Daily Current Affairs March 16 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

IREDA gets ‘Infrastructure Finance Company’ status from RBI

• The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA).
• With IFC status, IREDA will be able to take higher exposure in renewable energy (RE) financing.
• Earlier, IREDA was classified as ‘Investment and Credit Company (ICC)’

Key Highlights :

• The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising.
• The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value, and generate a positive outlook in the market.
• The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of RE.
• With IFC status, IREDA will keep contributing towards Govt. of India’s target of 500 GW installed capacity of non-fossil fuels by 2030.

About IFC :

• Infrastructure finance companies are a non-deposit accepting, loan company that have a minimum of 75% of the total assets of the company deployed as infrastructure loans.
• The companies are also required to have a minimum net-worth of Rs.300 crores, Capital to Risk (Weighted) Assets Ratio (CRAR) at 15% with Tier I capital at 10%.
• The minimum credit rating of the company should be at A or equivalent of CRISIL, FITCH, CARE, ICRA, BRICKWORK or equivalent rating by any other accrediting rating agencies.

About IREDA :

• IREDA was incorporated as a Public Limited Company in the year 1987 as a ‘Non-Banking Financial Institution’.
• It is a Miniratna (Category 1) type company functioning under the administrative control of ‘Ministry of New and Renewable Energy(MNRE), Government of India (GoI).
• Chairman and Managing director : Pradip Kumar Das

Aim :

• To promote, develope and finance new and renewable sources of energy with the motto: “Energy for Ever”
• It finances all RE technologies and value chain such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies

About MNRE : 

• Cabinet Minister : Raj Kumar Singh
• Minister of State : Bhagwanth Khuba

Silicon Valley Bank’s demise began with a downgrade threat

• The 16th largest bank in the United States (US) Silicon Valley Bank (SVB), has been shut down by regulators due to the sudden shutdown of Silvergate Capital Corp and the unmindful fundraising of SVB.
• It is the second biggest bank failure in U.S history after the collapse of Washington Mutual in the 2008 financial crisis.
• SVB is a key player in the tech and venture capital community.
• Around half of the U.S. technology and healthcare companies were SVB customers.
• In the last 18 months, Technology sector stocks have declined sharply.
• It suffered a major loss due to the increase in interest rates by the US central bank.
• The main office and all branches of Silicon Valley Bank will reopen on March 13, 2023.

Key Highlights :

• Due to the shutdown of SVB, there has been a loss of more than $ 100 billion in the market value of the shares of American banks.
• Financial regulators have taken control of its deposits.
• According to the Federal Deposit Insurance Corporation (FDIC), 89% of the bank’s $175 billion in deposits were uninsured by the end of 2022.
• FDIC has created the Deposit Insurance National Bank of Santa Clara.
• The FDIC’s standard insurance covers up to $250,000 per depositor.

About SVB :

• Founded : October 17, 1983
• Headquarters : Santa Clara, California, US

CURRENT AFFAIRS: NATIONAL NEWS

IPEF negotiations: India to oppose mandatory labour, environment standards

• Second round of IPEF negotiations is being held in Bali on 13-19 March 2023.
• India is going to oppose any attempt to weave in mandatory commitments on labour and environment standards in three pillars- supply chains, clean energy and infrastructure and fair economy- of the IPEF.
• India does not have an issue with labour provisions such as non-exploitation of workers, prevention of child labour and payment of minimum wages.
• Indo-Pacific Economic Framework is 14 member alliance that was launched by US President Joe Biden in 2022 to challenge China’s growing influence in the Indo-Pacific region.

About IPEF:

• Indo-Pacific Economic Framework for Prosperity is an economic initiative launched by United States President Joe Biden on May 23, 2022
• Its members include Australia, Brunei, Fiji, Indonesia, India, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US and Vietnam.
• IPEF’s four pillars of discussions are trade, supply chains, clean economy and fair economy.

Centre launches MSME Competitive (LEAN) scheme

• Union Minister Narayan Rane launched MSME Competitive (LEAN) scheme.
• The main aim of the MSME Competitive (LEAN) scheme is to provide a roadmap for global competitiveness for MSMEs.
• The main aim of the scheme is to improve the quality, productivity and performance of MSMEs and to change the mindset of manufacturers.
• It is an initiative to create awareness among MSMEs about LEAN manufacturing practices.
• It motivates and incentivizes MSMEs to attain LEAN levels and encourages them to become MSME champions.
• LEAN manufacturing tools like 5S, Kaizen, KANBAN, visual workplace, and Poka Yoka will be implemented under the scheme.
• LEAN manufacturing tools will be used under the able guidance of trained and competent LEAN consultants to attain LEAN levels.
• These will help in reducing wastage and improve quality and make MSMEs competitive.

PM Modi inaugurates the world’s longest railway platform in Karnataka’s Hubballi

• Prime Minister Narendra Modi inaugurated the “longest railway platform in the world” at Shree Siddharoodha Swamiji Hubballi Station of Karnataka.
• It is a 1,507 m long platform which has been built at a cost of about Rs 20 crore.
• Platform number 8 measuring 1,507 m has got the recognition of the longest railway platform in the world.
• The platform is a part of the Hubballi Yard re-modeling project.
• The Guinness Book of World Records recognized this as the longest railway platform globally on 2nd March 2023.
• Gorakhpur Junction railway station in Uttar Pradesh has the world’s second-longest railway platform in the world.
• During the event, PM Modi dedicated the electrification of Hosapete Hubballi Tinaighat section and the upgradation of the Hosapete s
• It will improve connectivity in the region and has been developed at a cost of Rs 530 crore.
• He also laid the foundation stone for various projects of Hubballi-Dharwad smart city.
• He also laid the foundation stone of the Jayadeva Hospital and Research Centre.
• He also laid the foundation stone for Tupparihalla Flood Damage Control Project. It will help in reducing the damage caused by floods.

Shri Piyush Goyal to chair sixth meeting of National Startup Advisory Council in New Delhi

• Minister of Commerce and Industry Piyush Goyal chaired the 6th meeting of National Startup Advisory Council in New Delhi.
• NSAC deliberated upon matters important for the emergence of startup ecosystem in India.
• India is the third largest start up ecosystem globally.
• Discussion on topics like Tech Landscape and the Way Ahead, Innovation in Logistics, Making India the Global Skill Market, Innovation Hub, Women Entrepreneurship, Capacity Building for Domestic Capital and Thematic Seed Funds took place during the meeting.
• Goyal also launched the Startup India Investor Connect portal.
• The portal is ideated by the NSAC and co-developed by DPIIT and SIDBI.

PM Modi inaugurates Bengaluru-Mysuru Expressway in Mandya

• PM Modi inaugurated the Bengaluru-Mysuru Expressway in Mandya.
• It is 118 km long project that has been developed at a cost of Rs 8480 crore.
• The project involves six-laning of the Bengaluru-Nidaghatta-Mysuru section of NH-275.
• The expressway comprises six bypasses at Bidadi (7 km), Ramanagara and Channapatna (22 km), Maddur (7 km), Mandya (10 km) and Srirangapatna (7km).
• This expressway will reduce the travel time to around 75 minutes between Bengaluru and Mysuru from around 3 hours.
• Apart from this, PM Modi also laid the foundation stone for Mysuru-Kushalnagar four-lane highway.
• The highway is spread over 92 Km and will be developed at a cost of Rs 4,130 crore.
• The project will boost the connectivity of Kushalnagar with Bengaluru.
• It will also reduce the travel time from about 5 hours to only 2.5 hours.
• As of 2019-20, the total road length in Karnataka is 273914 kms.
• In 2018, the total length of National Highways in Karnataka including in-principle NH is 13,565 km.
• The Shiradi Ghat Tunnel, spanning a total length 23.60 km is being built at a cost of Rs. 10,000 Crore.
• It will reduce travel time between Mangaluru and Bengaluru by 3 hours.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Japan to join alternative Multi-Party Interim Appeal Arbitration Arrangement – World Trade Organization

• Japan has become the latest country to join an alternative mechanism, Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to resolve the trade dispute mechanism at the World Trade Organization (WTO).

About MIPA :

• The MPIA is an alternative mechanism for resolving WTO disputes.
• It was set up by the EU and their key partners.
• Including Japan, 26 WTO members currently participate in the MPIA.
• WTO members can resort to the use of the MPIA under Article 25 of the WTO Dispute Settlement Understanding, as an alternative mechanism for dispute settlement.
• Under MPIA, the first appeal will be heard on anti-dumping duties imposed by Colombia on frozen fries from Belgium, Germany and the Netherlands.
• WTO members are committed to place a reformed and fully functioning dispute settlement system by 2024.
• Generally, disputes are resolved through negotiations, if negotiations fail, then WTO Members can request the establishment of a panel to settle the dispute.
• The report of the panel can be appealed before the WTO’s Appellate Body.
• Any member can join the MPIA by notifying the Dispute Settlement Body and a range of members have done so.

About WTO :

• Commenced Operations : 1 January 1995
• Headquarters : Geneva, Switzerland
• Director-General : Ngozi Okonjo-Iweala
• Membership : 164 members (160 UN member states, the European Union, Hong Kong, Macao, and Taiwan)members which represent more than 98% of global trade and global Gross Domestic Product (GDP).
• The WTO is an intergovernmental organisation that regulates and facilitates international trade.

Kingdom of Saudi Arabia & Islamic Republic of Iran agree to resume diplomatic relations

• According to the Joint Trilateral Statement issued by the Kingdom of Saudi Arabia, the Islamic Republic of Iran, and the People’s Republic of China, an agreement has been reached between the Kingdom of Saudi Arabia and the Islamic Republic of Iran, to resume diplomatic relations.
• It has been agreed to re-open their embassies and missions within a period not exceeding two months.

About the agreement :

• The agreement includes their affirmation of the respect for the sovereignty of states and the non-interference in each other’s internal affairs.
• They also agreed that the Ministers of foreign affairs of both countries shall meet to implement this, arrange for the return of their ambassadors, and discuss means of enhancing bilateral relations.
• Saudi Arabia, Iran and China have also expressed their desire to exert all efforts for enhancing regional and international peace and security.
• Saudi Arabia and Iran’s relations were suspended after the death of Nimr al-Nimr and an attack on the Saudi diplomatic missions in Iran in 2016.
• Both countries are major oil and gas exporters.
• Energy policy is one of the main reasons for conflict between both countries.

Heads of Delegation :

• The delegation of Saudi Arabia was headed by Dr. Musaad bin Mohammed Al-Aiban, Minister of State and National Security Advisor.
• Admiral Ali Shamkhani, Secretary of the Supreme National Security Council headed the delegation of Iran.

About Saudi Arabia :

• Prime Minister : Mohammed bin Salman Al Saud
• Capital : Riyadh
• Currency : Saudi riyal

About Iran :

• President : Ebrahim Raisi
• Capital : Tehran
• Currency : Iranian rial

About China :

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

CURRENT AFFAIRS : STATE NEWS

Madhya Pradesh Governor Mangubhai Patel inaugurates 3rd Divya Kala Mela at Bhopal in MP

• Madhya Pradesh (MP) Governor Shri Mangubhai Patel inaugurated the 3rd Divya Kala Mela at Bhopal, MP.
• In the presence of Social Justice and Empowerment Dr Virendra Kumar & and Minister of State Kumari Pratima Bhowmik.inaugurated this 10-day fair.
• It will be organised by the Ministry of Social Justice and Empowerment, this divine art fair will run till 21 March, 2023

Aim : 

• To achieve holistic and all-round development so that the disabled can participate equally in this process.
• The first Divya Kala Mela was held in December 2022 at Kartavya Path, New Delhi.

About 3rd Divya Kala Mela : 

• The 3rd Divya Kala Mela is an opportunity for Divyangjan to become entrepreneurs and artisans.
• Around 150 Divyang artisans, artists and entrepreneurs from 21 states and union territories are participating in the Divya Kala Mela.
• For the first time, Divya Kala Mela is being organised in Madhya Pradesh after Delhi and Mumbai.
• On this occasion, cultural programs will be organised by Divyang and other artists.
• Home decor, lifestyle, clothing, stationery, eco-friendly products, etc. will be displayed at the fair.

About Ministry of Social Justice and Empowerment : 

• Cabinet Minister : Virendra Kumar Khatik
• Minister of State : Ramdas Athawale,Pratima Bhowmik,A. Narayanaswamy

About MP : 

• Governor : Mangubhai C. Patel
• Chief Minister : Shivraj Singh Chouhan
• Capital : Bhopal
• National Park : Kanha National Park, Bandhavgarh National Park, Pench National Park
• Wildlife Sanctuary : Sanjay-Dubri Wildlife Sanctuary, National Chambal Sanctuary

• Tiger Reserve : Bandhavgarh Tiger Reserve, Satpura Tiger Reserve.

CURRENT AFFAIRS: AWARDS AND HONOURS

India Bags Golden & Silver Star at The International ‘Golden City Gate Tourism Awards 2023 at ITB, Berlin 2023

• The Ministry of Tourism has won the Golden & Silver Star in ‘TV/Cinema Commercials International and Country International’ Category.
• The Promotional films / television commercials that received the award were part of the Ministry of Tourism Post Covid Promotional Global Campaign.
• The Ministry of tourism has developed the new Incredible India brand films for welcoming foreign tourists to India after the pandemic.
• The commercials have been produced in English with voiceovers in 9 international languages
• Shri Arvind Singh, Secretary (Tourism) Government of India received the award.
• ITB Berlin, the world’s leading travel trade show, was held from 7th to 9h March 2023.
• The India Pavilion was inaugurated by Arvind Singh.
• Around 60 participants from India were present in the India Pavilion.
• The Ministry of Tourism is promoting India as a “Must See, Must Visit” destination.
• The ‘Golden City Gate’ is a creative multi-media international competition for countries, cities, regions and hotels.
• The Golden City Gate Tourism Multi-media Award is given annually in the sectors of Tourism and Hospitality.
• The award ceremony takes place at ITB Berlin.

CURRENT AFFAIRS: BUSINESS NEWS

India’s net direct tax collections up 17% to Rs 13.73 lakh crore till March 10

• India’s net direct tax collection up 17% to Rs 13.73 lakh crore till March 10.
• So far this fiscal year, net direct tax collection has reached 13.73 lakh crore rupees, which is around 17% higher than net collections for the same period last year.
• This collection is over 97% of the total budget projections and more than 83% of the total revised estimates of Direct Taxes for Fiscal Year 2022-23.
• The gross collection so far is ₹68 lakh crore, which is 22% higher than the gross collection for the same period last year, according to Central Board of Direct Taxes.
• From April 1, 2022 to March 10, 2023, Rs 2.95 lakh crore in refunds were issued, which is 59 percent more than the refunds issued during the same period last year.
• The net growth in corporate income tax collections, after refund adjustments, is 13.62%, while the net growth in personal income tax collections, including Securities Transaction Tax, is 20.06%.

CURRENT AFFAIRS: MOUS AND AGREEMENT

MoC to strengthen research cooperation between India and Sweden

• Science and Engineering Research Board (SERB) of India, and The Swedish Foundation for International Cooperation in Research and Higher Education (STINT), Stockholm, Sweden, has signed a Memorandum of Cooperation (MoC).
• The MoC signed to strengthen cooperation and promote research networking between research institutions from both countries.
• Andreas Göthenberg, Executive Director of STINT, and Dr. Akhilesh Gupta, Secretary of SERB, signed the MoC.
• The objective of this MoC is to promote mobility financing opportunities in both the countries.
• It will facilitate academic collaboration through mobility activities, seminars, workshops, and conferences.
• Both the institutes will facilitate and fund the mobility of the researchers through their regular funding programmes.
• The partnership will advance joint science and technology efforts, especially in smart cities, artificial intelligence, quantum computers, transportation and many more future technologies.
• This MoC will enable a smooth exchange of activities between young scientists from India and Swedish researchers.

CURRENT AFFAIRS: RANKING AND REPORTS

India remains biggest arms importer between 2018-22 despite drop in overall imports

• Despite a fall in overall imports by India, India remained the biggest arms importer between 2018-22 with an 11% share in total global arms imports.
• According to the Swedish Think Tank Stockholm International Peace Research Institute (SIPRI), India’s arms imports dropped by 11% between 2013–17 and 2018–22.
• Russia remained the largest arms supplier to India from 2013 to 2022.
• Russia’s share in Indian arms imports has declined from 64% to 45%.
• France remained the second largest arms supplier to India between 2018-22.
• India’s arms import from France includes 62 combat a ircraft and four submarines.
• According to the latest SIPRI data, India is the biggest arms export market for Russia, France and Israel.
• India is the second-largest export market for South Korea while it is third largest export market for South Africa.
• India’s tensions with Pakistan and China is the main cause for arms imports.
• India’s arms import has decreased due to several factors including India’s slow and complex arms procurement process, efforts to diversify its arms suppliers and to produce arms domestically.
• Between 2018–22, Russia’s arms export to China and Egypt increased by 39% and 44% respectively.
• Between 2013–17 and 2018–22, arms imports by Pakistan increased by 14%.
• The global level of international arms transfers has decreased by 5.1%.
• Import of major arms by European countries has increased by 47% between 2013–17 and 2018–22.
• The U.S. share of global arms exports has increased from 33% to 40%.

CURRENT AFFAIRS: ENVIRONMENT

Indonesia’s Mount Merapi volcano erupts, tourism halts due to toxic gas and lava flows

• Indonesia’s Mount Merapi volcano, one of the world’s most active volcanoes, erupted, sending smoke and ash spreading over nearby villages.
• The volcano erupted on the island of Java near Yogyakarta, the cultural capital of Indonesia.
• The ash cloud has reached 9,600 feet above the surface.
• The area up to seven kilometers from the blast site has been restricted.
• There were no immediate reports of casualties.
• In 2010, the volcano’s last major eruption killed over 300 people and forced the evacuation of some 280,000 people.
• Indonesia, which has about 130 active volcanoes, lies on the Pacific “Ring of Fire”, where the meeting of continental plates causes high volcanic and seismic activity.

About Indonesia:

• Capital: Jakarta
• Currency: Indonesian rupiah
• President: Joko Widodo

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Life Insurance Corporation appoints Mr Tablesh Pandey as managing director

• The Life Insurance Corporation (LIC) of India has elevated Mr Tablesh Pandey, the executive director of LIC, as its managing director (MD) effective from April 1, 2023
• Mr Pandey will replace present managing director Mr Bishnu Charan Patnaik
• Presently, LIC has 4 managing directors.
• Apart from him, the other 3 MDs are Mr M Jagannath, Mr Siddharth Mohanty (Interim Chairman), Mr Ipe Mini

About Mr Tablesh Pandey : 

• He has been associated with LIC of India for the past 35 years and has served in various capacities, including the role of Executive Director (Investment Operations) and Executive Director (International Operations)
• He is a seasoned professional with over three decades of experience in the life insurance industry.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India
• Interim Chairman : Siddharth Mohanty
• It is under the ownership of Government of India and administrative control of the Ministry of Finance

CURRENT AFFAIRS : DEFENCE NEWS

3rd edition of France-led Multinational Naval Exercise La Perouse 2023 Kicks Off in Indian Ocean

• The third edition of the multilateral exercise “La Perouse” was conducted from 13 to 14 March 2023 in the Indian Ocean region.
• This edition will witness participation of personnel, ships and integral helicopters of Royal Australian Navy (RAN), French Navy, Indian Navy, Japanese Maritime Self Defence Force(JMSDF), Royal Navy and the United States Navy.

Aim : 

• To enhance maritime domain awareness and maximise maritime coordination among participating navies in the Indo-Pacific region.

Key Highlights : 

• In this edition of the exercise, indigenously built Guided Missile Frigate INS Sahyadri and Fleet Tanker INS Jyoti participated.
• The two-day exercise provides an opportunity for the like-minded Navies to develop closer ties on planning, coordination and information sharing for seamless maritime operations.
• The exercise witnessed complex and advanced naval operations, including surface warfare, air defense exercises, cross deck landings and strategic manoeuvres.
• Indian Navy’s participation in this exercise reflects the high level of synergy, coordination and interoperability between friendly navies and their commitment to the rule-based international order in the Indo-Pacific region.

About ‘La Perouse’ : 

• ‘La Perouse’ is a biennial exercise, which is organised by the French Navy.
• It was initiated in 2019 when the navies of France, the US, Australia and Japan participated.

About Exercise La Perouse 2021: 

• This was the first time India participated in the La Perouse Exercise along with the French, US, Japanese and Australian navies.

CURRENT AFFAIRS : PERSON IN NEWS

Asia’s first woman loco pilot Ms Surekha Yadav Operates Mumbai-Solapur Vande Bharat Express

• Ms Surekha Yadav becomes Asia’s first female locomotive pilot to operate the newly-introduced semi-high-speed Vande Bharat Express train.
• She operated Vande Bharat Express from Solapur to Chhatrapati Shivaji Maharaj Terminal (CSMT) in Maharashtra.

About Surekha Yadav : 

• Surekha was born in Satara in Maharashtra on 2 September 1965.
• She is the senior-most female loco pilot (train driver) of the Indian Railways in India,.
• She became India’s first female train driver in 1988.
• She drove the first “Ladies Special” local train for Central Railways when it was 1st introduced in the 4 metro cities by Ms Mamata Banerjee the then Railway Minister, in April 2000.
• On the occasion of International Women’s Day, Mumbai-Pune Deccan Queen Express and CSMT-Kalyan ladies’ special local trains were operated by the Central Railways with all women crews.
• First Vande Bharat Express was flagged off by Prime Minister Narendra Modi on 15 February 2019 on the Delhi–Varanasi route.
• The Central Railway has launched 2 Vande Bharat Express trains on CSMT-Solapur and Chhatrapati Shivaji Maharaj Terminus(CSMT)-Sainagar Shirdi routes, which were shown green flags by PM Shri Narendra Modi on February 10, 2023.
• Vande Bharat Express, also known as Train 18, can reach a maximum speed of 180 km/h (110 mph).

CURRENT AFFAIRS : OBITUARIES

Renowned Bengali litterateur Sasthipada Chattopadhyay Passed away   

• Renowned Bengali novelist and short story writer Sasthipada Chattopadhyay passed away at the age of 82 in Howrah, West Bengal.

About Sasthipada Chattopadhyay : 

• Chattopadhyay was born in Howrah district, West Bengal on 9 March 1941.
• He is well known in Bengali literature for the series stories of ‘Pandav Goenda’ (five detectives).
• He created two more detective series –‘Detective Ambar Chatterjee’ and ‘Goenda Tatar’.
• He published his first literary work ‘Kamakhya Bhraman’ (visit to Kamakhya) in ‘Dainik Basumati’ in 1961.

Awards & Honors : 

• He was awarded Bal Sahitya Puraskar in 2017 by the Sahitya Akademi for his contribution to children’s literature in Bengali
• The West Bengal government in 2017 honoured him with the ‘Bangla Akademi Award’ for his contribution to children’s literature.

CURRENT AFFAIRS: IMPORTANT DAYS

National Vaccination Day: March 16

• On 16th March 2023, National Vaccination Day is observed all over India.
• This year, that is National Vaccination Day 2023 Theme is “Vaccines Work For All”.
• It is a national event celebrated annually since 1995 on 16th March every year.
• National Immunisation Day, also called National Vaccination Day 2023 is observed to convey the importance of vaccination and its role in public health.
• National Vaccination Day is celebrated every year in the country on March 16 as on the same day the first dose of Oral Polio Vaccine was given in India in 1995.
• The day is observed to celebrate the Indian government’s Pulse Polio Campaign which was an initiative to eradicate polio from the country.
• As per the program, 2 oral drops of polio vaccine were provided for children from the age of 0 to 5 years.
• This program became a success gradually, as in 2014 India became a polio-free country.

Daily CA One – Liner: Mar 16

• Second round of IPEF negotiations is being held in Bali on 13-19 March 2023
• Union Minister Narayan Rane launched MSME Competitive (LEAN) scheme.
• Prime Minister Narendra Modi inaugurated the “longest railway platform in the world” at Shree Siddharoodha Swamiji Hubballi Station of Karnataka
• Minister of Commerce and Industry Piyush Goyal chaired the 6th meeting of National Startup Advisory Council in New Delhi.
• PM Modi inaugurated the Bengaluru-Mysuru Expressway in Mandya
• The Ministry of Tourism has won the Golden & Silver Star in ‘TV/Cinema Commercials International and Country International’ Category
• India’s net direct tax collection up 17% to Rs 13.73 lakh crore till March 10
• Science and Engineering Research Board (SERB) of India, and The Swedish Foundation for International Cooperation in Research and Higher Education (STINT), Stockholm, Sweden, has signed a Memorandum of Cooperation (MoC)
• Despite a fall in overall imports by India, India remained the biggest arms importer between 2018-22 with an 11% share in total global arms imports
• Indonesia’s Mount Merapi volcano, one of the world’s most active volcanoes, erupted, sending smoke and ash spreading over nearby villages
• The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA).
• The 16th largest bank in the United States (US) Silicon Valley Bank (SVB), has been shut down by regulators due to the sudden shutdown of Silvergate Capital Corp and the unmindful fundraising of SVB.
• Japan has become the latest country to join an alternative mechanism, Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to resolve the trade dispute mechanism at the World Trade Organization (WTO).
• According to the Joint Trilateral Statement issued by the Kingdom of Saudi Arabia, the Islamic Republic of Iran, and the People’s Republic of China, an agreement has been reached between the Kingdom of Saudi Arabia and the Islamic Republic of Iran, to resume diplomatic relations.
• Madhya Pradesh (MP) Governor Shri Mangubhai Patel inaugurated the 3rd Divya Kala Mela at Bhopal, MP.
• The Life Insurance Corporation (LIC) of India has elevated Mr Tablesh Pandey, the executive director of LIC, as its managing director (MD) effective from April 1, 2023
• The third edition of the multilateral exercise “La Perouse” was conducted from 13 to 14 March 2023 in the Indian Ocean region.
• Ms Surekha Yadav becomes Asia’s first female locomotive pilot to operate the newly-introduced semi-high-speed Vande Bharat Express train.
• Renowned Bengali novelist and short story writer Sasthipada Chattopadhyay passed away at the age of 82 in Howrah, West Bengal.
• On 16th March 2023, National Vaccination Day is observed all over India.