26th February, 2024

1. Information & Broadcasting Minister Anurag Singh Thakur has launched 4 online portals of the Central Bureau of Communication (CBC), Registrar of Newspapers for India (RNI), New Media Wing, and the Digital Addressable System (DAS) of the Ministry.
2. Union Ministers Arjun Munda and Sarbananda Sonowal have launched a project for Screening and Health Management of tribal students through Ayurvedic Interventions.
3. Prime Minister Narendra Modi has announced a plan to set up the “world’s largest grain storage plan in the cooperative sector”.
4. National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the 1st Advance Estimates of National Income for the financial year 2023-24, both at Constant (2011-12) and Current Prices in January 2024.
5. Reserve Bank of India (RBI) has amended the Master Direction on prepaid payment instruments (PPI), allowing banks and non-bank PPI issuers to give these instruments for public transport.
6. Reserve Bank of India (RBI) has allowed Paytm to transfer its Unified Payments Interface-based payments business from Paytm Payments Bank to four to five other banks.
7. Union Cabinet has approved an additional allocation of Rs 2500 Cr for continuation of Interest Equalisation Scheme till June 30, 2024.
8. Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked as the No. 1 cooperative among the top 300 cooperatives in the world in the 2023 edition of the 12th Annual World Cooperative Monitor (WCM).
9. The Central Economic Intelligence Bureau (CEIB), in collaboration with SBI, has launched a portal for antecedent verification of prospective borrowers and bad loans.
10. Bank of Baroda (BoB) has projected gross domestic product (GDP) of India to grow at around 6.75% to 6.8% in FY25 and 6.8% for the current financial year.
11. India, Sri Lanka, and Maldives have recently started trilateral coast guard exercise Dosti 16 in Maldives.
12. Central Excise Day
13. Uber has signed an MoU with Open Network for Digital Commerce (ONDC) to explore integration with the network to expand the range of mobility offerings on the Uber app.
14. International Centre for Entrepreneurship and Technology (iCreate), Microsoft signed a Memorandum of Understanding (MoU) facilitated by the Ministry of Electronics & IT to boost AI startups in India.
15. NTPC Limited has signed a land lease agreement with Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for setting up ‘Integrated Green Hydrogen Hub’.
16. Akshayakalpa Organic has signed a Memorandum of Understanding (MoU) with British International Investment plc (BII), the UK’s development finance institution and impact investor, and Samunnati Financial Intermediation & Services Pvt Ltd.
17. Salil Parekh, CEO and managing director at Infosys, has joined the US-India Strategic and Partnership Forum as a member of its board of directors.

National News

1. I&B Minister launches 4 portals for a ‘modernized media landscape’.
   • What ? Information & Broadcasting Minister Anurag Singh Thakur has launched 4 online portals of the Central Bureau of Communication (CBC), Registrar of Newspapers for India (RNI), New Media Wing, and the Digital Addressable System (DAS) of the Ministry.
   • Objective:
     • To ensure ease of doing business by fostering a more conducive business environment.
   • More about 4 portals:
     • Press Sewa Portal:
       • It enables online filing of applications for newspaper registration and related processes with complete automation and simplification.
       • It uses aadhaar-based e-signatures and allows real-time tracking of application status.
   • Transparent Empanelment, Media Planning, and eBilling System for CBC:
     • It improves transparency and efficiency in media planning processes and aims for a paperless and faceless environment.
     • It features a comprehensive mobile app for partners with a tamper-proof timestamp and geo-tagging functionality.
   • NaViGate Bharat Portal:
     • It is a unified bilingual platform hosting government’s development-related and citizen welfare-oriented videos.
     • It eliminates the hassle of searching for official and reliable information from multiple sources and provides a one-stop platform for media and the general public.
   • Strengthening Cable Sector National Register for LCOs:
     • It aims to bring registration of Local Cable Operators under a Centralised Registration System.
     • Utilizes a web form to collect information from local cable operators for the National Register.
       Source: The Hindu
2. Project for Screening and Health Management of tribal students through Ayurvedic Interventions.
   • What ? Union Ministers Arjun Munda and Sarbananda Sonowal have launched a project for Screening and Health Management of tribal students through Ayurvedic Interventions.
   • Objective:
     • To achieve a Developed and Fit India by focusing on the health of children.
   • Key points:
     • It proposed inclusion of medicinal plant gardens in Eklavya Model Residential Schools (EMRS) to promote awareness about traditional health practices.
     • It aims to cater to the healthcare requirements of tribal students residing in EMRS across tribal areas, benefiting over 20,000 students.
     • It is a joint effort of Ministry of AYUSH, Central Council for Research in Ayurvedic Sciences (CCRAS), Ministry of Tribal Affairs, and ICMR-National Institute of Research in Tribal Health (NIRTH), Jabalpur.
     • Screenings of students will be done to identify issues such as Anaemia, Haemoglobinopathies, Malnutrition, and Tuberculosis among students aged 10-18 years.

3. Launch of the world’s largest storage scheme for farmers.
   • What ? Prime Minister Narendra Modi has announced a plan to set up the “world’s largest grain storage plan in the cooperative sector”.
   • More about Storage Infrastructure Initiative:
     • A pilot project in 11 Primary Agricultural Credit Societies (PACS) across 11 states under the largest grain storage plan has been inaugurated.
     • It aims to set up a storage infrastructure of 700 lakh metric tons over the next 5 years for Rs 1.25 lakh crore.
     • Its goal is to ensure that all storage needs for agricultural produce are met through cooperative societies by the year 2027.
     • It focuses on enabling farmers to store their produce, sell it at the right time, and avail loans from banks.
   • Expansion of PACS and Digitalization:
     • Foundation stone laid for an additional 500 PACS for construction of godowns and other agri infrastructure.
     • Inauguration of a project for computerization in 18,000 PACS nationwide, aligning farming with cutting-edge technology and fully digital payments.
   • Empowering Cooperatives and Farmers:
     • Focus on the vision of ‘Sahakar se Samriddhi‘ to rejuvenate the cooperative sector and empower small and marginal farmers.
     • Promotion of Farmer Producer Organisations (FPOs) and plans to set up 10,000 FPOs, benefiting farmers involved in animal husbandry and fishing.
     • Reduction of minimum alternate tax on cooperative societies and raising the slab for tax deduction at source to income above Rs 3 crore.

4. 1st advance estimates of National Income.
   • What ? National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the 1st Advance Estimates of National Income for the financial year 2023-24, both at Constant (2011-12) and Current Prices in January 2024.
   • About Advanced Estimates of GDP:
   • First Advance Estimates (FAE):
     • Released at the end of the first week of January every year.
     • These are the initial growth estimates for the ongoing financial year (e.g., 2023-24).
     • Provide an early indication of economic performance for the year.
   • Second Advance Estimates (SAE):
     • Released by the end of February.
     • Offer a revised and more refined assessment of economic growth compared to FAE.
     • Incorporate more comprehensive data and possibly revised methodologies for estimation.
     • Provide a clearer picture of the economic trajectory for the ongoing financial year.
   • Provisional Estimates:
     • Released by the end of May.
     • Represent the final estimates for the financial year.
     • Based on comprehensive data and refined methodologies.
     • Used as the basis for policy formulation and analysis.
   • Key finding of the 1st advance estimate:
     • Real GDP is estimated to attain a level of ₹171.79 lakh crore in 2023-24, with a growth rate of 7.3% compared to the previous year.
     • Nominal GDP for the same period is estimated at ₹296.58 lakh crore, with a growth rate of 8.9%.

   • Projection Charts:

Source: PIB, Indian Express

Banking and Economy

1. RBI allows banks, and non-banks to issue PPIs to commuters for public transport.
   • What ? Reserve Bank of India (RBI) has amended the Master Direction on prepaid payment instruments (PPI), allowing banks and non-bank PPI issuers to give these instruments for public transport.
   • Objective:
     • To provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services.
   • What is PPI?
     • PPIs are instruments that facilitate the purchase of goods and services, financial services, remittance facilities, etc, against the value stored therein.
     • PPIs that require RBI approval/authorization before issuance are classified under two types, small PPIs, and full-KYC PPIs.
     • There are two types of Small PPIs:
       • PPIs up to ₹10,000/– (with cash loading facility)
       • PPIs up to ₹10,000/- (with no cash loading facility)
     • ‘Full-KYC’ PPI amount outstanding shall not exceed ₹2,00,000/- at any point in time.

2. RBI allows Paytm’s UPI payment business to be migrated to other banks.
   • What ? Reserve Bank of India (RBI) has allowed Paytm to transfer its Unified Payments Interface-based payments business from Paytm Payments Bank to four to five other banks.
   • Key points:
     • RBI asked Paytm to stop onboarding new users until it completes the migration of the existing accounts to these banks.
     • The RBI had earlier directed Paytm Payments Bank to stop offering banking services after March 15.
       Source: ET
3. Continuation of Interest Equalisation Scheme on Pre and Post-Shipment Rupee Export.
   • What ? Union Cabinet has approved an additional allocation of Rs 2500 Cr for continuation of Interest Equalisation Scheme till June 30, 2024.
   • Key points:
     • Exporters from identified sectors, including all MSME manufacturer exporters, are encouraged to avail pre and post-shipment Rupee export credit at competitive rates.
     • An additional allocation of Rs 2500 Crore has been made, beyond the current outlay of Rs 9538 Crore, to fill the funding gap and ensure the scheme continues until June 30, 2024.
     • The scheme applies to manufacturer and merchant exporters of the identified 410 tariff lines and all manufacturer exporters from MSME sectors, at the specified rates.
     • The scheme primarily targets labor-intensive and MSME sectors, which are crucial for employment generation.
   • Implementation:
     • Scheme is implemented by the Reserve Bank of India (RBI) through various Public and non-Public Sector banks.
     • Scheme is jointly monitored by the Directorate General of Foreign Trade (DGFT) and RBI through a consultative mechanism.

4. Iffco ranked 1st among 300 cooperatives in world, and 72nd in overall turnover.
   • What ? Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked as the No. 1 cooperative among the top 300 cooperatives in the world in the 2023 edition of the 12th Annual World Cooperative Monitor (WCM).
   • Key points:
     • Report published by International Cooperative Alliance (ICA)
     • Ranking is based on the turnover ratio over gross domestic product (GDP) per capita.
     • IFFCO has moved up to the 72nd position in overall turnover ranking from the 97th position in the last financial year.
     • IFFCO aims to promote ‘Atmanirbhar Bharat‘ and ‘Atmanirbhar Krishi‘.

5. CEIB launches portal for antecedent verification of prospective borrowers.
   • What ? The Central Economic Intelligence Bureau (CEIB), in collaboration with SBI, has launched a portal for antecedent verification of prospective borrowers and bad loans.
   • Objective:
     • To equip banks with quick access to information for making timely decisions about credit sanction
     • To streamline the intelligence clearance process for banks during loan disbursement.

   • Key points:
     • Digital platform will help all public sector banks obtain mandatory intelligence clearance from CEIB.
     • All Public Sector Banks (PSBs) seek a report from CEIB before the sanction of loan exceeding Rs 50 crore and above in case of new borrowers and if the existing borrower’s accounts turn into a NPA.

Source: BS

GDP Forecasts

1. India’s GDP to grow at around 6.75-6.8% in FY25, says Bank of Baroda.
   • What ? Bank of Baroda (BoB) has projected gross domestic product (GDP) of India to grow at around 6.75% to 6.8% in FY25 and 6.8% for the current financial year.
     Source: BS

Defence News

1. India, Maldives and Sri Lanka’s trilateral exercise ‘Dosti-16’ kicks off in Maldives.
   • What ? India, Sri Lanka, and Maldives have recently started trilateral coast guard exercise Dosti 16 in Maldives.
   • More about Dosti 16:
     • Objective:
       • To strengthen friendship, enhance operational capability, exercise interoperability, and build cooperation between the Coast Guards of India, Sri Lanka, and the Maldives.
     • Coast Guards of the Maldives, India, and Sri Lanka, along with observers from Bangladesh, are participating in Dosti 16 to enhance collaboration between the forces.
     • It is a biennial exercise.

Important Days

1. February 24– Central Excise Day

Memorandum of Understanding

1. Uber signs MoU with ONDC to explore integration of mobility offerings on its app.
   • What ? Uber has signed an MoU with Open Network for Digital Commerce (ONDC) to explore integration with the network to expand the range of mobility offerings on the Uber app.
     Source: The Hindu
2. iCreate, Microsoft, and MeitY Join Hands to Transform & Boost Indian Startups in AI.
   • What ? International Centre for Entrepreneurship and Technology (iCreate), Microsoft signed a Memorandum of Understanding (MoU) facilitated by the Ministry of Electronics & IT to boost AI startups in India.
     Source: PIB
3. Setting up ‘Integrated Green Hydrogen Hub’.
   • What ? NTPC Limited has signed a land lease agreement with Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for setting up ‘Integrated Green Hydrogen Hub’.
   • More about Hydrogen Hub:
     • It will come up on 1,200 acres of land near Pudimadaka village of Atchutapuram mandal in Visakhapatnam, Andhra Pradesh.
     • It aims to establish a world-class ecosystem for new energy technologies, including electrolyzer and fuel cell manufacturing, ancillary industries, and start-up support.
       Source: PIB
4. Akshayakalpa Organic, British International Investment plc (BII), and Samunnati Financial Intermediation & Services Pvt Ltd have signed a Memorandum of Understanding (MoU).
   • What ? Akshayakalpa Organic has signed a Memorandum of Understanding (MoU) with British International Investment plc (BII), the UK’s development finance institution and impact investor, and Samunnati Financial Intermediation & Services Pvt Ltd.
   • Objective:
     • To provide financing to up to 1,500 smallholder dairy farmers in Karnataka, Tamil Nadu, and Telangana.
       Source: HBL

Appointments

1. Infosys CEO & MD Salil Parekh joins USISPF on its board of directors.
   • What ? Salil Parekh, CEO and managing director at Infosys, has joined the US-India Strategic and Partnership Forum as a member of its board of directors.
   • About US-India Strategic and Partnership Forum:
     • It is a non-profit organization established in 2017.
     • The goal is to strengthen economic and commercial ties between the two countries. This will be achieved through policy advocacy that promotes economic growth, entrepreneurship, job creation, and innovation, ultimately fostering a more inclusive society.
       Source: BS

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