NATIONAL UPDATES:
1. India’s Index of Industrial Production grows by 3.8%
in January 2024: India’s industrial
production grew 3.8 per cent in January 2024, according
to official data released by the government. Factory output measured in terms
of the Index of Industrial Production (IIP) witnessed a growth of 5.8 per cent
in January 2023. The IIP grew 5.9 per cent during April 2023 to January 2024
compared to a 5.5 per cent expansion in the year-ago period. In January 2024,
mining production rose 5.9 per cent, and power output increased to 5.6%.
2. ADB to provide USD 181 min loan to improve livability,
mobility in Ahmedabad: India has
signed a 181 million dollars loan
with the Asian Development Bank (ADB) to improve urban livability and mobility
in Ahmedabad. The loan will fund development in areas transitioning from
rural to urban, called Peri-urban areas. Under the Ahmedabad Peri-urban
Livability Improvement Project, 166 km of water distribution network, 126 km of
climate-resilient stormwater drainage, 300 km of sewerage systems, and four
sewage treatment plants will be constructed. The Project will also support 10
junction improvements along the existing Sardar Patel Ring Road to improve
connectivity of peri-urban areas to Ahmedabad.
3. Anurag Thakur launches PB-SHABD to offer news feed to
media outlets: Information and
Broadcasting Minister Anurag Singh
Thakur launched PB-SHABD, a news-sharing service from Prasar Bharati in
New Delhi. PB-SHABD stands for Prasar Bharati – Shared audio-visuals for
Broadcast Dissemination He also launched revamped websites of Akashvani News
and DD News and updated News on the Air mobile app. The SHABD service is being
offered free of cost for the first year as an introductory offer and will
provide news stories in all major Indian languages across fifty categories. CEO
of Prasar Bharti – Gaurav Dwivedi
4. Gyanesh Kumar, Sukhbir Sandhu
appointed as new Election Commissioners: Former bureaucrats Sukhbir Singh Sandhu from
Punjab and Gyanesh Kumar from Kerala have been named as
the new Election Commissioners by
a panel chaired by Prime Minister Narendra Modi, committee member and Congress
leader Adhir Ranjan Chowdhury. The appointments come in the wake of the recent
resignation of Election Commissioner Arun Goel, just days ahead of the upcoming
Lok Sabha elections. With the retirement of Anup Pandey in February and Goel’s
resignation, the three-member Election Commission panel was left with only the
Chief Election Commissioner, Rajiv Kumar. Six names came up before the panel
for the selection of the two ECs and the names of Mr. Sandhu and Mr. Kumar were
finalised by a majority of members of the high-powered panel.
INTERNATIONAL UPDATES:
1. India and Dominican Republic signs protocol for
establishment of Joint Economic and Trade Committee: The protocol for the establishment of the Joint Economic and Trade
Committee (JETCO) between India
and the Dominican Republic was signed. The protocol envisages strengthening and developing cooperation on trade,
services, industrial technologies, and various other sectors by means of
technical assistance, training programmes, and capacity building. It will be
pivotal in mitigating challenges faced by the trade and industry and provide a
platform for sharing of knowledge and best practices between the two countries.
India primarily imports gold from the Dominican Republic and exports
pharmaceuticals, marine products, motor vehicles, two and three-wheelers, etc.
to them.
2. India and Bhutan signed MoU in the field of Energy
Efficiency and Energy Conservation Measures: The Union Cabinet chaired by Prime Minister
Narendra Modi approved the signing of MoU between India and Bhutan on extending cooperation in the field of Energy
Efficiency and Energy Conservation Measures. The MoU was signed between
Bureau of Energy Efficiency, Ministry of Power, Government of India and
Department of Energy, Ministry of Energy and Natural Resources, Royal
Government of Bhutan. As part of this MoU, India aims to assist Bhutan to
enhance energy efficiency in the household sector by promoting star labeling
programme developed by Bureau of Energy Efficiency.
3. Foreign Secretary Vinay Kwatra granted six-month
extension: The government gave Foreign
Secretary Vinay Mohan Kwatra a
six-month extension, till end-October 2024. The Appointments Committee
of the Cabinet has approved extension in service of Vinay Mohan Kwatra as
Foreign Secretary for a period of six months beyond 30.04.2024 i.e. up to
31.10.2024 or until further orders, whichever is earlier. Kwatra, a 1988 batch
officer was appointed Foreign Secretary in April 2022, which was extended
through a subsequent order to grant him a two-year term till April 30, 2024.
4. 14 March – International Day of Action for Rivers: International Day
of Action for Rivers is observed every year on March 14. Objective – To spread awareness about the
importance of rivers and climate change. Theme 2024 – Water for All the International Day of
Action against Dams and For Rivers, Water, and Life was approved at the first
International Meeting of People Impacted by Dams in March 1997 in Curitiba,
Brazil. On March 14, river experts from 20 different nations announced the “Day
of Action for Rivers”. The aim of the participants was to form a coalition
against the degradation of ecologically sensitive water bodies, rivers and
watersheds.
5. 14 March 2024 – World Kidney Day: World Kidney Day is observed every year on second Thursday of March. This year World Kidney Day is observed on 14th March. Objective –
To raise awareness about the importance of kidney health and the increasing
burden of kidney diseases worldwide. Theme 2024 – Kidney Health for All –
Advancing Equitable Access to Care and Optimal Medication Practice World Kidney
Day was first observed in 2006 with the slogan ‘Are Your Kidneys ok?’.
OTHER UPDATES:
BANKING AND FINANCE
1. Retail inflation dropped a tad to 4-month low of 5.09%
in February 2024: India’s retail
inflation eased marginally to 5.09 per cent on
an annual basis in February as
against 5.10 per cent in the previous month, data released by the
Ministry of Statistics & Programme Implementation. The number has remained
within the Reserve Bank of India’s (RBI) tolerance band of 2-6 per cent. On a
sequential basis, the inflation rate increased to 0.16 per cent against a
contraction of (-)0.11 per cent in the previous month. The rural inflation rate
remained unchanged at 5.34 per cent, meanwhile, the urban inflation rate
declined to 4.78 per cent from 4.92 per cent in January.
2. Kotak Mahindra Bank sells 2% stake in KFin Tech: Kotak Mahindra Bank has sold a 2% stake
in KFin Technologies through the open market for Rs 208 crore. The
private sector lender sold 3,470,000 shares of KFin Technologies at Rs 600.28 a
share, bulk deals data on the BSE showed.
As of
December end, Kotak Mahindra Bank held a 9.80% stake in KFin Technologies. Kotak
Mahindra Bank invested Rs 310 crore in KFin Technologies in September 2021.
3. L&T Finance signs $125-m pact with JICA to aid rural, peri-urban financing: L&T Finance Holdings Ltd (LTFH) has signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri-urban areas in India, particularly women borrowers. Last November, LTFH had sourced $125-million loan from Asian Development Bank, & as part of the co-financing agreement, additional $125-million loan is now raised from JICA. At least 40% of the proceeds would be allocated to women borrowers, while the rest would be to support farmers and MSMEs, besides loans to purchase new two-wheeler vehicles, including electric two-wheelers.
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