NATIONAL UPDATES:
1. Cabinet approves MSP for Raw Jute for 2024-25 Season: The Cabinet Committee on Economic Affairs has increased
the Minimum Support Price (MSP) for raw jute for the 2024-25 season by
₹285 to ₹5,335 per quintal. The decision would ensure a return of 64.8% over
the all-India weighted average cost of production. In the last 10 years, the
government has increased MSP for raw jute from ₹2,400 per quintal in 2014-15 to
₹5,335 a quintal in 2024-25, registering a growth of 122%”. The decision is
expected to help jute farmers in West Bengal, Bihar and Assam.
2. Cabinet approves Uttar Poorva Transformative
Industrialization Scheme 2024: The Union Cabinet has approved the proposal of the
Department for Promotion of Industry and Internal Trade (DPIIT) for Uttar
Poorva Transformative Industrialization Scheme 2024 (UNNATI 2024). The scheme
is for a period of 10 years from the date of its notification along with 8
years for committed liabilities with a financial outlay of ₹10,037 crore. The
scheme is proposed to be divided into two parts. Part A caters to the
incentives to the eligible units (₹9,737 crore), and Part B is for
implementation and institutional arrangements for the scheme (₹300 crore). The
proposed scheme envisages around 2,180 applications, and it is anticipated that
direct employment opportunities of about 83,000 will be generated during the
scheme period.
3. National Cooperative Database: Union Home Minister and Cooperation
Minister Amit Shah inaugurated the National Cooperative Database and released
the ‘National Cooperative Database 2023: A Report’ in New Delhi on March 8,
2024. The launch marks a significant milestone in the expansion and
strengthening ..
4. Sudha Murty Nominated to Rajya Sabha: On March 8, 2024, Prime Minister
Narendra Modi announced that Indian educator, author, and philanthropist Sudha
Murty has been nominated to the Rajya Sabha by President Droupadi Murmu. The
nomination, which coincides with International Women’s Day, underscores the
importance of ..
INTERNATIONAL UPDATES:
1. Maldives-China Agreement for
Acquiring Non-Lethal Equipment: The Maldives has recently signed a military assistance
agreement with China, marking a significant development in the diplomatic and
military relations between the two countries. Under this newly inked agreement,
the Maldives will receive free “non-lethal” military equipment and training ..
OTHER UPDATES:
DEFENCE
1. CCS gives nod to 5th generation aircraft project worth
₹15,000 crore: The Cabinet Committee on Security (CCS) has approved the project
for the design and development of
India’s fifth-generation fighter jet, Advanced Medium Combat Aircraft (AMCA),
to be undertaken by the Defence Research and Development Organization (DRDO).
The AMCA is envisaged as a 25-tonne twin-engine stealth aircraft with an
internal weapons bay and Diverterless Supersonic Intake which has been
developed in India for the first time. It is intended to have an internal
carriage of 1,500 kg of payload and 5,500 kg of external payload with 6,500 kg
of internal fuel. The development of AMCA is planned to be carried out in two
phases, an MK1 with the General Electric F414 engine and an Mk2 with a more
powerful engine planned to be co-developed in partnership with Saran of France
for which discussions are underway.
2. Indian Navy Commissions INS Jatayu: The Indian Navy has taken
a significant step towards enhancing its operational capabilities and maritime
domain awareness in the strategically important Lakshadweep islands with the
commissioning of INS Jatayu at Minicoy Island on March 6, 2024. The new naval
base, ..
SCIENCE AND TECHNOLOGY
1. DST, T-Hub launch AI-ML hub in Hyderabad: The Department of Science
and Technology (DST), which works under the Union Ministry of
Science and Technology, and start-up ecosystem enabler T-Hub have joined hands
to to set up a Machine Learning and Artificial Intelligence Technology Hub
(MATH) in Hyderabad. The hub will work to foster AI innovation, create job
opportunities, and provide a conducive ecosystem for AI and ML start-ups. The
Centre of Excellence aims to generate over 500 AI-related jobs by 2025 and
nurture more than 150 start-ups annually.
BANKING AND FINANCE
1. Tech Fini Join hands with NPCI to provide credit line
on UPI: National Payments Corporation of India
(NPCI) has signed a multi-year MoU with the Indian Institute of
Science (IISc), Bangalore, for conducting joint research on blockchain and
artificial intelligence (AI) technology. The partnership will also propel
further innovation through the establishment of the “NPCI-IISc Centre of
Excellence (CoE) for Deep Tech Research and Development” The partnership will
also focus on scalable blockchain platforms and multi-modal analytics over
fintech data. Faculty members from five departments at IISc will work with NPCI
researchers on practical challenges related to these areas.
2. Govt keeps interest rates on small savings schemes
unchanged for Q1 FY25: The government has kept the interest rates unchanged on
various small savings schemes for the first quarter of the next fiscal,
beginning April 1, 2024. With this, the interest rates will remain
unchanged till June 30, 2024. These schemes offer guaranteed returns at regular
intervals compounded monthly, quarterly or annually as the case may be. These
instruments cater to conservative investors and offer guaranteed but low
returns and range between 6-8 per cent.
3. Moody’s ups growth forecast to 8% for FY24: Moody’s Ratings has raised India’s
GDP growth forecast for FY24 to around 8 per cent from 6.6 per cent on the
back of strong domestic consumption and capital expenditure. The latest
estimate of Moody’s is about 140 basis points higher than the earlier
projection of 6.6 per cent made in November 2023. The National Statistical
Office (NSO) has projected 8.4 per cent growth in December quarter of the
current financial year.
It has also revised GDP estimates for the first and second quarters to 8.2 per cent and 8.1 per cent from 7.8 per cent and 7.6 per cent, respectively.
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