Current Affairs March 15, 2024
National News
Electoral Bonds Scheme: Insights into Political Funding
- Introduced in 2018, the Electoral Bonds scheme allows individuals and entities to donate to political parties anonymously.
- The Election Commission of India (ECI) has recently released data revealing the amounts received by various parties through this scheme, shedding light on the flow of funds in Indian politics.
- According to the data, the Bharatiya Janata Party (BJP) encased electoral bonds worth ₹6,060.5 crore between April 12, 2019, and January 24, 2024, indicating significant financial support.
The Election Commission of India (ECI) is an autonomous constitutional authority responsible for administering election processes in India. Here are some key points about the Election Commission of India:
- Constitutional Body: The Election Commission of India was established in 1950 under Article 324 of the Indian Constitution.
- Composition: The Commission consists of a Chief Election Commissioner (CEC) and two Election Commissioners (ECs). They are appointed by the President of India.
Appointment News
Palestinian Authority Mohammad Mustafa Appointed as New Prime Minister by President Mahmoud Abbas
- President Mahmoud Abbas of the Palestinian Authority (PA) has appointed Mohammad Mustafa as the new Prime Minister.
- Mustafa, a U.S.-educated economist, is a prominent Palestinian business figure known for overseeing Gaza’s reconstruction efforts under Hamas’ rule.
Palestinian Authority
- Government: Semi‑presidential
- President: Mahmoud Abbas
- Founded: 1994
- Jurisdiction: Palestine
Economy News
Fitch Ratings Raises India’s FY25 Growth Forecast to 7%
- Fitch Ratings increases India’s growth forecast for FY25 to 7%, up from the previous estimate of 6.5%.
- The upgrade is driven by robust domestic demand and sustained growth in business and consumer confidence, following a strong 8.4% expansion in Q3FY24.
- Short-term growth is expected to be higher than normal, but Fitch anticipates moderation towards a more sustainable pace in FY25.
- Fitch also predicts a gradual decrease in inflation to 4% by the end of the year, assuming stabilization in food prices.
Fitch rating:
- Parent organizations: Fitch Group, Hearst Corporation, Hearst Communications
- CEO: Paul Taylor (2 Apr 2012–)
- Headquarters: New York, New York, United States
Banking News
Arya.ag and Shivalik Small Finance Bank Partner to Provide Financial Assistance to Farmers
- Arya.ag collaborates with Shivalik Small Finance Bank to offer financial support to farmers, agro-processors, and micro-enterprises.
- The partnership aims to facilitate over ₹200 crores in warehouse receipt financing in the current fiscal year, promoting financial inclusion in the agricultural sector.
- Acting as a business correspondent for Shivalik Small Finance Bank, Arya.ag focuses on empowering traditionally underserved farmers and MSMEs through formal banking services.
Shivalik Small Finance Bank:
- Transition from Urban Co-operative Bank: Shivalik Small Finance Bank made history by becoming the first Small Finance Bank in India to transition from an Urban Co-operative Bank. This transition occurred from Shivalik Mercantile Co-operative Bank (SMCB).
- Founding: Shivalik Mercantile Co-operative Bank was founded in 1998 by Mr. Yashvir Kumar Gupta.
- Leadership: Mr. Suveer Kumar Gupta served as the Managing Director (MD) and Chief Executive Officer (CEO) of Shivalik Mercantile Co-operative Bank during the transition period to Shivalik Small Finance Bank.
Agreement News
India and Singapore Sign MOU on Law and Dispute Resolution
- India and Singapore sign Memorandum of Understanding (MOU) to enhance cooperation in law and dispute resolution.
- The MOU aims to strengthen collaboration in areas such as international commercial dispute resolution.
- Signed by Singapore’s Minister for Culture, Community and Youth, and Second Minister for Law Mr. Edwin Tong SC, and India’s Minister for Law and Justice Mr. Arjun Ram Meghwal, solidifying ties in legal matters between the two countries.
Singapore:
- The capital of the Republic of Singapore is Singapore.
- Prime Minister Lee Hsien Loong
IIT Delhi Collaborates with Israel Aerospace Industries (IAI)
- IIT Delhi announces collaboration with Israel Aerospace Industries (IAI) to advance applied research.
- The partnership underscores IAI’s commitment to corporate social responsibility (CSR) in India, promoting innovation and technological advancement.
- Joint projects, training initiatives, and research consultancy are key components of the collaboration, aiming to shape India’s technological landscape.
- The collaboration aligns with IIT Delhi’s focus on pioneering research and furthering innovation in the country.
Israel country:
- Prime minister: Benjamin Netanyahu Trending
- Capital: Jerusalem
India and ADB Finalize $23 Million Loan Agreement for Fintech Development
- The Union Government of India, in collaboration with the Asian Development Bank (ADB), concludes a $23 million loan agreement to bolster the fintech landscape in the country.
- The agreement focuses on enhancing access to quality fintech education and innovation, particularly within the Gujarat International Finance Tec-City (GIFT-City).
- The Ministry of Finance will lead the establishment of an International Fintech Institute (IFI) under this agreement, aiming to drive fintech advancements and skills development.
Asian development bank:
- Headquarters: Mandaluyong, Philippines
- Founded: 19 December 1966
- President: Masatsugu Asakawa (from 17 January 2020)
MoHI and IIT Roorkee Sign MoU to Advance Automotive and EV Sector
- The Ministry of Heavy Industries (MoHI) and Indian Institute of Technology, Roorkee, ink a Memorandum of Understanding (MoU) to promote innovation in the automotive and electric vehicle (EV) sector.
- MoHI allocates a grant of ₹19.8745 Cr. for research, development, and implementation, further bolstered by ₹4.78 Cr. from industry partners, showcasing significant financial investment in transformative projects.
Ministry executives: Mahendra Nath Pandey, Minister of Heavy Industries; Krishan Pal Gujjar, Minister of State for Heavy Industries
Science and tech News
Dr. Jitendra Singh Unveils Report on Science and Technology for Aatmanirbhar Bharat
- Dr. Jitendra Singh unveils the report “A Decade of Science – Technology Panorama for Aatmanirbhar Bharat” at Vigyan Bhavan on March 14, 2024.
- The report provides an overview of technological advancements made by various Ministries and Departments of the Government of India over the past decade.
- It highlights the exponential growth of India’s startup ecosystem, from a few hundred to over a lakh startup, with the emergence of numerous unicorns across sectors.
Jitendra Singh -He is the Minister of State for the Ministry of Science and Technology and Minister of State
Sports News
Mumbai Clinches Ranji Trophy 2024 Title by Defeating Vidarbha
- Mumbai secures the Ranji Trophy 2024 title by defeating Vidarbha by 169 runs at the Wankhede Stadium.
- This victory marks Mumbai’s 42nd Ranji Trophy title, underlining their dominance in Indian domestic cricket.
- Mumbai breaks an 8-year drought by winning the championship, with their last title victory in the 2015-16 season.
Ranji trophy:
- History: Named after Ranjitsinhji, proposed in 1934, first played in 1934–35.
- Format: Round-robin league followed by knockout rounds. Teams in groups play within their group. Top teams advance to quarter-finals, then semi-finals, and finally a final.
- Significance: Premier domestic first-class cricket championship in India, prestigious for teams and players.
- Notable Players: Platform for many Indian cricket legends including Sunil Gavaskar, Sachin Tendulkar, Rahul Dravid, and Virat Kohli.
Max Verstappen Wins Saudi Arabian Grand Prix, Extends Winning Streak
- Max Verstappen of Red Bull clinches victory at the Saudi Arabian Grand Prix, securing his first-ever back-to-back victories at the start of a Formula One season.
- Verstappen’s win marks Red Bull’s second consecutive one-two finish in the 2024 Formula One season.
- The victory extends Verstappen’s winning streak to nine consecutive races, including last year’s successes, and he also achieves his 100th career podium.
Important days
World Consumer Rights Day 2024: ‘Fair and Responsible AI for Consumers’
- Celebrated annually on March 15, World Consumer Rights Day raises awareness about consumer rights and responsibilities.
- It advocates for protecting consumer rights, ensuring fair business practices, and holding companies accountable.
- The theme for World Consumer Rights Day 2024, chosen by Consumers International, is ‘Fair and responsible AI for consumers,’ highlighting the importance of ethical and transparent use of artificial intelligence in consumer products and services.
Books and author
Shri Parshottam Rupala Releases “Sagar Parikrama” Book and Video
- Union Minister for Fisheries, Animal Husbandry, and Dairying, Shri Parshottam Rupala, releases a book and video titled “Sagar Parikrama” at the Engineering Association in Rajkot, Gujarat.
- The book aims to chronicle the Sagar Parikrama Yatra, covering elements such as the maritime route, cultural and geographical explorations, and notable impacts from all 12 phases of the journey.
