25th February 2025

1. Global Firepower Index 2025
2. Legendary Odissi Dancer Mayadhar Raut Passes Away at 92
3. SEBI Fines Axis Securities ₹10 Lakh for Rule Violations
4. Saurav Ghosal Marks Triumphant Return with Sydney Title
5. Sunil Mittal Receives Honorary Knighthood from UK
6. RBI Fines Citibank, Asirvad Micro Finance, and JM Financial for Violations
7. Indian Coast Guard Holds ‘Sagar Kavach’ Drill for Coastal Security
8. Bajaj Allianz Life Launches Bima-ASBA, a First in India
9. Sabyasachi Kar Named Director of Institute of Economic Growth
10. India’s Road to High-Income Status by 2047
11. MoM Classifies Barytes, Felspar, Mica, and Quartz as Major Minerals
12. Datia Airport Becomes 8th Public Airport in MP with DGCA License
13. MEA and PIC Jointly Organised 9th AED in Pune, Maharashtra
14. 139 Artists Set World Record with 24-Hour Dance Marathon at Khajuraho Dance Festival in MP
15. IDEX and NAVDEX 2025 in Abu Dhabi: 17-21 February 2025
16. India, Bangladesh Agreed to Launch new ‘Hotline’ between Border Forces
17. IndusInd Bank Partners with PGTI as its Official Banking Partner
18. RBI Imposes Penalty on Citibank, AMFI, JMFHL for Non-Compliance
19. AMFI launches 3 new investor initiatives: Chhoti SIP, Tarun Yojana, MITRA
20. India receives ‘Prince Michael Decade of Action Road Safety Award’ for Advancements in Vehicle Safety & Infrastructure
21. AMTZ Wins Award in BRICS Industrial Innovation Contest 2024 for Solar Powered Tricycle
22. China Launched ChinaSat-10R Communication Satellite into Orbit
23. Pankaj Advani wins 2025 Asian Snooker Championship Title
24. Padma Shri Awardee & ‘Father of Odissi Dance’ Mayadhar Raut Passes Away
25. Namita Gokhale released her 25th Book ‘Life on Mars: Collected Stories’
26. Central Excise Day 2025 – February 24
27. India Extends $300M Credit to Vietnam for Defense Vessels

National News

1. Ministry of Mines Reclassified Barytes, Felspar, Mica and Quartz Minerals as Major Minerals

• What:
  • The Ministry of Mines has shifted minerals Barytes, Felspar, Mica, and Quartz from minor to major minerals, following the approval of the National Critical Mineral Mission.
• Why:
  • This move aims to increase exploration and scientific mining of these minerals, which are crucial for various new technologies and industries.
• Tell me more:
  • Quartz, Felspar, and Mica are found in pegmatite rocks, which are a source of critical minerals like Lithium and Tantalum. Baryte has applications in oil and gas drilling, electronics, and medical fields.
  • The reclassification will lead to extended lease periods of up to 50 years and increased regulation by the Indian Bureau of Mines, with a transition period until June 30, 2025.

Source: PIB

2. Asia Economic Dialogue 2025 Held in Pune

• What:
  • The 9th edition of the Asia Economic Dialogue (AED) was held from February 20 to 22, 2025, in Pune, Maharashtra, focusing on “Economic Resilience and Resurgence in an Era of Fragmentation.”
• Why:
  • The dialogue aimed to explore key geoeconomic topics and identify pathways for economic resilience amidst global fragmentation.
• Tell me more:
  • The AED is a flagship ‘Track 1.5 Dialogue’ co-hosted by the Ministry of External Affairs and Pune International Centre. It covered topics such as AI, cyber security, Blue Economy, and the impact of climate change.
  • The event brought together political leaders, academicians, policymakers, and industry experts from India and abroad to discuss these contemporary issues.

Source: MEA TP1 TP2

State News

1. Datia Becomes Madhya Pradesh’s 8th Public Airport

• What:
  • The Directorate General of Civil Aviation (DGCA) has granted Datia Airport a license as a public aerodrome under the 3C/VFR category, making it the eighth public airport in Madhya Pradesh.
• Why:
  • This licensing is part of broader efforts to enhance air connectivity and infrastructure development in Madhya Pradesh, aligning with national progress initiatives.
• Tell me more:
  • Before September 2024, Madhya Pradesh had five licensed public airports: Bhopal, Indore, Jabalpur, Khajuraho, and Gwalior. Recently, Rewa and Satna airports also received licenses.

Source: ANI

2. Khajuraho Dance Festival Sets Guinness Record

• What:
  • The 51st Khajuraho Dance Festival in Madhya Pradesh achieved a Guinness World Record for the longest classical dance marathon, lasting 24 hours, 9 minutes, and 26 seconds.
• Tell me more:
  • The dance marathon featured 139 artists performing various classical dance styles, including Kathak, Bharatanatyam, Kuchipudi, Mohiniyattam, and Odissi.
  • The event was hosted by the MP Department of Culture and recognized by Guinness World Records with a certificate presented to Chief Minister Mohan Yadav.

Source: TP

International News

1. IDEX and NAVDEX 2025 Commence in Abu Dhabi

• What:
  • The 17th edition of the International Defence Exhibition (IDEX) and the 8th edition of the Naval Defence Exhibition (NAVDEX) began at the ADNEC Centre in Abu Dhabi, featuring over 1,565 companies from 65 countries.
• Why:
  • These exhibitions aim to enhance international peace and security by showcasing the latest defence technologies and fostering collaboration among global defence entities.
• Tell me more:
  • The event saw a 16% increase in participating companies and a 10% expansion in exhibition space. It includes 41 national pavilions and welcomes seven new countries: Qatar, Ethiopia, Hungary, Latvia, Lithuania, Romania, and Cyprus.
  • A new exhibition hall and a dedicated CBRNE platform were introduced, highlighting chemical, biological, radiological, nuclear, and explosive threats.
  • The ADNEC Group, in collaboration with the Ministry of Defence and the Tawazun Council, organizes these events, which are crucial for the UAE’s defence industry and global competitiveness.

Source: NAVDEX ANI IDEX

2. China Launches New Communications Satellite

• What:
  • China launched the ChinaSat-10R communications satellite into geosynchronous transfer orbit using a Long March 3B rocket to replace the aging ChinaSat-10 spacecraft.
• Why:
  • The satellite was launched to enhance satellite communication services for various sectors in China and countries along the Belt and Road initiative.
• Tell me more:
  • The ChinaSat-10R will provide services to sectors like transportation, emergency response, energy, forestry, and grassland, as well as support satellite diplomacy.
  • The original ChinaSat-10 was launched in 2011 and positioned at 110.5 degrees East on the geostationary belt.

Source: SN

Banking and Economy

1. Sebi Imposes Penalty on Axis Securities

• What:
  • The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 10 lakh on Axis Securities for violating stockbroker regulations and compliance norms.
• Why:
  • The penalty was imposed due to Axis Securities’ failure to adhere to regulatory procedures, including improper handling of client funds and reporting discrepancies.
• Tell me more:
  • Sebi’s inspection, covering April 2021 to November 2022, found inconsistencies in Axis Securities’ reporting to stock exchanges and mismatches between stock statements and actual holdings.
  • The firm did not settle clients’ funds and securities as per their preferences and failed to provide retention statements.
  • Axis Securities improperly passed on penalties for short margin collection to clients and had discrepancies in reporting politically exposed persons and margin trading exposure.

Source: TOI

2. RBI Imposes Penalties on Financial Institutions

• What:
  • The Reserve Bank of India (RBI) has imposed penalties on Citibank, Asirvad Micro Finance, and JM Financial Home Loans for violating regulatory norms.
• Why:
  • The penalties were imposed due to these institutions’ failure to comply with RBI regulations, including reporting breaches and inadequate customer service practices.
• Tell me more:
  • Citibank was fined Rs 39 lakh for delayed reporting of ‘Large Exposures’ limits and not uploading rectified data promptly.
  • Asirvad Micro Finance received a penalty of Rs 6.20 lakh for failing to report borrower income to Credit Information Companies and not providing factsheets to gold loan customers.
  • JM Financial Home Loans was penalized Rs 1.50 lakh for not disclosing risk gradation approaches and interest rate rationales to borrowers.

Source: BS

3. Bain & Company and NASSCOM Report: India to Become High-Income Country by 2047

• What:
  • India is projected to become a high-income country by 2047, with a GDP ranging from USD 23 trillion to USD 35 trillion, driven primarily by the services sector.
• Why:
  • This projection is based on India’s potential for high-value job creation and economic growth, fueled by advancements in sectors like manufacturing and services.
• Tell me more:
  • By 2047, the services sector is expected to account for 60% of India’s GDP, while manufacturing will contribute 32%. The report highlights the importance of technology and innovation in enhancing cost competitiveness and exports.
  • India’s renewable energy share is projected to increase from 24% in 2023 to around 70% by 2047. Key sectors like electronics, energy, and automotive are identified as strategic growth drivers.
  • Challenges include a projected workforce shortfall and the need for enhanced STEM education and skill development programs.

Source: ET

4. IndusInd Bank Partners with PGTI

• What:
  • IndusInd Bank has partnered with the Professional Golf Tour of India (PGTI) as its official banking partner to enhance the golfing experience for its Ultra High Net Worth Individuals (UHNIs) and High Net Worth Individuals (HNIs).
• Why:
  • This partnership aims to provide a premium lifestyle experience aligned with the interests of UHNIs and HNIs, particularly in sports, while promoting professional golf in India.
• Tell me more:
  • The partnership supports PGTI events throughout the year, featuring over 20 tournaments. IndusInd Bank’s PIONEER customers will have opportunities to engage in activities across tournament cities.
  • The bank offers comprehensive banking and wealth management solutions under its PIONEER program, including exclusive credit card benefits like golf lessons.

Source: TW

5. AMFI Launches Initiatives for Financial Inclusion

• What:
  • The Association of Mutual Funds in India (AMFI) has introduced Chhoti SIP, Tarun Yojana, and MITRA to promote financial inclusion and enhance investor awareness.
• Why:
  • These initiatives aim to make mutual fund investments more accessible and transparent, aligning with SEBI’s goals to broaden India’s financial markets.
• Tell me more:
  • The Chhoti SIP offers a low-cost entry point with a Rs 250 Systematic Investment Plan, targeting new and underserved investors.
  • The Tarun Yojana integrates financial education into school curricula to equip students with basic investment knowledge.
  • The MITRA platform helps investors and their heirs recover dormant mutual fund assets, ensuring rightful ownership.

Source: BT

Reports and Indices

1. Global Military Spending Surges in 2025

• What:
  • The Global Firepower Index (GFP) is released annually by the website http://globalfirepower.com/.
• Why:
  • The GFP compares the military power of countries based on their potential to wage war on land, sea, and air.
• Tell me more:
  • Military spending worldwide has increased significantly in 2025, with the United States leading at $895 billion, followed by China at $266.85 billion, and Russia at $126 billion. India has emerged as the fourth-largest defence spender with a budget of $75 billion.
  • The increase in military spending is driven by nations’ efforts to strengthen their defence forces and enhance strategic preparedness in an increasingly unstable world.

• India’s defence budget of $75 billion aims to enhance combat capabilities, technological advancements, and strategic deterrence. The country ranks fourth in the Global Firepower Index with a PowerIndex score of 0.1184.

Source: ET

Defence News

1. Indian Coast Guard Conducts ‘Sagar Kavach’ Exercise

• What:
  • The Indian Coast Guard successfully conducted the coastal security exercise ‘Sagar Kavach’ across Gujarat and Daman & Diu to enhance maritime and coastal security preparedness.
• Why:
  • The exercise aimed to validate existing Standard Operating Procedures (SOPs) and improve coordination among participating agencies for effective maritime security.
• Tell me more:
  • The exercise involved a wide range of stakeholders, including the Indian Navy, State Police, Marine Police, Border Security Force (BSF), National Security Guard (NSG), Gujarat Maritime Board (GMB), Intelligence Bureau (IB), and port authorities.
  • Key assets used included ships, boats, aircraft, and drones from the Indian Coast Guard, Indian Navy, and Marine Police to simulate operational scenarios.

Source: DD

2. India and Bangladesh Enhance Border Security

• What:
  • India and Bangladesh have agreed to establish a new communication link between their border forces and identified 99 new areas for fencing along their shared border.
• Why:
  • This decision aims to enhance border security and cooperation by improving communication and reducing cross-border crimes.
• Tell me more:
  • The agreement was reached during the biannual director general-level talks between the Border Security Force (BSF) and the Border Guard Bangladesh (BGB).
  • A new hotline will be established between the BSF and BGB commanders to facilitate real-time communication and address border issues promptly.

Source: ET

3. India Extends $300M Credit to Vietnam for Defense Vessels

• What:
  • Exim Bank signed two agreements with Vietnam to provide financial assistance under India’s government-supported Line of Credit (LoC) for purchasing defense equipment.
• Why:
  • These agreements aim to boost India’s defense exports and strengthen bilateral ties with Vietnam by facilitating the purchase of high-speed guard boats and offshore patrol vessels.
• Tell me more:
  • The agreements include a $120 million LoC for high-speed guard boats and a $180 million LoC for offshore patrol vessels, enhancing Vietnam’s naval capabilities.
  • The exports must comply with India’s Foreign Trade Policy and receive financing approval from Exim Bank.

Source: RBI

Awards

1. Sunil Bharti Mittal Receives KBE Honor

• What:
  • Sunil Bharti Mittal, founder and chairman of Bharti Enterprises, was awarded the Knight Commander of the Most Excellent Order of the British Empire (KBE) medal for his significant contributions to UK-India business relations.
• Why:
  • The KBE honor was conferred upon Mittal in recognition of his vital role in strengthening UK-India relations through his business leadership and investments.
• Tell me more:
  • The award ceremony was held at the British High Commissioner’s residence in New Delhi, attended by close friends and family. Mittal has notable investments in companies like BT and OneWeb.

Source: ET

2. India Honored with Prince Michael Decade of Action Road Safety Award

• What:
  • The Indian government has received the prestigious Prince Michael Decade of Action Road Safety Award for its efforts in enhancing vehicle safety standards over the past decade.
• Why:
  • This recognition acknowledges India’s significant advancements in road safety, including the introduction of new car safety assessment programs and mandatory anti-lock braking systems (ABS) in two-wheelers.
• Tell me more:
  • The award was presented at the 4th Ministerial Conference on Road Safety in Marrakech, where global leaders discussed strategies to reduce road fatalities by 50% by 2030.
  • India’s safety reforms began in 2014 after independent crash tests, leading to a revised framework for vehicle safety standards aligned with European norms by 2023.

Source: BS

3. MedTech Zone’s Solar Powered Tricycle Wins BRICS Award

• What:
  • Andhra Pradesh MedTech Zone’s (AMTZ) Assistive Technology Centre (ATC) developed a solar-powered tricycle that won the Outstanding Project Award at the BRICS Industrial Innovation Contest 2024.
• Why:
  • The tricycle was designed to enhance independence and accessibility for persons with disabilities by providing an eco-friendly, cost-effective mobility solution.
• Tell me more:
  • The tricycle was officially launched by Union Minister Nitin Gadkari in August 2024 and features integrated solar panels and motor assistance, reducing physical effort and promoting sustainable transportation.
  • It aligns with global sustainability goals by utilizing renewable energy and reducing carbon emissions.

Source: TH

Important Dates

1. Central Excise Day – February 24

• On this day in 1944, the Central Excise and Salt Act was established and put into force.
• The purpose of the day is to honor the Central Excise and Customs officials’ relentless efforts to protect the country’s economy.

Source: N18

Sports

1. Saurav Ghosal Wins Octane Sydney Classic 2025

• What:
  • Saurav Ghosal, a former world No. 10 squash player, has made a successful return to professional squash by winning the Octane Sydney Classic 2025 in Australia.
• Why:
  • Ghosal’s return and victory are significant as they mark his comeback after retirement and demonstrate his continued prowess in the sport.
• Tell me more:
  • Ghosal, seeded second, defeated Abdelrahman Nassar of Egypt in the final with a score of 11-2, 11-6, 11-2.

Source: OC

2. Pankaj Advani Wins 14th Asian Gold at the Asian Snooker Championship

• What:
  • Pankaj Advani won his 14th gold medal at the Asian Snooker Championship, adding to his impressive collection of titles.
• Tell me more:
  • Advani defeated Iran’s Amir Sarkhosh in the final, displaying his composure and tactical brilliance with breaks of 93 and 66.
  • This win comes after he won the National Snooker Championship in Indore, and he now aims to win the World Snooker Championship later in the year.

Source: TH

Appointments

1. Professor Sabyasachi Kar Appointed IEG Director

• What:
  • Professor Sabyasachi Kar has been appointed as the new Director of the Institute of Economic Growth (IEG), New Delhi, effective February 6, succeeding Professor Chetan Ghate.
• Why:
  • The appointment is likely aimed at leveraging Professor Kar’s expertise in economics and his experience in policy-making to enhance the institute’s research and training capabilities.
• Tell me more:
  • Professor Kar is currently the RBI Chair Professor at IEG and a member of the Ministry of Statistics and Programme Implementation’s Committee on Regional Accounts. He holds a PhD in economics from Jawaharlal Nehru University and has published numerous scholarly articles and books.
  • His research interests include macroeconomics, economic growth, and development economics. He has collaborated with institutions like NITI Aayog and the World Bank.

Source: BS

Miscellaneous

1. Renowned Odissi Dancer Mayadhar Raut Passes Away

• What:
  • Mayadhar Raut, a renowned Odissi dancer known as the “Father of Odissi dance,” passed away due to old age.
• Why:
  • The purpose behind highlighting his passing is to acknowledge his significant contributions to the revival and codification of Odissi dance as a classical form.
• Tell me more:
  • He was instrumental in presenting Gotipua dance on stage in 1944 and later worked to establish Odissi as a shastra-based classical dance form.
  • Mayadhar Raut received several awards for his contributions, including the Padma Shri, Orissa Sangeet Natak Akademi Award, and Sangeet Natak Akademi Award.

Source: TH

2. Namita Gokhale’s New Book “Life on Mars: Collected Stories”

• What:
  • The Belgium Embassy hosted an event to celebrate renowned author Namita Gokhale’s 25th book, “Life on Mars: Collected Stories,” marking her four-decade career in literature.
• Why:
  • The event was held to honor Gokhale’s contributions to literature and her latest collection of stories, which explore themes of human existence.
• Tell me more:
  • Gokhale’s debut novel, “Paro: Dreams of Passion,” was published in 1984 and became a cult classic.
  • Her latest collection includes stories both old and new, with themes of love, loss, and grief, such as in “The Habit of Love.”

Source: IE

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