Daily Current Affairs Quiz29 March, 2025 International Affairs 1. India Unlikely to Opt for Across-the-Board Tariff Reduction Key Insights India-U.S. Trade Tariff Gap Impact on Agriculture Exports India is likely to strategically adjust non-tariff trade policies rather than lower import tariffs across the board. With rising U.S.-India trade tensions, policy shifts could focus on balancing imports and exports to maintain a stable trade relationship while protecting key domestic industries. 2. US Reciprocal Tariffs Key Developments Trump’s Stance on India NITI Aayog’s Trade Analysis India’s Strengths & Weaknesses The US tariff shifts present a mixed bag for India. While Chinese, Mexican, and Canadian exports to the US may decline, India has an opportunity to expand its market share. However, low integration with high-demand regions and sluggish textile growth remain concerns. A strategic push in key export categories is crucial for India to capitalize on emerging trade opportunities. National Affairs 1. Light Combat Helicopters Context: India’s Defence Ministry Signs ₹62,700 Crore Deal for 156 Light Combat Helicopters Key Highlights Indigenous Capabilities & Economic Impact Additional Defence Contracts & Future Deals Existing LCH Deployments This procurement enhances India’s defence capabilities, particularly for high-altitude combat operations. The emphasis on indigenous production aligns with the Atmanirbhar Bharat initiative, strengthening domestic aerospace industries while ensuring self-reliance in military aviation. PIB 2. Indian Ports Bill 2025 Context: Union ports, shipping and waterways minister Sarbananda Sonowal introduced the Indian Ports Bill 2025 in the Lok Sabha, proposing several amendments to the 117-year-old legislation. Purpose of the Bill Major Provisions Concerns & Opposition The Indian Ports Bill 2025 aims to modernize port governance, streamline operations, and integrate international maritime best practices, but faces criticism for potential centralization of control over state-run ports. BS 3. Crore Electronics Component Manufacturing Scheme Context: Cabinet Approves ₹22,919-Crore Electronics Component Manufacturing Scheme Key Highlights Key Differences from Past Schemes Expected Impact Focus Areas This scheme marks a strategic shift towards strengthening India’s electronics supply chain by localizing key component manufacturing. It aligns with the government’s goal of reducing import dependence and enhancing India’s position in the global electronics ecosystem. TH 4. Gig Workers’ Registration on eShram Key Developments Significance of eShram for Gig Workers Challenges & Recommendations The onboarding of major e-commerce platforms on eShram is a crucial step toward ensuring social security for gig workers. However, wider participation and better benefit structures are essential for meaningful impact. TET 5. India’s Carbon Market Expansion Key Developments Significance of the Offset Mechanism Challenges & Considerations The government’s approval of the offset mechanism is a critical step in expanding India’s carbon market. By enabling non-obligated entities to earn carbon credits, this move enhances India’s climate strategy while unlocking new opportunities in sustainable industries. TET 6. Women’s Workforce Participation Rises to 25% in 2024: MoSPI Report Key Findings Gender Gap in Unpaid Work Youth Workforce Trends (15-29 Age Group) Education Trends Analysis & Implications The report highlights a steady rise in workforce participation for both men and women, yet deep-rooted gender imbalances persist. Bridging the unpaid work gap, expanding skilling programs, and improving workplace inclusivity will be crucial in boosting women’s economic participation in the long run. Banking/Finance 1. RBI Deputy Governor Warns NBFCs on Risk Management & Fair Lending Key Takeaways from Swaminathan J’s Address RBI is reinforcing risk management discipline among NBFCs while pushing for fair lending practices and strong audit standards. This aligns with the broader goal of ensuring financial stability and consumer protection in India’s lending ecosystem. BS 2. NSE Submits Response to SEBI on IPO Readiness Background & Context Key Issues Raised by SEBI NSE’s Response & Justifications Next Steps BS 3. BSE Shares Surge 17% as SEBI Limits Derivatives Expiry Days Key Drivers Behind BSE’s Rally Market Reactions & Analyst Views Impact of SEBI’s Decision SEBI Eases Intraday Monitoring Rules for Index Derivatives Outlook BS 4. RBI Urges NBFCs to Ensure Fair Lending and Strong Redressal Systems Key Highlights Regulatory Concerns Implications for NBFCs With RBI tightening its grip on NBFC lending norms, firms must strike a balance between profitability and consumer protection. Strengthening governance, adopting fair lending practices, and enhancing transparency will be critical in maintaining regulatory compliance and long-term sustainability. TET Economy 1. PAC’s 19th Report on GST Implementation Key Findings and Criticism GST Compensation and Financial Shortfalls Audit Discrepancies Recommendations for GST Reform The PAC’s report strongly criticizes GST’s structural inefficiencies, lack of transparency, and fiscal centralisation, reinforcing long-standing demands for reforms and greater State autonomy in revenue distribution. 2. India’s Fiscal Deficit Narrows for April-February FY25 Fiscal Deficit Analysis India’s fiscal deficit for April-February FY25 stood at ₹15.70 trillion, or 85.8% of the revised estimate, compared to ₹17.35 trillion (86.5% of the estimate) in the same period last year. This signals improved fiscal management, with revenue growth outpacing expenditure. Revenue Performance and Implications Spending Trends and Policy Direction Key Takeaways & Forward Outlook India’s fiscal position for April-February FY25 reflects a balanced approach between growth and discipline. Revenue buoyancy, higher capital spending, and a controlled fiscal deficit place the economy on a strong footing for future expansion, provided external risks are managed effectively. 3. India’s Core Sector Growth Slows to 5-Month Low in February Key Highlights Sectoral Trends & Analysis Macroeconomic Implications Outlook & Forecasts The slowdown in core sector growth underscores base effects, sector-specific challenges, and evolving demand patterns. While steel, cement, and fertilizers provide resilience, crude oil and natural gas continue to struggle. Going forward, government spending and global demand trends will be key determinants of industrial momentum. TET Agriculture 1. Nutrient-Based Subsidy (NBS) for Kharif 2025-26 Approval & Allocation Impact on DAP & Other Fertilizers Market & Industry Reactions Nutrient-Based Subsidy (NBS) Rates for Kharif 2025-26 (₹/kg) Nutrient Kharif FY25 Rabi FY25 Kharif FY26 % Change YoY (Kharif FY25 vs. FY26) % Change (Rabi FY25 vs. Kharif FY26) Nitrogen (N) 47.02 43.02 43.02 -8.51% 0.00% Phosphorus (P) 28.72 30.8 43.6 51.81% 41.56% Potassium (K) 2.38 2.38 2.38 0.00% 0.00% Sulphur (S) 1.89 1.76 2.61 38.10% 48.30% Facts To Remember 1 Junta seeks aid