11 March, 2021
France Conducts “AsterX” its 1st Military Exercise in Space
France started its 5-day long Military Exercise in Space to analyse its ability against attacks on its Satellites & other defence equipment. The exercise was codenamed as “AsterX”, on the memory of its 1st satellite launched in 1965. Alongside the French Space Forces Command, the new US Space Force and German space agencies also participated in the space exercise.
i.”AsterX” is the 1st Space Military Exercise of France & also the 1st among European Countries.
ii.The exercise consists of 18 simulated events that are conducted from an operations room.
President – Emmanuel Macron
Capital – Paris
Indo-French Military Exercise – “Shakti”
Indo-French Air Exercise – “Desert Knight”
Indo-French Naval Exercise – “Varuna”
Eastern sub-regions Bangladesh, Bhutan, India & Nepal became economic growth pole in South Asia: World Bank
As per the recent report titled “Connecting to Thrive: Challenges and Opportunities of Transport Integration in Eastern South Asia” released by World Bank, India and Bangladesh have the potential to increase their national Gross Domestic Product (GDP) by 8% in India in particular road connectivity and 17% in Bangladesh with seamless transport connectivity between two countries. Also report suggested Bangladesh, Bhutan, India & Nepal (BBIN) eastern sub-region countries became an economic growth pole for South Asia.
Tribal Affairs Minister Arjun Munda Inaugurated First of its Kind “Tribes India GI Mahotsav” at LBSNAA, Mussoorie
Arjun Munda, Union Minister, Ministry of Tribal Affairs(MoTA) inaugurated the “Tribes India GI Mahotsav” at Lal Bahadur Shastri National Academy of Administration(LBSNAA), Mussoorie, Uttarakhand. This is the first of its kind exhibition featuring the GI Products from across India. The Tribes India GI Mahotsav: Invaluable Treasures of Incredible India was organised by Tribal Cooperative Marketing Federation of India(TRIFED), under MoTA in collaboration with LBSNAA, Mussoorie and Ministry of Culture.
Managing Director– Pravir Krishna
Headquarters– New Delhi
Indian Navy Signed a Contract with ‘Suryadipta Projects’ for Constructing 11 ACTCM Barges
The Indian Navy signed a contract for the construction of 11 Ammunition-Cum-Torpedo-Cum-Missile (ACTCM) barges, with Thane based MSME Suryadipta Projects Private Limited. The MSME will start delivering the barges from 22nd May, 2021. Assigning of this project to a Micro, Small and Medium Enterprises (MSME) marks another milestone to Indian Government’s Atma Nirbhar Bharat and Make in India initiative.
i.Indian Navy will induct the ACTCM barges to undertake its mission needs for embarking & disembarking Ammunition, Torpedo & Missile etc.
ii.These barges will be built under the Classification Rules of Indian Register of Shipping (IRS).
About Ministry of Micro, Small and Medium Enterprises:
Union Minister – Nitin Gadkari (Constituency – Nagpur, Maharashtra)
Minister of State – Pratap Chandra Sarangi (Constituency – Balasore, Odisha)
About Indian Navy:
Commander-in-Chief – President Ram Nath Kovind
Chief of the Naval Staff (CNS) – Admiral Karambir Singh
Motto – “Sham no Varunah”
Chhatrapati Shivaji Maharaj is known as the “Father of Indian Navy”.
PM Narendra Modi Virtually Inaugurated ‘Maitri Setu’ Bridge between India and Bangladesh Over Feni River
i.Prime Minister(PM) Narendra Modi Inaugurated the ‘Maitri Setu’ (India-Bangladesh Friendship Bridge) virtually between India and Bangladesh over Feni River at Sabroom in south Tripura. During the event he also inaugurated and laid the foundation stone for eight other infrastructure projects together worth ₹ 3,518 crore.
ii.Maitri Setu Bridge is 1.9 Km long, which Connects Tripura, India with Ramgarh in Bangladesh.
iii.National Highways and Infrastructure Development Corporation Ltd constructed the Bridge at a project cost of Rs. 133 Crores.
iv.PM, Narendra Modi laid the foundation stone for setting up an Integrated Check Post at Sabroom. The Check Post will be constructed by the Land Ports Authority of India at an estimated cost of about Rs. 232 Crores.
NITI Aayog Along With RMI India Releases ‘Mobilising Electric Vehicle Financing in India’ Report
NITI Aayog along with Rocky Mountain Institute (RMI) India released the ‘Mobilising Finance for EVs in India: A Toolkit of Solutions to Mitigate Risks and Address Market Barriers’ report. The report analyses the risk & market barriers involved in transforming India’s Electric Vehicle (EV) Sector and provides Target Instruments to overcome the hurdles.
i.Indian EV market size to be of USD 50 billion (Rs 3.7 lakh crore) by 2030, which is equivalent to 80% of the current market size of India’s retail vehicle finance industry at USD 60 billion (Rs 4.5 lakh crore).
ii.To achieve the targeted transformation, there needs to be a capital investment of USD 266 billion (Rs 19.7 lakh crore) in EVs, charging infrastructure, and batteries by 2030.
CRISIL has projected India’s GDP to grow at 11% in FY22
The report of the rating agency CRISIL (Credit Rating Information Services of India Limited) projected India’s GDP to rebound to 11% in FY22(2021-2022) with base-effect lift in first half and broad-based growth in the second, after an estimated contraction of 8%(- 8%) inFY21(2020-2021).
Managing Director (MD) & Chief Executive Officer(CEO)– Ashu Suyash
Headquarter– Mumbai, Maharashtra
Parent Company– Standard & Poor’s (S&P)
OECD raises GDP forecast of India to 12.6% for FY22
i.Organisation for Economic Co-operation and Development (OECD) raises the Gross Domestic Product (GDP) of India to 12.6% for FY 22, the highest among G20 countries. With his projection by OCED, India becomes the fastest-growing economy in the world. i.e., OECD has raised the GDP Projection by 4.7% from its December, 2020 projection of 7.9% for FY22.
ii.OECD has projected the India’s GDP to contract 7.4 per cent (-7.4%) in FY21 against the December 2020 forecast of 9.9% contraction (-9.9%).i.e.OECD had raised the GDP Projection by 2.5% from its earlier projection.
iii.OECD had pegged that, Indian economy as a whole in 2020 contracted by about 7 per cent.
iv.OECD has raised the 2021 global economy to grow 5.6 percent, an increase of 1.4 percentage points from its December 2020 forecast during which it has projected the 2021 global economy at 4.2% .
About Organisation for Economic Co-operation and Development (OECD):
Secretary General – Angel Gurría
Members Countries – 37
Magicbricks Partnered with Razorpay & HDFC Bank for Property Service “Pay Rent” through Credit Card
i.Magicbricks Realty Services limited(Magicbricks), a wholly owned subsidiary of Bennett, Coleman & Co. Ltd of The Times Group, partnered with Razorpay and HDFC Bank to create a secure online solution “Pay Rent” feature for rent payments through credit cards.
ii.The online solution is created with a focus on the 10 million rental residential household market.
iii.Magicbricks has activated the security features and has implemented the risk and fraud detection module of Razorpay on the backend to ensure an additional layer of security in order to protect against any misuse.
CEO– Sudhir Pai
Headquarters– Noida, Uttar Pradesh
CEO– Harshil Mathur
Headquarters– Bengaluru, Karnataka
DBS Bank India joined with TRRAIN to upskill differently-abled youth
DBS Bank India Ltd. (DBIL) partnered with TRRAIN (Trust for Retailers & Retail Associate of India) to support the youth from low income households, pandemic affected, and persons with disabilities through skill training and employment opportunities.
Aquaconnect Partnered with BOB to provide Credit Access to Farmers under KCC scheme
Aquaculture tech company Aquaconnect partnered with Bank of Baroda(BOB) to provide credit access to 1.6 million aquaculture farmers under the Kisan Credit Card (KCC)scheme.
Credit facilities under the partnership to Farmers: Providing credit access under the KCC at an annualized rate of as low as 10% BOB has extended loan for up to Rs 10 lakh under KCC scheme and fisheries loan. Providing higher credit limits Under Pradhan Mantri Matsya Sampada Yojana(PMMSY) and The Fisheries and Aquaculture Infrastructure Development Fund(FIDF) scheme.
Ashwin, Beaumont Win ICC Player of Month Awards for February
India spinner Ravichandran Ashwin was awarded the ICC Player of the Month award for February, the International Cricket Council (ICC). Ashwin beat England captain Joe Root and West Indies’ Kyle Mayers to the award. Ashwin played a crucial role with bat and ball as India raced to a 2-1 lead over England in their four-match Test series in February before eventually winning the series 3-1 in March. He was the highest wicket-taker in the series with 32 scalps and scored a century in the second Test in Chennai.
India-New Zealand World Test Championship final in Southampton
India will play their inaugural World Test Championship final against New Zealand at Southampton’s Ageas Bowl Stadium, England from June 18-22. Initially, the final was supposed to be held at the Lord’s but Southampton, with a five-star facility inside the stadium, will make it easier for both the ICC and the England and Wales Cricket Board to create a bio-bubble for the two teams.
DRDO successfully developed the Air Independent Propulsion (AIP) System
Defence Research and Development Organisation (DRDO) was achieved in the development of Air Independent Propulsion (AIP) by proving the land-based prototype. According to the user requirement ,this plant was functioned in endurance mode as well as max power mode. L&T and Thermax are the industry partners for the development. Naval Materials Research Laboratory (NMRL) , an Indian defence laboratory of DRDO has developed this system.
Former CBoI chief Pallav Mohapatra appointed MD and CEO of Arcil
Pallav Mohapatra was appointed MD and CEO by Asset Reconstruction Company (India) Ltd (Arcil). Arcil’s former MD and CEO Vinayak Bahuguna was resigned once his five years terms had finished in June 2020. Pallav Mohapatra was a former MD and CEO of Central Bank of India (CBoI) from September 21, 2018, to February 28, 2021. Before being elevated as MD and CEO of CBoI, he served as the Deputy Managing Director of Stressed Assets Management Group, State Bank of India.
Tirath Singh Rawat Sworn in as the New CM of Uttarakhand; Trivendra Singh Rawat resigned as CM
Tirath Singh Rawat, Members of Parliament (Lok Sabha), was sworn in as the 9th Chief Minister(CM) of Uttarakhand following the resignation of Trivendra Singh Rawat on 9th March 2021 following the unease over his governance. Tirath Singh Rawat’s term as the CM will end before the assembly polls in March or April 2022.
i.Tirath Singh Rawat was elected as the New CM at the meeting of the legislature party held on 10th March 2021.
Zoological Park– Bharat Ratna Pandit Govind Ballabh Pant high altitude Zoological Park
Forts– Banasur Ka Kila, Pithoragarh Fort