS) officer of the Bihar cadre, Rahul Singh has been appointed chairperson of the Central Board of Secondary Education (CBSE), as part of a senior-level bureaucratic reshuffle effected by the Centre.
• He will succeed Nidhi Chhibber, who has been named Advisor in the Niti Aayog.
• Currently, Rahul Singh is the Additional Secretary, Department of Personnel and Training (DoPT).

Other Appointments :

• Nidhi Chhibber will be advisor, NITI Aayog in the rank and pay of Additional Secretary by temporarily upgrading the post and extending her central deputation tenure by one year beyond March 24, 2024
• P. Das Joshi, a 1994-batch IAS officer of the Assam-Meghalaya cadre, will replace Rahul Singh as the Additional Secretary in the DoPT.
• Rajeev Kumar Mital, who was serving as Additional Secretary and Financial Advisor in the Department of Atomic Energy, has been appointed as the Director General of the National Mission for Clean Ganga under the Ministry of Jal Shakti.
• Gyanesh Bharti will assume the role of Additional Secretary in the Ministry of Women and Child Development.
• Deepak Narain has been appointed as the Additional Secretary and Financial Advisor in the Ministry of Information and Broadcasting.

About CBSE :

• Established : 2 July 1929
• Headquarters : New Delhi, Delhi, India
• The CBSE is a national level board of education in India for public and private schools, controlled and managed by the Government of India (GoI).

Double Paralympics Gold Medalist Devendra Jhajharia Elected Unopposed as President of  Paralympic Committee of India

• Two-time Paralympics gold medallist Devendra Jhajharia was elected unopposed as the Paralympic Committee of India (PCI) president, succeeding another celebrated para-athlete Deepa Malik whose term ended on 31st January 2024.
• Jayawant Hammanawar, an international coach and referee from Goa, was elected unopposed as the secretary general.
• Chandrashekhar and Satya Prakash Sangwan will be the two vice-presidents.

About Devendra Jhajharia :

• The 42-year-old javelin thrower, who had won a gold medal each in the 2004 Athens (Greece) and 2016 Rio de Janeiro (Brazil) Paralympics in the F46 disability category, was the only candidate in the fray for the top post.
• He hails from Rajasthan, also won a silver medal in the Tokyo Paralympics in 2021.
• He clinched a world championships gold in 2013 and a silver in 2015 (both F46 category) as well as a silver in the Asian Para Games in 2014.

Awards & Honors :

• He was awarded the Khel Ratna in 2017 and was earlier conferred with the Arjuna Award (2004) and Padma Shri (2012).
• He is the lone Padma Bhushan award winner (2022) among the para athletes, besides being the only Indian double Paralympics gold medallist.

CURRENT AFFAIRS: MOUS AND AGREEMENT

MoD signs contract worth over Rs. 2,890 cr with HAL for Mid Life Upgrade of 25 Dornier Aircraft of Indian Navy

• The Ministry of Defence signed a contract with Hindustan Aeronautics Limited (HAL) for Mid Life Upgrade (MLU) of 25 Dornier Aircraft along with associated equipment for the Indian Navy at a cost of Rs.2,890 cr.
• The MLU for Dornier Aircraft includes an upgrade to incorporate state-of-the art Avionics Systems and Primary Role sensors.
• The upgrade would significantly enhance the operational capability of the Dornier aircraft of the Indian Navy to perform Primary Roles of Maritime Surveillance, Coastal Surveillance, Electronic Intelligence and the development of Maritime Domain Awareness.
• In addition, this upgrade will also enable Indian Navy Dorniers to carry out Secondary Roles of Search and Rescue, Medical/Casualty Evacuation and Communication Link.
• Mid Life Upgrade (MLU) of 25 Dornier Aircraft is likely to generate an employment of 1.8 Lakh Man- days during its execution span of 6.5 years.
• The indigenous upgrade entails the supply of major systems and equipments from indigenous sources thus significantly contributing towards “Atmanirbharta” in Defence, in consonance with Make-in-India initiative of Government of India.

Multi Commodity Exchange (MCX) and Jakarta Futures Exchange (JFX) ink an MoU for knowledge sharing and regional development

• Multi Commodity Exchange and the Jakarta Futures Exchange, the largest commodity exchange in Indonesia, have entered into a memorandum of understanding to enhance collaboration in key areas, including knowledge sharing, research, education, training, awareness creation, and other market development initiatives

About MCX

• Multi Commodity Exchange of India Ltd is a commodity exchange based in India.
• It was established in 2003 by the Government of India and is currently based in Mumbai.
• CEO: P.S. Reddy.
• Multi Commodity Exchange of India Limited (MCX) is India’s first listed, national-level, electronic exchange.

Reliance signs partnership with Sri Lanka-based beverage maker Elephant House

• Reliance Industries Ltd’s Reliance Consumer Products has partnered with Sri Lanka’s Elephant House to make and sell beverages under the Elephant House brand in India.
• This will add to the portfolio of beverage brands under Reliance Consumer including Campa Cola, Sosyo and Raskik.
• Elephant House is owned by Ceylon Cold Stores PLC, a subsidiary of John Keells Holdings, Sri Lanka’s largest listed conglomerate.
• Under the Elephant House brand, it manufactures and sells a wide range of beverages including Necto, Cream Soda, EGB (Ginger Beer), Orange Barley and Lemonade.

CURRENT AFFAIRS: SPORTS NEWS

Indian Athlete Gulveer Singh Shatters a 16-Year-Old National Record By Over 20 Seconds In The Ten Event At San Juan Capistrano In California

• Indian Athlete Gulveer Singh shattered a 16-year-old national record by over 20 seconds by clocking 27.41.81 in The Ten event at San Juan Capistrano in California.
• The 25-year-old finished second in the men’s 10000m race.
• However, the Asian Games Bronze medallist failed to qualify for the Paris Olympic Games as he missed the qualification time of 27:00.00 by over 41 seconds.

Six-Time Miami Open Champion Novak Djokovic Confirms Withdrawal From Miami Open Citing Scheduling Issues

• Six-time Miami Open champion Novak Djokovic confirmed to pull out of the upcoming Tennis Tournament.
• The top-ranked 36-year-old Serbian star apologised to his Miami fans on a social media platform, citing the balance between his “private and professional schedule at this stage of his career.
• The main draw of the Miami Open is set to begin and the final will be played on the 30th of March.
• In a stunning turn of events, Djokovic, the top-ranked player and a 24-time Grand Slam champion, faced an unexpected defeat at the BNP Paribas Open in Indian Wells.
• The shock came at the hands of Luca Nardi, a 20-year-old Italian ranked No. 123, who managed to secure a victory with scores of 6-4, 3-6, 6-3 in the third round.
• This match wasn’t just any upset; it was a seismic shift, as Nardi, a “lucky loser” only entered the main draw due to another player’s withdrawal.

CURRENT AFFAIRS : OBITUARIES

Ex-Navy Chief Admiral Who Fought for Peoples’ Rights, Laxminarayan Ramdas passed away

• Former Navy Chief Admiral (retired) Laxminarayan Ramdas passed away at the age of 90.

About Laxminarayan Ramdas :

• Ramdas was born on September 5, 1933 in Matunga, Mumbai.
• He joined the Joint Services Wing of the Armed Forces Academy in Clement Town, Dehradun in 1949.
• He was commissioned as an officer of the Indian Navy in September 1953.
• He served as the 13th Chief of Naval Staff (CNS) between December 1990 and September 1993
• He served as Aam Aadmi Party’s internal lokpal.
• He commanded INS Beas, which had played a pivotal role during the 1971 India-Pakistan war.
• He served as the Indian Naval Attache in Bonn, West Germany (1973-76) and as Fleet Commander of the Eastern Naval Command.

Awards :

• He established and headed the Naval Academy in Kochi, Kerala, for which he was awarded the Vishisht Seva Medal on 26 January 1971.
• On 26 January 1989, he was awarded the Param Vishisht Seva Medal.
• He was awarded the Ramon Magsaysay Award for Peace in 2004.

CURRENT AFFAIRS: IMPORTANT DAYS

Ordnance Factories Day 2024: March 18

• Ordnance Factories Day 2024 is observed on the 18th March
• The East India Company of England, to increase their economic interest and political hold, considered manufacturing military hardware as a vital element.
• The British authorities in 1775 established a Board of Ordnance in Fort William, Kolkata, which marks the official beginning of the Army Ordnance in India.
• They further set up a gunpowder factory in 1787 at Ishapore, which started production in 1791.
• In 1801, the British established a Gun Carriage Agency at Cossipore, Kolkata and production started on March 18, 1802.
• This heralded the first industrial establishment of Ordnance Factories in India and they continue to operate to date.

Daily CA One- Liner: March 17 & 18

• The Prime Minister of India Shri Narendra Modi laid the foundation stone of the 2,880 MW Dibang Multipurpose Hydropower Project of NHPC Limited in Lower Dibang Valley district of Arunachal Pradesh, at a Viksit Bharat Viksit North East Program in Itanagar, Arunachal Pradesh
• Apurva Chandra, Union Health Secretary, launched a National Action Plan for Prevention and Control of Snakebite Envenoming (NAP-SE) in India in Delhi.
• India will be hosting the World Telecommunication Standardization Assembly (WTSA 2024) from 15-24 October 2024, preceded by the Global Standards Symposium (GSS 2024) on 14 October 2024
• Accenture has launched Accenture LearnVantage, a technology learning and training services for its clients
• The Ministry of Defence signed a contract with Hindustan Aeronautics Limited (HAL) for Mid Life Upgrade (MLU) of 25 Dornier Aircraft along with associated equipment for the Indian Navy at a cost of Rs.2,890 cr.
• Multi Commodity Exchange and the Jakarta Futures Exchange, the largest commodity exchange in Indonesia, have entered into a memorandum of understanding to enhance collaboration in key areas, including knowledge sharing, research, education, training, awareness creation, and other market development initiatives
• Reliance Industries Ltd’s Reliance Consumer Products has partnered with Sri Lanka’s Elephant House to make and sell beverages under the Elephant House brand in India
• Indian Athlete Gulveer Singh shattered a 16-year-old national record by over 20 seconds by clocking 27.41.81 in The Ten event at San Juan Capistrano in California.
• Six-time Miami Open champion Novak Djokovic confirmed to pull out of the upcoming Tennis Tournament
• The Capital Markets regulator Securities and Exchange Board of India (SEBI) has approved the launch of the beta version of the T+0 settlement on an optional basis from March 28, 2024.
• According to the Reserve Bank of India (RBI), India’s foreign exchange reserves surged by $10.47 billion to reach $636.095 billion for the week ended March 8,2024.
• The Reserve Bank of India (RBI) bought 8.7 tonnes of gold in January 2024, making it the largest purchase by the central bank since July 2022.
• The Government of India (GoI) and the Asian Development Bank (ADB) signed a $181 million loan to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad city in
• Grain commerce platform ag has partnered with Shivalik Small Finance Bank to assist farmers, agro-processors, and micro-enterprises financially.
• Most of the asset reconstruction companies (ARCs), barring two or three, will be able to meet the minimum net owned fund (NOF) norm of ₹200 crore by the March-end 2024 deadline.
• The Rajasthan government has taken the initiative to distribute free seeds of millets and coarse grains to farmers to enhance millet production in the state.
• Rashmi Govil has taken charge as Director (Human Resources) at Indian Oil Corporation Limited (IndianOil).
• B Sairam has been appointed as the new Chairman and Managing Director (CMD) of Northern Coalfields Limited (NCL), the flagship subsidiary of Coal India Limited based in Singrauli.
• A 1996-batch Indian Administrative Service (IAS) officer of the Bihar cadre, Rahul Singh has been appointed chairperson of the Central Board of Secondary Education (CBSE), as part of a senior-level bureaucratic reshuffle effected by the Centre.
• Two-time Paralympics gold medallist Devendra Jhajharia was elected unopposed as the Paralympic Committee of India (PCI) president, succeeding another celebrated para-athlete Deepa Malik whose term ended on 31st January 2024.
• Former Navy Chief Admiral (retired) Laxminarayan Ramdas passed away at the age of 90.
• Ordnance Factories Day 2024 is observed on the 18th March