NATIONAL UPDATES:
1. Budget 2025: Grameen Credit Score to serve credit needs of self-help groups: Finance Minister Nirmala Sitharaman has announced Grameen Credit Score, a framework to be developed by the public sector banks for the credit needs of the members of Self Help Groups (SHGs) and people in rural areas.Public Sector Banks will develop a ‘Grameen Credit Score’ framework to serve the credit needs of SHG members and people in rural areas.GCS will complement existing microfinance models and work alongside credit scores like CIBIL and CRIF Highmark for assessing loans. This score will be integrated with the SVAMITVA Scheme.
2. Budget 2025: Government proposes Rationalization of Customs Tariff Structure: The Union Budget 2025-26 introduces major exemptions under Basic Customs Duty (BCD) to rationalize tariff structure and address duty inversion.The proposals are set to support domestic manufacturing and value addition while promoting exports, facilitating trade, and providing relief to common people.Delivering on the promise to review the customs rate structure announced in July 2024, the Budget proposes removing seven customs tariff rates for industrial goods over and above those removed in Budget 2023-24. This will leave only eight tariff rates, including the ‘zero’ rate.
3. Budget 2025: Where does the money come from and where does it go?: As per the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman, a total of ₹65 lakh crore will be spent during the financial year 2025-26 by the Indian government.This budget mainly explicates the receipts and expenditure on cash for the country’s growth, where tax revenues, borrowings, and non-tax revenues feature dominantly in its funding.
4. Odisha Govt. launches multiple initiatives to empower girl ‘Beti Bachao Beti Padhao’: The Odisha government has launched a series of initiatives under the ‘Beti Bachao Beti Padhao’ scheme, which aims to address the alarming gender imbalance and declining child sex ratio in India.Key programs such as “Nirbhaya Kadhi” (Fearless Bud), “Mo Gelha Jiya” (My Dear Daughter) in Ganjam, “Kalpana Avijan” in Dhenkanal, “Swarna Kalika” in Keonjhar, and “Veerangana Yojana” in Deogarh district are designed to empower adolescent girls.These initiatives focus on preventing child marriage, combating sex selection and female foeticide, promoting higher education, and building self-esteem and confidence through martial arts and self-defense.“Nirbhaya Kadhi” (Fearless Bud) and “Mo Gelha Jhia” (My Lovely Daughter) in Ganjam District: The “Nirbhaya Kadhi” initiative by Ganjam district administration under BBBP aims to create a just society for girls. It has reached 183,933 adolescent girls in 3,309 villages, focusing on raising awareness.
INTERNATIONAL UPDATES:
1. BIMSTEC Youth Summit 2025 to kick off in Gandhinagar, Gujarat : The Department of Youth Affairs, Ministry of Youth Affairs & Sports, Government of India, is organizing the BIMSTEC Youth Summit from 7th to 11th February 2025 in Gandhinagar, Gujarat.Union Minister Dr. Mansukh Mandaviya will formally inaugurate the event on 8th February 2025, marking the beginning of the BIMSTEC Youth Summit.During the 4th BIMSTEC Summit in Kathmandu on 30th -31st August 2018, the Hon’ble Prime Minister of India announced the hosting of a three-day BIMSTEC Youth Summit, aimed at bringing together the youth of BIMSTEC nations on a unified platform to exchange experiences and insights on youth-led initiatives undertaken by member states.The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven member states: India, Bangladesh, Myanmar, Sri Lanka, Thailand, Nepal, and Bhutan.
2. US Sanctions Impact on India’s Chabahar Port Project: The recent directive from the Trump administration raises concerns regarding the future of India’s Chabahar port project in Iran. This move is part of a broader strategy aimed at increasing pressure on Iran to curb its nuclear ambitions and military activities. The Chabahar port is crucial for India as it provides a direct route to Afghanistan and Central Asia, bypassing Pakistan. India has heavily invested in this project, viewing it as essential for regional connectivity and trade. India’s trade with Iran has diminished due to US sanctions. In the fiscal year 2018-2019, India imported goods worth around $13 billion from Iran. However, imports plummeted to less than $1 billion annually from 2019-2020 onwards. The sanctions have strained India’s economic ties with Iran, complicating its strategic interests in the region.
OTHER UPDATES:
DEFENCE
1. Stryker Infantry Combat Vehicles: Recently, the focus on India-U.S. defence collaboration intensified, particularly concerning the Stryker infantry combat vehicles. This comes in the wake of U.S. President Donald Trump‘s encouragement for India to increase military procurement from the U.S. Prime Minister Narendra Modi’s upcoming visit to Washington D.C. has further brought into light this strategic partnership. The Stryker vehicle’s performance in high-altitude conditions has been a key area of evaluation for the Indian Army. India’s procurement strategy involves a two-stage process. Initially, a small number of Strykers will be directly imported. Subsequently, a larger quantity will be manufactured in India, likely by Bharat Earth Movers Limited (BEML). This approach aims to enhance local defence manufacturing capabilities.
2. ITBP Establishes New Company Operative Base in Chhattisgarh: The Indo-Tibetan Border Police (ITBP) has opened a new Company Operative Base (COB) in Kutul, Chhattisgarh. This area is a stronghold for Naxalite activity. The establishment of the COB aims to enhance security and reduce Naxalite influence in the Abhujhmad region. This region is known for its dense forests and hilly terrain, making it a challenging area for law enforcement. The new COB in Kutul serves multiple purposes. It aims to deter Naxalite activities in the region. The ITBP believes that a stronger presence will instil confidence among local residents. This initiative aligns with Mission Kagar-2026, aimed at eradicating Naxalism in Chhattisgarh. The ITBP’s presence is expected to encourage local populations to engage with the mainstream.
SCIENCE AND TECHNOLOGY
1. India’s Electric Vehicle Charging Infrastructure Revolution: India’s electric vehicle (EV) charging market is experiencing growth. Recent investments have exceeded $450 million in start-ups focused on charging networks and battery-swapping models. Despite this, the current infrastructure is inadequate. There is only one public charger for every 135 EVs, compared to a global average of one charger for every 6 to 20 EVs. To meet ambitious government targets, urgent expansion of charging facilities is essential. Government initiatives have played important role in attracting investment. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme and Production-Linked Incentives (PLI) have been implemented. Various state governments have introduced policies offering subsidies and support for land acquisition, particularly in urban areas.
2. SARAT Version 2: The Government of India has recently upgraded its Search and Rescue Aid Tool (SARAT) to enhance operational efficiency for search and rescue agencies. The latest version, SARAT version 2, aims to provide faster response times and higher success rates in search-and-rescue operations, particularly in the Indian Ocean region. The latest version introduces several enhancements. The computation of probable search areas is now anchored to the Last Known Position (LKP) of the object. This shift allows for more accurate search area definitions. Previously, the search area was determined based on the point with the minimum longitude, which was less precise.
BANKING AND FINANCE
1. RBI Introduces Additional Factor Authentication for International Transactions: The Reserve Bank of India (RBI) has announced enhancement to the security of online payments. This new measure focuses on cross-border “Card Not Present” (CNP) transactions. The introduction of Additional Factor of Authentication (AFA) aims to ensure that international digital transactions using Indian-issued cards are as secure as domestic ones. This move comes in response to the increasing volume of online shopping and the associated rise in fraud risks. The RBI’s proposal will require cardholders to undergo additional verification when making international purchases. This may include OTPs sent to registered mobile numbers or biometric checks. The RBI aims to issue a draft circular for stakeholder feedback shortly. This initiative is part of a broader framework to improve the security of digital payments in India.
2. Negotiated Dealing System-Order Matching (NDS-OM) Platform: The Reserve Bank of India (RBI) recently announced policy change. Non-bank brokers registered with the Securities and Exchange Board of India (Sebi) will now have access to the Negotiated Dealing System-Order Matching (NDS-OM) platform. This initiative aims to increase retail participation in government securities trading. The RBI’s decision reflects an ongoing effort to enhance liquidity and accessibility for individual investors in the financial market. Sebi’s consultation paper from October 2024 proposed a framework for stock brokers to engage in trading government securities. Brokers must maintain a separate business unit for these activities, ensuring an arm’s-length relationship with their other operations. They will also need to establish agreements with members of the Clearing Corporation of India (CCIL) for transaction settlements.
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