Current Affairs March 5, 2024
National News
The government allows the Export of 64,400 Tonnes of Onions to UAE and Bangladesh
- The Indian government has granted permission to export 64,400 tonnes of onions to the UAE and Bangladesh.
- Out of this total, 50,000 tonnes of onions are permitted to be exported to Bangladesh.
- Additionally, 14,400 tonnes of onions are allowed to be exported to the UAE through the National Cooperative Exports Limited.
- The decision to permit onion exports aims to fulfil demand in the international market while balancing domestic availability and prices.
UAE: Capital: Abu Dhabi/ Currency: United Arab Emirates Dirham
BANGLADESH: Capital: Dhaka/ Currency: Bangladeshi Taka/ Official language: Bengali
Geological Survey of India Marks 174th Foundation Day with Grand Celebrations
- The Geological Survey of India (GSI) celebrated its 174th Foundation Day on March 4th, 2024, with enthusiasm and fervour across its nationwide offices.
- Grand celebrations took place at the GSI Central Headquarters in Kolkata and the Southern Region’s headquarters in Hyderabad.
- The event highlighted GSI’s commitment to advancing geological knowledge and preserving India’s rich geological heritage.
National Youth Parliament Festival Finals to be Held at Parliament Central Hall, New Delhi
- The Ministry of Youth Affairs and Sports is organizing the finals of the National Youth Parliament Festival in the Central Hall of the Parliament in New Delhi.
- The valedictory function for the event will take place on the 6th of this month.
- This year’s National Youth Parliament is centred around the theme of ‘Young Voices: Engage and Empower for Nation’s Transformation.’
- The festival has been ongoing across the country from February 9th to March 6th, showcasing the active participation of youth in parliamentary discussions and democratic processes.
- The event aims to provide a platform for young voices to express their ideas, engage in constructive dialogue, and contribute to the nation’s development and transformation.
Minister Piyush Goyal Launches ‘e-Kisan Upaj Nidhi’ to Empower Agriculture Sector Towards ‘Viksit Bharat’ Vision
- Consumer Affairs, Food and Public Distribution Minister Piyush Goyal announced that the agriculture sector will be the cornerstone in leading India towards ‘Viksit Bharat’ by 2047.
- Minister Goyal made these remarks at the launch event of the ‘e-Kisan Upaj Nidhi’ (Digital Gateway) by the Warehousing Development and Regulatory Authority (WDRA) in New Delhi.
- The ‘e-Kisan Upaj Nidhi’ initiative aims to streamline farmers’ warehousing logistics using technology, facilitating fair prices for their produce.
- This digital platform simplifies the process for farmers to store their produce at any registered WDRA warehouse, enhancing transparency and efficiency.
- The initiative aligns with the government’s vision to modernize agricultural practices and empower farmers with digital solutions for improved productivity and income.
Union Steel Minister Inaugurates India’s First Green Hydrogen Plant in Stainless Steel Sector at Jindal Stainless Limited, Hisar
- Union Steel Minister Jyotiraditya Scindia virtually inaugurated India’s first Green Hydrogen Plant at Jindal Stainless Limited, Hisar.
- This plant is a pioneering initiative as the world’s first off-grid Green Hydrogen plant for the stainless steel industry.
- It is also the world’s first Green Hydrogen plant equipped with rooftop and floating solar panels, enhancing sustainability.
- The project is expected to significantly reduce carbon emissions by approximately 2,700 metric tonnes per annum, contributing to environmental conservation.
Union Petroleum Minister Announces $67 Billion Investment in Natural Gas Sector Over Next Six Years
- Union Petroleum Minister Hardeep Puri revealed the government’s plan to invest $67 billion in the natural gas sector over the next six years.
- The announcement was made during the Concluding Ceremony for the Petroleum and Natural Gas Regulatory Board’s (PNGRB) 12th CGD Bidding Round in New Delhi.
- The investment aims to ensure stable natural gas prices for end consumers and facilitate India’s transition towards a gas-based economy.
Economy News
Moody’s Upgrades India’s GDP Growth Forecast to 6.8% for 2024, Citing Positive Economic Outlook
- Moody’s, the global credit rating agency, has revised India’s GDP growth forecast for 2024 to 6.8%, indicating a positive economic trajectory.
- The upgrade is attributed to India’s status as the fastest-growing economy among G20 nations, supported by strong growth prospects and policy continuity.
- Moody’s predicts India’s GDP growth momentum to continue into 2025, with a projected growth rate of 6.4%.
RBI Approves Merger of Fin care SFB with AU Small Finance Bank Effective from April 1
- The Reserve Bank of India (RBI) has approved the merger of Fincare Small Finance Bank Ltd. with AU Small Finance Bank, effective from April 1.
- The merger is authorized under Section 44A of the Banking Regulation Act, 1949, and all branches of Fincare Small Finance Bank will function as branches of AU Small Finance Bank post-merger.
- The Competition Commission of India (CCI) has confirmed that the merger involves Fincare and AU, with AU being the merged entity.
RBI Imposes Ban on IIFL Finance from Granting Gold Loans: Reasons and Implications
- The Reserve Bank of India (RBI) has imposed an immediate ban on IIFL Finance’s approval and disbursement of gold loans.
- The action follows a thorough inspection of the company’s financial position as of March 31, revealing significant supervisory concerns regarding its gold loan portfolio.
- Serious deviations were identified in the assaying and certification of gold purity and net weight during loan sanction and auction proceedings upon default.
- The RBI also noted breaches in the Loan-to-Value (LTV) ratio, indicating potential risks and regulatory violations in the company’s lending practices.
IIFL Finance: IIFL was founded on 18 October 1995, by Nirmal Jain, a 1986 graduate from the University of Mumbai and an alumnus of the Indian Institute of Management, Ahmedabad.
Appointment News
- The Bihar government made a significant announcement, appointing senior IAS officer Brajesh Mehrotra as the new chief secretary of the state
- Sub-Inspector Suman Kumari has etched her name in history as the first woman sniper of the Border Security Force (BSF). Suman achieved the prestigious ‘instructor grade’, a testament to her proficiency and expertise
Summit News
IIT Madras Hosts All India Research Scholars’ Summit 2024
- Indian Institute of Technology Madras (IIT Madras) is organizing the All India Research Scholars’ Summit (AIRSS) 2024 from March 4th to 7th.
- The event, hosted by the Research Affairs Council of IIT Madras, serves as a platform for scholars from diverse disciplines across India to showcase and discuss the latest advancements in various research domains.
- AIRSS 2024 aims to facilitate collaboration, knowledge sharing, and networking among research scholars, fostering interdisciplinary dialogue and innovation.
Scheme News
Uttar Pradesh Launches “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)” to Support Young Entrepreneurs
- Chief Minister Yogi Adityanath inaugurated the “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)” initiative in Uttar Pradesh.
- The scheme offers interest-free loans to young entrepreneurs for projects valued up to Rs 5 lakh, aiming to foster entrepreneurship among the youth.
- The government’s objective is to prepare one lakh young entrepreneurs annually through this initiative, providing them with financial support and opportunities for business growth.
