Daily Current Affairs and GK | 7 March 2025

Topic: Awards and Prizes

1. PM Modi has been honored with Honorary Order of Freedom of Barbados.

• Union Minister of State for External Affairs Pabitra Margherita received Honorary Order of Freedom of Barbados on his behalf. 
• Barbados President Dame Sandra Mason awarded the honor.
• The award is a recognition of PM Modi’s leadership and his support during COVID-19 crisis. 
• The award ceremony was held at Government House in Bridgetown. 
• The award was announced at 2nd India-CARICOM Leaders' Summit in Georgetown, Guyana, on November 20, 2024. 
• The diplomatic ties between the two countries date back to 1966. 

Topic: Geography

2. Tropical Cyclone Alfred is impacting eastern Australia.

• Tropical Cyclone Alfred is bringing intense rainfall and unusually large waves in the area. 
• Evacuations have been ordered in certain areas. Schools have been closed and public transport halted. 
• This is the first cyclone to strike eastern Australia since 1974. 
• Alfred is predicted to make landfall close to Brisbane, the third-largest city in Australia. 
• Cyclones are uncommon in the cooler southern waters compared to the tropical northern regions. 
• The cyclone developed from a tropical disturbance in the Coral Sea on February 20.

Topic: Government Schemes and Initiatives

3. Union IT Minister Ashwini Vaishnaw introduced the IndiaAI compute portal.

• He also launched AIKosha dataset platform to boost AI development and access. 
• The compute portal provides more than 18,000 GPUs, cloud storage, and AI resources.
• These are meant for students, startups, researchers, academics, and government entities. 
• AIKosha aims to offer non-personal datasets, tools, and mentorship to drive AI progress. 
• The portal will assist in the creation of India's own foundational AI model. 
• In 3-4 years, India plans to introduce its own GPUs for global competition, with a cost of less than Rs 100 per hour. 
• The AI Compute Portal is the largest component of the India AI Mission. 
• The IndiaAI mission, approved by the cabinet in March last year with a budget of Rs 10,371.92 crore, seeks to foster AI innovation through public-private collaborations. 
• The mission is managed by the IndiaAI Independent Business Division under the Digital India Corporation.

Topic: State News/ Arunachal Pradesh

4. The establishment of a family-centric citizen database proposed by the Government of Arunachal Pradesh.

• This initiative aims to ensure the efficient, transparent, and targeted delivery of public welfare benefits and services.
• With the aim of creating this database, the state government introduced the Arunachal Pradesh Arun Parivar Patra Authority Bill, 2025, on the first day of the state budget session in the legislative assembly on 6 March.
• Another bill, the Arunachal Pradesh Flood Plain Zoning Bill, 2025, was also introduced in the House.
• It aims to regulate flood zone demarcation along the river waterways of the state to reduce flood risks and ensure better land use planning.
• Along with these, the government tabled two more bills during the session.
• These include the Arunachal Pradesh Goods and Services Tax (Amendment) Bill, 2025, and the Arunachal Pradesh Public Premises (Eviction of Unauthorized Occupants) (Amendment) Bill, 2025.

Topic: Government Schemes and Initiatives

5. The New Credit Assessment Model for MSMEs launched by the Union Finance Minister.

• The New Credit Assessment Model based on the scoring of digital footprints of MSMEs was launched by the Union Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman.
• This was announced in the Union Budget 2024-25.
• In this, public sector banks will develop their in-house capacity to assess MSMEs for credit instead of relying on external assessment.
• A new credit assessment model based on the scoring of digital footprints of MSMEs in the economy will be developed by PSBs.
• This credit assessment model will leverage digitally fetched and verifiable data available in the ecosystem.
• It will devise automated journeys for MSME loan appraisal using objective decisioning for all loan applications and model-based limit assessment for both Existing to Bank (ETB) and New to Bank (NTB) MSME borrowers.
• The model utilizes digital footprints such as PAN authentication, OTP-based verification, GST data fetch, bank statement analysis, ITR verification, bureau checks, and fraud detection through APIs.
• With this model, MSMEs can submit applications online, eliminating the need for paperwork and branch visits.

Topic: Indian Economy

6. India’s real GDP growth will be 6.5% in fiscal 2026, as per a report by Crisil.

• This GDP growth is forecasted despite global geopolitical uncertainties and disruptions and assuming normal monsoon season and stable prices of commodity. 
• Discretionary consumption is likely to be boosted by declining food inflation, tax benefits in Union Budget 2025-26 and decreasing borrowing costs. 
• Economic growth is stabilizing at pre-pandemic levels as fiscal stimulus normalizes and the impact of a high base goes. 
• India has continued to outperform major economies. High-frequency data from the Purchasing Managers' Index support this trend. 
• Domestic demand, both rural and urban, will remain key in sustaining short-term growth despite external volatility. 
• Manufacturing growth is projected to average 9% annually between fiscals 2025 and 2031, compared to 6% in the pre-pandemic decade. 
• The services sector will remain dominant, and the manufacturing sector’s GDP share is expected to rise from 17% in fiscal 2025 to 20%. 
• Lower inflation and fiscal consolidation have allowed room for a 50-75 basis point reduction in interest rates in the next fiscal year. 
• India’s large-scale infrastructure development and economic reforms have widened its growth premium over advanced economies. 

Topic: National Appointments

7. RBI has appointed Dr. Ajit Ratnakar Joshi as its new Executive Director, starting March 3. 

• Dr. Joshi will manage the Department of Statistics and Information Management, as well as the RBI's Financial Stability Department. 
• Prior to his promotion, he held the position of Principal Adviser in the Department of Statistics and Information Management. 
• With more than three decades of experience in statistics, IT, and cyber risk management, Dr. Joshi brings valuable expertise. 
• He has taught at the Institute of Development and Research in Banking Technology, Hyderabad. 
• Dr. Joshi has been involved in various committees and working groups focused on macroeconomic statistics and policy development. 
• He holds a master’s degree in statistics from Nagpur University, a Ph.D. in monetary economics from IIT Madras, and a Diploma in Development Policy and Planning from the Institute of Economic Growth, Delhi. 
• Additionally, he is a certified associate of the Indian Institute of Banking and Finance (CAIIB).

Topic: Government Schemes and Initiatives

8. Over 10 crore rupees allocated by the government for the IndiaAI mission.

• On 7 March, an allocation of over Rs 10,300 crore for the IndiaAI Mission was approved by the Cabinet, marking a significant step towards bolstering India’s AI ecosystem.
• This huge financial contribution, which will run for the next five years, will boost the India AI Innovation Centre (IAIC), India AI Datasets Platform, India AI Application Development Initiative, and India AI FutureSkills.
• India's AI mission includes key initiatives such as Future Skills, India AI Startup Financing, and Secure and Trusted Artificial Intelligence.
• The main focus of this mission is to develop a high-end general computing facility equipped with 18,693 graphics processing units (GPUs), making it one of the most comprehensive AI computing infrastructures globally.
• In this year's budget, the government had announced the setting up of a new Centre of Excellence for AI in Education with an outlay of Rs 500 crore.
• Also in 2024, the world's first government-funded multimodal LLM initiative, BharatGen, was launched in Delhi.
• Wheebox's India Skills Report 2024 estimates that the country's AI industry will reach US$28.8 billion by 2025, at a compound annual growth rate of 45%.
• Massive growth in the AI-skilled workforce has been witnessed in India from 2016 to 2023, making it one of the top five fastest-growing AI talent hubs, alongside Singapore, Finland, Ireland, and Canada.

(Source: News on AIR)

Topic: Summits/Conferences/Meetings

9. The “Nari Shakti Se Viksit Bharat” conference inaugurated by President Murmu on Women’s Day.

• A national conference in New Delhi is inaugurated by President Droupadi Murmu on International Women’s Day on the 8th of March.
• The conference on the theme of “Nari Shakti Se Viksit Bharat” was organized by the Women and Child Development Ministry.
• The event was attended by women from various sectors, including officers from the Armed Forces and Paramilitary Forces, Delhi Police, My Bharat volunteers, Anganwadi workers, Asha workers, and Self-Help Group members.
• Representatives from international organizations such as the World Bank, UNICEF, United Nations Women, UNDP, and UNFPA also attended the event.
• On the occasion, a mega campaign called #SheBuildsBharat was also launched by the Centre.
• Apart from this, the Lakhpati Didi program was attended by PM Modi at Vansi-Borsi in Navsari, Gujarat, on the occasion of International Women's Day.

(Source: DD News)

Topic: Reports and Indices

10. India's high net worth population is set to reach 93,753 in the next three years.

• According to Knight Frank's The Wealth Report 2025 released on March 5, the number of India's high net worth individuals (HNWIs) with assets above $10 million is estimated to be 85,698 in 2024.
• This number is expected to grow by 9.4% to 93,753 by 2028, reflecting the country's growing wealth landscape.
• In 2024, the number of Indian HNWIs grew by 6% year on year to 85,698 from 80,686 in 2023.
• India accounts for 3.7% of the world's high-income individuals and currently holds the fourth position globally, following the US (905,413 HNWIs), China (471,634 HNWIs), and Japan (122,119 HNWIs).
• In 2024, the country's billionaire population has also seen a strong year-on-year growth of 12% compared to the previous year.
• India now has 191 billionaires, with 26 joining the category last year alone, compared to just 7 in 2019.
• According to the report, the combined wealth of Indian billionaires is estimated at US$950 billion, ranking the country third globally after the US (US$5.7 trillion) and Mainland China (US$1.34 trillion).
• Similarly, in 2024, more than 82% of new billionaires were men, down from 90% four years ago.
• Of billionaires under the age of 30, about 47% were women last year, pointing to a potentially more balanced future.

Topic: Sports

11. Table tennis legend Achanta Sharath Kamal announced his retirement.

• Indian table tennis icon A. Sharath Kamal has announced his retirement in March 2025, bringing an end to his illustrious 22-year career at the pinnacle of the sport.
• Sharath will participate in the WTT Star Contender event in Chennai, which is his last tournament and will run from March 25 to 30.
• His impact on the sport goes far beyond his achievements, which include seven Commonwealth Games gold medals, two historic Asian Games bronze medals, and appearances at five Olympics.
• He competed in his fifth and final Olympics in Paris in 2024 and was India's joint flag bearer at the opening ceremony.
• Currently, Sharath is also the Vice-chairperson of the Athletes Commission of the Indian Olympic Association.

Topic: Environment and Ecology

12. Central government has given the green signal to 'Project Lion’.

• Union Government has approved 'Project Lion' with a budget of Rs 2,927.71 crore.
• It is a significant step towards the conservation and expansion of the Asiatic lion population.
• This initiative has been launched for the well-being of Asiatic lions, whose numbers, as per the 2020 census, stand at 674.
• These lions are spread across 53 talukas in nine districts of Gujarat.
• Project Lion is an effort to integrate habitat and population management, wildlife health monitoring, human-wildlife conflict mitigation, local community involvement, scientific research, eco-tourism development, and biodiversity conservation.
• For the conservation effort, 237 beat guards, including 162 men and 75 women, were recruited in 2024.
• The Asiatic lion is one of the most endangered large carnivores. It is mainly found in Gujarat’s Gir Forest and surrounding landscapes.
• The project is expected to act as a model for wildlife conservation, balancing ecological preservation with sustainable development.

Topic: State News/Uttarakhand

13. Uttarakhand Cabinet approved the implementation of the Unified Pension Scheme.

• Chief Minister Pushkar Singh Dhami has approved the implementation of the Central Government's Unified Pension Scheme for officers and employees in the state.
• The Unified Pension Scheme has been introduced as an option under the National Pension System (NPS) by the Central Government for the Central employees.
• The Unified Pension Scheme will become operational from April 1, 2025.
• The Uttarakhand cabinet approved the new Excise Policy 2025.
• Under the new Excise Policy, the government has decided to close liquor licenses near religious places.
• More control will be exercised over the sale of liquor. Sub-shops and the metro liquor sales system have been abolished.
• Under this policy, if a shop charges more than MRP, the license can be cancelled.
• The state government also announced to provide financial assistance to 45 writers.
• Uttarakhand Sahitya Bhushan, 21 new Sahitya awards were announced.