1. PM Modi Lays foundation stones for 3 semiconductor projects
2. India fact-checks international media report on CAA, labels it ‘misleading’
3. Elections 2024: Gadkari, Anurag, Piyush Goyal, 69 others named in 2nd BJP list
4. President Murmu overseas signing of MoUs between India and Mauritius
5. Sensex plummets over 900 points, wiping out ₹14 lakh crore amid smallcap bubble fears

What Else

• Cabinet approves MoU between India, Bhutan to enhance energy efficiency
• India’s defense ministry signs deal worth $975 million for indigenous helicopters
• Bengaluru’s water mafia exploiting city’s worst water crisis
• China’s military disqualifies procurement company for ‘serious risks’ of leaked secrets
• China’s police pledge to build ‘new quality combat capacity’ with tech aimed at preventing risks
• China’s defense ministry says it held military staff dialogue with NATO
• Pakistan eyes ‘larger, longer’ bailout package
• Nepal: “My responsibility has increased…”: PM after winning third floor test in 15 months

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PM Modi Lays foundation stones for 3 semiconductor projects

• PM Modi lays the foundation of 3 semiconductor projects worth around Rs.1.25 lakh crore at the ‘India’s Techade: Chips for Viksit Bharat’ program.
• The PM said chip manufacturing will open the door to “limitless possibilities”.
• India is set to become a prominent semicon manufacturing hub and chip manufacturing will take India towards self-reliance and modernity, PM Modi said on Wed
• CG Power kicks off construction work for semiconductor unit in Gujarat
• The 3 projects include the Semicon fabrication facility at the Dholera DSIR, Gujarat, the OSAT facility at Morigaon, Assam, and the OSAT facility at Sanand, Gujarat.
• The PM underlined that only a handful of nations in the world are manufacturing semicon today and emphasized the need for a reliable supply chain (here)
• He said several representatives from the Taiwan govt were a part of the ‘India’s Techade: Chips for Viksit Bharat’ event.
• Tata Sons chairman N Chandrasekaran, while addressing the event, said self-sufficiency in semiconductor manufacturing was a must-have for national security. (here)

India fact-checks international media report on CAA, labels it ‘misleading’

• India’s PIB on Tue issued a fact-check rebuttal of claims made by international media outlet Al Jazeera that had labeled the CAA “anti-Muslim”.
• India on Mon announced the implementation of the CAA, 2024, which aims at granting citizenship to undocumented non-Muslim migrants from Pakistan, Bangladesh, and Afghanistan. [futility lies here!]
• In a post on X Al Jazeera wrote: “India implements ‘anti-Muslim’ 2019 citizenship law weeks before election.”
• PIB posted a screenshot of the Al Jazeera report, marking it as “MISLEADING”.
• [But why? What if the act would be “India shall expedite the citizenship applications from the prosecuted minorities by their majorities, in 3 neighboring countries.”]
• The govt agency wrote, “Misinformation is being spread by @AJEnglish regarding the Citizenship Amendment Act, calling the act ‘anti-Muslim’“.
• It added that “CAA will not take away the citizenship of any Indian citizen irrespective of religion. It’s not against any single religion/ community.” (here)

Elections 2024: Gadkari, Anurag, Piyush Goyal, 69 others named in 2^nd BJP list

• The ruling BJP released its 2^nd list of candidates of a total of 72 candidates, including Union ministers Nitin Gadkari (Nagpur), Anurag Thakur (Hamirpur), and Piyush Goyal (Mumbai north) were named.
• BJP had announced 195 candidates for the upcoming Lok Sabha elections in the first list on Mar 2 and has now declared names of its 267 contestants in total.
• Gadkari will contest from Nagpur in central India for the 3^rd time in a row.
• Anurag Thakur, the son of former Himachal CM PK Dhumal, has been entrusted with several portfolios in the Modi cabinet since 2014.
• Piyush Goyal, son of former union minister Ved Prakash Goyal, entered New Delhi’s corridors of power after getting elected through Rajya Sabha.
• An alumnus of Mumbai’s HR College of Commerce, Modi cabinet’s professional CA has been named a BJP candidate from Mumbai North constituency.
• Union parliamentary affairs minister Pralhad Joshi has been named the BJP candidate from Dharwad constituency in the southern Karnataka state. (here)
• NDA seat-sharing in Bihar: BJP to contest 17 seats, JD(U) in 16, Chirag Paswan’s party in 5: The NDA) has given final shape to its seat-sharing formula in Bihar ahead of the Lok Sabha elections.
• According to a senior BJP leader, after several rounds of discussion, the BJP is likely to contest in 17 seats, CM Nitish Kumar-led JD (U) in 16, and the Chirag Paswan-led LJP (Ram Vilas) in 5 seats. Bihar sends 40 members to the Lok Sabha.
• Of the remaining seats, the BJP wants to give one to Upendra Kushwaha’s Rashtriya Lok Morcha and one to HAM, according to another BJP leader.  (here)
• Mamata Banerjee snaps ties with brother after he declares he’ll fight LS polls as Independent: The decision came after Swapan Banerjee, popularly known as Babun, announced that he would fight the Lok Sabha polls as an Independent from the Howrah seat, a day after the TMC Sun declared former Mohun Bagan footballer Prasun Banerjee its candidate for the seat. (here)

President Murmu overseas signing of MoUs between India and Mauritius

• President Droupadi Murmu on Wed oversaw the signing of 4 MoUs between India and Mauritius to enhance cooperation in the financial services sector, information sharing, and capacity building to combat corruption and money laundering.
• Also, an MoU was signed between the UPSC of India and the Mauritius Public Service Commission to share experiences and expertise in public services recruitment.
• Both countries also agreed on a protocol to amend the India-Mauritius Double Tax Avoidance Agreement
• Another MoU was signed between the CBI of India and the ICAC of Mauritius for input sharing and capacity building to combat corruption and money laundering.
• President Murmu and the Mauritian PM also virtually inaugurated 14 community expansion projects to be implemented with monetary assistance from India. (here)

Sensex plummets over 900 points, wiping out ₹14 lakh crore amid smallcap bubble fears

• The Indian stock market witnessed a significant downturn on Wed, with the Sensex plummeting over 900 points and slipping below the crucial 73,000 level.
• The brunt of the turmoil was felt in the smaller stocks segment, with the smallcap index witnessing its worst single-day fall since Dec 2022, losing over 5% of its value.
• Midcaps and microcaps followed suit, shedding 4% and 6% respectively.
• The collective impact saw a staggering ₹14 lakh crore being wiped off the market capitalization of all BSE-listed stocks, which now stands at ₹372 lakh crore.
• Analysts have been quick to point out that the recent downturn in the stock market defies the global trade setup, particularly with the S&P500 hitting a record high overnight.
• With $3 billion invested so far this month, Foreign Institutional Investors have also demonstrated their faith in the Indian market. (here)

Cabinet approves MoU between India, Bhutan to enhance energy efficiency

• The Union Cabinet, chaired by PM Modi, has approved the signing of an MoU between India and Bhutan on cooperation in the field of energy efficiency and energy conservation measures
• A significant step towards promoting sustainable energy practices and conservation measures.
• The MoU will facilitate collaborative efforts in enhancing energy efficiency across various sectors.
• As part of the MoU, India aims to extend its expertise to Bhutan in enhancing energy efficiency, particularly in the household sector, through initiatives such as the promotion of the star labeling program developed by the BEE. (here)
• Delhi Metro network set to expand further as Modi cabinet approves expansion worth $1 bn: PM Modi’s cabinet approved two new Metro corridors in New Delhi in another boost to urban connectivity in the national capital, scheduled to be completed by Mar 2029.
• The two new corridors will connect Lajpat Nagar to Saket G-Block and Inderlok to Indraprastha, the Union Minister said on Wed
• The cost of the 2 new Metro corridors is estimated to be $1 billion, which will be incurred from the Union govt and Delhi govt as well as global agencies.
• The Delhi Metro is now one of the largest Metro networks in the world. (here)

India’s defense ministry signs deal worth $975 million for indigenous helicopters

• India’s defense ministry on Wed signed contracts worth $975.06 million with state-run Hindustan Aeronautics to buy 34 indigenous advanced light helicopters for its army and coast guard, the govt said. (here) [reported on Mar 8^th]

Bengaluru’s water mafia exploiting city’s worst water crisis

• India’s own Silicon Valley, Bengaluru, is currently facing its worst crisis in decades, with the city’s residents and environment held captive by a ruthless water mafia.
• From illegal borewell extraction to profiteering schemes, the desperation for water has been exploited by an underground network
• The crisis (14 million) host to numerous international firms has been exacerbated by a weak monsoon, depleting groundwater, reservoirs, and green cover.
• Amidst the crippling shortage of drinking water in the state capital, IT uncovered the operations of a water tanker mafia, operating without govt registration and flouting legal boundaries, particularly in South Bengaluru. (here)
• Infotech consultant Deepa R. never expected to worry about water when she moved to the upmarket Adarsh Palm Retreat gated colony in India’s tech hub of Bengaluru 10 years ago.
• Bengaluru water shortage is a warning for crowded Indian cities: “In 2022, we were marooned in floods, and 2024, we have a water shortage. Forget water for the lawns and gardens, two cars and housekeeper quarters – we barely have water to shower or flush the toilet regularly,” said the 52-year-old, who lived in the US and Singapore before moving back to India (here)

 [Neighborhood]

China’s military disqualifies procurement company for ‘serious risks’ of leaked secrets

• The PLA has disqualified a procurement company for posing “a serious threat” of leaking secrets, as per a notice issued by the Chinese military’s equipment deptt on Tue
• China Far East International Tendering Co violated confidentiality rules while carrying out purchases for the PLA’s strategic support force.
• The PLA’s Strategic Support Force, established in 2015, is the core of the military’s integration and modernization plan and is tasked with integrating “strategic” functions across the military – from space and the internet to psychological warfare.
• The force also serves as an intelligence-gathering hub.
• China is ramping up scrutiny of confidentiality issues amid growing tensions with Washington and its allies.
• Beijing passed a major amendment tightening its state secrets law last month.
• The law stipulates that it is illegal to send state secrets via the Internet without taking proper confidentiality measures.
• The current statement did not mention the state secrets law, instead citing PLA regulations, “relevant regulations including the management measures for equipment procurement tender agency services”. (here)

China’s police pledge to build ‘new quality combat capacity’ with tech aimed at preventing risks

• Police departments across China have pledged to create and strengthen “new quality combat capacity” with technology aimed at “preventive policing” and efficiency.
• During the country’s annual legislative session last week, the Chinese Minister of Public Security reminded delegates from the northern province of Hebei to speed up efforts to achieve “new quality combat capacity”.
• While Chinese officials have used the phrase “combat capacity” in the context of public security before, Wang was the first to use the phrase “new quality combat capacity”
• It was decided at the January meeting that local forces would roll out more measures to use big data to support frontline capabilities.
• Since then, provincial and city security forces have pledged to increase the use of big data and improve their ability to predict and prevent risks. (here)

China’s defense ministry says it held military staff dialogue with NATO

• China and NATO held an 8^th military staff dialogue on security policy in Beijing on Wed, according to a statement from the Chinese defense ministry.
• The two sides exchanged views on defense matters between China and NATO, as well as the international and regional situation, the ministry said in the statement, without elaborating.
• The meeting was co-chaired by the Office of International Military Cooperation of China’s Central Military Commission and the leadership of the Cooperative Security Department of the NATO International Military Staff, the statement added.
• The dialogue comes a week after Sweden joined NATO, leaving a long-standing non-alignment policy for greater safety within the security pact after Russia invaded Ukraine in 2022.
• The two sides hosted the last round of such talks in February last year at NATO headquarters in Brussels. (here)

Pakistan eyes ‘larger, longer’ bailout package

• The govt declared its intention on Tue to negotiate a “longer and larger” economic bailout package with the IMF, targeting to sustain the nascent macroeconomic stability.
• In his 1^st media interaction, Fin Min Aurangzeb Khan also hinted at a potential reduction in the central bank’s policy rate, albeit with a rider about the monetary policy committee’s autonomy.
• The IMF team is due in Islamabad this week for a second review of the $3bn package
• Khan hints at a possible reduction in the central bank’s policy rate
• Pledges to rapidly implement digitalization of tax system, PIA privatization
• “We would be very keen to start discussions on another EFF with them” during these talks, he said.
• He further said negotiations on the program would be taken forward on the sidelines of the IMF and World Bank’s spring meetings in Apr at Washington.
• Another official said talks with the IMF on the second and final review of the current SBA are scheduled for Mar 14 to 22. (here)

Nepal: “My responsibility has increased…”: PM after winning third floor test in 15 months

• Nepal PM Pushpa Kamal Dahal, after winning the vote of confidence in the Nepali Parliament for the third time in 15 months, said that he feels that his responsibility has further increased as the country is struggling to maintain political stability.
• Speaking to reporters outside the Federal Parliament on Wednesday, Dahal said, “After securing a third vote of confidence as PM from parliament today, this is an issue of increased responsibility for me. To work for the country and the people more efficiently, the parliament has given me another chance.”
• The latest round of votes of confidence comes after a dramatic turn by Dahal, aka ‘Prachada’ after he ditched the Nepali Congress to forge a communist alliance with the CPN-UML.
• PM Dahal secured 157 votes in favour while 110 lawmakers voted against him. One of the lawmakers in the Nepali federal parliament abstained.
• A total of 268 votes were cast on Wed.
• Dahal, who has been losing his popularity and support in the parliament as he continues to take votes of confidence at certain intervals, lost 15 votes this time in comparison to last year’s vote of confidence.
• Last time, he received a total of 172 votes in his confidence, while the number of votes stood at 157 this time. (here)