Daily Current Affairs 14 March 2024 – IAS Current Affairs
Current Affairs 14 March 2024 focuses on the Prelims-Mains perspective. Major events are :
Gujarat International Finance Tec-City (GIFT-City)
Source: PIB
GS II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation
Overview
- News in Brief
- About Gujarat International Finance Tec-City (GIFT-City)
- Asian Development Bank (ADB)
Why in the News?
The government of India and ADB sign a $23 million loan agreement to strengthen the fintech ecosystem in India.
News in Brief
- The Government of India and the Asian Development Bank (ADB) signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City).
- This project will establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation.
- These interventions will contribute to enhanced employment opportunities, workforce competitiveness, and productivity in new and green technologies.
- ADB programme will support research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance
About Gujarat International Finance Tec-City (GIFT-City)
- Gujarat International Finance Tec-City (GIFT City) is a central business district under construction in the Ahmedabad district in Gujarat, India.
- Gujarat International Finance Tec-City (GIFT-City) is an ambitious project envisioned to establish India as a global financial hub, akin to other prominent international financial centres like Dubai, Singapore, and London.
- Situated in the state of Gujarat, GIFT-City is designed to facilitate international financial services and attract both domestic and foreign investment.
Key Facts
- Location: GIFT-City is strategically located between Ahmedabad and Gandhinagar, the capital city of Gujarat, offering easy access to major transportation routes.
- Infrastructure: The city boasts world-class infrastructure, including modern office spaces, residential complexes, commercial establishments, and state-of-the-art amenities.
- Regulatory Framework: GIFT-City operates under a robust regulatory framework, providing a conducive environment for financial institutions, banks, insurance companies, and other financial entities to conduct their operations.
- Special Economic Zone (SEZ) Status: It has been granted Special Economic Zone (SEZ) status, offering tax incentives, duty exemptions, and other benefits to businesses operating within its premises.
- International Connectivity: GIFT-City aims to enhance India’s connectivity with global financial markets by providing seamless access to international financial exchanges and networks.
- Financial Services: The city facilitates a wide range of financial services, including banking, insurance, asset management, capital markets, fintech, and other financial activities.
- Investment Opportunities: GIFT-City presents lucrative investment opportunities for domestic and foreign investors seeking to tap into India’s growing financial sector.
Importance and Facilities
- Infrastructure Development: GIFT-City’s modern infrastructure is exemplified by its iconic skyline, featuring high-rise buildings, cutting-edge technology, and world-class amenities, attracting leading financial institutions and multinational corporations to establish their presence in the city.
- Regulatory Environment: The robust regulatory framework of GIFT-City, modelled on international standards, ensures transparency, efficiency, and compliance, instilling confidence among investors and fostering trust in the financial ecosystem.
- International Collaboration: GIFT-City collaborates with global financial centres, regulatory bodies, and industry associations to promote cross-border cooperation, knowledge exchange, and best practices, positioning itself as a preferred destination for international business.
Asian Development Bank (ADB)
- It is headquartered in Manila, Philippines.
- ADB now has 67 members of which 48 are from within Asia and the Pacific while the remaining 19 are from outside.
- The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific and non-regional developed countries.
- ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- ADB operations are designed to support the three complementary agendas of inclusive economic growth, environmentally sustainable growth, and regional integration.
- The ADB was modelled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion to members’ capital subscriptions.
Samudrayaan Mission by 2025 End
Source: ToI
GS II: Science and Technology- developments and their applications and effects in everyday life
Overview
- News in Brief
- About Samudrayaan Mission
Why in the News?
India should be able to send its scientists to study the deep ocean 6 km under the sea surface in its own Samudrayaan by the end of next year 2025.
News in Brief
- India’s deep-ocean submersible Matsya6000, which will take humans up to a depth of 6,000 meters under the sea, was “well on course” and could be tested by the “end of this year”
- Mission to go up to around 6,000 meters, 6 km deep inside the ocean, where even light cannot reach.
- The project and scientists should be able to carry out the first shallow-water testing by the end of this year.
- So far, countries such as the US, Russia, China, France and Japan have carried out successful deep-ocean crewed missions.
About Samudrayaan Mission
- Samudrayaan Mission aims to develop a self-propelled manned submersible to carry 3 human beings to a water depth of 6000 meters in the ocean with a suite of scientific sensors and tools for deep ocean exploration.
- It is a part of the Rs 6000-crore Deep Ocean Mission.
- It has an endurance of 12 hours of operational period and 96 hours in case of emergency.
- The projected timeline is five years for the period 2020-2021 to 2025-2026.
- National Institute of Ocean Technology (NIOT), Chennai, an autonomous institute under MoES, has developed 6000m depth rated Remotely Operated Vehicle (ROV) and various other underwater instruments such as Autonomous Coring System (ACS), Autonomous Underwater Vehicle (AUV) and Deep Sea Mining System (DSM) for the exploration of the deep sea.
- Sea trials of the 500-metre shallow water version of the manned submersible are expected to take place in the last quarter of 2022.
- The MATSYA 6000, the deep-water manned submersible will be ready for trials by the second quarter of 2024.
What is the importance of the mission?
- The manned submersible will allow scientific personnel to observe and understand unexplored deep sea areas by direct interventions.
- It will enhance the capability for deep-sea man-rated vehicle development.
- Aims to send men into the deep sea in a submersible vehicle for deep-ocean exploration and mining of rare minerals.
About Deep Ocean Mission?
- Aims to explore the deep ocean for resources, develop deep-sea technologies for sustainable use of ocean resources, and support the Blue Economy Initiatives of the Indian Government.
- It was approved in June 2021 by the MoES with the cost of the Mission has been estimated at Rs. 4,077 crore.
Sikh New Year
Source: PIB
GS II: Indian culture will cover the salient aspects of Art Forms, Literature and Architecture from ancient to modern times
Overview
- About Sikh New Year
Why in the News?
The festival is predominantly celebrated in Northern India, signifying the onset of the spring harvest season.
Sikh New Year
Sikh New Year, known as Nanakshahi New Year, marks the beginning of the Sikh calendar and is celebrated with great enthusiasm by the Sikh community worldwide. The Year is observed on the first day of the month of Chet in the Nanakshahi calendar, which typically falls in March according to the Gregorian calendar.
Facts and Figures:
- Origin: Rooted in the establishment of the Sikh religion by Guru Nanak Dev Ji, the founder of Sikhism, in the 15th century.
- Nanakshahi Calendar: The Nanakshahi calendar was implemented by the Shiromani Gurdwara Parbandhak Committee (SGPC) in 2003 to mark the Year and other significant Sikh events according to the lunar phases.
- Significance: A time for reflection, renewal, and spiritual growth. It offers Sikhs an opportunity to reaffirm their commitment to the teachings of Guru Nanak Dev Ji and to strengthen their bonds with the community.
- Celebrations: On this day, Sikhs visit gurdwaras (Sikh temples) to offer prayers, listen to kirtan (devotional music), and participate in langar (community kitchen) where free meals are served to all, regardless of caste, creed, or background.
- Community Gatherings: Families and communities come together to celebrate the New Year with feasts, cultural performances, and various traditional rituals.
Functions
- Gurdwara Visits: In Amritsar, the holiest city for Sikhs, thousands of devotees gather at the Golden Temple to offer prayers and seek blessings for the New Year.
- Langar Seva: Across India and in Sikh communities worldwide, langars are organized where volunteers serve meals to the needy and visitors, symbolizing the values of equality and selfless service.
- Nagar Kirtan Processions: In cities like Delhi, Birmingham, and Vancouver, colourful processions known as Nagar Kirtan are held, where Sikhs march through the streets singing hymns and spreading messages of peace and unity.
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