NATIONAL UPDATES:
1. Cabinet approves the establishment of “Third Launch Pad”: The Union Cabinet has approved the establishment of a Third Launch Pad (TLP) at the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.The new launch pad aims to support the next generation of Indian Space Research Organisation’s (ISRO) launch vehicles and enhance the country’s capacity for human spaceflight missions.The TLP will be designed to support ISRO’s upcoming Next Generation Launch Vehicles (NGLV) and serve as a backup for the existing Second Launch Pad (SLP) at Sriharikota.The TLP will be adaptable to support not only the NGLV but also LVM3 vehicles, including those with semi-cryogenic stages, and future scaled-up versions of the NGLV. The project is expected to involve substantial industry participation, drawing on ISRO’s experience from the successful establishment of earlier launch pads, while maximizing the use of existing facilities.
2. Nripendra Mishra reappointed Chairperson of PM Museum & Library Society: The Government of India has reconstituted the Executive Council of the Prime Ministers Museum and Library Society and reappointed Nripendra Mishra as the Chairperson of the Executive Council of the Society.Former Union Minister Smriti Irani, ex-NITI Aayog Vice-chairman Rajiv Kumar, retired Army General Syed Ata Hasnain, renowned filmmaker Shekhar Kapur, and Vasudev Kamath from Sanskar Bharati are among the prominent new members added to the PMML society.The Executive Council is the highest decision-making body of the Prime Ministers Museum and Library Society.The key decision-making body, led by Prime Minister Narendra Modi as its president and Defence Minister Rajnath Singh as vice-president, has also expanded. The executive council, which previously had 29 members, has now increased to 34 members.
3. Maharashtra AI Policy Initiative: Recently, the Maharashtra government announced the formation of a 16-member committee to draft the state’s first Artificial Intelligence (AI) policy. This initiative aims to position Maharashtra as the first state in India with a dedicated AI policy. The committee’s recommendations will align with the central government’s India AI Mission, enhancing the state’s digital economy and encouraging industrial growth. A 16-member committee has been established to create Maharashtra’s AI Policy 2025. Chaired by the director of the Directorate of Information Technology, Mumbai, the committee is tasked with submitting recommendations within a specified timeframe.
4. RINL Revival Package Announced: Recently, the Government of India announced revival package for Rashtriya Ispat Nigam Ltd (RINL), a state-owned steel manufacturer facing severe financial difficulties. The ₹11,440 crore package aims to restore the company’s operations and safeguard thousands of jobs amid political pressure and economic challenges. RINL, also known as Vizag Steel, is located in Vishakhapatnam, Andhra Pradesh. It has a production capacity of 7.3 million tonnes per annum. The plant operates three blast furnaces, with two currently in operation. RINL has been struggling financially, reporting a negative net worth and debt.
INTERNATIONAL UPDATES:
1. Amazon to acquire Bengaluru based digital lending firm Axio: E-commerce major Amazon has signed an agreement to acquire fintech lending start-up Axio, formerly Capital Float,valuing the buy-now-pay-later (NBPL) at around $190-200 million.Axio has filed an application with the regulator (RBI) for a change in control to Amazon and is awaiting approval. Post approval, Amazon’s proposed acquisition of axio would be completed.Axio has assets under management of Rs 2,200 crore and 3 per cent gross non-performing assets (GNPA). It has served more than 10 million customers. In August last year, it raised $20 million in equity funding from the Amazon Smbhav Venture Fund to expand credit products.Amazon has acquired nine companies in India since 2016.
2. Sri Lanka to Receive Largest FDI from China: Recently, Sri Lanka is set to receive its largest foreign direct investment from China, amounting to $3.7 billion for an oil refinery. This investment comes during President Anura Kumara Dissanayake’s visit to China and is integral to China’s Belt and Road Initiative (BRI). The project raises concerns regarding potential debt traps and regional geopolitical tensions, particularly with India. India has responded to China’s growing influence by proposing its own energy projects, including a $1.2 billion fuel pipeline to Trincomalee. Indian Oil Corporation is fuel supplier in Sri Lanka, holding a 20% market share.
OTHER UPDATES:
DEFENCE
1. What is Swarm Drone Attack?: The unmanned aerial vehicle (UAV) or drone is a remotely controlled aerial object which can be used for multiple purposes. The use of drones in the battlefield was first used by the Americans to kill top leaders of Al-Qaeda and Talibans in AfghanistanThe swarm drone as a weapon was recently used by the Iranians to successfully breach the famous Iron Dome anti-missile system of Israel.
2. Indo-Myanmar Border Regulations: In recent months, the Government of India has intensified its regulations regarding the entry of foreigners into the Northeastern states bordering Myanmar. This shift follows a period of relative openness, with implications for local communities and cross-border relations. The Government of India reinstated the Protected Area Regime in Manipur, Mizoram, and Nagaland. This policy restricts foreign nationals from visiting these areas without special permits. The PAR aims to enhance security and control foreign access, countering previous efforts to promote tourism. The amendments have sparked mixed reactions. While the BJP-led government in Manipur supports tighter controls due to concerns over illegal immigration, political factions in Mizoram and Nagaland have opposed the changes. Local communities share ethnic ties across the border, complicating the issue.
3. MRSAM Contract for Indian Navy: Recently, the Indian Ministry of Defence signed contract worth Rs 2,960 crore with Bharat Dynamics Limited for the supply of Medium-Range Surface-to-Air Missiles (MRSAM) to the Navy. This agreement marks India’s commitment to defence self-reliance under the ‘Aatmanirbhar Bharat’ initiative, aiming to boost domestic manufacturing and create substantial employment opportunities. The MRSAM contract is expected to generate approximately 3.5 lakh man-days of employment in the defence sector. This includes opportunities for various Micro, Small, and Medium Enterprises (MSMEs) involved in the production process.
SCIENCE AND TECHNOLOGY
1. Telecom Initiatives in India: Recently, Union Minister Jyotiraditya Scindia launched several telecom initiatives aimed at enhancing connectivity and security across India. These initiatives include the Sanchar Saathi Mobile App, the National Broadband Mission (NBM) 2.0, and Intra Circle Roaming at DBN-funded 4G mobile sites. The government aims to empower citizens through improved access to telecom services while encouraging a digitally inclusive society. The Sanchar Saathi Mobile App is designed to boost telecom security. Key features include reporting suspected fraud, managing mobile connections, blocking lost devices, and verifying handset authenticity. It is available on both Android and iOS, targeting over 90 crore smartphone users in India.
BANKING AND FINANCE
1. PFC signs 120 bn yen loan pact with Japan’s JBIC for RE project: State-owned PFC has inked an agreement with Japan Bank for International Cooperation (JBIC) for 120 billion Japanese yen (around Rs 6,600 crore) loan facility.Under the agreement, JBIC will provide funding of JPY 72 billion, and the balance will be funded by commercial banks.This long-term (up to 20 years) loan to PFC will be provided under JBIC’s initiative ‘Global action for Reconciling Economic growth and Environmental preservation’ (GREEN).The funds will be utilized by PFC to finance its renewable energy portfolio, advancing India’s transition to non-fossil-fuel-based energy sources.
2. Shriram Housing Finance is now “Truhome Finance”: Shriram Housing Finance (SHF) has rebranded itself as Truhome Finance following its acquisition by Warburg Pincus and its co-investors, including QIA (Qatar’s sovereign wealth fund), from Shriram Finance.Last month, Shriram Finance had announced completion of the sale of its entire stake (84.44 percent of the shareholding on a fully diluted basis) in its affordable housing finance subsidiary SHF to Warburg Pincus for a sale consideration of ₹3,929 crores.MD & CEO of Truhome Finance – Ravi Subramanian
3. Shriram Life Insurance launches Sunishchit Laabh savings plan: Shriram Life Insurance has launched Shriram Life Sunishchit Laabh, a non-participating individual savings plan that promises guaranteed returns of up to 668 per cent of the total premium paid.Designed for individuals aged 30 days to 60 years, the plan offers a minimum annual premium starting at ₹30,000, with flexible payment options of ₹15,500 half-yearly, ₹8,000 quarterly, and ₹3,000 monthly.The plan features tax-free maturity income payouts for up to 40 years, with a maximum age cap of 101 years, ensuring long-term financial security, including post retirement.It also provides death benefits up to 160 times the annualised premium, with flexible maturity income payout modes, enabling customers to adapt to changing financial needs.
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