1. Shaktikanta Das receives A+ grade in the central bank report cards 2024 RBI Governor Shaktikanta Das Receives A+ Grade in Central Bank Report Cards 2024 Global Finance has published the Central Bank Report Cards annually since 1994. Global Finance: A Digital Platform Headquarter: New York
2. As Indian farmers shift to complex fertilizers, FY25 sales up 11% till October
India’s Fertilizer Production and Imports Soil Health Card Scheme in India: A Key to Productivity Soil Health Cards Scheme in India
Centre acts to boost DAP availability, blames global suppliers
India’s Government Boosts Domestic Di-ammonium Phosphate (DAP) Supply Diammonium Phosphate (DAP) Fertilizer Red Sea Crisis Impact on DAP Supply in India
BharatNet
BharatNet: A Central Public Sector Initiative BharatNet Phase III: Job Creation and Strategy Shift
Current Affairs 27 November, 2024
Daily Current Affairs 27 November, 2024 Banking/Finance 1. Moody’s and Fitch take rating action against Adani cos Global Rating Agencies Downgrade Adani Group Companies Moody’s Economic Predictions for India Moody’s Investors Service is a rating agency, which offers credit ratings to Indian investors, assessing issuers’ creditworthiness through ratings on bonds, loans, and other financial instruments over 100 years ago. Projects India’s economy to grow by 7.2% in 2024, 6.6% in 2025, and 6.5% in 2026. Fitch Ratings Inc. Fitch Ratings Inc. is a an American credit rating agency, one of the three nationally recognized statistical rating organizations (NRSRO) by the U.S. Securities and Exchange Commission. 2. EPFO subscribers may soon get ETF fillip Employees’ Provident Fund Organisation (EPFO) to Reinvest 50% of ETF redemption proceeds into equity Source: Business Standard The Central Board of Trustees (CBT) The Central Board of Trustees (CBT) is a statutory body that administers the Employees’ Provident Fund Organisation (EPFO). The board is consist of representatives from the government, employers, and employees. The CBT is established by the Central Government under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The board’s term is five years. The CBT’s members include: The Employment Linked Incentive (ELI) scheme is a part of the Union Budget 2024-25 aiming to create jobs and improve livelihoods in India. The scheme has three major components: The ELI scheme also includes an internship program to skill 1 crore youth over five years. The program will provide a stipend of Rs 5,000 per month and a one-time assistance of Rs 6,000 to interns. The ELI scheme is intended to: Ministry: The Ministry of Labour and Employment 3. Govt plans insurance law changes for unified licence & Banking liquidity back in deficit after two months India’s Insurance Law Amendments and Insolvency Concerns Banking system liquidity Banking system liquidity is the amount of cash that banks have in hand to meet their short-term financial and business needs. 4. India signs final act of Riyadh Design Law Treaty; to strengthen IPs India Signs Final Act of Riyadh Design Law Treaty Riyadh Design Law Treaty WIPO Adopts Design Law Treaty (DLT) Also Read: Intellectual property rights (IPR) 5. Government to revamp IFCI IFCI, or Industrial Finance Corporation of India, was established in 1948 to provide finance to industries. It became a Public Limited Company in 1993 and is now government-owned, with the Indian government owning 72% of its paid-up capital. IFCI is a recognized Public Financial Institution and registered with the Reserve Bank of India. 6. Cooperative banks expected to be digitised by March 2025: Nabard chairman National Bank for Agriculture and Rural Development (Nabard) Chairman Shaji K V announces cooperative banks’ digitization by March 2025. “One State-One RRB” Strategy in India Core Banking Solutions Regional Rural Banks (RRBs) Regional Rural Banks (RRBs) are commercial banks in India that were established to support the rural economy. The Government of India established RRBs in 1975 to: RRBs are jointly owned by the Government of India, the concerned State Government, and a Sponsor Bank. The ownership ratio is 50% for the Government of India, 35% for the Sponsor Bank, and 15% for the State Government. National Affairs 1. Indian Chemical Council Wins 2024 OPCW-The Hague Award 2024 OPCW The Hague Award Confirmed for Indian Chemical Council (ICC) Indian Chemical Council (ICC) President: Mr. Rajen K. Mariwala 2. Number of Gram Panchayats connected by Optical Fibre Cable/Satellite link under the Bharat Net Project BharatNet project is being implemented in a phased manner to provide broadband connectivity to all the Gram Panchayats (around 2.64 lakh) in the country. BharatNet: A Central Public Sector Initiative BharatNet Phase III: Job Creation and Strategy Shift 3. PM-Wani Scheme The Prime Minister’s Wi-Fi Access Network Interface (PM-WANI) framework which aims to accelerate proliferation of internet services by setting up public Wi-Fi Access points in the country with the objective of building digital India and consequential benefits thereon. PM WANI 4. Centre launches E-Daakhil across all states and union territories of India E-Daakhil Portal Launch in India
The Prime Minister’s Wi-Fi Access Network Interface (PM-WANI)
PM-WANI: A Potential Game-Changer for India’s Digital Public Infrastructure Understanding PM-WANI PM-WANI Ecosystem Benefits and Challenges of PM-WANI Challenges of PM-WANI PM-WANI as a Game-Changer for India’s Digital Public Infrastructure Digital Public Infrastructure (DPI) Overview
Intellectual Property Rights (IPR)
Definition and Objectives of IPR Types of IPR International Conventions and Laws Governing IPR in India India’s Performance in WIPO 2024 Intellectual Property Report Government Initiatives
The Central Board of Trustees (CBT)
The Central Board of Trustees (CBT) The Central Board of Trustees (CBT) is a statutory body that administers the Employees’ Provident Fund Organisation (EPFO). The board is consist of representatives from the government, employers, and employees. The CBT is established by the Central Government under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The board’s term is five years. The CBT’s members include: The Employment Linked Incentive (ELI) scheme is a part of the Union Budget 2024-25 aiming to create jobs and improve livelihoods in India. The scheme has three major components: The ELI scheme also includes an internship program to skill 1 crore youth over five years. The program will provide a stipend of Rs 5,000 per month and a one-time assistance of Rs 6,000 to interns. The ELI scheme is intended to: Ministry: The Ministry of Labour and Employment
PAN 2.0 Project
Indian Government Approves ₹1,435-crore Project for PAN 2.0 PAN 2.0 Project Benefits Conclusion PAN 2.0 project marks a transformative step toward modernizing India’s taxpayer registration system, enhancing efficiency, security, and user experience. By introducing features like faster processing times, a unified database, paperless procedures, and upgraded PAN cards with QR codes, the initiative ensures streamlined services for taxpayers while promoting sustainability. The emphasis on personal data protection further bolsters trust in the system, safeguarding critical information. With its focus on cost and infrastructure optimization, PAN 2.0 not only simplifies compliance for individuals and businesses but also strengthens the nation’s digital governance framework.
Fiscal Deficit
Fiscal deficit refers to the gap between a government’s total expenditure and its total revenue (excluding borrowings). It represents the borrowing needs of the government to cover expenses. Formula Fiscal Deficit = Total Expenditure – Total Receipts (excluding borrowings) Fiscal Deficit vs. Fiscal Surplus Fiscal Deficit Targets in India National Debt & Debt-to-GDP Ratio National debt is the total amount a government owes to its lenders at a specific time. Key Formula: Debt-to-GDP Ratio = Total Debt / Total GDP How Does India Fund Its Fiscal Deficit? Borrowing from Bond Markets Monetary Policy & Interest Rates Impact of Fiscal Deficit Conclusion Fiscal deficit is a critical economic indicator influencing inflation, interest rates, and national debt. While borrowing is essential for growth, maintaining fiscal discipline is crucial for economic stability.
