Daily Current Affairs March 07

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs March 07. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing Daily GK Updates, Current Affairs Questions, and Monthly current affairs pdf.

TO PURCHASE OUR BANKING AWARENESS (2021 Edition) – CLICK HERE

March 07 | Daily Current Affairs 2024

Sports – Daily Current Affairs March 07

1. Who is Bangladesh’s highest run-scorer in ODIs, ahead of Mushfiqur Rahim?
A) Shakib Al Hasan
B) Mahmudullah
C) Tamim Iqbal
D) Mohammad Ashraful
E) Litton Das
Answer: C) Tamim Iqbal

Event and Location:

• Event: Mushfiqur Rahim Announces Retirement from ODIs After Champions Trophy Exit.
• Date: March 7, 2025.
• Location: Bangladesh.

Mandates and Objectives:

• Retirement Announcement: Mushfiqur Rahim announced his retirement from One Day Internationals (ODIs) after Bangladesh’s Champions Trophy 2025 campaign.
• Platform of Announcement: Instagram – He cited challenging weeks leading up to his decision.
• Commitment to Bangladesh Cricket: Expressed that he always gave 100% dedication and honesty to the team.

Mushfiqur Rahim’s Cricket Career:

• Debut Match: August 2006 vs Zimbabwe in Harare.
• Total ODI Matches: 274.
• Total Runs Scored: 7,795.
• Batting Average: 36.42.
• Centuries/Half-Centuries: 9 centuries, 49 fifties.
• Highest Score: 144.
• Wicketkeeping Stats: 243 catches, 56 stumpings.

All-Time ODI Ranking for Bangladesh:

• 2nd highest run-scorer in ODIs, behind Tamim Iqbal (8,357 runs).

Final ODI Performances:

• Struggled in Champions Trophy 2025, scoring 0 and 2 runs in group-stage games.
• His final ODI match was washed out due to rain in Rawalpindi.

Legacy:

• Renowned for technical batting and sharp wicketkeeping.
• Played a key role in shaping Bangladesh’s middle order over nearly two decades.

Important Terms Explained:

• ODI (One Day International): A limited-overs cricket format with 50 overs per side.
• Champions Trophy: An ICC tournament featuring top-ranked international teams.

Tabular Summary:

---

Obituary – Daily Current Affairs March 07

2. Which Grand Slam tournament did Fred Stolle win for his first singles title?
A) Wimbledon
B) Australian Open
C) French Championships
D) US Championships
E) Davis Cup
Answer: C) French Championships

Event and Location:

• Event: Fred Stolle, A Tennis Legend Passes Away at 86.
• Date: March 7, 2025.
• Location: Australia.

Mandates and Objectives:

• Fred Stolle’s Contribution to Tennis:
  • One of Australia’s greatest tennis players, known for his success in singles, doubles, and mixed doubles.
  • Part of Australia’s golden era in tennis during the 1960s.
  • Later became a respected tennis coach and commentator.

Career Achievements:

• Grand Slam Singles Titles:
  • French Championships (1965) – Defeated Tony Roche.
  • US Championships (1966) – Defeated John Newcombe.
• Grand Slam Finals Record:
  • Lost five consecutive Grand Slam finals before winning his first title.
  • Reached three consecutive Wimbledon finals (1963, 1964, 1965) but finished as runner-up.
  • Achieved World No. 1 ranking in 1966.
• Doubles and Mixed Doubles Success:
  • 10 Men’s Doubles Grand Slam Titles (1962-1969).
    • Partnered with Bob Hewitt and Roy Emerson (four titles each).
    • Won two titles with Ken Rosewall.
    • Completed a Career Grand Slam in men’s doubles.
  • 7 Mixed Doubles Grand Slam Titles.
    • Partnered with Margaret Court, Lesley Turner Bowrey, and Ann Haydon Jones.

Davis Cup Contributions:

• Key player in Australia’s Davis Cup victories in 1964, 1965, and 1966.
• Famous matches:
  • 1964 Davis Cup Final (Cleveland) – Helped Australia defeat the USA with a five-set win over Dennis Ralston.
  • 1965 Davis Cup Final (Sydney) – Defeated Manolo Santana in a crucial five-set battle.

Post-Retirement Career:

• Coached Vitas Gerulaitis, leading him to the 1977 Australian Open title.
• Transitioned into tennis commentary, working with Australia’s Nine Network and US broadcasters.

Important Terms Explained:

• Career Grand Slam in Doubles: Winning all four major doubles titles in a career.
• Davis Cup: International team competition in men’s tennis.

Tabular Summary:

---

Ranking – Daily Current Affairs March 07

3. Which country ranks first in the global High Net-Worth Individuals (HNWIs) rankings according to the Wealth Report 2025?
A) China
B) Germany
C) United States
D) India
E) Japan
Answer: C) United States

Event and Location:

• Event: India Ranks 4th in Global Wealth Rankings: Knight Frank’s Wealth Report 2025.
• Date: March 7, 2025.
• Location: India.

Mandates and Objectives:

• Report Released By: Knight Frank, a London-based global property consultancy firm.
• India’s Rank in HNWI Population: 4th globally, with 85,698 HNWIs, marking a 6% YoY increase.
• Definition of HNWI: Individuals possessing at least USD 1 million in investable assets.

Global HNWI Trends:

• Total Global HNWIs: Increased by 4.4% to 2,341,378 in 2024.

Top 5 Countries by HNWI Population (2024):

1. United States – 905,413 HNWIs (38.7%).
2. China – 471,634 HNWIs (20.1%).
3. Japan – 122,119 HNWIs (5.2%).
4. India – 85,698 HNWIs (3.7%).
5. Germany – 69,798 HNWIs (3.0%).

Top 3 Regions with Highest HNWI Growth:

1. USA – 5.2% increase.
2. Asia – 5% increase.
3. Africa – 4.7% increase.

Global Billionaire Trends:

• Billionaire Population:
  • USA leads with a combined billionaire wealth of USD 5.7 trillion.
  • China follows with USD 1.34 trillion in billionaire wealth.
• Ultra-High-Net-Worth Individuals (UHNWIs): Over 100,000 individuals globally possess assets exceeding USD 100 million.

Gender Trends:

•  82% of new billionaires in 2024 were male (down from 90% in 2020).
• 47% of female billionaires under 30 were new entrants, reflecting a shift in wealth distribution.

India’s Wealth Growth and Projections:

• Billionaire Population: India ranks 3rd globally with 191 billionaires in 2024.
• New Billionaires: 26 new billionaires added in 2024, up from 7 in 2019.
• Total Wealth of Indian Billionaires: USD 950 billion, following the USA and China.
• Future Projections: India’s HNWI population is expected to grow by 9.4%, reaching 93,753 individuals by 2028.

Luxury Real Estate Trends (India):

• Global Price Increase: Knight Frank’s Prime International Residential Index (PIRI) recorded a 3.6% global rise in prime property values.

City-Wise Ranking Changes:

• Delhi: Ranked 18th (up from 37th in 2023) with a 6.7% YoY increase in luxury property prices.
• Bengaluru: Moved up to 40th from 59th.
• Mumbai: Dropped from 21st to 28th in the index.

Next-Generation Wealth Trends:

• Young HNWI Survey (Aged 18-35, Annual Income > USD 125,000):

Investment Preferences:

• High-End Real Estate – 29.8%.
• Luxury Cars – 27.8%.
• Private Jets – 15.1%.

Important Terms Explained:

• High Net-Worth Individuals (HNWIs): Individuals with investable assets of at least USD 1 million.
• Ultra-High-Net-Worth Individuals (UHNWIs): Individuals with assets exceeding USD 100 million.
• Prime International Residential Index (PIRI): Knight Frank’s global index tracking luxury real estate price movements.

Tabular Summary:

---

Banking and Finance – Daily Current Affairs March 07

4. What is the primary objective of PhonePe’s ‘Insuring HEROES’ campaign?
A) To promote cashless transactions.
B) To provide exclusive discounts on insurance for women.
C) To introduce a new mobile payment feature.
D) To launch a women-exclusive banking service.
E) To offer cashback rewards on bill payments.
Answer: B) To provide exclusive discounts on insurance for women.

Event and Location:

• Event: PhonePe Launches ‘Insuring HEROES’ Campaign for International Women’s Day 2025.
• Date: March 6 – March 9, 2025.
• Location: India.

Mandates and Objectives:

• Campaign Name: ‘Insuring HEROES.’
• Launched By: PhonePe, a leading digital payments platform in India.
• Objective: To enhance financial security for women by offering discounts on term life and health insurance.
• Occasion: International Women’s Day, March 8, 2025.

Key Features of the Campaign:

• Discounts Available:
  • Up to 30% off on term life insurance.
  • Up to 15% off on health insurance.
• Platform: Available exclusively on the PhonePe app.
• Target Audience: Women seeking financial stability and insurance coverage.

How to Avail the Offer:

• Step 1: Open the PhonePe app and go to the insurance section.
• Step 2: Click on the ‘Insuring HEROES’ banner.
• Step 3: Select “Buy Term Plan” and click on “Buy New Plan.”
• Step 4: Enter date of birth and annual income to calculate coverage.
• Step 5: Provide additional personal details for personalized recommendations.
• Step 6: Compare plans and purchase the preferred one.

Importance of the Initiative:

• Financial Empowerment: Encourages women to secure their financial future with affordable insurance plans.
• Accessibility: Makes insurance easily available through a digital platform.

Important Terms Explained:

• Term Life Insurance: A life insurance policy providing coverage for a fixed period, offering financial protection to beneficiaries.
• Health Insurance: A policy covering medical expenses, including hospitalization and treatments.

Tabular Summary:

---

5. What is the primary objective of Project HAKK launched by HDFC Bank?
A) To provide digital banking services to corporate employees.
B) To assist defence pensioners, veterans, and their families with financial services and skill development.
C) To establish new military training academies.
D) To offer housing loans exclusively for Air Force personnel.
E) To promote UPI-based payment solutions in the armed forces.
Answer: B) To assist defence pensioners, veterans, and their families with financial services and skill development.

Event and Location:

• Event: HDFC Bank Signs MoU with Indian Air Force and CSC Academy; Launches Project HAKK.
• Date: March 7, 2025.
• Location: India.

Mandates and Objectives:

• Project HAKK: Stands for Hawai Anubhavi Kalyan Kendra, aimed at supporting defence pensioners, veterans, and their families.
• MoU Signed Between: HDFC Bank, Indian Air Force (IAF), and CSC Academy.
• Purpose: Provides financial services, skill development, and economic inclusiveness for veterans and their families.

Implementation and Services:

• Number of Initial Centres: 25 centres at Air Force units across New Delhi, Bengaluru, Gurgaon, Pune, Secunderabad, Guwahati, Jodhpur, Chandigarh, and other locations.
• Financial Services: Pension settlement, digital banking, Aadhaar services, NPS, PAN card, and passport applications.
• Training & Support: CSC Academy will train individuals managing service centres and provide a monthly monetary grant for the first year.

Role of HDFC Bank:

• Financial Assistance: Provides pension settlement services and digital banking access.
• Economic Inclusiveness: Supports veterans and their next of kin under HDFC Bank’s Parivartan initiative.
• Financial Literacy: Offers training to ensure economic stability for ex-servicemen.

Important Terms Explained:

• Parivartan Initiative: HDFC Bank’s CSR program aimed at financial inclusion and social development.
• SPARSH Pension Services: A digital pension management system for defence personnel.

Tabular Summary:

---

6. What was the primary reason for the rise in microloan defaults in Karnataka, as reported by CreditAccess Grameen?
A) Decline in employment opportunities in rural areas.
B) The introduction of an ordinance regulating microfinance activities.
C) Sudden changes in interest rates by NBFCs.
D) A slowdown in India’s overall economic growth.
E) Natural disasters affecting borrowers’ repayment capacity.
Answer: B) The introduction of an ordinance regulating microfinance activities.

Event and Location:

• Event: MFI Loan Defaults Rise in Karnataka, But Trend Shows Improvement.
• Date: March 7, 2025.
• Location: Karnataka, India.

Mandates and Objectives:

• Report Released By: CreditAccess Grameen, India’s largest NBFC-MFI (Non-Banking Finance Company – Microfinance Institution).

Reason for Loan Defaults:

• Karnataka government introduced an ordinance on February 12, 2025, to regulate microfinance activities.
• Portfolio at Risk (PAR) increased due to operational ambiguities and borrower uncertainties.

Key Findings of CreditAccess Grameen:

• Rise in Microloan Defaults:
  • Overall Portfolio at Risk (PAR): Increased to 7.5% in February 2025 (from 6.8% three months earlier).
  • Karnataka-Specific PAR: Surged to 7.9% from 4.3% in the same period.
• Growth in Assets Under Management (AUM):
  • Total AUM of CreditAccess Grameen: ₹25,395 crore (February 2025) vs ₹24,810 crore (December 2024).
  • AUM in Karnataka: Increased to ₹8,010 crore from ₹7,927 crore.
• Government Initiative Impact:
  • Ordinance Objective: Regulate unregulated microfinance entities in Karnataka.
  • Short-Term Impact: Increased borrower uncertainty, leading to higher delinquencies.
  • Expected Recovery: Normalization in one to two months, as per CreditAccess Grameen.

Important Terms Explained:

• Microfinance Institution (MFI): A financial organization providing small loans to low-income individuals without requiring collateral.
• Portfolio at Risk (PAR): The percentage of a loan portfolio that is overdue beyond a specific number of days, indicating credit risk.
• Assets Under Management (AUM): The total value of loans managed by a financial institution.

Tabular Summary:

---

7. What is the name of the newly launched SBI loan scheme for women entrepreneurs?
A) Stree Udyam Loan
B) Mahila Vikas Yojana
C) Asmita
D) Nari Shakti Loan
E) Sakhi Samriddhi
Answer: C) Asmita

Event and Location:

• Event: SBI Launches Collateral-Free Loans for Women Entrepreneurs.
• Date: March 7, 2025.
• Location: India.

Mandates and Objectives:

• Scheme Launched By: State Bank of India (SBI).
• Loan Scheme Name: ‘Asmita’ – Collateral-free, low-interest loans for women entrepreneurs.

Objective:

• Encourage business borrowings by women, as only 3% of women’s loans are for business purposes.
• Provide faster, easier finance to women-led MSMEs through a digital, self-initiated process.
• Address the funding gap in women entrepreneurship.

Key Features of ‘Asmita’ Loan:

• Collateral-Free Loans – No security required for women entrepreneurs.
• Low-Interest Rates – Designed to make borrowing affordable.
• Fully Digital Process – Ensures quick access to funding.
• Target Segment – Women-led Micro, Small, and Medium Enterprises (MSMEs).

Additional Initiatives for Women:

1. ‘Nari Shakti’ Platinum Debit Card (Powered by RuPay):
   • Launched exclusively for women.
   • Designed to enhance financial independence.
2. Bank of Baroda’s Initiative for Indian Diaspora Women:
   • Bob Global Women NRE and NRO Savings Account.
   • Offers auto sweep facilities, concessional home & auto loans, locker rent concessions, and international lounge access.

Importance of the Initiative:

• TransUnion CIBIL Report:
  • 42% of women borrowers take loans for personal finance.
  • Only 3% of women’s loans are for business purposes.
• Government & Banking Sector Push:
  • Encouraging financial inclusion and entrepreneurship among women.
  • Providing customized financial products to support women-led businesses.

Important Terms Explained:

• Micro, Small, and Medium Enterprises (MSMEs): Businesses classified based on investment and turnover, crucial for economic growth.
• Non-Resident External (NRE) Account: A savings account for Indians living abroad, allowing them to hold foreign earnings in India.
• Non-Resident Ordinary (NRO) Account: An account used to manage income earned in India by NRIs.

Tabular Summary:

---

Business and Economy – Daily Current Affairs March 07

8. What was the primary reason for SEBI’s 48% increase in total income for FY 2023-24?
A) Higher government funding.
B) Increased earnings from fees and subscriptions.
C) Foreign investments in SEBI.
D) Reduction in administrative expenses.
E) Higher taxation on stock market transactions.
Answer: B) Increased earnings from fees and subscriptions.

Event and Location:

• Event: SEBI’s Total Income Rises 48% to ₹2,075 Crore in 2023-24.
• Date: March 7, 2025.
• Location: India.

Mandates and Objectives:

• Total Income Growth: SEBI’s total income surged by 48% to ₹2,075 crore in FY 2023-24, compared to ₹1,404.36 crore in the previous fiscal year.
• Major Revenue Sources: The rise was driven by increased fee income from stock exchanges, market participants, and companies.
• Fee Income: Increased to ₹1,851.5 crore from ₹1,213.22 crore in FY 2022-23.
• Investment Income: Grew to ₹192.41 crore, up from ₹161.42 crore in the previous fiscal year.
• Other Income: Increased to ₹18 crore from ₹15 crore in FY 2022-23.

Expenditure and Fund Allocations:

• Total Expenditure: Increased to ₹1,006 crore from ₹851.33 crore in the previous year.
• Establishment Expenses: Rose to ₹696.43 crore from ₹576 crore.
• Administrative Expenses: Increased to ₹218 crore from ₹172.42 crore.
• General Fund: Closing balance of ₹5,573 crore, with a surplus of ₹1,065 crore.
• Investor Protection & Education Fund (IPEF): Closing balance of ₹533.17 crore, including ₹27.66 crore from investments.
• Disgorgement Fund: Closing balance of ₹7.38 crore in FY 2023-24.

Investments by SEBI:

• Bonds & Government Securities: ₹1,255.31 crore.
• Bank Deposits (Scheduled Banks): ₹1,235.92 crore.
• National Centre for Financial Education (NCFE): ₹30 crore subscribed.
• Earmarked Funds: ₹482 crore invested in bank deposits.

Important Terms Explained:

• SEBI (Securities and Exchange Board of India): The regulatory authority responsible for overseeing and regulating India’s securities markets.
• Investor Protection & Education Fund (IPEF): A fund managed by SEBI to protect investors and promote financial literacy.
• Disgorgement Fund: A fund where SEBI deposits money collected from penalties and fines imposed on violators of securities laws.

Tabular Summary:

---

9. What is the primary objective of the MoU signed between SIDBI and Federal Bank?
A) To provide loans exclusively for large corporations.
B) To enhance financial support for MSMEs through various credit facilities.
C) To regulate banking operations in rural areas.
D) To invest in foreign companies.
E) To promote digital banking solutions only.
Answer: B) To enhance financial support for MSMEs through various credit facilities.

Event and Location:

• Event: SIDBI and Federal Bank Partner to Strengthen MSME Financing.
• Date: March 7, 2025.
• Location: India.

Mandates and Objectives:

• MoU Between SIDBI and Federal Bank: Signed to enhance financial assistance for MSMEs.
• Financial Services Offered: Includes project finance, machinery and equipment finance, working capital loans, and loans against property.
• Joint Financing Initiative: Both institutions will explore co-lending opportunities to expand credit access for MSMEs.
• Government Support: PM Modi reaffirmed MSMEs as crucial to India’s economic growth, with various policy measures to support the sector.

Upcoming MSME Credit Schemes:

• Export Credit Schemes: Ministries of Commerce, MSME, and Finance are working together to improve credit access for MSME exporters.
• Addressing Non-Tariff Barriers: Efforts to tackle international trade restrictions affecting MSMEs.
• Strengthening Factoring Services: The government plans to improve alternative financing solutions for MSMEs.

Important Terms Explained:

• MSMEs (Micro, Small, and Medium Enterprises): Businesses classified based on investment and turnover criteria, playing a key role in economic growth.
• Factoring Services: A financial arrangement where businesses sell their receivables to a third party to improve cash flow.

Tabular Summary:

---

Appointments – Daily Current Affairs March 07

10. Who has been appointed as India’s first woman Law Secretary?
A) Indu Malhotra.
B) Ritu Raj Awasthi.
C) Anju Rathi Rana.
D) Geeta Luthra.
E) Rekha Sharma.
Answer: C) Anju Rathi Rana.

Event and Location:

• Event: Anju Rathi Rana Appointed As The First Woman Law Secretary.
• Date: March 7, 2025.
• Location: India.

Mandates and Objectives:

• Historic Appointment: Anju Rathi Rana has become the first woman to hold the position of Secretary, Legal Affairs, breaking a long-standing tradition of male leadership in the Ministry of Law and Justice.
• Professional Background: She is an experienced Indian Legal Service (ILS) officer who previously served as a public prosecutor for 18 years in the Delhi Government and later as Joint Secretary in the Ministry of Law and Justice.
• Predecessor: The position was vacant for several months after the tenure of Niten Chandra, an IAS officer.

Responsibilities as Law Secretary:

• Legal Advisory Role: Provides legal guidance to the central government on policies, constitutional matters, and legislative reforms.
• Legislative Drafting: Oversees drafting and amendments of laws for the Government of India.
• Litigation Management: Handles legal matters involving the government and ensures compliance with national and international treaties.
• Coordination: Works with the judiciary, state governments, and legal institutions to streamline legal governance.

Significance of Her Appointment:

• Breaking Gender Barriers: First woman to hold the position, promoting gender inclusivity in top government roles.
• Encouragement for Women in Law: Inspires more women legal professionals to aim for leadership positions.
• Strengthening Legal Framework: Brings decades of experience in legal affairs, prosecution, and policy-making.

Challenges and Expectations:

• Handling Complex Legal Issues: Addressing constitutional law, corporate law, and criminal justice challenges.
• Transparency in Legislative Processes: Ensuring efficiency in law-making and legal reforms.
• Global Representation: Representing India’s legal interests on international platforms.

Important Terms Explained:

• Law Secretary: The head of the Department of Legal Affairs responsible for advising the government on legal matters and legislative drafting.
• Indian Legal Service (ILS): A specialized legal service cadre that provides legal expertise to the government.

Tabular Summary:

---

Awards – Daily Current Affairs March 07

11. Who is the chief guest at the Sahitya Akademi’s Festival of Letters 2025?
A) Upamanyu Chatterjee
B) Rakesh Chaurasia
C) Mahesh Dattani
D) Fouzia Dastango
E) Nalini Joshi
Answer: C) Mahesh Dattani

Event and Location:

• Event: Sahitya Akademi’s Festival of Letters 2025: A Grand Celebration of Indian Literature.
• Date: March 7 – March 12, 2025.
• Location: Rabindra Bhavan, New Delhi.

Mandates and Objectives:

• Organizer: Sahitya Akademi, India’s premier literary institution under the Ministry of Culture.
• Inauguration By: Union Minister for Culture and Tourism Gajendra Singh Shekhawat.
• Chief Guest: Mahesh Dattani, eminent English playwright.
• Samvatsar Lecture Speaker: Upamanyu Chatterjee, writer and scholar.
• Theme: Indian Literary Traditions – Exploring India’s rich and diverse literary heritage.

Festival Highlights:

• Asia’s Largest Literature Festival:
  • 700 writers from across India.
  • 50+ languages represented.
  • 100+ literary sessions discussing various themes in literature.
• National Seminar: A three-day discussion on Indian Literary Traditions with renowned thinkers and authors.

Inclusive Participation:

• Young Writers, Women Writers, Dalit Writers.
• Writers from the North-East, Tribal Writers, LGBTQ Writers.

Special Events and Cultural Performances:

• Children’s Literary Event:
  • “Spin A Tale” – A creative storytelling and writing program for young readers.
• Cultural Performances:
  • Rakesh Chaurasia – Flute recital.
  • Nalini Joshi – Hindustani Vocal performance.
  • Fouzia Dastango & Ritesh Yadav – Dastan-e-Mahabharata, a storytelling session.
• Entry: Free for all literature enthusiasts.

Important Terms Explained:

• Sahitya Akademi: The national literary body of India that promotes Indian literature across languages.
• Samvatsar Lecture: An annual lecture delivered by a distinguished writer or scholar.
• Dastangoi: A traditional Urdu storytelling art form.

Tabular Summary:

---

12. What was the primary reason for PM Modi receiving the ‘Honorary Order of Freedom of Barbados’?
A) His role in promoting digital payments globally.
B) His contribution to India’s economic growth.
C) His leadership and assistance to Barbados during the COVID-19 pandemic.
D) His efforts in strengthening India’s space exploration program.
E) His contribution to international climate change policies.
Answer: C) His leadership and assistance to Barbados during the COVID-19 pandemic.

Event and Location:

• Event: PM Modi Conferred ‘Honorary Order of Freedom of Barbados’.
• Date: March 7, 2025.
• Location: Government House, Bridgetown, Barbados.

Mandates and Objectives:

• Award Title: ‘Honorary Order of Freedom of Barbados’, a prestigious national honor.
• Recipient: Prime Minister Narendra Modi (Accepted on his behalf by Pabitra Margherita, Union Minister of State for External Affairs).

Reason for Recognition:

• PM Modi’s strategic leadership during global crises.
• India’s assistance to Barbados during the COVID-19 pandemic, particularly through vaccine and medical aid.

Ceremony Details:

• Presented by: Barbadian President Dame Sandra Mason.
• Key Attendees:
  • PM Mia Amor Mottley (Prime Minister of Barbados).
  • Foreign Minister Kerrie Symmonds.
  • Other dignitaries from Barbados.

Background and Diplomatic Significance:

• Award Announcement: November 20, 2024, at the India-CARICOM Leaders’ Summit in Georgetown, Guyana.
• PM Mottley’s Acknowledgment: Praised PM Modi’s contribution to global cooperation and India’s support during the pandemic.

India-Barbados Relations:

• Diplomatic ties established in 1966.
• Strengthened cooperation in healthcare, trade, and global development.

Important Terms Explained:

• India-CARICOM Leaders’ Summit: A platform for India to engage with the Caribbean Community (CARICOM) nations on development partnerships.
• Barbados Government House: Official residence of the President of Barbados, hosting state events and ceremonies.

Tabular Summary:

---

Science and Technology – Daily Current Affairs March 07

13. What is the primary purpose of AIKosha, launched under the IndiaAI Mission?
A) To provide AI startups with direct government funding.
B) To serve as a secure platform for AI datasets, models, and use cases.
C) To replace traditional cloud storage services with AI-powered alternatives.
D) To regulate AI development across different sectors in India.
E) To create a government-controlled AI-powered social media platform.
Answer: B) To serve as a secure platform for AI datasets, models, and use cases.

Event and Location:

• Event: MeitY Unveils AIKosha: A Secure Hub for AI Innovation.
• Date: March 7, 2025.
• Location: New Delhi.

Mandates and Objectives:

• AIKosha: IndiaAI Datasets Platform: Provides a secured platform with datasets, models, and AI tools for research and development.
• IndiaAI Compute Portal: Offers AI compute, storage, and cloud services at subsidized rates for startups and MSMEs.
• AI Competency Framework for Public Sector Officials: Introduces AI competency mapping and upskilling programs for government officials.
• iGOT-AI: AI-Powered Personalized Learning: Integrates AI-driven learning recommendations into the iGOT Karmayogi platform.
• IndiaAI Startups Global Acceleration Program: Provides mentorship and networking for 10 AI startups in collaboration with STATION F.
• IndiaAI Innovation Challenge: Supports AI solutions in healthcare, climate change, governance, agriculture, and learning disabilities.
• IndiaAI FutureSkills & Fellowship Program: Introduces AI education and funding for UG, PG, and Ph.D. students.
• IndiaAI Data Labs: Establishes AI training centers in Tier 2 & 3 cities focusing on foundational AI education.

Important Terms Explained:

• AIKosha: IndiaAI Datasets Platform: A secured platform offering datasets, AI models, and research tools for startups and enterprises.
• iGOT Karmayogi: A government platform providing AI-powered personalized learning for public sector employees.
• IndiaAI Innovation Challenge: A competition encouraging AI-driven solutions in key sectors like healthcare and governance.

Tabular Summary:

---

 

International Affairs – Daily Current Affairs March 07

14. What is the primary reason for China’s 7.2% increase in its defence budget for 2025?
A) To improve diplomatic relations with neighboring countries.
B) To modernize its military and counter U.S. influence in Asia.
C) To reduce military spending due to economic challenges.
D) To allocate more funds for humanitarian aid.
E) To decrease its reliance on nuclear weapons.
Answer: B) To modernize its military and counter U.S. influence in Asia.

Event and Location:

• Event: China Increases Defence Budget by 7.2% in 2025 Amid Rising Regional Tensions.
• Date: March 7, 2025.
• Location: China.

Mandates and Objectives:

• Defence Budget Increase: China raised its defence budget by 7.2% for 2025, reaching approximately $245 billion.
• National People’s Congress (NPC) Announcement: The budget was revealed at China’s annual legislative meeting, emphasizing military modernization and regional dominance.
• Economic Context: The increase aligns with China’s 5% GDP growth target for 2025, reflecting a slowdown compared to past double-digit military spending hikes.

Strategic Military Expansion:

• Stealth Fighter Jets: Upgraded radar evasion technology to enhance aerial combat capabilities.
• Aircraft Carrier Expansion: China currently has three aircraft carriers, with a fourth under construction.
• Nuclear Arsenal Buildup: Strengthening strategic deterrence with increased nuclear capabilities.
• PLA Modernization: Focus on improving naval and air combat readiness.

Regional Tensions and Military Activities:

• South China Sea Disputes: China continues to build military bases on artificial islands to reinforce territorial claims.
• Taiwan Strait Tensions: Military exercises near Taiwan intensified, with five aircraft and seven warships deployed on March 5, 2025.
• Taiwan’s Response: Taiwan increased its defence spending and received advanced U.S. military aid, including F-16 fighter jets and missile systems.

Xi Jinping’s Military Reforms:

• Leadership Restructuring: Removal of senior military officials, including two former Defence Ministers, to strengthen combat readiness and eliminate corruption.
• Internal Stability Concerns: Leadership purges have raised concerns about potential instability within the PLA.

China’s Criticism of U.S. Military Spending:

• Defensive Posture Claim: China asserts that its military expansion is defensive, not expansionist.
• U.S. Pentagon Report (2024): Warned of China’s growing global military ambitions, highlighting naval expansion and air force modernization.

Important Terms Explained:

• People’s Liberation Army (PLA): China’s armed forces, controlled by the Communist Party of China (CPC).
• National People’s Congress (NPC): China’s highest legislative body responsible for approving the country’s budget and policies.
• Gray-Zone Warfare: A military strategy involving non-traditional tactics like intimidation and economic pressure instead of open conflict.

Tabular Summary:

---

15. What was the theme of the World Sustainable Development Summit (WSDS) 2025?
A) Green Energy for All
B) Sustainable Living and Innovation
C) Partnerships for Accelerating Sustainable Development and Climate Solutions
D) Net-Zero Emissions: A Global Commitment
E) Strengthening Climate Policies for Future Generations
Answer: C) Partnerships for Accelerating Sustainable Development and Climate Solutions

Event and Location:

• Event: World Sustainable Development Summit (WSDS) 2025: India’s Leadership in Climate Action.
• Date: March 7, 2025.
• Location: New Delhi.

Mandates and Objectives:

• Organizer: The Energy and Resources Institute (TERI).
• Theme: “Partnerships for Accelerating Sustainable Development and Climate Solutions.”
• Chief Guest: Union Minister for Environment, Forest, and Climate Change Bhupender Yadav.
• Key Focus: Strengthening global partnerships to accelerate sustainable development and climate solutions.

India’s Climate Leadership:

• Greenhouse Gas Reduction: India reduced emissions by 7.93% in 2020.
• Emission Intensity: India reduced GDP emission intensity by 36% from 2005 to 2020.

Major Climate Initiatives:

• International Solar Alliance (ISA): Promoting solar energy adoption globally.
• Coalition for Disaster Resilient Infrastructure (CDRI): Strengthening infrastructure resilience.
• Mission LiFE (Lifestyle for Environment): Encouraging sustainable lifestyles.

Key Global Cooperation Discussions:

• Paris Agreement Commitments: India urged developed nations to meet their financial and technological commitments.
• Adaptation Finance: Emphasized increased funding for climate adaptation in vulnerable regions.
• Global South Participation: Advocated for more representation of developing nations in climate discussions.

India’s Long-Term Climate Vision:

• Viksit Bharat 2047: India’s goal to become a developed nation by 2047.
• Net-Zero Emissions: Targeted by 2070.

Biodiversity & Sustainability Focus:

• Ecosystem Conservation: Highlighted the need for protecting biodiversity and maintaining ecological balance.

Notable Attendees:

• Guyana’s Prime Minister: Brigadier Mark Phillip.
• Brazil’s Minister of Environment and Climate Change: Marina Silva.
• Nitin Desai: Chairman of TERI.
• Dr. Vibha Dhawan: Director General of TERI.

Important Terms Explained:

• International Solar Alliance (ISA): A global initiative led by India to promote solar energy adoption.
• Coalition for Disaster Resilient Infrastructure (CDRI): A platform to enhance disaster resilience in infrastructure.
• Mission LiFE (Lifestyle for Environment): An initiative promoting sustainable living practices.

Tabular Summary:

---

National Affairs – Daily Current Affairs March 07

16. What is the primary objective of Jan Aushadhi Diwas celebrated on March 7th?
A) To promote the development of branded medicines in India.
B) To raise awareness about the benefits of generic medicines and affordable healthcare.
C) To encourage the privatization of the pharmaceutical sector.
D) To reduce the export of generic medicines from India.
E) To establish new medical colleges in rural areas.
Answer: B) To raise awareness about the benefits of generic medicines and affordable healthcare.

Event and Location:

• Event: Jan Aushadhi Diwas: Promoting Affordable Healthcare Through Generic Medicines.
• Date: March 7, 2025.
• Location: National Capital Region (NCR).

Mandates and Objectives:

• Jan Aushadhi Diwas: Celebrated annually on March 7th to promote awareness about generic medicines and their affordability.
• Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP): Launched in November 2008 by the Department of Pharmaceuticals to provide high-quality generic medicines at low cost.
• Awareness on Generic Medicines: Eliminates misconceptions that expensive medicines are superior in quality and encourages their prescription.
• Affordability and Accessibility: Ensures essential medicines are available at 50%-80% lower prices than branded alternatives, benefiting rural and marginalized communities.

Major Initiatives Under PMBJP:

• Jan Aushadhi Suvidha Sanitary Napkins: Launched on August 27, 2019, these oxo-biodegradable sanitary napkins are available at ₹1 per pad in 15,000+ PMBJKs. Sales reached 72 crore pads as of January 2025.
• Jan Aushadhi SUGAM Mobile Application: Launched in August 2019, the app helps users locate Jan Aushadhi Kendras, search for generic medicines, and compare their prices with branded medicines.

Key Features of PMBJP:

• Dual Operation Model: PMBJP is operated by government agencies and private entrepreneurs, increasing accessibility.
• Cost Savings: Generic medicines under PMBJP are 50%-80% cheaper than branded medicines.
• Strict Quality Control: Medicines are procured only from WHO-GMP certified manufacturers and undergo NABL-accredited laboratory testing.

Financial Incentives:

• ₹20,000 per month (20% of monthly purchases) is provided to encourage stocking mandates.
• ₹2 lakh one-time grant for new PMBJKs in North-Eastern States, Himalayan areas, island territories, backward districts (as per NITI Aayog), and for entrepreneurs (women, ex-servicemen, SC/ST, Divyang).

Growth and Impact of PMBJP:

• Expansion of Kendras: Over 15,000 Jan Aushadhi Kendras are operational across all districts.
• Affordable Healthcare: PMBJP has made essential medicines more affordable for the general public.
• Employment Opportunities: The initiative has created self-employment opportunities through the establishment of Janaushadhi Kendras.

Important Terms Explained:

• PMBJP: A government initiative to provide affordable and high-quality generic medicines through dedicated Janaushadhi Kendras.
• Jan Aushadhi Suvidha Napkins: A low-cost, eco-friendly sanitary product available under PMBJP.
• Jan Aushadhi SUGAM App: A mobile application to locate Jan Aushadhi Kendras and compare generic vs. branded medicine prices.

Tabular Summary:

---

17. What is the primary objective of the Advanced Security Operations Centre (SOC) inaugurated by Kerala Police?
A) To develop new mobile applications for police communication.
B) To provide cybersecurity training for private companies.
C) To monitor and protect police systems and critical infrastructure from cyber threats.
D) To regulate internet access across Kerala.
E) To create a central database for all police records.
Answer: C) To monitor and protect police systems and critical infrastructure from cyber threats.

Event and Location:

• Event: Kerala Police Strengthens Cybersecurity with Advanced Security Operations Centre (SOC).
• Date: March 7, 2025.
• Location: Kerala.

Mandates and Objectives:

• Advanced Security Operations Centre (SOC): Launched to enhance the cybersecurity of Kerala Police’s digital infrastructure.
• TRINETRA Cybersecurity Platform: An AI-powered, indigenous cybersecurity solution developed by C-DOT to detect vulnerabilities and mitigate cyber threats.
• 24×7 Cybersecurity Monitoring: Ensures continuous protection for police headquarters, city commissionerates, and police stations.
• Data Protection: Strengthens cybersecurity resilience and safeguards sensitive police data from cyberattacks.

Developing Agency:

• Centre for Development of Telematics (C-DOT): An R&D organization under the Department of Telecommunications (DoT), Ministry of Communications, responsible for designing and developing TRINETRA.

Significance of the Initiative:

• Strengthening Cybersecurity: Enhances Kerala’s ability to counter cyber threats targeting police networks and infrastructure.
• Indigenous Cybersecurity Development: Demonstrates India’s commitment to self-reliant and AI-driven cybersecurity solutions.

Important Terms Explained:

• TRINETRA: An AI-powered cybersecurity platform that detects anomalies, monitors network traffic, and mitigates cyber threats.
• SOC (Security Operations Centre): A centralized unit that provides continuous monitoring and response to cybersecurity incidents.

Tabular Summary:

---

18. Which rivers in Jammu & Kashmir are covered under the MoU between IWAI and the J&K Government for river cruise tourism?
A) Ganga, Yamuna, Brahmaputra
B) Godavari, Krishna, Kaveri
C) Chenab, Jhelum, Ravi
D) Indus, Beas, Sutlej
E) Mahanadi, Narmada, Tapti
Answer: C) Chenab, Jhelum, Ravi

Event and Location:

• Event: IWAI Signs MoU with J&K Government for Boosting River Cruise Tourism in J&K.
• Date: March 7, 2025.
• Location: Srinagar, Jammu & Kashmir.

Mandates and Objectives:

• MoU Signed Between: Inland Waterways Authority of India (IWAI) and Jammu & Kashmir Government.
• Purpose of the MoU:
  • Develop river cruise tourism in Jammu & Kashmir.
  • Boost employment and economic growth in the Union Territory.
  • Enhance waterway infrastructure for leisure tourism.
• Event Hosted At: Chintan Shivir, Srinagar.
• Union Minister Present: Sarbananda Sonowal, Minister of Ports, Shipping, and Waterways.

National Waterways Covered in J&K:

1. River Chenab (NW-26).
2. River Jhelum (NW-49).
3. River Ravi (NW-84).

Infrastructure Development:

• Floating Jetties to be Installed: 10 floating jetties with landside infrastructure (waiting halls, passenger amenities).

Locations of Floating Jetties:

• River Chenab (NW-26): Akhnoor, Reasi (near Jammu).
• River Jhelum (NW-49): Pantha Chowk, Zero Bridge, Amira Kadal, Shah-e-Hamdan, Safa Kadal/Chattabal Shrine, Sumbal Bridge, Gund Prang (Srinagar & Bandipora).
• River Ravi (NW-84): Sohar.

Navigation and Safety Measures:

• Dredging operations for smooth vessel movement.
• Navigational aids and hydrographic surveys to ensure safe cruising.

Roles and Responsibilities:

• IWAI (Ministry of Ports, Shipping, and Waterways):
  • Develop waterside infrastructure (floating jetties, fairways).
  • Ensure safe navigation with aids and hydrographic surveys.
• J&K Government:
  • Provide land for landside infrastructure.
  • Facilitate statutory clearances.
  • Appoint cruise operators for different river sectors.

Important Terms Explained:

• National Waterways (NWs): Government-designated rivers, canals, and lakes developed for commercial navigation and tourism.
• Dredging: Removal of sediments and debris from water bodies to improve navigation.
• Hydrographic Survey: A scientific study to map underwater features and ensure safe passage for vessels.

Tabular Summary:

---

19. Which organization collaborated with the Ministry of Mines to organize the “Celebrating Women in Mining Sector” event?
A) NITI Aayog
B) Coal India Limited (CIL)
C) Ministry of Women and Child Development
D) Steel Authority of India (SAIL)
E) Geological Survey of India (GSI)
Answer: B) Coal India Limited (CIL)

Event and Location:

• Event: Empowering Women in the Mining Sector: A Step Towards Inclusivity and Leadership.
• Date: March 7, 2025.
• Location: India.

Mandates and Objectives:

• Event Name: “Celebrating Women in Mining Sector”.
• Organized By: Ministry of Mines & Coal India Limited (CIL).
• Purpose:
  • Recognizing and empowering women in the mining sector.
  • Encouraging gender inclusivity and leadership.
  • Addressing challenges and policy interventions for women’s participation.

Key Highlights of the Event:

• Felicitation of Women Professionals:
  • 46 women professionals honored for their contributions.
  • Awardees included professionals from IBM, TATA, GSI, ADANI, Vedanta, NGOs, PSUs, and private firms.
  • Women leaders from Uttar Pradesh and Gujarat’s mining departments participated.
• Symbolic Lamp Lighting Ceremony:
  • Women participants lit the lamp, symbolizing progress and empowerment in mining.

Panel Discussions:

• Panel Discussion I: Women’s Perspective on Inclusivity in Mining – Challenges & Way Ahead
  • Moderator: Shri Nirupama Kotru, JS & FA.
  • Focus Areas:
    • Barriers faced by women in mining.
    • Need for structural and cultural changes for inclusivity.
    • Personal experiences and practical solutions shared by panelists.
• Panel Discussion II: Empowering Women in Mining – Inclusivity, Need, Approach, and Way Forward
  • Moderator: Smt. Farida M. Naik, JS (FMN).
  • Focus Areas:
    • Strategies for empowering women in mining.
    • Role of mentorship, leadership, and policy interventions.
    • Steps required to break gender barriers in the sector.

Key Takeaways:

• Government and industry commitment to fostering women’s participation.
• Need for mentorship programs and leadership roles for women.
• Policy interventions required for a more inclusive mining sector.
• Encouraging young women to consider mining as a career.
• Recognition of women’s achievements as a driving force for future progress.

Important Terms Explained:

• Ministry of Mines: Responsible for mineral exploration, policy formulation, and sustainable mining practices in India.
• Coal India Limited (CIL): A state-owned coal mining company under the Ministry of Coal.
• Geological Survey of India (GSI): A government agency for geological exploration and mineral resource assessment.

Tabular Summary:

 

---

---

Over All Review

DOWNLOAD TODAY’S CURRENT AFFAIRS PDF – CLICK HERE

You Must Also Read Daily Current Affairs March 06