24th-25th February, 2024

1. Union Cabinet has approved the amendment in Foreign Direct Investment (FDI) policy on space sector.
2. Union Cabinet has approved the continuation of the centrally sponsored scheme “Flood Management and Border Areas Programme (FMBAP)” for a period of 5 years from 2021-22 to 2025-26.
3. Union Cabinet has approved further modifications to the National Livestock Mission (NLM).
4. Union Cabinet has approved the Ministry of Home Affairs proposal to continue implementing the Umbrella Scheme on ‘Safety of Women’.
5. Goa government has announced setting up of a blended finance facility in partnership with the World Bank that will enable it to access and mobilize concessional finance to implement low-carbon and climate-resilient investments.
6. Fintech startup Paymart has partnered with 5 Indian banks to offer its innovative virtual, cardless, and hardware-less cash withdrawal service.
7. Asian Development Bank has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.
8. Mahindra Finance has formed a strategic collaboration with IBM to build a super app.
9. Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023.
10. PhonePe, a Walmart Inc. owned fintech, has launched a mobile application store ‘ Indus Appstore’ for consumers in India.
11. Morgan Stanley Research said in its report titled India Economics – Macro Indicators Chartbook: Strength in Growth, economic growth of India is expected to slow down to 6.5% in the financial year (FY) 2025 from 6.9% forecast for FY2024.
12. Cabinet Committee on Security (CCS) has given its approval for acquisition of over 200 BrahMos Extended Range (ER) supersonic cruise missiles for deployment on Indian Navy warships.
13. Assert AI has launched Pratham, a pioneering platform revolutionizing computer vision and artificial intelligence, making it accessible to all users regardless of coding or AI expertise.
14. SpaceX has launched an Indonesian satellite named Merah Putih 2 (formerly Telkomsat HTS 113BT) using a Falcon 9 rocket from Cape Canaveral Space Force Station in Florida, USA.
15. Skyroot Aerospace announced the launch of the Kalpana Fellowship, a first-of-its-kind fellowship program inspired by the legacy of astronaut Kalpana Chawla.
16. Author and politician, Shashi Tharoor has been conferred with France’s top civilian honor ‘Chevalier de la Légion d’Honneur’, or Knight of the Legion of Honour, at a ceremony in New Delhi.
17. Magnus Carlsen has won the inaugural Freestyle Chess G.O.A.T. Challenge after defeating Fabiano Caruana.
18. Appointment Committee of the Cabinet (ACC) appoints non-executive chairmen in Bank of India, IOB & UCO Bank.
19. World Bank Group has announced the appointment of Wencai Zhang as Managing Director and World Bank Group Chief Administrative Officer.
20. Kotak Mahindra Bank has appointed KVS Manian as the joint managing director effective March 1, 2024.
21. Prabowo Subianto Djojohadikusumo, Defence Minister of the Republic of Indonesia, is set to be sworn in as the 8th President of Indonesia on 20th October 2024.

National News

1. Amendment in the Foreign Direct Investment (FDI) policy on Space Sector.
   • What ? Union Cabinet has approved the amendment in Foreign Direct Investment (FDI) policy on space sector.
   • Objective:
     • To attract investors to invest in Indian space companies, boosting innovation and economic growth in the sector.
   • Key points:
     • 100% FDI is allowed in space sector under the amended FDI policy.
     • Satellite sub-sector has been divided into 3 different activities with defined limits for foreign investment in each such sector.
     • Entry routes for the various activities under the amended policy are as follows:
       • Upto 74% under Automatic route: Satellites-Manufacturing & Operation, Satellite Data Products and Ground Segment & User Segment. Beyond 74% of these activities are under government routes.
       • Upto 49% under Automatic route: Launch Vehicles and associated systems or subsystems, Creation of Spaceports for launching and receiving Spacecraft. Beyond 49% these activities are under government route.
       • Upto 100% under Automatic route: Manufacturing of components and systems/ sub-systems for satellites, ground segment and user segment.
         Source: PIB

2. Cabinet approves Flood Management and Border Areas Programme (FMBAP) for 2021-26.
   • What ? Union Cabinet has approved the continuation of the centrally sponsored scheme “Flood Management and Border Areas Programme (FMBAP)” for a period of 5 years from 2021-22 to 2025-26.
   • Total outlay- Rs 4100 crore
   • FMBAP comprises two components namely:
     • Flood Management Programme (FMP):
     • Under this central assistance will be provided to State Governments for critical works related to flood control, anti-erosion, drainage development, and anti-sea erosion.
     • Total outlay– Rs. 2940 crore
     • Funding pattern- 90% (Centre): 10% (State) for Special Category States and 60% (Centre): 40% (State) for General/Non-Special Category States.
   • River Management and Border Areas (RMBA) component:
     • It focuses on flood control and anti-erosion works on common border rivers with neighboring countries.
     • 100% central assistance is provided under this component.
       Source: PIB
3. Cabinet approves inclusion of additional activities in National Livestock Mission.
   • What ? Union Cabinet has approved further modifications to the National Livestock Mission (NLM).
   • Key modifications include:
     • Establishment of entrepreneurship for horse, donkey, mule, and camel, with 50% capital subsidy up to 50 lakhs.
     • Establishment of fodder seed processing infrastructure with 50% capital subsidy up to Rs. 50 lakhs.
     • Assistance to state governments for increasing fodder cultivation areas.
     • Simplification of the Livestock Insurance program, reducing the beneficiary share of premium to 15% and expanding coverage to 10 cattle units.

4. Cabinet approves Proposal for Implementation of Umbrella Scheme on “Safety of Women”.
   • What ? Union Cabinet has approved the Ministry of Home Affairs proposal to continue implementing the Umbrella Scheme on ‘Safety of Women’.
   • Objective:
     • To strengthen State/Union Territory mechanisms for prompt intervention and investigation in cases of crimes against women, enhancing efficiency in investigating and preventing such crimes.
   • Key points:
     • Total outlay for the scheme- Rs.1179.72 crore
     • Tenure- 2021-22 to 2025-26
     • Out of the total project outlay, Rs.885.49 crore will be provided by Ministry of Home Affairs from its budget and Rs.294.23 crore will be funded from Nirbhaya Fund.
     • Umbrella Scheme for “Safety of Women” consists following projects:
       • 112 Emergency Response Support System (ERSS) 2.0
       • Upgradation of Central Forensic Sciences laboratories, including setting up of National Forensic Data Centre
       • Strengthening of DNA Analysis, Cyber Forensic capacities in State Forensic Science Laboratories (FSLs)
       • Cyber Crime Prevention against Women and Children
       • Capacity building and training of investigators and prosecutors in handling sexual assault cases against women and children
       • Women Help Desk & Anti-human Trafficking Units

Banking and Economy

1. Goa govt, World Bank collaborate for blended finance facility for climate resilience.
   • What ? Goa government has announced setting up of a blended finance facility in partnership with the World Bank that will enable it to access and mobilize concessional finance to implement low-carbon and climate-resilient investments.
   • Key points:
     • Blended finance facility has been announced at the 2024 edition of the World Bank’s India Climate and Development Partners’ Meet.
     • It blends Private Sector Window (PSW) funds with pioneering IFC investments, indicating a collaborative approach between private and public entities to maximize developmental impact.
     • Facility targets sectors with high development impact, including small and medium-sized enterprises, agribusiness, health, education, etc.
   • What is a Blended Finance Facility (BFF)?
     • A Blended Finance Facility is a mechanism that combines concessional funds from public or philanthropic sources with commercial capital from private investors to finance projects with social or environmental objectives.
       Source: PIB
2. Fintech startup Paymart to offer ‘virtual ATM’, partners 5 Indian banks.
   • What ? Fintech startup Paymart has partnered with 5 Indian banks to offer its innovative virtual, cardless, and hardware-less cash withdrawal service.
   • Key points:
     • Paymart has partnered with 5 prominent banks, including IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank, to roll out this service nationwide.
     • Facility will be rolled out at a national level in April/May 2024 after pilot launch in February/ March.
     • ATM service has been pilot-tested with IDBI Bank for over 6 months.
       Source: ET
3. ADB approves USD 23 million loan to boost fintech in Gujarat.
   • What ? Asian Development Bank has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.
   • Key points:
     • Project will construct an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) inside GIFT.
     • IFI will offer fintech training programmes which are aligned with industry and international standards.
     • ADB programme will support research on innovative solutions and technologies in climate fintech, regulatory technology, social inclusion, and gender equality in finance.
     • It will help establish a state fintech readiness index and develop new solutions to emerging technologies.

4. Mahindra Finance partners with IBM to build a Super App for financial inclusion.
   • What ? Mahindra Finance has formed a strategic collaboration with IBM to build a super app.
   • More about Super App:
     • Super app would serve as a single digital interface for consumers to access multiple businesses within Mahindra Finance.
     • Super app will host Mahindra Finance’s various vehicle and non-vehicle lending businesses.
     • App aims to be a digital enabler for customers, both in metro and non-metro areas, providing 24×7 access to products and solutions in a secure, streamlined, and simple manner.
       Source: ET
5. PFRDA notifies amendments to National Pension System Trust (NPST) and Pension Fund Regulations for Good Governance.
   • What ? Pension Fund Regulatory and Development Authority (PFRDA) has notified the National Pension System Trust (Second Amendment) Regulations 2023 and Pension Fund (Amendment) Regulations 2023.
   • Details of Amendments-
     • Amendments to NPS Trust Regulations simplify the provisions related to appointment of Trustees, their terms and conditions, holding of meetings of Board of Trustees, and appointment of CEO – NPS Trust.
     • Amendments to Pension Fund Regulations simplify the provisions related to governance of Pension Funds in line with Companies Act, 2013 and enhanced disclosure by Pension Funds.

6. PhonePe launches Indus Appstore.
   • What ? PhonePe, a Walmart Inc. owned fintech, has launched a mobile application store ‘ Indus Appstore’ for consumers in India.
   • More about Indus Appstore-
     • The Indus Appstore will feature over 200,000 mobile applications and games in 12 Indian languages.
     • Developers will not be charged any app listing fees for one year, until 1 April 2025.
     • Additionally, the Appstore introduces a new short-video-based discovery feature.

Source: livemint

GDP Forecasts

1. Morgan Stanley projects India’s GDP to Grow at 6.9% in FY24 and 6.5% in FY25.
   • What ? Morgan Stanley Research said in its report titled India Economics – Macro Indicators Chartbook: Strength in Growth, economic growth of India is expected to slow down to 6.5% in the financial year (FY) 2025 from 6.9% forecast for FY2024.
   • Inflation-
     • FY2024 (2023-24)– 5.4%
     • FY2025 (2024-35)- 4.5%
   • GDP Forecast by different institutions-
     Source: BS

Defence News

1. Cabinet Committee on Security (CCS) has approved ₹19,000 cr deal for 200 BrahMos missiles for Navy.
   • What ? Cabinet Committee on Security (CCS) has given its approval for acquisition of over 200 BrahMos Extended Range (ER) supersonic cruise missiles for deployment on Indian Navy warships.
     Source: HBL

Science and Tech

1. Assert AI Unveils Pratham: World’s First No-code Computer Vision Platform.
   • What ? Assert AI has launched Pratham, a pioneering platform revolutionizing computer vision and artificial intelligence, making it accessible to all users regardless of coding or AI expertise.
   • Key features of Pratham-
     • Pratham’s intuitive controls and design negate the need for coding or AI expertise.
     • Users can utilize Vision AI technology effortlessly with Pratham, without any specialized knowledge.
     • The platform facilitates effective video data analysis.
     • It allows users to either upload videos or directly connect CCTV cameras.
       Source: BS

2. SpaceX launches Merah Putih 2 communications satellite of Indonesia.
   • What ? SpaceX has launched an Indonesian satellite named Merah Putih 2 (formerly Telkomsat HTS 113BT) using a Falcon 9 rocket from Cape Canaveral Space Force Station in Florida, USA.
     Source: space.com
3. Skyroot launches Kalpana Fellowship for women engineers in space sector.
   • What ? Skyroot Aerospace announced the launch of the Kalpana Fellowship, a first-of-its-kind fellowship program inspired by the legacy of astronaut Kalpana Chawla.
   • Objective-
     • To increase female representation in Science, Technology, Engineering, and Mathematics (STEM) and the space sector, promoting innovation, creativity, and impact.

   • More about the Kalpana Fellowship-
     • Fellowship offers hands-on experience with cutting-edge space technology projects, mentorship from top experts, and access to world-class infrastructure at Skyroot.
     • Successful candidates will receive a monthly allowance for a year, with eligibility open to final-year students and recent graduates in relevant engineering disciplines.
       Source: The Hindu

   
   

Awards

1. France awards Shashi Tharoor with Knight of the Legion of Honour.
   • What ? Author and politician, Shashi Tharoor has been conferred with France’s top civilian honor ‘Chevalier de la Légion d’Honneur’, or Knight of the Legion of Honour, at a ceremony in New Delhi.
   • Key points-
     • He has been awarded for deepening ties between India and France.
     • Award was presented by French Senate President Gerard Larcher.
       Source: HT

   
   

Sports

1. Magnus Carlsen wins Freestyle Chess G.O.A.T. Challenge.
   • What ? Magnus Carlsen has won the inaugural Freestyle Chess G.O.A.T. Challenge after defeating Fabiano Caruana.
   • More about Freestyle Chess G.O.A.T. Challenge-
     • 2024 Freestyle Chess G.O.A.T. Challenge is an over-the-board Chess960 classical tournament that took place from February 9-16 in Weissenhaus, Germany.
     • Magnus Carlsen has won $60,000 first prize, and Fabiano Caruana has won $40,000.
     • Top 3 ranking-
       Source: fide

Appointments

1. Appointment Committee of the Cabinet (ACC) appoints non-executive chairmen in Bank of India, IOB & UCO Bank.
   • Appointments-
     • M R Kumar, the former LIC Chairman, has been named as the part-time non-official Director and non-executive Chairman of the Bank of India (BOI) for 3 years.
     • Srinivasan Sridhar has been the part-time non-official Director and non-executive Chairman on the Board of Indian Overseas Bank (IOB) for 3 years.
     • Aravamudan Krishna Kumar assumes the position of part-time non-official Director and non-executive Chairman on the Board of UCO Bank for 3 years.
       Source: EL
2. Wencai Zhang Appointed Managing Director and World Bank Group Chief Administrative Officer.
   • What ? World Bank Group has announced the appointment of Wencai Zhang as Managing Director and World Bank Group Chief Administrative Officer.
     Source: WB
3. KVS Manian has been appointed as the Joint Managing Director at Kotak Mahindra Bank.
   • What ? Kotak Mahindra Bank has appointed KVS Manian as the joint managing director effective March 1, 2024.
     Source: livemint

Miscellaneous

1. Radio presenter Ameen Sayani passes away.
   • What ? Renowned radio host Ameen Sayani, famed for his legendary show ‘Geetmala,’ has passed away.
     Source: ET
2. Prabowo Subianto Djojohadikusumo is set to be sworn in as the 8th President of Indonesia.
   • What ? Prabowo Subianto Djojohadikusumo, Defence Minister of the Republic of Indonesia, is set to be sworn in as the 8th President of Indonesia on 20th October 2024.
     Source: IE

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