Correct Answer :   $619.072

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India’s forex reserves experienced a notable increase, rising by $2.975 billion to reach $619.072 billion for the week ending February 23, as reported by the Reserve Bank of India (RBI). This surge follows a previous week where reserves had slightly decreased by $1.132 billion.

Major Components

1. Foreign Currency Assets :


2. Gold Reserves :


3. Special Drawing Rights (SDRs) :


4. Reserve Position with the IMF :

Historical Perspective

India’s forex reserves achieved an all-time high of $645 billion in October 2021, marking a significant milestone in the country’s economic landscape.

Correct Answer :   56.9

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India’s manufacturing sector continued its expansion in February, as indicated by the HSBC Purchasing Managers’ Index (PMI) reaching 56.9, marking its highest level in five months. This data, released on March 1st, surpassed the initial estimate of 56.7 announced on February 22nd, 2024.

Consistent Expansion : The February manufacturing PMI of 56.9 extends the sector’s expansion streak for the 32nd consecutive month, remaining above the critical threshold of 50, which separates growth from contraction.

GDP Growth : The release of the manufacturing PMI closely follows the announcement by the statistics ministry regarding India’s GDP growth of 8.4 percent in the October-December 2023 period. However, it notes a moderation in the manufacturing sector’s gross value added growth, which dropped to 11.6 percent from 14.4 percent in the previous quarter.

Trend Analysis : In comparison to the previous quarters, the manufacturing PMI averaged at 57.9 in July-September 2023 and 55.5 in the subsequent quarter. The first two months of 2024 have shown a consistent average of 56.7, indicating a stable performance.

Correct Answer :   1 March

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Every year on March 1, the world comes together to celebrate World Civil Defence Day. This international event serves as a crucial reminder of the importance of being prepared for emergencies and disasters.

WORLD CIVIL DEFENCE DAY HISTORY :

World Civil Defence Day was first established in 1990 by the International Civil Defence Organisation (ICDO) to commemorate the anniversary of the adoption of the ICDO's Constitution. Since then, it has grown into a significant global platform for raising awareness about the vital role civil defence plays in protecting communities.

SIGNIFICANCE OF WORLD CIVIL DEFENCE DAY :

World Civil Defence Day holds immense significance on a global scale:

Raising Awareness : It serves as a critical platform to raise public awareness about the importance of disaster preparedness and preventive measures.
Promoting Collaboration : It encourages collaboration between different entities, fostering a shared responsibility for building safer communities.
Enhancing Preparedness : It emphasises the need for proactive measures like developing emergency plans, conducting drills, and stockpiling essential supplies.
Building Resilience : It encourages communities to build resilience in the face of emergencies and disasters, minimising the potential loss of life and property.

World Civil Defence Day serves as a crucial reminder that we all have a role to play in ensuring our communities are prepared for unforeseen circumstances. By embracing collective responsibility and actively participating in preparedness initiatives, we can build a safer and more resilient future for ourselves and generations to come..

Source : India Today

Correct Answer :   8.4%

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Strong growth in manufacturing and good performance of mining and construction pushed the economic growth in October-December quarter (Q3) of Fiscal Year 2023-24 to 8.4 per cent, defying all the expectations. Also, growth rate for full fiscal of 2023-24 upped to 7.6 per cent from earlier projection of 7.3 per cent.

“Robust 8.4 per cent GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat,” Prime Minister Narendra Modi said in a tweet.  Chief Economist Advisor V Anantha Nageshwarn hopes that like three years of post Covid (FY22, FY23 and FY24) years, FY 25 growth could be 7 per cent.

Decoding entire growth number, Swati Arora, Economist with HDFC Bank, said upward revision in first two quarters of FY24 in part due to a downward revision in data for previous quarters of FY23. Now, “computed growth for Q4 FY24 is pegged at 5.9 per cent,” she said.

Meanwhile, Centre’s fiscal deficit, difference between expenditure and income, touched 64 per cent of revised estimate during April-January period of current fiscal. The government has revised the estimate of fiscal deficit to ?17.35-lakh crore or 5.8 per cent of the GDP. Based on the latest trends, experts believe, the deficit for full fiscal would be as projected in revised estimate.

Core sector :

However, the eight core industries’ output growth slumped in January 2024 to a 15-month low of 3.6 per cent, which is also the lowest monthly print so far this fiscal.  

The latest reading was lower than revised 4.9 percent growth recorded in December 2023 and 9.7 per cent recorded in January 2023, official data released on Thursday showed. Six of the eight core industries recorded positive growth for the month under review..

Source : The Hindu Businessline

Correct Answer :   Gujarat

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In a significant step towards creating an indigenous (“Make in India, For the World”) semiconductor ecosystem in India, Government of India has approved a proposal from Tata Electronics to build a mega semiconductor fabrication facility (“Fab”) in Dholera, Gujarat in partnership with PSMC. The fab construction will begin this year with a total investment of up to INR 91,000 crores (~US$11bn) and will generate over 20,000 direct and indirect skilled jobs in the region. With this announcement, Tata Electronics enters the global semiconductor industry.

Tata Electronics (a wholly owned subsidiary of Tata Sons Pvt. Ltd.) in partnership with Powerchip Semiconductor Manufacturing Corporation (PSMC) will build India’s first AI-enabled state-of-the-art Fab. This Fab will have manufacturing capacity of up to 50,000 wafers per month and will include next generation factory automation capabilities deploying data analytics and machine learning to achieve industry-best factory efficiency. The new semiconductor Fab will manufacture chips for applications such as power management IC, display drivers, microcontrollers (MCU) and high-performance computing logic, addressing the growing demand in markets such as automotive, computing and data storage, wireless communication and artificial intelligence.

N Chandrasekaran, Chairman, Tata Sons had announced Tata Group’s decision to build a semiconductor fab in Dholera in the 20th Vibrant Gujarat Summit in January 2024. Commenting on the planned semiconductor Fab he said, “Tata Group has a tradition of pioneering many sectors in the country, and we are confident that our entry in semiconductor fabrication will add to this legacy.

With AI-led digitization of every aspect of human existence, semiconductors will be the most critical building block. By 2030, Global semiconductor industry is expected to grow to US$ 1 trillion and Indian semiconductor demand is expected to cross US$110bn. India’s entry in the semiconductor manufacturing will significantly de-risk global supply chains and will make India a very important player in the global semiconductor industry.

We are proud to lead India’s entry into global semiconductor fabrication. This will also accelerate our progress towards providing high-technology employment opportunities for the youth of India.

Today’s announcement is possible because of the enduring vision of the Government of India under the leadership of Hon’ble Prime Minister Shri Narendra Modi in defining comprehensive central and state semiconductor policies, as well as continuous advocacy and support from Ministry of Electronics and Information Technology (MeitY), India Semiconductor Mission (ISM) and the Government of Gujarat.”  

Emphasizing the significance of this strategic step, Dr Randhir Thakur, CEO & MD, Tata Electronics said, “This marks a beginning of a new era for India.  Tata Electronics is proud to play a prominent role in strengthening the global semiconductor ecosystem.  Our partnership with PSMC provides access to a broad technology portfolio in leading edge and mature nodes including 28nm, 40nm, 55nm, 90nm & 110nm and also collaboration for high volume manufacturing. We are confident that the upcoming Fab will support our ambitions of “Make in India, For the World”. We will be able to serve our global customers’ requirements for supply chain resilience and meet the growing domestic demand.”

PSMC, which is one of Taiwan’s leading pure-play foundry companies with capabilities across logic and memory technologies, will provide access to leading-edge and mature technologies. Dr Frank Hong, Chairman, PSMC said “The Tata group is one of the most established and well-respected names in India and globally. We are very excited to enter in partnership with Tata group, that I believe will script a new era in the global semiconductor industry. Semiconductor industry presents a large and growing opportunity, and India is uniquely placed to capture this opportunity. On one end India has a large and growing domestic demand and on the other end global customers are looking at India for supply chain resilience. There could not have been better time for India to make its entry into semiconductor manufacturing industry. This partnership has the potential to redefine the contours of global semiconductor manufacturing and we are looking forward to collaboration with Tata Electronics.”

This new initiative from Tata Electronics will bring to India a portfolio of cutting-edge semiconductor technologies, advanced skill set and talent, and a network of semiconductor manufacturing suppliers and ecosystem partners, resulting in foundational development of indigenous semiconductor ecosystem in India. With this Fab, India for the first time will be able to address the growing chip demand of domestic and global customers across automotive, computing, communications, and artificial intelligence markets. Tata group’s multi-fab vision for Dholera is projected to create over 1,00,000 skilled jobs and establish India as one of the key supply chain partners to the global semiconductor industry..

Source : TATA

Correct Answer :   Rs.150 crore

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The Union Cabinet, led by Prime Minister Shri Narendra Modi, has approved the establishment of the International Big Cat Alliance (IBCA) with its headquarters based in India. This landmark decision comes with a one-time budgetary support of Rs. 150 crore for a period of five years from 2023-24 to 2027-28.

Background and Context :

Call for Alliance : Prime Minister Shri Narendra Modi, recognizing India’s significant role in conserving big cats and endangered species, called for the formation of an Alliance of Global Leaders to combat poaching in Asia during his speech on Global Tiger Day in 2019. This call was reiterated on the occasion of commemorating 50 years of India’s Project Tiger on April 9, 2023, where the launch of the International Big Cat Alliance was formally announced.

Objectives and Scope :

Conservation Focus : The International Big Cat Alliance focuses on conserving big cats, including Tiger, Lion, Leopard, Snow Leopard, Puma, Jaguar, and Cheetah. Five out of these seven big cats are found in India, emphasizing the country’s pivotal role in big cat conservation.

Multifaceted Approach : IBCA is envisioned as a multi-country, multi-agency coalition comprising big cat range countries, non-range countries interested in conservation, conservation partners, scientific organizations, and business groups. It aims to establish networks, develop synergies, and create a centralized repository of successful conservation practices and personnel. This collaborative platform facilitates knowledge sharing, capacity building, advocacy, and financial support for conservation efforts.

Key Components and Governance :

Framework and Governance : IBCA’s framework is modeled after the International Solar Alliance (ISA) and consists of an Assembly of Members, Standing Committee, and Secretariat headquartered in India. A Steering Committee, comprising nominated national focal points of founding member countries, oversees its operations.

Budgetary Support and Funding : The Government of India has provided an initial budgetary support of Rs. 150 crore for five years. Additional funding will be explored through contributions from bilateral and multilateral agencies, public sector organizations, financial institutions, and donor agencies.

Impact and Significance :

Climate Resilience and Sustainable Development : By safeguarding big cats and their habitats, IBCA contributes to natural climate adaptation, water and food security, and the well-being of communities dependent on these ecosystems. It aims to promote cooperation among countries for mutual benefit and advance long-term conservation goals.

Mainstreaming Biodiversity : IBCA advocates for integrating biodiversity policies with sustainable development goals (SDGs) to achieve holistic and inclusive conservation outcomes. It emphasizes policy initiatives that align biodiversity conservation efforts with local needs and contribute to UN SDGs related to climate change, food security, clean water, and poverty reduction..

Source : PIB

Correct Answer :   NITI Aayog

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“Pradhan Mantri Jan Arogya Yojana is an aspirational scheme which covers half of India’s health and that can be instrumental in child health too along with existing Rashtriya Bal Swashtya Karyakram.” This was stated by Dr. V K Paul, Member (Health), NITI Aayog as he launched the National Birth Defect Awareness Month 2024 in the august presence of Shri Apurva Chandra, Secretary, Ministry of Health and Family Welfare today. The theme of this National Birth Defect Awareness Month 2024 is “Breaking Barriers: inclusive support for children with birth defects”. The birth defects awareness campaign would be focusing on the awareness about prevention, early identification and timely management.

Speaking on the occasion, Dr Paul lauded Rashtriya Bal Swashtya Karyakram which is proving to be a catalyst in child health. He said, “160 crore children have been examined under the programme and it is a guarantee for child health.” He appreciated the work of Mobile Health teams and District Early Interventions teams for ensuring child health and reaching to the hinterlands for successful implementation of RBSK.

Dr. Paul said that there is a need to address the birth defects to lower the child mortality, though the ratio of birth defects’ mortality is less compared to deaths caused by malaria, pneumonia and other diseases. He said “under Rashtriya Bal Swasthya Karyakram our priority is to achieve a complete health for children and this National Birth Defect Awareness Month 2024 campaign would be catalyst in raising the awareness for the cause”. “More Intensity and more coverage needs to be done to redress the issue of birth defects”, he added.

Dr. V K Paul also urged students to opt for Paedetrics in PG to support and strengthen child health as children are most vulnerable to defects detected at birth. “Even the family feel isolated knowning the issues of birth defects. These will be addressed through this campaign”, he said. “Particularly for neural tube defect (NTDs), the modality of Folic Acid supplementation works immensely. Time has come that we need to take Folic acid supplementation to the highest level.” “Pre-pregancy care is significant for a woman, nutritional status, BMI, Thyroid and UTI etc. should also be taken care as this would help in healthy child birth”, he added.

Shri Apurva Chandra, Union Health Secretary emphasized on early identification of birth defects especially Club Foot, Hearing impairments, retinal defects, cleft lips etc. as these impaire child’s future. Elated with the campaign, he said this month-long awareness campaign will be instrumental in addressing the child birth defects issue. “Keeping registry of child birth defects through the ABHA can play a siginificant role in keeping records of children treated or not treated and further actions can be steered accordingly in identification and treatment”, he added.

On this occasion, good performing State/UTs for Rashtriya Bal Swasthya Karyakram were felicitated for the achievements..

Source : PIB

Correct Answer :   Tamil Nadu

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Prime Minister Modi on Wednesday (28th Feb 2024) launched the country's first indigenous green hydrogen fuel cell inland waterway vessel under the Harit Nauka initiative in Tamil Nadu's Thoothukudi.

Crafted by Cochin Shipyard Ltd., the indigenously built vessel is a result of collaboration between the Indian Register of Shipping, Cochin Shipyard Ltd, KPIT, and the Ministry of Ports, Shipping & Waterways, Govt. of India.

This a gift of the people of Tamil Nadu for Kashi, PM Modi said in his address.

The zero-emissions vessel is expected to be deployed in Varanasi shortly. The 24-meter-long, catamaran vessel can ferry 50 passengers and aims to reduce carbon emissions by 400 MT annually. The newly launched vessel is expected to make urban mobility swifter and serve as a pioneering example of sustainable waterway travel in the country.

During his visit to Thoothukudi, PM Modi inaugurated various other projects aimed at making the V.O.Chidambaranar Port the first Green Hydrogen Hub Port of the country. These projects include a desalination plant, hydrogen production, and a bunkering facility.

"Tamil Nadu will go a long way about the alternatives that the world is exploring today", he said.

The "Harit Nauka" Inland Vessels Green Transition Guidelines aim at completing the transition to green vessels by 2047 in India. Furthermore, it aims to create an ecosystem for the operation of green vessels, promote the "Make in India" policy in shipbuilding, and enable financial assistance for the development of green vessels..

Source : ETN

Correct Answer :   Rs.75,021 crore

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What is PM Surya Ghar Muft Bijlee Yojana?

PM Surya Ghar Muft Bijlee Yojana is a Central Scheme that aims to provide free electricity to one crore households in India, who opt to install roof top solar electricity unit.  The households will be able to get 300 units of electricity free every month.  It was approved by the Union Cabinet on February 29th, with an outlay of Rs.75,021 crore.  

How does PM Surya Ghar Muft Bijlee Yojana work?’

The scheme provides for a subsidy of 60% of the solar unit cost for systems up to 2 kW capacity and 40 percent of additional system cost for systems between 2 to 3 kW capacity.  The subsidy has been capped at 3 kW capacity. At current benchmark prices, this will mean Rs 30,000 subsidy for 1 kW system, Rs 60,000 for 2 kW systems and Rs 78,000 for 3 kW systems or higher.

Who are eligible to apply for the Scheme?

 

How to apply for PM Surya Ghar Muft Bijli Yojana?

First, the interested consumer has to register on the national portal www.pmsuryaghar.gov.in. The National Portal will assist the households by providing relevant information such as appropriate system sizes, benefits calculator, vendor rating etc. The consumers can choose the vendor and the make of the Roof Top Solar unit they wish to get installed.

Can a consumer avail of loan facility to finance the solar unit?

Yes. Households will be able to access collateral-free low-interest loan products of around 7% at present for installation of residential RTS systems up to 3 kW. The interest rate has been pegged at 0.5% above the prevailing Repo Rate decided by the Reserve Bank of India from time to time.  In the event of Repo Rate, which is 6.5% at present, getting reduced to say 5.5%, the effective interest rate for consumer will become 6% instead of the current 7%.

What is the procedure for availing subsidy?

Step 1


Step 2


Step 3


Step 4



Step 5

 

Step 6

 

Why should a household opt for the Roof Top Solar Scheme?

The households will be able to save electricity bills as well as earn additional income through sale of surplus power to DISCOMs.


PM Surya Ghar Muft Bijlee Yojana promises an assured saving of approximately Rs 15,000 in a year for a household consuming up to 300 units a month, by installing Roof Top Solar unit of 3 kW capacity.  Such a household, by generating its own electricity will save on electricity bill approximately Rs 1,800 – Rs 1875.


Even after deducting the EMI of Rs 610 on the loan availed for financing the solar unit, the saving would be around Rs 1,265 per month or approximately Rs 15,000 in a year.  The savings for the households not availing of loan will be even higher..

Source : PIB

Correct Answer :   Renu Sud Karnad

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PayU Payments Private Ltd (PayU), which is fintech arm of Global Consumer Internet Group Prosus, has appointed Renu Sud Karnad, a director at HDFC Bank, as chairperson and independent director of the company.

This digital financial services provider has also inducted four more members to the board, taking the overall strength of the board to seven members including Anirban Mukherjee, Chief Executive Officer, PayU and Arvind Agarwal, Chief Finance Officer, PayU. All the five new directors have joined the board.

Karnad was managing director of India’s largest mortgage lender HDFC till July 2023 before it got merged with HDFC Bank.

The other four directors who have joined PayU Board are Jairaj Purandare (Independent Director); Gopika Pant (Independent Director); Laurent Le Moal, (Non-Executive & Non-Independent Director) and Jan Bune (Non-Executive & Non-Independent director)

Anirban Mukherjee, CEO, PayU, said, “We’re delighted to have built an outstanding board to offer us counsel and guidance as we build full stack of digital financial services to serve India, advance digitisation and drive financial inclusion. With the Indian economy undergoing rapid transformation, PayU is poised to capitalise on leveraging the unparalleled online payments opportunity, expected to reach a $1 trillion internet economy by 2030.

I’m deeply humbled and honoured that each of these eminent industry veterans have chosen to endorse our vision and accompany us on our journey. The collective wisdom of the board will greatly benefit us as we embark on the next phase of growth for PayU.”

“I’m especially pleased that Renu Sud Karnad has agreed to join our board of directors as chairperson. With a strong background in financial services, gained from her illustrious career, Renu will bring the skills and experience required to make a material contribution to PayU’s future,” he added.

Renu Sud Karnad said, “I am glad to be on the board of PayU Payments, a world-class company built in India and serving India as a key market. I look forward to helping the team to build a diversified financial services organisation promoting digitisation using cutting-edge technology.”...

Source : The Hindu Businessline