Daily Current Affairs (DCA) 28 February, 2025

Daily Current Affairs Quiz
28 February, 2025

International Affairs

1. Kremlin Considers No Negotiation on Annexed Ukrainian Regions

Context:

Five contested Ukrainian regions, according to it, are currently ruled out by Russia from any negotiation: Crimea (2014), Donetsk, Luhansk, Zaporizhzhia, and Kherson (2022). A spokesman for the Kremlin, Dmitry Peskov, emphasized that all these territories have now become “an inseparable part” of Russia and have been declared “non negotiable”.
Part of Zaporizhzhia and Kherson remains under Ukrainian control though it has been claimed so by Russia.

Background

• Crimea was annexed in 2014 by Russia following a disputed referendum which nearly all other parts of Ukraine and the Western world rejected.
• In September 2022 Russia annexed four more regions, which had failed to control entirely when Russia’s large invasion had already been initiated.
• Several counter offensives have since been taken by Ukraine, with which they have managed to regain some of its previously occupied lands.

Latest Developments

• Advances of Ukraine
  • Ukrainian forces have seized territory in Russia’s Kursk region, thus heightening the tension further.
• Wedding Exchange?
  • By hinting at the possibility of some sort of territorial exchange with Moscow, Ukrainian President Volodymyr Zelensky has sparked rumors, but Russia has otherwise categorically rejected such.

The Implications

• Diplomatic Stalemate
  • As Russia does not agree to any negotiation, the hostilities have indeed moved into a European style deadlock with limited space for diplomatic settlement.
• Further escalation from the hostilities may ensue as fighting becomes more heated in Ukraine as it follows through on its counters and as it continues to solidify as a nation on behalf of its citizens.
• West to reject Russian position by extending support to Ukraine and, of course, not recognizing any annexation.

Source: The Hindu

2. EU-India Relationships

Context:

Leading India-EU Ties into the Future “In this new normal of multiple conflicts around the world and competition in all ways, trusted friends are an essential ingredient,” said European Commission President Ursula von der Leyen.

Key Highlights

• An important dialogue between India and itself exists
  • The talks held in consonance with the
• This coincides with U.S. Russia peace talks on Ukraine and tensions continuing in Bangladesh, with the EU laying an active hand in its support for the popular democracy.

Human Rights are also EU Issues

• View of the EU Parliament on India
  • EU has raised valid concerns over human rights, especially in India with regards to freedom of speech and minority rights.
  • Claudio Francavilla (Human Rights Watch) asked the EU to sharpen its position on the so called crackdowns on dissent and minorities under PM Modi.
• Manipur Issue
  • The European Parliament condemned the ethnic violence in Manipur (a Meitei versus Kuki Zo conflict).
  • India rejected the EU comments as intrusion, asserting that Manipur was an internal matter.
  • The Indian officials are ready to repeat this position again if the matter is discussed.

• Bangladesh Factor and Regional Stability
  • EU Concern about Democ Bangladesh might see a conversation about EU concerns over democracy and minority rights.
  • The EU has been a significant flagbearer of free elections and human rights in the region.
    Dialogue may also extend to India’s role in Bangladesh’s steadfastness, especially considering the closeness with Dhaka.

Strategic vs Rights Based India EU Approach Growth

• The rapprochement between India and EU is increasing, including on trade, security, and geopolitical cooperation.
• Remaining points of eminence are those of human rights about which India maintains that such issues should be kept beyond scrutiny from foreign governments.
• This little twist in the Bangladesh pot plunges discussions into another layer with EU calling for the cause democratization in South Asia.

3. EU vs. Trump

Bold Assertions, Tariff Threats from Trump

• Former U.S. President Donald Trump has definitely reignited tensions, asserting that the EU was “formed to screw the United States.”
• He pledged to place a 25% tariff on all imports from the EU if elected again.
• He said the U.S. is “the pot of gold” and could stop trading with Europe if it wanted to.

EU’s Strong Denial & Retaliation Plans

• Polish PM Donald Tusk rejected Trump’s words, asserting the EU is a force for peace, fair trade, and transatlantic friendship.
• The European Commission vowed countermeasures, with enforcement beginning from the day in question, on
  • Bourbon whiskey: a kick in the guts for American distillers.
  • Jeans: a direct hit to U.S. fashion exports.
  • Motorcycles: a nod to past tariffs on Harley Davidson.

Increasing Transatlantic Tension

• This is coming in the wake of Trump’s threats to withdraw security guarantees for NATO allies.
• The rift presages an imminent fracture in U.S. EU relations, echoes of the trade disputes of 2018 19.

What’s at Stake? Economic & Political Fallout

• An all out tariff war could disrupt approximately $1.3 trillion in yearly trade between the U.S. and the EU.
• The economic sectors that are endangered
  • U.S. automobile exports, now again hitting the top of EU list for tariffs.
  • Vulnerable to U.S. countermeasures: European luxury goods & tech industries.
• Political stakes
  • EU elections may hold the key for more robust leaders in June 2025.
  • Trump’s Return: reshaping global alliances and the pivoting of Europe towards greater economy independence.

EU signals it won’t back down. Retaliatory tariffs could escalate into a full blown trade war. U.S.-EU relations face a crossroads with consequences for the world economy.

4. Tariffs on Canada, China & Mexico by US

Context:

President Donald Trump plans to impose tariffs on Canada and Mexico starting March 4, 2025, in addition to doubling the 10% universal tariff charged on imports from China.

New Tariffs Announced

• Canada & Mexico
  • Tariffs levied on imports at 25% with 10% tax on Canadian energy products (oil & electricity).
• China
  • Doubling the existing specialized 10% tariff on imports.
• Europe
  • Proposed 25% tariffs, in addition to specific tariffs aimed at autos, chips, and pharmaceuticals.
• Steel, Aluminum & Copper
  • Elimination of dynamics of 2018 tariffs, whereby imports now cost more.

Reasons for the Tariff Imposition

• Fentanyl and drug trafficking
  • Inducing nations to conform is by having tariffs; illicit drug smuggling is one of those Tariff justifying reasons.
• Economic Policy
  • In Trump’s wing, there is a foreign policy called “April 2 Reciprocal Tariff,” wherein U.S. tariffs would vary in a reciprocal manner from those imposed on American goods abroad.

Responses and Response Actions

Stock Market Impact

• S&P 500 has fallen by 1.6 percent, erasing nearly all post election gains.
• Consumers are going down, and trade fears are highly intense.
• Foreign Responses
  • Mexico: The president, Sheinbaum, hopes that all discussions will take place to avoid those tariffs. Security cooperation comes with key economic goals.
  • Canada: warned by PM Trudeau of retaliatory tariffs of about $30B, increasing to $125B after three weeks if dispute is not resolved.
  • China: A dialogue, called for by the commerce minister, Wang Wentao, as China, appears better prepared for a trade line conflict.

Economic Effects

• Increased cost to U.S. consumers and businesses
  • Producers in the United States would add additional costs to U.S. consumers from Canada/Mexico tariffs thought to approximate $120B 225B per year.
  • The additional tariffs from China may add another $25B to U.S. costs a year.
• Rising inflation and political risk
  • Inflation expectations were pushed up from 5.2% to 6% in February.
  • The latest consumer confidence drop is the largest reported so far since 2021, indicating a concerning trend emerging among citizens.
  • They wait in anticipation of a possible political fallout because tariffs have the potential to discredit Trump’s commitment to reducing inflation.

Trump’s tariffs seem designed to create an event that will lead to what could be tantamount to a global trade war. But it definitely has enormous economic and political consequences. Most importantly, it intends to address both drug trafficking and trade imbalances but may slow down growth, escalate prices, and put international relationships under tension.

Source: The Hindu

5. Trump’s ‘Gold Card’ Immigration Plan

What Is It?

A 5 million dollar “gold card” granting green card privileges and a path towards citizenship of the United States.

The Impact on Indian Graduates

• American companies will buy these gold cards to recruit top Indian graduates from Harvard, Stanford, and other elite universities.
• To retain skilled talent that would otherwise leave the US.

Replacement for EB-5 Visa

• Such a gold card will bulldoze the EB-5 immigrant investor visa program requiring job creating investment in American territory.
• The gold card instead, sells residency out there without investment requirements.

Revenue for US Debt

• Trump awaits the sale of millions of gold cards.
• The proceeds are reportedly expected to bring down own debt.

Implications

• Seen as an alternative to immemorial work permits, especially H-1B.
• Could favor wealth over merit in immigration.
• Raises ethical concern for selling residency and citizenship.
• It is expected to be up and running in two weeks.

National Affairs

1. Delimitation

Context:

The delimitation, an exercise in the country that involves the redrawing of boundaries for parliamentary and state assembly constituencies based on population changes, is an area of concern among the southern states of the country. The leaders from this region suspect that the next delimitation, planned after the 2026 census, may shrink their representation on the Lok Sabha due to the states’ success in controlling population growth.

Key Concerns

Threat of Losing Parliamentary Seats

• States like Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh have in effect executed population control measures for decades, while states in the north like Uttar Pradesh and Bihar have seen a spurt in population growth.
• In the anticipated delimitation that would be carried out based on the most recent population figures, the southern states may stand to lose to the more populous northern regions in terms of representation and available clout in the national decision making process.
• Southern states are the economic backbone of India, with any downward shift in political representation only proving to undermine its claims over federal governance.

Differentiation in Economic and Development Levels

• Though having smaller populations, southern states are heavily contributive to the Indian economy. The combined gross domestic product (GDP) of Karnataka, Kerala, and Tamil Nadu is above that of the 13 states in the eastern region.
• Any diminishment of the parliamentary representation of these southern states will effectively lead to diminishing of political leverage, which in turn, may impact the allocation of Central funds and resources vital for sustaining their development paths.

Punishment for Population Control Policies

• South leaders argue that drawing the allocation of seats based on population is punishing those states that have actually gone about implementing family planning and population control.
• Forward looking kind of policies would not be encouraged by states who see delimitation as a punishment for doing something laudable.

History and Implications of Delimitation in India

The delimitation process in India was adopted three times since independence:

• 1951 Census: 494 Lok Sabha seats | Population: 36.1 crore (7.3 lakh people per seat)
• 1961 Census: 522 seats | Population: 43.9 crore (8.4 lakh per seat)
• 1971 Census: 543 seats | Population: 54.8 crore (10.1 lakh per seat)

Key Events

• In 1976, the process was frozen to curb the advantage of states gaining more seats due to population rise during the period of family planning.
• The 42nd Amendment Act (1976) provided a moratorium of 25 years, up to 2000, on delimitation.
• This period of moratorium was further extended, until 2026, by the 84th Amendment Act (2001).
• At present, the delimitation of 543 Lok Sabha (and 250 Rajya Sabha) seats is based on the 1971 census data.
• While there were no changes made to total seats, constituency boundaries were adjusted after the 2001 Census, as were SC/ST reservations, which will see another revision after 2026.

Key Challenges

• Addressing regional disparities in representation while maintaining federal balance is critical.
• Representation vs. Federalism:
• A simple population-based redistribution would shift political power towards Northern States.
• Southern States, despite economic and social progress, may feel politically sidelined.
• Need for a Balanced Approach:
• Expanding overall Lok Sabha seats could be a solution to prevent drastic changes in State-wise proportions.

The Urgency of Conducting the Census

• As India aims for global leadership, it cannot afford to delay the fundamental task of counting its population.
• Census Delay Raises Questions:
• A delayed Census could enable early delimitation, benefitting certain regions politically.
• Accurate data is essential before making such a major electoral change.

Future of Delimitation and Its Impact

• The 2031 Census will lead to the next delimitation, which in turn may prompt an increase, decrease, or redrawing of constituencies while retaining unchanged the total number of parliamentary seats.
• Delimitation, however, is a highly sensitive issue, particularly among the southern states: Tamil Nadu, Kerala, Karnataka, Andhra Pradesh and Telangana.

Hurdles abound in the delimitation exercise, whereby equal representation as required by the Constitution must be gently weighed against rewarding the good governance and population control achievements. Policymakers must be brought around the table before the 2026 deadline in order to deal with the grievances of southern states and uphold the federal equation.

2. EPFO Central Board of Trustees Meeting

Context:

The interest rate for Provident Fund (PF) deposits for the upcoming financial year 2025-26 will be decided by the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO).
The present interest rate stands at 8.25%.
Workers’ Demand: Consider to add an increase in the interest due to the inflation & economic distress conditions.
The finalized recommendation will go to the Ministry of Finance for approval.

Implementation of the Supreme Court Directive on Increased PF Pension

• The November 2022 verdict from the Supreme Court authorized employees who meet eligibility conditions to seek a higher pension which is reflective of actual salary rather than determined by the salary ceiling for pensionable service.
• However, there has been widespread protest by EPFO regarding the pro rata calculation for pension.
• EPFO Position
  • The basis for pro rata calculation is via Para 12 of the Employees’ Pension Scheme (EPS) which gives its stamp of approval to balance between pensioners under wage ceilings and those enjoying higher wages.
  • The Supreme Court did not declare this provision as ultra vires.
• Current Standing
  • Of higher pension applications filed, about 70% have been processed.
  • Target: by March 31, 2025, completion of all applications.
• The CBT’s executive has instructed EPFO to expedite cases pending for major PSUs.

Changes Proposed in Employees Deposit Linked Insurance (EDLI) Scheme

• Current Situation
  • Under the EDLI scheme, benefits are not paid in the case of death occurring within one month of joining.
• Proposed Changes
  • At least a compensation of ₹50,000 to the family of the employee in the case of death.
  • Greater compensation in the event of the death occurring within six months from joining.
• Objective
  • To ensure that family remains financially secure even in the event of early demise of the worker.

Workers demand a higher interest rate, but final decision varies depending upon financial feasibility.
Implementation of a higher pension is being carefully monitored with the EPFO having a target of processing all cases by March 2025.

3. Drug Export Reform

Export NOCs for Unapproved Drugs Made Simple

• Old System
  • NOC was an application process for exporters for every order, depending on the customer and quantity.
• New System
  • A Blanket NOC will be granted on the basis of one year of export history.
  • NOC is issued product and country specific and does not tie itself to a single importer.
  • The number of NOCs granted will reduce from ~15,000 to 5,000 in a year to lessen the regulatory burden on exporters.
• Companies are supposed to provide customer details and regulatory proof only once every year.

Impact: With reduced bureaucracy, the export becomes fast and cheap for Indian pharma companies.

New Guidelines for Biosimilars, Cell, and Gene Therapy

• Biosimilars
  • New guidelines will replace the ones made in 2018, putting India in line with global marking.
• Cell & Gene Therapy
  • India is coming up with its first regulatory framework by CDSCO, DBT, and ICMR.
  • All of this is aimed towards providing clarity and streamlining of approvals for companies.

Impact: Greater regulatory clarity enabling innovation in biotech emerging sectors.

Strengthening Regulatory Oversight and Digital Integration

• Increased Inspections
  • 905 inspections over two years have ensured compliances post approvals.
  • Enhanced inspectorial glare after the Aveo case, a recent regulatory infringement incident.
• Digital Regulatory Platform
  • The ₹100 crore project intends to synergize all regulatory stakeholders (state regulators, custom, GST, manufacturer).
  • It intends to map the supply chain from approval to sale, ensuring transparency.
  • It would be up and running in about two years.

Impact: Stronger oversight reduced compliance risks and increased co ordination.

Pharma on the Rise, Hiking Exports but With Challenges

• Indian Pharma exports grew by 9%, nearly double the global growth rate, as per McKinsey.
• Challenges
  • Emerging regulatory trends from India and abroad will disrupt growth.
  • Increasing regulatory scrutiny in low and middle income countries (LMICs).

Impact: Growth prospects are bright, but Indian firms must adapt to a very fast changing regulatory environment.

The new and simplified process of NOCs will help exports get done in record time. The new guidelines for biosimilars and cell therapy express India’s interest in aligning with global standards. Strong regulatory oversight integrated inspections with digital methods. Pharma exports are rapidly growing, though companies must contend with regulatory roadblocks.

4. Bharat Ports Global

Context:

India has launched ‘Bharat Ports Global‘ to make a firm entry into international maritime geography .

Formation of Bharat Ports Global Consortium

• Purpose
  • Into bid for international port projects underlining India’s role in global maritime trade. Members of the Consortium:
• India Ports Global (IPGL) – takes the operations in terms of Chabahar Port.
• Sagarmala Development Corporation (SDCL) – financial based function and then it is going to be maritime NBFC.
• Indian Port Rail and Ropeway Corp (IPRCL) Spearheads the infrastructure development.

Impact: Further augmentation of the global port infrastructure, as well as logistics effectiveness and trade competitiveness of India.

Areas Identified for Further Strengthening

• International North South Transport Corridor (INSTC) – 7200 km long trade route linking India, Iran, Russia and Central Asia.
• India Middle East Europe Economic Corridor (IMEC) – Intended to be a strategic trade route linking India with the UAE, Saudi Arabia, and Europe.
• Eastern Maritime Corridor Reinforcement of trade between India and Russia.

Impact: Further consolidated by India’s presence in critical trade corridors whereby cargo movements become smoother.

Digital Trade Facilitation: The Launch of ‘Maitri Interface’

• Maitri (Master Application for International Trade and Regulatory Interface)
  • Runs on a Virtual Trade Corridor between India & UAE. Will involve AI and Blockchain for security and efficiency of trade.
  • Will eventually stretch to cover BIMSTEC and other ASEAN nations.
• Includes
  • Standardization of trade documents for reduction in delays.
  • Supply chain optimization and regulatory compliance enhancement.

Impact: Lesser time in processing, better efficiency in trade, and furthering sustainable economic development.

Bharat Ports Global really opens up the global maritime presence for India. Heavy investments are expected in all major trade corridors (INSTC, IMEC, Eastern Maritime Corridor).

Maitris digital interface will thus play a very important role towards its intended use by becoming part of cross border trade through AI & Blockchain.

Source: Business Standard

5. World’s First Quantum Computing Chip- Ocelot

Context:

Caltech has joined forces to bring about the first quantum computing chip of Amazon here. One arrow goes by the name of Ocelot. This launches Amazon into the quantum coliseum as recently-born hardware by other companies like Google and Microsoft.

New Possible Uses in Quantum Computing

• Inconceivably faster than normal computers, such phenomena are expected to change industries such as chemistry and health-care.
• Some experts opine that it will still take a decade from now before real life applications are observed.

Features of the Ocellus Computation Chip

• Configuration:
  • Two co-centric squares of silicon.
• Qubits:
  • Five qubits act as data storage devices.
  • Four additional qubits are for stabilizing and correcting errors.
• Error Correction:
  • With the help of “cat qubits“, computation errors can be minimized similar to that of the famous thought experiment of Schrödinger’s cat.
  • These errors should be due to heat, vibration, and electromagnetic interference.
• Cost Effectiveness:
  • Amazon claims that using this architecture is a decrease of 90 percent in costs as regards the most other quantum computing architectures.

This brings Amazon high up into the scales as far as its quantum computing ambitions are concerned, perhaps tilting the odds further in favor of closing the race into the very real-world applications domain of quantum.

Banking/Finance

1. Banks to Stay Conservative on NBFC Lending

Context:

Banks are set to take a conservative approach to lending to Non Banking Financial Companies (NBFCs).
Rationale: Concerns about performance in the sector as pointed out by Pankaj Naik, Director, India Ratings & Research (Ind Ra).

Focus on Top Tier NBFCs

• Banks will restrict their exposure to higher rated NBFCs.
• Lending to weaker NBFCs is considered high risk due to the mounting asset stress.

Signs of Stress in NBFCs

• Secured and unsecured loans slinking for NBFCs are showing increasing signs of stress.
• Asset quality pressure shall become visible by FY26.
• NBFC loan pricing shall remain lofty:
  • There shall not be any immediate reduction in lending rates to NBFCs.
  • With risk rates going back to normal, lending from the banks will remain conservative.

Microfinance Sector Challenges Add to Risk Aversion

• Microfinance Institutions (MFI) sector facing increasing delinquencies.
• Consumer income moderation, leading to rising defaults.
• Nomura Research: Stress in MFI segment will further discourage banks from increasing exposure.

Banks will favor lending to higher rated NBFCs. Asset quality pressures in NBFCs & MFIs will affect lending sentiment. High risk aversion shall result in NBFC loan pricing being kept high.

Source: The Hindu

Economy

1. Centre Seeks to Cut States’ Tax Share

Context:

The Union Government plans to reduce the share of tax revenue allocated to States from 41% to 40%.
The proposal will be sent to the Finance Commission (headed by Arvind Panagariya) for the recommendations.
If approved, the change will be applicable from FY 2026-27.

Expected Revenue Impact

• A 1% reduction in States’ share could give the Centre approximately ₹350 billion.
• Actual impact depends on the level of annual tax collections.

Cabinet Approval and Timeline of the Process

• It is expected that the Union Cabinet shall clear the proposal by March end.
• It is to be submitted to the Finance Commission for the final recommendations.
• The Commission’s report will be binding and shall be submitted by October 31, 2025.

Possible Tensions Between Centre & States

• Anticipating opposition from States, as it reduces their fiscal resources.
• It may trigger further financial disputes between the Centre and States, especially if they are led by the opposition.
• So far, no official comment has come from the Finance Ministry or the Finance Commission.

Proposal to reduce the States’ share from 41% to 40%. Central government stands to gain from ₹350 billion from this change. There could be political tussles over sharing of revenue.

Source: The Hindu

2. Fiscal Deficit: IMF vs. Government Perspective

Context:

A fiscal deficit of around 3 per cent of the gross domestic product (GDP) for the central government, as advocated by the International Monetary Fund (IMF), is difficult since a significant amount of capital expenditure previously undertaken by state-owned enterprises (SOEs) has been brought onto the central government budget.

The push by the government to IMF on the 3% fiscal deficit target

• Therefore, the IMF recommends India to bring down its central fiscal deficit to 3% of GDP, which includes a combined deficit (Centre + States) below 6%.
• Government says
  • In capital expenditures done by state owned enterprises (SOEs), the earlier capital expenditure is found in the central budget, making it a difficult 3% target.
  • Complete elimination of revenue deficit can compromise with economic growth.

Gradual medium term fiscal consolidation

• Both agree that fiscal consolidation is necessary among IMF and the Indian government, however, they want to adjust it gradually due to global uncertainties.
• Government’s debt strategy
  • Because most of the public debt is long term, fixed rate, and held domestically, the risks are reduced.
  • Target to lower the debt to GDP ratio to 50% by FY31 (from 57.1% in FY25).
  • For FY26, the target will be adjusted to 56.1%, based on nominal GDP growth of 10.1%.

Fiscal Reform by IMF Recommendations

• Revamping FRBM Act includes
  • Medium term projections for macroeconomic variables
  • A clear fiscal roadmap for both Union governments and for states
  • Escape clauses for flexibility in the event of economic shocks.

Measures Employed to Increase Revenue

• Simplifying the GST and reversing the past GST rate cuts.
• Exhibit an Reversal in fuel excise cuts and broaden the income tax base.
• Allowing domestic energy prices aligned with international rates.

Main Takeaways

• India prefers slow gradual fiscal adjustment in which growth is given priority by being against aggressive deficit cuts.
• Government debt strategy will thus be based primarily on stable, long term borrowing, making it less risky.
• Stronger operational revenue mobilization is demanded by the IMF through: GST reform & subsidy rationalization.
• There should be a revamped fiscal policy framework for better transparency and long term stability.

Expenditure Rationalization

• Improved targeted subsidies and conversion toward direct cash transfers wherever possible.
• Retrospectively analyzing budget schemes to find cost saving opportunities.

Source: Business Standard

Facts To Remember

1. Govt. appoints Tuhin Pandey as new SEBI Chairman

The government on Thursday appointed Finance and Revenue Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI).

2. Kyrgyzstan and Tajikistan finalise border deal, end years-long spat

Kyrgyzstan and Tajikistan have finalised a border agreement on Thursday, exchanging territories to end a decades-long dispute. Kyrgyzstan gains 25 sq. km from Tajikistan in exchange for land and better water access. The deal includes neutral roads and eased access to resources, marking a significant step towards peace. 

3. Conservative-led coalition to form govt. in Austria without far right

Austria’s conservative People’s Party (OeVP), Social Democrats, and liberals formed a three-party government excluding the far-right Freedom Party (FPOe). 

4. Amazon unveils Ocelot, its first quantum computing chip

Amazon Web Services (AWS) on Thursday has unveiled Ocelot, its first quantum computing chip, designed to reduce quantum error correction costs by up to 90%.

5. Soviet chess giant Boris Spassky passes away aged 88

Soviet chess Grandmaster Boris Spassky, who was famously defeated by US player Bobby Fischer at the height of the Cold War, has died at 88, the Russian Chess Federation announced.

6. PM Modi, EU Chief Von Der Leyen Set Ambitious Agenda for Trade, Green Energy & Connectivity

Prime Minister Narendra Modi today held delegation-level talks with the President of the European Commission, Ursula von der Leyen, in New Delhi.

7. India Retains Fastest-Growing Economy Tag with 6.2% GDP Growth in Q3 FY25

India retains the fastest-growing major economy tag as the country’s GDP grew by 6.2 percent in the third quarter of FY25, up from the revised rate of 5.6 percent in the previous quarter. India recorded a GDP growth of 8.6 percent in the third quarter of the last fiscal year. 

8. EPFO Retains 8.25% Interest Rate on EPF Deposits for 2024-25

The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) has kept unchanged and recommended the same interest rate of 8.25 percent on employees’ provident fund (EPF) deposits for 2024-25. EPFO, which manages the EPF accounts of over seven crore subscribers, had increased the EPF interest rate from 8.15 percent in 2022-23 to 8.25 percent in 2023-24. The recommendation of the EPFO will be sent to the Union Ministry of Finance for approval.

9. India Advancing Towards Prosperity with Transparent Financial Laws: LS Speaker Om Birla

Lok Sabha Speaker Om Birla today emphasised that the country is moving forward on the path of prosperity. Addressing a symposium on the theme Adoption to Changing Landscape: My Viksit Bharat – 2047 in New Delhi, the Lok Sabha speaker highlighted how the government is working in the direction of making financial laws simple and transparent

10. WAVES Explorer Challenge invites creators to showcase India’s diversity through YouTube Shorts

The World Audio Visual & Entertainment Summit (WAVES) is offering an exciting opportunity to creators and storytellers through ‘WAVES Explorer Challenge’ to showcase their vision of India by making YouTube Shorts.

11. Union Ministers discuss trade, tech ties at 2nd India-EU TTC meeting

External Affairs Minister Dr S Jaishankar participated in the 2nd India – EU Trade and Technology Council meeting along with Commerce and Industry Minister Piyush Goyal and Information Broadcasting Minister Ashwini Vaishnaw in New Delhi today.

12. Finance Secretary Tuhin Kanta Pandey appointed as new SEBI Chairman

Finance Secretary Tuhin Kanta Pandey has been appointed as the new Chairman of the Securities and Exchange Board of India (SEBI) for a term of three years. He will succeed Madhabi Puri Buch. The Appointments Committee of the Cabinet has approved the appointment of Tuhin Kanta Pandey as the new Chairman of SEBI.

13. National Science Day 2025: Empowering youth for global leadership

National Science Day is being celebrated across the country today. The day is observed every year on the 28th of February to commemorate the discovery of the ‘Raman Effect’ by the eminent physicist Sir C.V. Raman.