Current Affairs Quiz 9th and 10th March 2024 Quiz

Exp. PM launches 52 tourism sector projects worth more than Rs 1400 crores

Prime Minister Narendra Modi has launched 52 tourism sector projects worth over Rs 1400 crore under the Swadesh Darshan and Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) schemes.

Nine tourism infrastructure projects, spread across the country, developed under Swadesh Darshan and PRASHAD schemes worth Rs 469 crore were launched, besides 43 other projects worth Rs 963 crore were also launched under the two schemes of tourism ministry.

The project launch events were also carried out at all the 52 destinations, simultaneously by the ministry, state government, UT administrations and local authorities.

The projects launched included three projects under PRASHAD Scheme (Hazratbal- Srinagar, Jogulamba- Telangana, Amarkantak-Madhya Pradesh) worth Rs 129.35 crore.

Some of the major interventions developed in the projects include pilgrim facilitation centres, ghat development, façade illumination, sound and light shows, queue complex and safety and security infrastructure.

PM Modi in News

• PM Modi inaugurates India’s first underwater metro in Kolkata
• PM Modi launches development projects worth 35,700 crore rupees in Jharkhand
• PM Modi unveils India’s first hydrogen fuel cell ferry
• PM Modi inaugurated ‘Bharat Tex 2024’ in New Delhi
• PM Modi laid the foundation stone for Sikkim’s first railway station at Rangpo.

Exp. Cabinet approves MSP for Raw Jute for 2024-25 Season

The Cabinet Committee on Economic Affairs has increased the Minimum Support Price (MSP) for raw jute for the 2024-25 season by ₹285 to ₹5,335 per quintal.

The decision would ensure a return of 64.8% over the all-India weighted average cost of production.

In the last 10 years, the government has increased MSP for raw jute from ₹2,400 per quintal in 2014-15 to ₹5,335 a quintal in 2024-25, registering a growth of 122%”.

The decision is expected to help jute farmers in West Bengal, Bihar and Assam.

Exp. Cabinet approves Uttar Poorva Transformative Industrialization Scheme 2024

The Union Cabinet has approved the proposal of the Department for Promotion of Industry and Internal Trade (DPIIT) for Uttar Poorva Transformative Industrialization Scheme 2024 (UNNATI 2024).

The scheme is for a period of 10 years from the date of its notification along with 8 years for committed liabilities with a financial outlay of ₹10,037 crore.

The scheme is proposed to be divided into two parts. Part A caters to the incentives to the eligible units (₹9,737 crore), and Part B is for implementation and institutional arrangements for the scheme (₹300 crore).

The proposed scheme envisages around 2,180 applications, and it is anticipated that direct employment opportunities of about 83,000 will be generated during the scheme period.

All eligible industrial units to commence their production or operation within four years from the grant of registration.

Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade (DPIIT) will implement the scheme in cooperation with the States.

Its main objective is to generate gainful employment, which will lead to the area’s overall socio-economic development. It will create productive economic activity in the manufacturing and service sectors.

Exp. Sweden officially becomes 32nd member of NATO

Sweden has officially become the 32nd member of NATO after it completed the accession process in Washington.

The handover of documents took place at a ceremony two years after Sweden applied to join the military alliance following the full-scale war between Russia and Ukraine in February 2022.

The foundations of the North Atlantic Treaty Organization (NATO) were officially laid down on 4 April 1949 with the signing of the North Atlantic Treaty, more popularly known as the Washington Treaty.

The Treaty was signed in Washington D.C. on 4 April 1949 by 12 founding members. At present, NATO has 32 member countries. These countries, called NATO Allies.

About Sweden

• Capital- Stockholm
• Currency – Swedish Krona
• Official language– Swedish
• Continent- Europe
• Prime Minister – Ulf Kristersson

About North Atlantic Treaty Organization (NATO)

• Founded – 1949
• Headquarters – Brussels, Belgium
• Secretary General- Jens Stoltenberg
• Founding Members – United States, Canada, and ten European countries, including Belgium, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, and the United Kingdom.
• NATO is a military alliance between North American and European countries.

Exp. Bichom becomes 27th district of Arunachal Pradesh

Bichom, carved out of West and East Kameng, became the 27th district of Arunachal Pradesh.

In February this year, the state assembly passed the Arunachal Pradesh (Re-Organisation of Districts) (Amendment) Bill, 2024 for the creation of Bichom and Keyi Panyor districts.

A total of 27 villages from West Kameng and 28 from East Kameng were made part of Bichom district.

About Arunachal Pradesh

• Capital – Itanagar
• Chief Minister – Pema Khandu
• Governor – LG (Retd) Kaiwalya Trivikram Parnaik

Exp. RBI and Bank Indonesia sign MoU to establish a framework to promote use of local currencies for cross-border transactions

The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai for establishing a framework to promote the use of local currencies — the Indian Rupee (INR) and the Indonesian Rupiah (IDR) — for cross-border transactions.

This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market.

The MoU covers all current account transactions, permissible capital account transactions, and any other economic and financial transactions as agreed upon by both countries.

Statements

1. Savings Deposit- 4 per cent (Correct)
2. Senior Citizens Savings Scheme- 8.4 per cent (Incorrect)

• Sukanya Samriddhi Account- 8.4 per cent (Incorrect)

7. Monthly Income Account- 7.4 percent (Correct)
8. National Saving Certificates (NSC)- 7.7 percent (Correct)
9. Kisan Vikas Patra- 6.5 percent (will mature in 115 months) (Incorrect)

• Public Provident Fund- 7 per cent (Incorrect)

Exp. Govt keeps interest rates on small savings schemes unchanged for Q1 FY25

The government has kept the interest rates unchanged on various small savings schemes for the first quarter of the next fiscal, beginning April 1, 2024.

With this, the interest rates will remain unchanged till June 30, 2024.

These schemes offer guaranteed returns at regular intervals compounded monthly, quarterly or annually as the case may be. These instruments cater to conservative investors and offer guaranteed but low returns and range between 6-8 per cent

Interest rates for Jan-March 2024 and April – July 2024

• Savings Deposit- 4 per cent
• 1-Year Post Office Time Deposits- 6.9 percent
• 2-Year Post Office Time Deposits- 7.0 percent
• 3-Year Post Office Time Deposits- 7.1 percent
• 5-Year Post Office Time Deposits- 7.5 percent
• 5-Year Recurring Deposits- 6.7 percent
• Senior Citizens Savings Scheme- 8.2 per cent
• Sukanya Samriddhi Account- 8.2 per cent
• Monthly Income Account- 7.4 percent
• National Saving Certificates (NSC)- 7.7 percent
• Kisan Vikas Patra- 7.5 percent (will mature in 115 months)
• Public Provident Fund- 7.1 per cent

Exp. Moody’s ups growth forecast to 8% for FY24

Moody’s Ratings has raised India’s GDP growth forecast for FY24 to around 8 per cent from 6.6 per cent on the back of strong domestic consumption and capital expenditure.

The latest estimate of Moody’s is about 140 basis points higher than the earlier projection of 6.6 per cent made in November 2023.

The National Statistical Office (NSO) has projected 8.4 per cent growth in December quarter of the current financial year.

It has also revised GDP estimates for the first and second quarters to 8.2 per cent and 8.1 per cent from 7.8 per cent and 7.6 per cent, respectively.

Moody’s said in a report, we expect India to be the fastest-growing economy among major G20 countries, with its real GDP growth to accelerate to around 8 per cent in the fiscal year ending March 2024 (fiscal 2023-24) from 7 per cent in fiscal 2022-23.

Updated GDP List 9

• CRISIL – 6.8% (FY25)
• Moody– 8% (FY24)
• 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%
• RBI –7.3% (FY24)

Exp. DST, T-Hub launch AI-ML hub in Hyderabad

The Department of Science and Technology (DST), which works under the Union Ministry of Science and Technology, and start-up ecosystem enabler T-Hub have joined hands to set up a Machine Learning and Artificial Intelligence Technology Hub (MATH) in Hyderabad.

The hub will work to foster AI innovation, create job opportunities, and provide a conducive ecosystem for AI and ML start-ups.

The Centre of Excellence aims to generate over 500 AI-related jobs by 2025 and nurture more than 150 start-ups annually.

Exp. CCS gives nod to 5th generation aircraft project worth ₹15,000 crore

The Cabinet Committee on Security (CCS) has approved the project for the design and development of India’s fifth-generation fighter jet, Advanced Medium Combat Aircraft (AMCA), to be undertaken by the Defence Research and Development Organization (DRDO).

The AMCA is envisaged as a 25-tonne twin-engine stealth aircraft with an internal weapons bay and Diverterless Supersonic Intake which has been developed in India for the first time.

It is intended to have an internal carriage of 1,500 kg of payload and 5,500 kg of external payload with 6,500 kg of internal fuel.

The development of AMCA is planned to be carried out in two phases, an MK1 with the General Electric F414 engine and an Mk2 with a more powerful engine planned to be co-developed in partnership with Saran of France for which discussions are underway.

The LCA-Mk2 will also be powered by the GE F-414 engine which produces 98kN thrust compared to the 84kN thrust of the GE-404 engine powering the LCA Mk1 and MK1A.

The F-414 is set to be manufactured in India under license by HAL for which an agreement is in advanced states of conclusion.

Exp. Rajendra Prasad Goyal assumes additional charge of NHPC Limited

Rajendra Prasad Goyal, Director (Finance), NHPC has taken over the additional charge of the post of Chairman and Managing Director of NHPC Limited, India’s premier hydropower company and a Schedule ‘A’ Enterprise of Government of India.

Goyal joined NHPC on 18th November 1988 as Finance Professional and he has risen the professional ladder by virtue of utmost sense of responsibility, ethics and dedication to the Company.

He has vast experience of more than 35 years in NHPC in the core areas of Finance, coupled with in-depth understanding of Financial, Contractual and Regulatory issues involved in the construction and operation of hydropower projects.

Recent Appointment

• President & Managing Director for SAP Indian Subcontinent – Manish Prasad (replace Kulmeet Bawa)
• Captain of Sunrisers Hyderabad- Pat Cummins (Australia)
• CEO of The World Gold Council India – Sachin Jain
• New Lokpal of country – Justice AM Khanwilkar
• Director (Operations) of NTPC – Ravindra Kumar

Exp. 9 March – No Smoking Day

No Smoking Day is celebrated on 13 March every year.

This day is dedicated to spreading awareness about the destructive impacts of smoking and to inspire individuals to stop smoking.

Theme 2024 – Protecting children from tobacco industry interference.’

The historical backdrop of No Smoking Day traces all the way back to 1984, when a charity called No Smoking Day was founded.

The day was first observed on Ash Wednesday in 1984. It was initially intended to spread awareness about the health risks related to smoking and to help smokers in kicking the habit.  

Exp. 9 March – CISF Raising Day

CISF Raising Day is celebrated every year on March 10.

This day marks the establishment of the Central Industrial Security Force (CISF) in 1969.

CISF is an important armed police force in India that provides security to many important places and projects across the country.

DG of CISF – Nina Singh

Headquarters – New Delhi, India