Current Affairs - March 7, 2025 Current Affairs

The three-day conference titled "Navigating the Future: Industrial Policy and Global Competitiveness" was held at NALSAR University of Law in Hyderabad from January 17-19. This event was organized in collaboration with the Centre for International Trade and Investment Laws, NALSAR University of Law, and the World Trade Institute, University of Bern, highlighting Hyderabad as a key location for international discussions on trade and investment law.

Prime Minister Narendra Modi was conferred with the prestigious 'Honorary Order of Freedom of Barbados' by the President of Barbados, Dame Sandra Mason. The award was presented in recognition of PM Modi's strategic leadership and the critical assistance provided by India during the COVID-19 pandemic. Union Minister of State for External Affairs, Pabitra Margherita, accepted the award on behalf of PM Modi, highlighting the strong diplomatic ties between India and Barbados.

The MoU between the Inland Waterways Authority of India (IWAI) and Jammu and Kashmir (J&K) aims to develop river cruise tourism on National Waterways. The project will focus on enhancing tourism along the Chenab, Jhelum, and Ravi rivers by constructing 10 floating jetties and passenger facilities, with an investment of ₹100 crore. This initiative is expected to boost employment, and economic growth, and improve navigation infrastructure in the Jammu and Kashmir region.

The Federal Bank has entered into a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to provide enhanced financial support to micro, small, and medium enterprises (MSMEs). This partnership aims to improve the MSME ecosystem by offering a variety of financing services, such as project finance, machinery loans, working capital support, and loans against property. The collaboration also explores joint financing options to make credit more accessible to MSMEs, aligning with the government’s focus on bolstering the MSME sector.

AIKosha, launched under the IndiaAI Mission, serves as a secure hub for AI innovation, offering datasets, models, and use cases. It features AI sandbox capabilities, content discoverability, and AI readiness scoring. AIKosha ensures data security with encryption, secure APIs, and real-time filtering. This initiative is designed to strengthen AI-driven research and innovation in India, playing a crucial role in advancing the country’s position as a global leader in artificial intelligence.

HDFC Bank signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) and CSC Academy to launch Project HAKK (Hawai Anubhavi Kalyan Kendra). This project is aimed at assisting defence pensioners, veterans, and their families by providing financial services, skill development, and promoting economic inclusiveness. It is part of HDFC Bank's Parivartan initiative, which focuses on supporting ex-servicemen and their families across various regions in India.

Assam is facing concerns regarding the invasive plant species Ruellia Elegans, also known as the Brazilian petunia, Christmas pride, and wild petunia. This species, native to Latin America, threatens the native biodiversity of Assam, particularly in areas like Digboi. The study highlights the plant’s potential negative impact on local ecosystems, as it competes with native species and disrupts natural habitats. The state's native biodiversity is at risk due to this invasive species, which is known for its elegant appearance.

PhonePe, a prominent digital payments platform in India, launched the ‘Insuring HEROES’ campaign to promote financial security among women in celebration of International Women’s Day 2025. The campaign offers exclusive discounts on term life and health insurance, available through the PhonePe app. The initiative aims to enhance accessibility to affordable insurance for women, providing up to 30% off on term life insurance and 15% off on health insurance, available until March 9, 2025. This campaign seeks to empower women with better financial protection and stability.

According to Knight Frank’s Wealth Report 2025, India ranks 4th in the global wealth rankings, with an estimated 85,698 High worth individuals (HNWIs) in 2024. This marks a 6% increase from the previous year. India’s share represents 3.7% of the world’s wealthy population, reinforcing its growing importance as a wealth-generating nation. The United States, China, and Japan occupy the top three positions, with India following closely behind.

Jan Aushadhi Diwas is celebrated every year on March 7th to raise awareness about the Jan Aushadhi scheme and promote the use of affordable generic medicines. The day aims to highlight the benefits of generic drugs and the PMBJP initiative. The celebrations include week-long events, organized from March 1st to 7th, to spread information and encourage people to opt for affordable and quality medicines, especially in the National Capital Region (NCR) this year.

The Sahitya Akademi's annual Festival of Letters will take place at Rabindra Bhavan in New Delhi from 7th to 12th March 2025. The event will include various cultural and literary activities, with notable guests such as Union Minister for Culture, Gajendra Singh Shekhawat, and playwright Mahesh Dattani. The location, New Delhi, is significant for hosting national-level cultural events like this one.

National Dentist’s Day is observed every year on March 6th to highlight the importance of good oral hygiene and to appreciate the efforts of dentists in maintaining healthy smiles. The day serves as a reminder to take care of our teeth and gums through practices like regular checkups, brushing, and flossing. It also recognizes the historical contributions to dentistry, such as the first dental book published in 1530 and the establishment of the first dental school in 1840, marking the growth of dentistry as a profession.

DPIIT (Department for Promotion of Industry and Internal Trade) has partnered with Mercedes-Benz India to enhance manufacturing, road safety, and environmental sustainability through startup programs. This collaboration focuses on infrastructure, mentorship, funding, and global collaborations to drive technological advancements. Mercedes-Benz India is also providing CSR funding to support incubators, thereby fostering industry-academia linkages and societal impact.