Current Affairs Quiz 5th March 2024 Quiz

Exp. Chapchar Kut Festival Celebrated Across Mizoram

Chapchar Kut – the biggest festival of Mizoram was celebrated across the state with full traditional fervor and festivities.

The festival has attracted thousands of people who thronged the Assam Rifles Ground – Lammual –  in the heart of Aizawl city with full capacity.

Chapchar Kut, the biggest festival of the Mizos, celebrates unity and resilience after the completion of the Jhum operation.

Originating in the 15th to 17th century in Suaipui village, Chapchar Kut embodies the spirit of collective joy and celebration.

Recent Fair / Festival in News

• Tawi Festival – Jammu
• International Puppet Festival – Chandigarh
• Divya Kala Mela – Agartala, Tripura
• Ethnic Mamani Festival – Ladakh
• Gole Mela Festival – Jagannath Temple, Udhampur
• Kala Utsav – Ministry of Education
• Gangasagar Mela – West Bengal

Statements

(i) Rajnath Singh launched ADITI scheme to promote innovations in critical and strategic defence technologies. (Correct)

(ii) ADITI stands for Acting Development of Innovative Technologies with iDEX. (Incorrect)

(iii) Under the scheme, start-ups are eligible to receive grant-in-aid of up to Rs 15 crore for their research, development. (Incorrect)

(iv) Ministry of Defence has allocated Rs 750 crore for the period 2023-24 to 2025-26for this scheme. (Correct)

Exp. Rajnath Singh launches ADITI scheme to boost defence innovation

Raksha Mantri Rajnath Singh has launched Acing Development of Innovative Technologies with iDEX (ADITI) scheme to promote innovations in critical and strategic defence technologies.

Under the scheme, start-ups are eligible to receive grant-in-aid of up to Rs 25 crore for their research, development, and innovation endeavours in defence technology.

The scheme will nurture the innovation of youth, and help the country leap forward in the field of technology.

Under the ADITI scheme, which falls under the iDEX (Innovations for Defence Excellence) framework of the Department of Defence Production (DDP), Ministry of Defence, about Rs 750 crore has been allocated for the period 2023-24 to 2025-26.

The scheme targets the development of approximately 30 deep-tech critical and strategic technologies, with a focus on bridging the gap between the expectations of modern Armed Forces and the capabilities of the defence innovation ecosystem.

Exp.  Jyotiraditya Scindia inaugurates country’s 1st Green Hydrogen Plant in Stainless Steel Sector at Haryana

Union Steel Minister Jyotiraditya Scindia has virtually inaugurated India’s 1st Green Hydrogen Plant in the Stainless-Steel Sector at Jindal Stainless Limited, Hisar.

This plant will be the world’s first off-grid Green Hydrogen plant for the stainless-steel industry and the world’s first Green Hydrogen plant with rooftop and floating solar.

This project will reduce carbon emissions by around two thousand 700 Metric Tonnes per annum and 54 thousand tons of carbon dioxide emissions over the next two decades.

The National Green Hydrogen Mission was launched last year with an outlay of around twenty thousand crore rupees to make India a Global Hub for the production, usage and export of Green Hydrogen and its derivatives.  

Exp. Vivek Bharadwaj inaugurates the second PESA Regional Conference at Ranchi

Secretary, Ministry of Panchayati Raj Shri Vivek Bharadwaj has inaugurated the second Two-Day Regional Conference on Strengthening of PESA at Ranchi, Jharkhand.

He emphasized the pivotal role of Gram Sabhas empowered by the PESA Act in addressing social issues, resolving disputes, managing natural resources and fostering economic empowerment efforts in a sustainable manner.

He highlighted that the efficient implementation of the PESA Act will pave the way for strengthening traditional lifestyles and mitigating societal evils.

The upcoming National Conference on PESA aims to consolidate insights from the two editions of Regional Conferences held at Pune and Ranchi, to streamline and accelerate the implementation of the PESA Act based on unanimous consent.

Exp. Moody’s raises India’s 2024 GDP forecast to 6.8%

Global rating agency Moody’s has raised India’s GDP growth projection for 2024 to 6.8 per cent from the 6.1 per cent.

The increase in estimate was attributed to India’s robust economic performance in 2023 and diminishing global economic challenges.

Surpassing the analysts’ expectations of 6.6 per cent, India’s economy grew 8.4 per cent during the October-December quarter.

Moody’s attributed this strong growth to the government’s capital spending and vigorous manufacturing activity.

For 2025, the GDP growth is estimated at 6.4 per cent.

Updated GDP List

• Morgan Stanley – 6.9%(FY24), 6.5% (FY25)
• IMF – 6.7% (FY24), 6.5% (FY25), 6.5% (FY26)
• World Bank – 6.3% (FY24), 6.4% (FY25), 6.5% (FY26)
• India Ratings – 6.7% (FY24)
• Goldman Sachs – 6.2% (FY24)
• Fitch Rating – 6.9% (FY24), 6.5% (FY25)
• ICRA –6.5% (FY24)
• Kotak Mahindra Bank – 6.8% (FY24)
• Citigroup – 6.7%
• DBS – 6.8%
• ADB –6.7% (FY24), 6.7% (FY25)

Exp. Kotak Mahindra Bank introduces Smart Choice Gold Loan

Kotak Mahindra Bank Ltd. (KMBL) has launched ‘Smart Choice Gold Loan’ for customers.

This product comes with features including a fixed monthly interest rate starting from 0.88%, same-day disbursement, flexible repayment options, and minimal documentation requirements.

This new product is designed to leverage the significant gold reserves held by Indian households, providing an easy and efficient way to meet their financial needs.

The launch of the Smart Choice Gold Loan comes at a time when the demand for gold-backed financing solutions is on the rise in India.

According to a report by the World Gold Council, Indian households possess a staggering 27,000 tonnes of gold.

Additionally, recent data from CIBIL indicates that the gold loan industry has witnessed significant growth, with advances reaching ₹7.15 lakh crore as of December 2023, growing at a CAGR of 19% over the last three years.

Recent Facilities Launched in Banking & Insurance Sector

• MobiKwik launched a new feature on its platform ‘Pocket UPI’.
• Bandhan Bank authorised by the West Bengal govt to collect tax and non-tax receipts through the Government Receipt Portal System (GRIPS)
• SBI launches digital enrolment for PMJJBY and PMSBY Schemes
• LIC launches “Amritbaal” insurance plan for children
• Karnataka Bank launched its centenary campaign ‘Bharat Ka Karnataka Bank’
• LIC launched new plan policy “Index Plus”

Exp. RBI approves AU-Fincare Small finance bank merger

The Reserve Bank of India (RBI) has approved the Scheme of Amalgamation of Fincare Small Finance Bank with AU Small Finance Bank Ltd.

The effective date of the amalgamation will be April 01, 2024.

All the branches of Fincare Small Finance Bank Ltd will function as branches of AU Small Finance Bank Ltd with effect from April 01, 2024.

On January 23, the Competition Commission of India (CCI) approved the merger between AU Small Finance Bank and Fincare Small Finance Bank.

Under the merger agreement, shareholders of Fincare Small Finance Bank will get 579 equity shares of AU Small Finance Bank Ltd for every 2,000 fully paid-up equity shares they own.

These banks were set up under an RBI policy from 2014 that aimed to boost financial inclusion by providing an outlet for savings and by access to credit for small businesses, small and marginal farmers, micro and small industries, and other unorganised-sector entities.

While AU Small Finance Bank started operations in April 2017, Disha Microfin (which later became Fincare SFB after a merger with Future Financial Services) commenced operations in July 2017.

About AU Small Finance Bank Limited

• Founded – 1996
• Founder – Sanjay Agarwal
• Headquarters – Jaipur, Rajasthan
• MD & CEO – Sanjay Agarwal
• Tagline – Chalo Aage Badhein

Exp. BPCL teams up with Neeraj Chopra as Brand Ambassador

Bharat Petroleum Corporation (BPCL) has introduced Olympic and World Javelin Champion Neeraj Chopra as the brand ambassador.

Neeraj Chopra will serve as the brand ambassador for BPCL’s premium petrol variant, ‘Speed.’

This collaboration adds to BPCL’s list of esteemed brand ambassadors.

Previously, the company had partnered with cricketer Rahul Dravid for its ‘Pure for Sure’ initiative and range of ‘MAK lubricants’.

Recent Brand Ambassador

• Katrina Kaif – Chennai Super Kings Team
• IRS Officer Narendra Kumar Yadav – Fit India Movement
• Hrithik Roshan – 3rd RuPay Prime Volleyball League
• Katie Moon – 19th edition of the Tata Mumbai Marathon ambassador
• Rishabh Pant – Iodex Ultra Gel+
• Deepika Padukone – Bisleri (campaign Name – #DrinkItUp)

Exp. B Sai Praneeth announces retirement from international badminton

Indian shuttler B Sai Praneeth has announced his retirement from international badminton.

The 31-year-old battled nagging injuries since the Olympic Games in Tokyo and decided to hang his boots due to that.

In his 24-year-long career, he won a World Championships bronze medal and represented India at the Tokyo 2020 Olympics.

Recently Retired Players

• Deep Grace Ekka (India) – International Hockey
• Shaun Marsh (Australia) – Professional Cricket
• Heinrich Klaasen (South Africa) – Test cricket
• David Warner (Australia) – – International ODI & Test
• Asad Shafiq (Pakistan)- All forms of cricket
• Gurkeerat Singh Mann (India) – International Cricket

Exp. Zoya Akhtar and Asma Khan honored with ‘India-UK Achievers’ Award

Renowned filmmaker Zoya Akhtar and British Indian chef Asma Khan were honored at the annual ‘India-UK Achievers’ awards in London.

Akhtar’s acclaimed work in cinema and Khan’s culinary contributions were celebrated during the event.

Zoya Akhtar was honored with the Living Legend Award for her work in furthering the understanding of India.

Chef Asma Khan of the women-run Darjeeling Express restaurant in London was also honoured.

The alumni of King’s College London started her career in law. But since then she has made her mark in the field of culinary arts. Asma’s work also includes working as a cookery writer behind best-selling recipe books on Indian cuisine.

The award recognizes the achievements of Indian students and alumni who have undertaken international programmes.

Recent Awards

• Maharashtra Bhushan Award 2024 – Dr. Pradeep Mahajan
• Honorary Knighthood from King Charles III – Sunil Bharti Mittal
• France’s highest civilian honour ‘Chevalier de la Legion d’honneur’ – Shashi Tharoor
• Innovative Technology Development Award – REC Ltd
• 58th Jnanpith Award 2023 – Urdu poet Gulzar and Sanskrit scholar Jagadguru Rambhadracharya
• Best Technology Bank of the Year award by IBA – South Indian Bank (6 categories)

Exp. Iran launches ‘Pars 1’ satellite into orbit from Russia

Russia has launched an Iranian-made research satellite into orbit amid rising tensions with the West.

The Pars 1 remote sensing and imaging satellite was launched by a Russian Soyuz rocket from the Vostochny Cosmodrome and will scan Iran’s topography from an orbit of 310 miles (500km).

The launch of Pars 1 follows the August 2022 deployment of Iran’s Khayyam satellite, also facilitated by Russia.

This pattern of collaboration indicates a strengthening of scientific and technological ties between Iran and Russia, amidst broader geopolitical tensions.

Exp. Pro Kabaddi League Season 10, Puneri Paltan Clinches Maiden Title

Puneri Paltan won the Pro Kabaddi League trophy for the first time as they defeated the Haryana Steelers in the final at the GMC Balayogi Stadium in Hyderabad.

The Paltan took an early lead with Ankit opening the scoring for the Steelers and Rahul Sethpal keeping the game interesting with his dynamic offensive moves.

Other Award Winners

• Champions: Puneri Paltan
• Runners-up: Haryana Steelers
• Best Raider: Ashu Malik (Dabang Delhi KC)
• Top Defender: Mohammadreza Shadloui (Puneri Paltan)
• Best Emerging Player: Yogesh Dahiya (Dabang Delhi KC)
• Most Valuable Player: Aslam Inamdar (Puneri Paltan)

Exp. 5 March – International Day for Disarmament and Non-Proliferation Awareness

International Disarmament and Non-Proliferation Awareness Day is celebrated every year on 5 March.

The day is celebrated to promote awareness and understanding of disarmament issues, especially among the youth.

The inaugural International Day for Disarmament and Non-Proliferation Awareness was observed on March 5, 2023, following a UNGA resolution adopted on December 7, 2022.

This annual event seeks to promote public awareness, particularly among youth, about the importance of disarmament.

Exp. 5 March – Dissociative Identity Disorder Awareness Day

Dissociative Identity Disorder Awareness Day is observed every year on 5 March.

Objective – To raise awareness about the difficulties faced by people with dissociative identity disorder and what we can do to improve their standards of life.

Dissociative Identity Disorder, also known as Multiple Personality Disorder, is the condition where a person believes that he/she has multiple people living inside their minds.

Each person has their own likes, dislikes, history and personalities. They are often controlled by multiple personalities and may face difficulties getting on with their normal lives.

Some of the symptoms of dissociative identity disorder are impulsivity, self-destructive behaviour, or self-harm, anxiety, dissociation and mood swings.

Dissociative Identity Disorder Awareness Day, first observed in 2012 by the Ivory Garden, is an annual event dedicated to raising awareness about DID and providing support for those affected by the disorder.  

Exp. Padma Shri Awardee Arun Sharma passes away

Renowned archaeologist Padmashree Dr Arun Kumar Sharma passed away at the age of 90.

Sharma was senior-most team member which excavated the Ram Janmabhoomi Ayodhya site on order of Allahabad High Court and had submitted a report that a temple was demolished to make a mosque.

Sharma was presented the Padmashree award in 2017 by late President of India, Pranab Mukherjee.

Born in Chandkhuri in Raipur district on November 12 in 1933, Sharma completed his MSC (Anthropology) from Sagar university in 1958 and a year later joined the Archaeological Survey of India (ASI).

Since 1994 he has been Archaeological advisor to the Chhattisgarh government.