NATIONAL UPDATES:
1. Budget 2025: Export promotion mission, Bharat Trade Net in works to boost trade: The Union Budget announced an Export Promotion Mission with an outlay of ₹2,250 crore to facilitate easy access to export credit, cross-border factoring support, and help MSMEs tackle non-tariff measures in overseas markets.The Mission, with sectoral and ministerial targets, will be driven jointly by the Ministries of Commerce, MSMEs, and Finance. This is among the slew of measures announced in the Budget to promote exports.Another major plan is to create a digital public infrastructure, ‘BharatTradeNet’ (BTN), for international trade and it will be a unified platform for trade documentation and financing solutions. This will complement the Unified Logistics Interface Platform. The government will also revamp the model BIT (Bilateral Investment Treaty) to make it more investor-friendly and encourage sustained foreign investment.In order to support food processing exports, a National Food Technology Institute will be set up in Bihar and it will enhance value addition, agri-exports, and job creation.
2. Budget 2025: Government to introduce Jan Vishwas 2.0 for greater ease of doing business: Finance Minister Nirmala Sitharaman announced in the Union Budget 2025-26, that the government would introduce the Jan Vishwas Bill 2.0 to decriminalise over 100 outdated legal provisions to achieve greater ease of doing business in the country.The existing Jan Vishwas (Amendment of Provisions) Act, 2023 has decriminalised 183 Central Acts administered across a spectrum of 19 Ministries or Departments.The key objective of the Jan Vishwas Act 2023 was to remove archaic provisions that did not serve the evolving technological and business environment.The Jan Vishwas 2.0 intends to further usher in comprehensive reforms aimed to unburden the judiciary and reduce litigation time and costs. It would introduce civil penalties and administrative actions for minor technical and procedural lapses.The 2023 Act covers amendments in statutes across a span of over 100 years. These include the Press and Registration of Books Act of 1867, the Indian Post Office Act of 1898, the Boilers Act of 1923, the Indian Forest Act 1927 to the more recent laws like the Prevention of Money Laundering Act, 2002 and the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) of 2016.
3. Budget 2025: FM Sitharaman exempts parts for open cells in LCD/LED TVs from customs duty to boost manufacturing: Union Finance Minister Nirmala Sitharaman announced to increase the basic customs duty (BCD) on interactive flat panel display (IFPD) or touch sensitive display to 20% from the current 10% and simultaneously reducing the duty to 5% on open cell and other components.The proposed changes might increase the bill of materials (BOM) for the laptops that ship with touch sensitive displays and other flat touch screens used for advertising.In 2023 -24 Budget, for the manufacture of Open Cells of LCD/LED TVs, I had reduced the BCD on parts of Open Cells from 5% to 2.5%. To further boost the manufacture of such Open Cells, the BCD on these parts will now stand exempted.She also proposed to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing.
4. Zomato renamed ‘Eternal’, food delivery company unveils new logo: Food and grocery delivery platform Zomato will rename the company to “Eternal” and unveil a new logo.The change of name is subject to the approval of shareholders, the corporate affairs ministry, and other statutory authorities. After the approval, the company’s corporate website will transition from zomato.com to eternal.comEternal will comprise the company’s four major businesses – food delivery platform Zomato, quick commerce arm Blinkit, going-out business District, and business-to-business supplies vertical Hyperpure. The development comes over two years after the company began using the new name internally.
INTERNATIONAL UPDATES:
1. India ranks third globally for LEED green building certification in 2024: India ranks third in USGBC’s LEED green building certification globally during 2024, according to a report.India retained its third spot on US Green Building Council’s (USGBC) annual list of top 10 countries and regions for LEED (Leadership in Energy and Environmental Design) in 2024.LEED certifications in India are managed by the Green Business Certification Inc. (GBCI), which works to accelerate the adoption of green buildings nationwide.The annual ranking by USGBC highlights the significant progress made by countries and regions outside the United States in adopting healthy, sustainable and resilient building design, construction and operations.China topped the top 10 rankings for 2024 with over 25 million GSM certified followed by Canada with 10 million GSM. In India, as many as 370 projects, across both buildings and spaces, were certified for LEED, covering 8.50 million gross square meters (GSM) (91.5 million square feet).
2. Trump’s Sanctions Threaten International Criminal Court Operations: The recent executive order by US President Donald Trump has raised concerns regarding the future of the International Criminal Court (ICC). This order imposes sanctions on the ICC, which is the only permanent global tribunal for war crimes and genocide. The ICC’s role is crucial, especially as it investigates and prosecutes serious international crimes. Trump’s action comes in response to the ICC’s investigation into alleged war crimes committed by Israeli leaders during the conflict in Gaza. Trump’s sanctions invoke emergency powers and target the ICC’s operations. The sanctions may affect the court’s chief prosecutor, Karim Khan, and others involved in the investigations against Israeli officials. These measures could halt the ICC’s functions entirely. Previous sanctions imposed by Trump on former prosecutor Fatou Bensouda limited her access to US-based financial resources.
OTHER UPDATES:
DEFENCE
1. Indian Army Enhances Firepower with New Contracts: The Indian Ministry of Defence (MoD) recently signed contracts worth Rs 10,147 crore to boost the firepower of the Indian Army. These agreements involve the procurement of advanced munitions for the indigenously developed PINAKA Multiple Launch Rocket System (MLRS). The contracts were signed with Economic Explosives Limited (EEL) and Munitions India Limited (MIL). Additionally, software upgrades were contracted to Bharat Electronics Limited (BEL). This initiative is step in the modernisation of India’s defence capabilities. The MoD’s procurement strategy prioritises indigenous development. Collaborations with private companies like Bharat Forge and Tata Group are expected to strengthen domestic manufacturing. This approach not only enhances military capabilities but also promotes economic growth by encouraging local industries.
SPORTS
1. FIFA suspends Pakistan Football Federation after failure to amend constitution : The International Football Federation (FIFA) has suspended the Pakistan Football Federation (PFF) after it failed to amend its constitution as required for the smooth and fair governance of the sport in the country.FIFA stated that Pakistan will remain suspended until the PFF Congress makes the necessary amendments. This is the Pakistan Football Federation’s third suspension since 2017.Since June 2019, Pakistan’s football has been managed by a FIFA-appointed Normalisation Committee, which was tasked with organizing elections and addressing parallel factions within the football setup.
2. Tarundeep Rai Wins Bronze in Men’s Recurve Archery at 38th National Games : At the ongoing 38th National Games in Uttarakhand, four-time Olympian archer Tarundeep Rai from Sikkim won the Bronze Medal in the Men’s Recurve event.Juel Sarkar from West Bengal clinched the Gold while Indira Chand from Services Sports Control Boar clinched the Silver medal.
SCIENCE AND TECHNOLOGY
1. The Universe’s Largest Structure : Recent astronomical research has revealed Quipu, the largest known structure in the universe. Named after an Incan recording system, Quipu contains an astonishing mass of 200 quadrillion solar masses. Its immense size stretches over 400 megaparsecs, equivalent to more than 1.3 billion light-years. About Quipu is essential for comprehending cosmic evolution and refining cosmological models. Quipu’s discovery is crucial for understanding galaxy evolution. Studying its properties aids in refining cosmological parameters. The superstructure’s gravitational effects modify the Cosmic Microwave Background (CMB) and influence measurements of the Hubble constant. These alterations complicate our understanding of cosmic expansion and the universe’s early conditions.
BANKING AND FINANCE
1. IDFC FIRST Bank Launches Exclusive Banking Package for Senior Citizens: IDFC FIRST Bank has introduced a specialised range of banking products and services tailored for senior citizens, reaffirming its commitment to offering secure, customised, and superior financial solutions for this important customer segment.The newly launched offerings include the Senior Citizen Savings Account and Senior Citizen Fixed Deposits, designed to cater to the unique financial needs of elderly individuals.As part of this initiative, the bank has also introduced a dedicated feature on its Mobile Banking App called ‘Senior Citizen Specials’, providing exclusive benefits such as:
2. RBI reduces interest rates for first time in nearly 5 years: Almost after 5 years, the Reserve Bank of India (RBI) has reduced the policy repo rate by 25 basis points, from 6.50 per cent to 6.25 per cent.Governor Sanjay Malhotra made the announcement in Mumbai, following a three-day meeting of the MPC. As a result, the standing deposit facility (SDF) rate will be set at 6.00 per cent, while the marginal standing facility (MSF) rate and the Bank Rate will both remain at 6.50 per cent. The MPC has also unanimously decided to maintain a ‘neutral’ stance, focusing unambiguously on aligning inflation with the target while supporting growth.The 25-basis points rate cut to 6.25 per cent comes after the last rate reduction in May 2020. The most recent revision occurred in February 2023, when the policy rate was raised by 25 basis points to 6.50 per cent.According to the first advance estimates, real GDP growth for the current year is projected at 6.4 per cent, with economic activity expected to improve in the coming year. Earlier it was projected at 6.6 per cent.
No comments:
Post a Comment