Daily Current Affairs of 24th March 2025 in English

Introduction:

Daily Current Affairs of 24th March 2025, witnessed a series of significant events across various domains, ranging from infrastructure development to geopolitical concerns, cultural celebrations, and scientific discoveries. Here's an in-depth look at the noteworthy occurrences of the day.

Top Current Affairs and News Headlines – March 24, 2025

Daily GK Update – 24th March 2025: Current Affairs

Here are the major national and international updates, developments, and key events from 24th nd March 2025:

National News

Project PARI: Revitalizing Public Spaces Through Art

The Ministry of Culture, in collaboration with Lalit Kala Akademi (LKA) and the National Gallery of Modern Arts (NGMA), has undertaken an initiative to preserve and enhance public art through the Public Art of India (PARI) project. This program focuses on maintaining and restoring art installations while ensuring environmental sustainability. Delhi’s urban landscape is being transformed into an artistic hub, featuring traditional art forms such as Phad, Thangka, Gond, and Warli. With over 200 artists contributing, the initiative not only fosters cultural preservation but also elevates India's heritage on the global stage.

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Eri Silk Receives Global Recognition with Oeko-Tex Certification

A significant milestone has been achieved in India’s textile industry as the North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) secured the prestigious Oeko-Tex certification from Germany for Eri silk. This certification assures consumers that Eri silk is free from harmful chemicals, environmentally friendly, and suitable for international markets. The Indian government has been actively supporting the Eri silk sector through research and development at the Central Muga & Eri Research Institute in Assam, along with advanced silkworm seed production. These initiatives are aimed at modernizing techniques and enhancing the industry’s global competitiveness.

Tributes Paid to Ram Manohar Lohia on His Birth Anniversary

Dr. Ram Manohar Lohia, a renowned freedom fighter and socialist reformer, was honored on his birth anniversary, March 23. Lohia played a pivotal role in India’s independence and post-independence socio-political landscape, advocating for women’s education, caste-based reservations, and economic equity. Prime Minister Narendra Modi and other leaders paid homage to his legacy, recognizing his efforts to uplift marginalized communities and strengthen India’s democratic framework.

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Samarthya 2025: National Competition on Corporate Rescue Strategies

The Indian Institute of Corporate Affairs (IICA) hosted Samarthya 2025, a national competition on corporate rescue strategies, on March 22-23 at its Manesar campus. This initiative provided students with hands-on exposure to financial analysis, strategic planning, and industry engagement. The event featured expert mentorship, panel discussions, and networking opportunities, with top-performing teams receiving industry recognition for their innovative solutions in corporate restructuring.

Banking News

SBI Mutual Fund Launches PSU Bank-Focused Investment Schemes

SBI Mutual Fund has introduced two new schemes—SBI BSE PSU Bank Index Fund and SBI BSE PSU Bank ETF—designed to provide investors with exposure to the country’s public sector banking industry. Both funds are structured to track the BSE PSU Bank Index, with a 95% allocation to index securities. The New Fund Offer (NFO) period ran from March 17-20, 2025, requiring a minimum investment of ₹5,000. The schemes are managed by fund manager Viral Chhadva.

RRBs Receive Extension to Amortize Pension Liabilities

The Reserve Bank of India (RBI) has granted Regional Rural Banks (RRBs) an extended timeline of five years starting FY25 to amortize additional pension liabilities under the Employee Pension Scheme 2018, which applies retroactively from November 1, 1993. RRBs must allocate at least 20% annually towards these liabilities while ensuring complete financial transparency in their reports. Importantly, these amortization adjustments will not impact their Tier-I Capital.

Public Sector Banks Report 33% Surge in Dividend Payouts for FY24

India’s Public Sector Banks (PSBs) recorded a remarkable financial performance in FY24, with a 33% increase in dividend payouts, reaching ₹27,830 crore compared to ₹20,964 crore in FY23. The government alone received ₹18,013 crore, reflecting the banking sector's robust growth and profitability. These figures highlight the improved financial stability and efficiency of PSBs, further reinforcing their role in national economic development.

Economy News

Shift in India’s Remittance Sources: U.S. & U.K. Overtake Gulf Nations

According to an RBI bulletin, remittances from developed nations such as the U.S. and U.K. have surpassed those from Gulf countries, marking a major shift in India’s foreign inflows. In FY24, these two countries accounted for 40% of total remittances, up from 26% in FY17. The U.K.’s contribution alone rose from 3% to 10.8%, while the U.S. remained the largest source at 28%. Additionally, Canada, Australia, and Singapore also showed increased remittance inflows, driven by the growing Indian diaspora in these nations.

MSME Investment and Turnover Criteria Revised, Effective April 2025

The Indian government has revised the classification criteria for Micro, Small, and Medium Enterprises (MSMEs), set to take effect on April 1, 2025. The investment limit has been raised by 2.5 times, and turnover limits have doubled to expand business opportunities and financial flexibility. The new thresholds are as follows:

Micro Enterprises: ₹2.5 crore investment, ₹10 crore turnover

Small Enterprises: ₹25 crore investment, ₹100 crore turnover

Medium Enterprises: ₹125 crore investment, ₹500 crore turnover

This reform aims to boost MSME sector growth by enhancing access to credit and business opportunities.

Mizoram Exports Anthurium Flowers to Singapore for the First Time

India’s floriculture industry reached a new milestone as Mizoram successfully exported its first-ever consignment of Anthurium flowers to Singapore. Facilitated by APEDA, the shipment of 1,024 cut flowers (weighing 70 kg) was sent via Kolkata and received by Veg Pro Singapore Pte. Ltd. This development is expected to significantly boost Mizoram’s floriculture sector, improve farmer incomes—especially for women—and expand India’s agricultural exports.

India Imposes Anti-Dumping Duties on Five Chinese Products

In a bid to protect domestic industries, India has imposed anti-dumping duties on five Chinese products: Soft Ferrite Cores, vacuum insulated flasks, aluminum foil, Trichloro Isocyanuric Acid, and PVC Paste Resin. Recommended by the Directorate General of Trade Remedies (DGTR), these duties—ranging up to 35%—will be enforced for up to five years to prevent unfair trade practices and protect Indian manufacturers.

Appointment News

Edelweiss ARC Names Mythili Balasubramanian as Interim MD & CEO

Edelweiss Asset Reconstruction Company has appointed Mythili Balasubramanian as its interim Managing Director and CEO until September 30, 2025. With over four decades of experience in banking, non-performing asset (NPA) resolution, and the Insolvency and Bankruptcy Code (IBC), she is expected to lead the company’s distressed asset strategy. A Search Committee, in collaboration with Korn Ferry, will oversee the selection of a permanent CEO.

Justice Harish Tandon Appointed Chief Justice of Orissa High Court

Justice Harish Tandon has been appointed as the Chief Justice of the Orissa High Court, succeeding Justice Chakradhari Sharan Singh. The Supreme Court Collegium, led by Chief Justice of India D.Y. Chandrachud, recommended his appointment on March 6, 2024. Justice Arindam Sinha, previously acting Chief Justice, has been transferred to the Allahabad High Court.

IRDAI Reconstitutes Insurance Advisory Committee with Five New Members

The Insurance Regulatory and Development Authority of India (IRDAI) has appointed five new members to its Insurance Advisory Committee under Section 25 of the IRDA Act, 1999. The new members include MR Kumar (ex-LIC Chairman), Dinesh Kumar Khara (ex-SBI Chairman), Visakha Mule (CEO, Aditya Birla Capital), Nilesh Shah (MD, Kotak AMC), and Kotak Ellis G Vaidyan (former Director at GIC Re, Air India & Tata AIA).

Sports News

Oscar Piastri Clinches Victory at the Chinese Grand Prix

McLaren driver Oscar Piastri emerged victorious at the Chinese Grand Prix, securing a dominant win after a setback in the Australian GP. His teammate Lando Norris finished second despite battling brake issues, allowing him to maintain his championship lead. Ferrari faced disqualification, with Charles Leclerc and Lewis Hamilton receiving penalties for technical violations.

Daily Current Affairs Question Answers in English of

24th March 2025

1. What is the main objective of Project PARI?

A) Promoting public transportation

B) Preserving and revitalizing public art

C) Expanding rural banking services

D) Boosting India's space research

Answer: B) Preserving and revitalizing public art

Explanation: Project PARI, led by the Ministry of Culture, aims to maintain and restore public art installations while ensuring environmental sustainability.

2. Which institutions are collaborating on the Project PARI initiative?

A) National Bank for Agriculture and Rural Development (NABARD) and RBI

B) Ministry of Culture, Lalit Kala Akademi, and NGMA

C) ISRO and Ministry of Science & Technology

D) NITI Aayog and SEBI

Answer: B) Ministry of Culture, Lalit Kala Akademi, and NGMA

Explanation: These organizations are working together to restore and promote public art in India.

3. Which traditional Indian art forms are being highlighted in Project PARI?

A) Madhubani and Kalamkari

B) Phad, Thangka, Gond, and Warli

C) Batik and Block Printing

D) Miniature and Tanjore

Answer: B) Phad, Thangka, Gond, and Warli

Explanation: Project PARI incorporates these traditional Indian art forms to transform Delhi’s urban landscape.

4. Which country awarded the Oeko-Tex certification to India’s Eri silk?

A) United Kingdom

B) United States

C) Germany

D) France

Answer: C) Germany

Explanation: Germany granted Oeko-Tex certification to India’s Eri silk, signifying its eco-friendliness and absence of harmful chemicals.

5. What is the significance of Oeko-Tex certification for Eri silk?

A) Ensures the silk is environmentally friendly and free of harmful chemicals

B) Provides tax benefits for silk traders

C) Imposes export restrictions on Eri silk

D) Certifies the durability of silk fabrics

Answer: A) Ensures the silk is environmentally friendly and free of harmful chemicals

Explanation: This certification enhances the global competitiveness of India’s Eri silk by ensuring sustainability.

6. On which date is Dr. Ram Manohar Lohia’s birth anniversary observed?

A) March 15

B) March 20

C) March 23

D) April 5

Answer: C) March 23

Explanation: Dr. Ram Manohar Lohia, a key socialist reformer and freedom fighter, was born on March 23.

7. What was the focus of the Samarthya 2025 competition?

A) Innovations in agriculture

B) Corporate rescue strategies

C) Space research projects

D) Renewable energy advancements

Answer: B) Corporate rescue strategies

Explanation: Hosted by IICA, the competition focused on financial restructuring and strategic business revival.

8. What type of investment schemes has SBI Mutual Fund launched?

A) Real estate-focused funds

B) PSU Bank-focused investment schemes

C) Cryptocurrency-based funds

D) Green energy funds

Answer: B) PSU Bank-focused investment schemes

Explanation: SBI Mutual Fund introduced PSU Bank Index Fund and PSU Bank ETF to track public sector banks' performance.

9. What is the amortization period granted to RRBs for pension liabilities?

A) 3 years

B) 5 years

C) 7 years

D) 10 years

Answer: B) 5 years

Explanation: RBI has extended the timeline for RRBs to amortize their pension liabilities under the Employee Pension Scheme 2018.

10. How much did Public Sector Banks’ dividend payouts increase in FY24?

A) 20%

B) 25%

C) 33%

D) 40%

Answer: C) 33%

Explanation: PSBs saw a 33% surge in dividend payouts, reflecting their financial growth and stability.

11. Which countries have become the top remittance sources for India?

A) UAE and Saudi Arabia

B) China and Japan

C) U.S. and U.K.

D) Canada and Australia

Answer: C) U.S. and U.K.

Explanation: The U.S. and U.K. have overtaken Gulf nations as the top contributors to India’s remittances.

12. What is the new investment limit for Medium Enterprises under MSME classification?

A) ₹50 crore

B) ₹100 crore

C) ₹125 crore

D) ₹150 crore

Answer: C) ₹125 crore

Explanation: The revised MSME classification raised the investment limit for Medium Enterprises to ₹125 crore.

13. What did Mizoram recently export to Singapore for the first time?

A) Pineapples

B) Black pepper

C) Anthurium flowers

D) Handwoven textiles

Answer: C) Anthurium flowers

Explanation: Mizoram exported 1,024 Anthurium flowers to Singapore, marking a major milestone in floriculture.

14. How many Chinese products did India impose anti-dumping duties on?

A) 3

B) 4

C) 5

D) 6

Answer: C) 5

Explanation: India imposed duties on Soft Ferrite Cores, vacuum insulated flasks, aluminum foil, Trichloro Isocyanuric Acid, and PVC Paste Resin.

15. Who has been appointed as the interim MD & CEO of Edelweiss ARC?

A) Arundhati Bhattacharya

B) Nilesh Shah

C) Mythili Balasubramanian

D) MR Kumar

Answer: C) Mythili Balasubramanian

Explanation: She was appointed as the interim MD & CEO of Edelweiss ARC until September 30, 2025.

16. Who is the new Chief Justice of Orissa High Court?

A) Justice Arindam Sinha

B) Justice Harish Tandon

C) Justice DY Chandrachud

D) Justice NV Ramana

Answer: B) Justice Harish Tandon

Explanation: He succeeded Justice Chakradhari Sharan Singh as Chief Justice of Orissa High Court.

17. How many new members did IRDAI appoint to its Insurance Advisory Committee?

A) 3

B) 4

C) 5

D) 6

Answer: C) 5

Explanation: IRDAI appointed five new members, including MR Kumar and Nilesh Shah, to its advisory committee.

18. Which driver won the Chinese Grand Prix?

A) Max Verstappen

B) Charles Leclerc

C) Lewis Hamilton

D) Oscar Piastri

Answer: D) Oscar Piastri

Explanation: Oscar Piastri secured victory at the Chinese Grand Prix for McLaren.

19. Which financial institution received the highest dividend from PSBs?

A) RBI

B) SEBI

C) Indian Government

D) SBI

Answer: C) Indian Government

Explanation: The Indian Government received ₹18,013 crore from PSBs' dividend payouts.

20. What percentage of total remittances came from the U.S. in FY24?

A) 20%

B) 25%

C) 28%

D) 30%

Answer: C) 28%

Explanation: The U.S. contributed 28% of total remittances to India in FY24.