Daily Current Affairs (DCA) 11 April, 2025

Daily Current Affairs Quiz
11 April, 2025

International Affairs

1. Ukraine Accuses China of Covert Involvement in Russia’s War

Context:

Ukrainian President Volodymyr Zelenskyy has made a striking accusation that Russia has deployed Chinese citizens to aid its military operations in Ukraine. Kyiv alleges it has evidence of 155 Chinese nationals participating in combat, with two reportedly captured in the Donetsk region.

• Zelenskyy warned that this represents a “calculated move to expand the war”, asserting that Russia is attempting to pull China deeper into the conflict.
• China’s Rebuttal: Treading the Diplomatic Tightrope In response, China’s Foreign Ministry dismissed the claims without direct mention of Ukraine or Zelenskyy. Spokesperson Lin Jian stated:
• China continues to present itself as a neutral actor, avoiding condemnation of Russia while advocating for peaceful resolution.

A Collision of Narratives

• If Ukraine’s claim holds weight, it challenges China’s narrative of neutrality, threatening to strain its relations with the West and global multilateral bodies.
• It adds to growing concerns that the war in Ukraine could morph into a proxy battlefield involving larger global powers.
• Analysts say the credibility of China’s “peace broker” image is now at stake.

Implications

• Geopolitical Ripple Effect: A confirmed Chinese presence in the war could fuel diplomatic flashpoints across Europe and the Indo-Pacific.
• Shift in Global Alignments: Nations may be forced to reconsider strategic partnerships and foreign policy stances.
• Escalation Risk: This could serve as a trigger point for wider military and economic consequences.

TH

National Affairs

1. Delhi Launches Ayushman Bharat Scheme

Context:

Delhi has officially joined the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). The first 30 beneficiaries received their Ayushman cards at an event held at Vigyan Bhawan. Citizens in Delhi can now register for the scheme, which aims to provide comprehensive healthcare coverage.

Health Coverage Benefits:

• PM-JAY Coverage: 6.5 lakh families in Delhi will receive ₹5 lakh per family per year for secondary and tertiary care hospitalisation.
• Additional Support: The Delhi government is contributing an extra ₹5 lakh from its own funds, doubling the health cover for beneficiaries.

Inclusive Outreach:

• Frontline Workers Included: ASHA and anganwadi workers and helpers are now covered under the scheme.
• Empanelled Hospitals: 46 private hospitals have begun the empanelment process.
• Training Initiatives: Healthcare workers are being trained to support online registration and beneficiary identification.

Infrastructure Mission (PM-ABHIM):

• Second MoU Signed: Delhi also signed on to the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).
• New Facilities Planned:
  • 1,139 Ayushman Arogya Mandirs (AAMs)
  • 11 integrated public health labs
  • 9 critical care blocks
• Budget Allocation: ₹1,749 crore designated for implementation.
• Mohalla Clinics Upgrade: Existing Mohalla Clinics will be transformed into AAMs.

TH

2. Jyotiba Phule

Background

• Birth and Background: Jyotiba Phule was born on April 11, 1827, into the Mali caste, traditionally involved in gardening.
• Catalyst for Change: A humiliating incident at a Brahmin wedding spurred Phule to confront caste-based oppression.
• Inspirational Influences: Exposure to Cynthia Farrar’s missionary girls’ school and Thomas Paine’s Age of Reason ignited Phule’s reformist vision.

Education Reform and Social Work

• First Girls’ School in India (1848): Phule and his wife Savitribai Phule co-founded a school for girls, followed by 18 more schools in three years.
• Night Schools: Launched in Pune (1855) to empower workers, farmers, and women with education.

Confrontation with Orthodoxy

• Opposition to Nationalist Orthodoxy: Clashed ideologically with figures like Vishnu Shashtri Chiplunkar and Bal Gangadhar Tilak.
• Pragmatic Alliances: Phule chose to work with the British government for Dalit upliftment and women’s emancipation, while also rescuing Tilak and Agarkar from imprisonment.

Founding of Satyashodhak Samaj (1873)

• Aimed to challenge upper-caste reform movements like Brahmo Samaj, Arya Samaj, and Prarthana Samaj.
• Promoted social equality, caste annihilation, and rational thinking.

Views on 1857 Revolt and Slavery

• Non-support for Sepoy Mutiny: Saw it as a step backward toward Peshwa-era theocracy.
• Gulamgiri (Slavery): Compared Brahminical oppression to American slavery, highlighting the severity of caste-based servitude in India.

Economic and Educational Advocacy

• Primary Education for the Masses: Advocated compulsory education till age 12 and incentives like scholarships and prizes to encourage lower-caste enrollment.
• Shetkaryanche Asud (Farmer’s Whip): Urged the government to promote mechanized farming, reuse traditional cow pastures, and utilize military labor for civil development like dams and bunds.

Philosophical and Religious Outlook

• Critique of Organized Religion: In Sarvajanik Satya Dharma Pustak, Phule denounced sectarianism, affirming the universal equality of all people.
• Rationalist Leanings: Influenced by Paine’s deism, he rejected the notion of religious exclusivity and challenged caste hierarchy.
• Interfaith Embrace: Defended Pandita Ramabai’s conversion, admired Prophet Muhammad in Manav Mahammand, and acknowledged contributions from Muslim and Christian communities.

Stance on Gender and Social Equality

• Criticized patriarchal polygamy and posed a rational counterpoint by questioning gendered double standards.
• Rejected caste superiority by comparing it to the absurdity of ranking animals by caste.

Legacy and Relevance Today

• Jyotiba Phule remains a symbol of rationalism, equality, and educational empowerment.
• His lifelong battle against caste oppression, gender injustice, and religious orthodoxy is a blueprint for contemporary social reform.

TH

3. Rajnath Singh Flags Global Disorder

Context:

Defence Minister Rajnath Singh addressed the convocation of the 80th Defence Services Staff College course in Wellington, Nilgiris. Warned that the weaponisation of trade and finance, supply chain dependencies, monopolies in disruptive tech, and opaque data flows are eroding global institutions. Highlighted a shift toward unilateralism and self-reliance, signifying the decline of the global order.

Complex Geopolitical Landscape

• The world is in geopolitical flux, marked by:
  • De-globalisation
  • Intense nationalism
  • Resource scarcity
  • Human migration
  • Food insecurity
  • Climate change
  • Global pandemics

Technological Disruption in Warfare

• Singh emphasized the transformative role of:
  • Artificial Intelligence (AI)
  • Robotics
  • Military autonomy
  • Drones (Dronery)
  • Quantum and blockchain technologies
• He cited the Ukraine-Russia war as a case where drone warfare reshaped battlefield dynamics, overtaking traditional artillery and armor in impact.
• Low Earth Orbit space assets are revolutionizing military intelligence via surveillance, positioning, and real-time communication.

Future of Warfare: Multi-Domain Integration

• Warfare is expanding beyond land, sea, and air to include:
  • Space
  • Cyberspace
  • Undersea warfare
  • Information and economic warfare
• Cyberattacks, disinformation, and economic coercion have become effective tools for achieving military and political objectives without direct conflict.

India’s Strategic Challenges

• Singh highlighted persistent threats along India’s northern and western borders, worsened by proxy wars and cross-border terrorism.
• Stressed the importance of strategic foresight among officers, urging them to become critical thinkers, attuned to tech trends and security demands.

2025: Year of Reforms in Defence

• The Defence Ministry declared 2025 as the “Year of Reforms”, aiming to modernize the armed forces.
• Focus areas include:
  • Technological upgrades
  • Integrated multi-domain operations
  • Reform of defence acquisition processes
• Singh reported notable progress in modernisation goals across nine identified sectors.

4. Material Cost Hike in PM-POSHAN Scheme

Context:

• The Education Ministry has announced a 9.5% increase in the material cost for cooking hot meals under the PM-POSHAN (formerly Mid-Day Meal) Scheme, effective May 1, 2025.
• The hike aligns with the inflation index and results in an additional financial burden of ₹954 crore for FY 2025-26.

Revised Daily Meal Costs per Student

• Bal Vatikas and Primary Schools: ₹6.78 (up from ₹6.19)
• Upper Primary Schools: ₹10.17 (up from ₹9.29)
• These are minimum mandatory rates; States and Union Territories are free to contribute additional funds for enhanced nutrition.

Nutritional Allocation Per Student

• Bal Vatikas & Primary: 20 gm pulses, 50 gm vegetables, 5 gm oil
• Upper Primary: 30 gm pulses, 75 gm vegetables, 7.5 gm oil

Coverage and Objectives

• The scheme benefits 11.2 crore students across 10.36 lakh government and aided schools, including Bal Vatikas and Classes 1–8.
• Aims to:
  • Improve nutritional status of children
  • Encourage school attendance
  • Support educational outcomes through health and nutrition

Government Support and Full Cost Breakdown

• The Centre provides ~26 lakh tonnes of foodgrains via the Food Corporation of India (FCI).
• The central government bears:
  • 100% cost of foodgrains
  • 100% transportation cost from FCI depots to schools
  • Annual foodgrain subsidy: ₹9,000 crore
• Total cost per meal (including all components):
  • ₹12.13 for Bal Vatikas and primary classes
  • ₹17.62 for upper primary classes

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5. Women and Men in India 2024 Report

Labour Force Participation: Encouraging Uptick with Persistent Gaps

• Female Labour Force Participation Rate (LFPR) rose to 41.7% in 2023–24, up from 23.2% in 2017–18.
• Despite this, it remains:
  • Below male LFPR: 77.2%
  • Below global female average: ~50% (World Bank)
• Interpretation: Progress made, but structural inequities in access, opportunity, and support persist.

Wage Trends: Narrowing Gender Pay Gap

• Urban women saw the highest wage growth at 5.2% between Jul–Sep 2023 and Apr–Jun 2024.
• Rural and urban wage gaps narrowing, indicating positive momentum toward wage equity.

Unpaid Work Burden: A Barrier to True Workforce Participation

• Women spend 236 minutes/day on unpaid domestic work vs. 24 minutes/day for men.
• Reflects the “dual burden” of paid employment and unpaid care responsibilities.
• Indicates that economic gains are diluted by social norms undervaluing domestic labour.

Entrepreneurship: More Women Owning Businesses

• Rise in female-headed proprietary establishments in:
  • Manufacturing
  • Trade
  • Services
• Reflects increasing women entrepreneurship and breaking of traditional gender roles.

Financial Inclusion: Growing Access but Regional Disparities

• As of March 2024:
  • Women hold 39.2% of bank accounts
  • Account for 39.7% of deposits
• Growth in female-owned demat accounts (3x increase from 2021 to 2024)
• However, access is geographically concentrated in southern and eastern India.

Panchayats Perform, Lok Sabha Lags

• Gender parity achieved in panchayati raj institutions.
• Only 13.6% of 18th Lok Sabha members are women.
• Downward trend in elected women despite increase in women candidates.
• Indicates a representation gap at national legislative levels.

Mobility, Safety, and Societal Constraints

• Key obstacles include:
  • Public safety concerns
  • Cultural perceptions of gender roles
  • Family-imposed restrictions
• Addressing these requires:
  • Gender-sensitive public safety policies
  • Mass awareness campaigns to shift societal norms

BS

6. Ayushman Arogya Mandirs Under PM-ABHIM

Context:

In a major push to upgrade primary healthcare infrastructure in Delhi, the central and Delhi governments have signed a ₹2,406 crore agreement under the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM). The initiative includes the establishment of 1,139 Ayushman Arogya Mandirs (AAMs), 9 critical care blocks, and 11 integrated public health laboratories.

Key Highlights

About PM-ABHIM

• Launched: October 25, 2021
• Type: Centrally sponsored scheme
• Objective: Strengthen India’s public health infrastructure to handle future health crises and disease outbreaks.

Infrastructure Development in Delhi

• 1,139 Ayushman Arogya Mandirs (AAMs):
  Existing mohalla clinics and dispensaries to be upgraded.
  These will deliver 12 comprehensive service packages, including:
  • Maternal and child care
  • Vaccination
  • Elderly and mental health services
  • Communicable disease management
• 9 Critical Care Blocks:
  To be integrated into major hospitals and medical colleges, improving ICU and OT capacity.
• 11 Integrated Public Health Laboratories (IPHLs):
  Equipped for advanced in-house diagnostics.
  Confirmed sites include:
  • Rajiv Gandhi Super Speciality Hospital (Tahirpur)
  • Indira Gandhi Hospital (Dwarka)
    Site selection is ongoing for the rest.

Financial and Insurance Benefits

• Project Cost: ₹2,406 crore
• Ayushman Bharat-PMJAY Coverage:
  • ₹5 lakh annual insurance per family via PMJAY
  • Additional ₹5 lakh via Delhi Govt
  • Total: ₹10 lakh annual health cover per family
• Symbolic Launch:
  PM-JAY cards distributed to 30 diverse beneficiaries during the launch ceremony.

Strategic Implications

• Boost to Preventive and Curative Health Services:
  AAMs and IPHLs will enable faster diagnosis and treatment, reducing burden on tertiary care.
• Optimizing Existing Facilities:
  Elevating current clinics improves cost efficiency and community outreach.
• Government Commitment:
  Chief Minister Rekha Gupta emphasized the Union government’s sustained investment in nutrition, yoga, preventive care, and affordable medicine as part of the broader vision for a healthier India.

The upcoming Ayushman Arogya Mandirs and healthcare upgrades under PM-ABHIM are poised to redefine Delhi’s public health system. With expanded insurance coverage and improved infrastructure, the initiative marks a significant step towards universal and equitable healthcare delivery in the capital.

TOI

7. Panchayat Advancement Index (PAI) 2024

Launched by: Ministry of Panchayati Raj (MoPR)
Date of Launch: April 9, 2025
Coverage: 2.16 lakh validated gram panchayats across 29 States/UTs

What Is the Panchayat Advancement Index (PAI)?

• Definition: A multi-dimensional index developed to measure the progress of panchayats toward achieving the Localized Sustainable Development Goals (LSDGs).
• Purpose: Tracks grassroots development performance across nine thematic areas, each aligned with global SDG targets.

Nine Themes Assessed:

• Poverty-free and enhanced livelihoods
• Healthy panchayat
• Child-friendly panchayat
• Water-sufficient panchayat
• Clean and green panchayat
• Self-sufficient infrastructure
• Socially just and secured panchayat
• Good governance
• Women-friendly panchayat

Index Methodology:

• Indicators Used: 435 local indicators (331 mandatory, 104 optional)
• Data Points Analyzed: 566 unique inputs
• Scoring System: Panchayats rated on a 0–100 scale, and categorized into:
  • Achiever (90–100)
  • Front Runner (75–90)
  • Performer (60–75)
  • Aspirant (40–60)
  • Beginner (below 40)

Why Was the PAI Introduced?

• In alignment with the United Nations‘ SDGs (2015-2030), India has emphasized localization of SDGs.
• While NITI Aayog has tracked state-level SDG progress since 2018, the PAI brings this framework to the panchayat (village) level.
• Aims to support inclusive, evidence-based rural development by tailoring interventions to specific local needs.

Who Developed It?

• The index draws on insights from the SDG India Index, initially developed under the guidance of Sanyukta Samaddar, a key SDG advisor at NITI Aayog.
• It serves as a policy tool to promote data-driven planning at the grassroots level.

Which States Scored Highest?

• Top “Front Runner” Panchayats (score 75–90):
  • Gujarat: 346
  • Telangana: 270
  • Tripura: 42
• No Panchayat scored in the “Achiever” (90–100) category yet.

Overall Classification of 2.16 Lakh Panchayats:

• Front Runners: 699
• Performers: 77,298
• Aspirants: 1,32,392
• Beginners: 5,896

Coverage Limitations:

• Total panchayats in India: ~2.55 lakh
• Data not validated from 11,712 GPs in:
  • Meghalaya
  • Nagaland
  • Goa
  • Puducherry
  • West Bengal
• Uttar Pradesh: Out of 57,702 GPs, data was validated for only 23,207

Conclusion & Significance

• The Panchayat Advancement Index is a landmark step toward SDG localization in rural India.
• By providing granular insights, it enables better policy formulation, resource allocation, and monitoring of progress at the village level.
• It fills a critical data gap between national development goals and grassroots realities.

The Indian Express

8. Niveshak Didi Phase 2

Launched By:

• Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs
• India Post Payments Bank (IPPB), Department of Posts

Objective:

To deepen financial literacy and rural empowerment, especially among women in underserved and remote regions, by leveraging the India Post network and community-led education.

What Is the ‘Niveshak Didi’ Initiative?

• A grassroots financial literacy campaign that trains women postal workers and local influencers as financial educators.
• Focused on community-based knowledge sharing to promote responsible financial behavior.

Key Highlights of Phase 1:

• Beneficiaries: Over 55,000 citizens reached
• Women Participants: ~60%, primarily youth and economically active
• Rural Penetration: 2 out of 3 participants from deep rural areas

Phase 2 Goals:

• Scale: Over 4,000 financial literacy camps across India
• Trainers: Nearly 40,000 women postal workers trained as Niveshak Didis
• Training Focus Areas:
  • Responsible investing
  • Digital banking tools
  • Savings habits
  • Fraud prevention and financial safety

Leadership Speaks:

• Smt. Anita Shah Akella, CEO, IEPFA:
  “Niveshak Didi is a movement, not a campaign. By taking financial knowledge to the last mile, we empower women to make informed, confident decisions that benefit entire communities.”
• Lt Col Aditya Sinha, GM, IEPFA:
  “This collaboration translates awareness into action, and helps rural citizens, especially women, become financially resilient and proactive.”
• Mr. Gursharan Rai Bansal, CGM & CSMO, IPPB:
  “Women are natural influencers. With the right tools and knowledge, they become agents of change, building trust and discipline in financial practices across rural India.”

About the Investor Education and Protection Fund Authority (IEPFA):

• Statutory body under the Ministry of Corporate Affairs
• Mission: Educate and protect investors, especially in remote and underserved areas
• Promotes awareness of:
  • Budgeting
  • Saving
  • Investment decisions
  • Investor rights and responsibilities
• Vision: A financially confident India, inclusive of all socio-economic segments

About India Post Payments Bank (IPPB):

• Launched: September 1, 2018
• Mandate: To provide accessible, affordable, and trusted banking to every Indian citizen
• Network Strength:
  • 1.65 lakh post offices (~1.4 lakh in rural areas)
  • 3 lakh postal employees
• Services Built on:
  • India Stack for cashless, paperless, presence-less banking
  • Biometric and mobile-enabled tech
  • Offered in 13 Indian languages
• Reach: 11 crore customers in 5.57 lakh villages & towns
• Supports the vision of a Digital India and less-cash economy

The Niveshak Didi Phase 2 initiative is a transformational effort to democratize financial literacy in India. By empowering rural women as financial educators, IEPFA and IPPB are setting the stage for community-driven economic inclusion and grassroots development.

PIB

9. India Inaugurates Himalayan High Altitude Climate Research Centre in Jammu & Kashmir

Context:

Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences, inaugurated the first-ever Himalayan High Altitude Atmospheric and Climate Research Centre at Nathatop, Jammu & Kashmir, on April 11, 2025.

Significance:

This marks a landmark in India’s global leadership in climate science, establishing Jammu & Kashmir as a central hub for high-altitude climate monitoring and research in the north-western Himalayas.

Major Highlights:

A Strategic Climate Research Gateway

• Location: Nathatop, Jammu & Kashmir | Altitude: 2,250 meters
• Purpose: To facilitate long-term, high-precision studies of:
  • Atmospheric processes
  • Cloud formation
  • Aerosol and climate interactions
• Conditions: Clean air and low pollution allow free-troposphere data collection essential for accurate climate models.

Launch of ICE-CRUNCH Indo-Swiss Research Project

• Project Name: ICE-CRUNCH
  (Ice nucleating particles and cloud condensation nuclei properties in the North-Western Himalayas)
• Partners:
  • ETH Zürich, Switzerland
  • Indian scientists from the Central University of Jammu
• Goal: Study ice-nucleating particles and cloud condensation nuclei, crucial to understanding precipitation patterns and climate behavior in the Himalayas.

Multi-Tier Collaboration Model

• Indian Ministries Involved:
  • Ministry of Earth Sciences
  • Ministry of Science & Technology
• Partners:
  • Central University of Jammu (research partner)
  • J&K Forest Department (land contribution)
  • Swiss National Science Foundation (international expertise)
• Touted as a “synergised model” of governance and international scientific partnership

India’s Climate Leadership Emphasized

• Dr. Singh hailed this initiative as a “historic moment” and a gateway to global climate research from Indian soil.
• Reinforces India’s commitment to:
  • Net-zero carbon targets
  • Global climate leadership under PM Modi
• J&K’s elevation to a climate research frontier reflects strategic policy alignment.

Impact and Future Vision

• Affiliation: Proposed as part of WMO’s Global Atmospheric Watch (GAW) network.
• Partnership: To work closely with the India Meteorological Department (IMD) for continuous atmospheric monitoring.
• Long-Term Goals:
  • Feed real-time data into global climate models
  • Build domestic climate modelling expertise
  • Train young Indian scientists and professionals in atmospheric sciences
  • Serve as a national knowledge hub and host climate education programs

Complementary Government Efforts

• Installation of 3 weather radars in J&K
• Establishment of a seismological observatory in Udhampur
• 185% budget hike under Mission Mausam for atmospheric research
• Support for region-specific missions like:
  • Aroma Mission
  • Floriculture Mission

The launch of this high-altitude climate research centre solidifies India’s leadership in Himalayan climate science. With Indo-Swiss collaboration, strategic governmental support, and academic involvement, Nathatop is set to become the nerve centre for global atmospheric studies, driving forward climate action, resilience, and innovation from the world’s most ecologically sensitive mountain region.

PIB

Banking/Finance

1. RBI Study: Geopolitical Risks Have Amplified, Delayed Impact on Emerging Markets

Context:

A new study published in the RBI’s Monetary Policy Report 2025 sheds light on how geopolitical shocks such as wars, international sanctions, or global unrest impact stock markets, currency exchange rates, and corporate credit spreads, especially in emerging economies like India.

Key Findings

The study introduces a Geo-Political Risk (GPR) Index, used to quantify the intensity of geopolitical disturbances. Findings reveal both immediate and delayed effects, with second-month reactions more severe:

• In the 1st month of a 1 percentage point (pp) GPR increase:
  • Stock markets drop by 0.25 pp
  • Currencies depreciate by 0.16 pp
  • Credit spreads widen by 1 pp
• In the 2nd month:
  • Stock market declines deepen to 0.64 pp
  • Currency depreciation rises to 0.32 pp
  • Credit spreads further worsen by 1.2 pp

Understanding the Credit Spread

Credit spread reflects the risk premium investors demand for corporate bonds over safer government bonds. For example:

• India’s benchmark 10-year G-sec yield is 6.55% (as of April 9, 2025)
• A rising credit spread means higher borrowing costs for businesses, indicating reduced investor confidence.

Persistent Risks and Market Turbulence

Though the negative impacts of geopolitical events moderate over time, frequent or consecutive shocks create persistent volatility. The authors caution that:

• Financial markets remain sensitive to repeated shocks, keeping investor uncertainty elevated
• The uneven impact across sectors and regions reinforces economic instability

Strategic Implications for Emerging Markets like India

• Proactive risk management is critical: Currency reserves, policy buffers, and stable fiscal outlooks help weather shocks.
• Geopolitical foresight and global engagement: Diplomatic agility and diversified trade relations are vital.
• Need for robust market infrastructure: Ensures resilience in credit markets and investor confidence during external stress.

TH

2. Nabfid Signs Strategic MoU with New Development Bank

Context:

The National Bank for Financing Infrastructure and Development (Nabfid) has signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) to establish a strategic partnership focused on infrastructure financing and sustainable development.

Key Highlights:

Objective of the MoU:

• To create a deep, sustainable infrastructure financing market in India
• To develop a supportive ecosystem for long-term infrastructure investment

Areas of Cooperation:

• Clean energy projects including solar, wind, and hybrid renewables
• Sustainable transportation systems
• Water and sewage management
• Collaborative knowledge-sharing and capacity-building initiatives

Strategic Impact:

• Enhances bilateral cooperation between Nabfid and the BRICS-led NDB
• Supports India’s goals for green infrastructure and climate resilience
• Expands access to global capital and best practices for infrastructure development

Institutional Context:

• Nabfid, India’s Development Financial Institution (DFI), plays a key role in catalyzing private investment in infrastructure
• NDB, established by BRICS nations, is committed to mobilizing resources for sustainable development and infrastructure

The Nabfid-NDB MoU marks a pivotal step toward building robust, sustainable infrastructure financing frameworks in India. By targeting key sectors like clean energy and urban utilities, the partnership is poised to accelerate India’s transition to green infrastructure while strengthening the DFI ecosystem and cross-border collaboration.

BS

3. Liquidity Eases in Indian Money Markets

Context:

According to the latest Monetary Policy Report released by the Reserve Bank of India (RBI), liquidity conditions have eased in the Indian interbank market, especially at the short end of the curve. This is reflected in the narrowing spread between the Weighted Average Call Rate (WACR) and the policy repo rate, alongside targeted liquidity operations and policy support.

Key Highlights:

Declining WACR Spread Signals Liquidity Easing:

• The average spread between the WACR and policy repo rate narrowed to 7 basis points (bps) in March 2025, down from a peak of 15 bps in December 2024.
• The decline indicates improved liquidity conditions, especially in the short-term call money market.

Volatility Still Elevated:

• Despite narrowing spreads, WACR volatility remained high, as measured by the Exponential Weighted Moving Average (EWMA).
• During late December 2024 and early January 2025, the WACR breached the Marginal Standing Facility (MSF) rate of 6.75%, reflecting temporary market stress.

Role of Market Sentiment and Seasonal Trends:

• Spikes in WACR were partly due to:
  • Banks avoiding uncollateralised lending near quarter-end
  • Preference to park funds in the Standing Deposit Facility (SDF)
• A record ₹4.13 trillion was parked under the SDF during this period — the highest since its launch in April 2022.

RBI’s Policy Interventions and VRR Auctions:

• Liquidity conditions began moderating post-mid-January due to:
  • Introduction of daily Variable Rate Repo (VRR) operations
  • A repo rate cut in February
  • RBI’s liquidity injection measures
• The RBI conducted 4 main VRR auctions and 62 fine-tuning VRR operations to manage liquidity proactively.

Outlook on Liquidity Conditions:

• Despite the current easing, liquidity may dip into deficit due to:
  • GST outflows
  • Slowdown in government expenditure
• However, market participants expect overnight rates to remain within the interest rate corridor, thanks to ongoing RBI support.

BS

4. Non-Life Insurance Premium Growth Slows to 3-Year Low in FY25

Industry Performance Snapshot – FY2024–25 (FY25):

• Total premium collected: ₹3.08 trillion
• Year-on-year (YoY) growth: 6.2%
• Previous years:
  • FY24: ₹2.89 trillion (+13% YoY)
  • FY23: +16.3% YoY

Reasons for Slower Growth in FY25

1. Economic slowdown and weak vehicle sales affecting motor insurance uptake
2. Regulatory changes by IRDAI:
   • Revised accounting norms for long-term premiums (1/N method based on policy duration)
   • Significant impact on health and fire insurance segments
3. Aggressive pricing in the fire segment, pressuring margins and premiums

Segment-wise Trends

Segment	FY23 Growth	FY24 Growth	FY25 Growth
General Insurance	16.2%	14.24%	5.2%
Standalone Health Insurance	25.76%	26.19%	15.99%
Specialised Insurers	5.3%	-0.75%	-29.25%
Total Industry	16.36%	12.78%	6.2%

Performance of Major Multiline Insurers in FY25:

• New India Assurance: ₹38,629.21 crore (+4.41% YoY)
• National Insurance: ₹16,666.91 crore (+10.28% YoY)
• Oriental Insurance: ₹19,826.27 crore (+8.41% YoY)

Outlook for FY2025–26 (FY26):

• Expected premium growth: 9–13%
• Key drivers:
  • Improved macroeconomic conditions
  • Expansion in health and commercial insurance lines
  • Potential revision in motor third-party (TP) premium rates
  • Market share gains by private insurers

BS

5. Mutual Funds Gear Up for Launch of Specialised Investment Funds (SIFs)

Industry Overview

• Mutual Funds (MFs) are actively preparing to roll out Specialised Investment Funds (SIFs), even as regulatory formalities like application forms and disclosure formats are still awaited.
• Leading AMCs involved:
  • Large to mid-sized players: Nippon India, Axis MF, Mirae Asset, Edelweiss, Union MF
  • Other participants: ICICI Prudential, DSP
• Combined Assets Under Management (AUM): ₹23 trillion

Strategic Developments and Talent Acquisition

• AMCs are at various stages of readiness:
  • Edelweiss MF: Developing in-house SIF strategies across equity, debt, and factor investing.
  • Mirae Asset: Building dedicated teams, refining processes, and finalizing offerings for 2025 rollout.
• Several AMCs are onboarding AIF and PMS veterans:
  • Nippon AMC: Hired Avendus CEO Andrew Holland
  • Axis AMC: Appointed former Avendus CIO Nandik Mallik

Nature and Appeal of SIFs

• High-risk MF category aimed at sophisticated investors
  • Minimum investment: ₹10 lakh
  • Targeting those interested in alternative, complex strategies
• Strategies include:
  • Long-short equity funds
  • Hybrid asset allocations
  • Debt and sectoral long-short models

Regulatory Clarity and Roadblocks

• Sebi has clarified:
  • SIFs are exempt from MF interval scheme rules
  • “Skin in the game” investments by AMC officials do not need to meet ₹10 lakh minimum
• Operational timeline:
  • Originally scheduled for April 1, 2025
  • Likely delayed due to pending application and scheme documentation protocols

Broader Ecosystem Expansion

• Several PMS and AIF players are entering the MF space via SIFs:
  • Nuvama Wealth Management
  • Marcellus Investment Managers
  • Wealth First Portfolio Managers
  • ASK Investment Managers
• Many have applied for MF licenses with SIFs as their strategic entry point

BS

6. RBI May Lower Repo Rate to 5.25–5.5% by 2025

Context:

Economists are forecasting a deeper interest rate cut cycle by the Reserve Bank of India (RBI), citing weakening growth, a stable inflation trajectory, and rising global economic uncertainties. The revised estimates peg the terminal repo rate between 5.25% and 5.5%, with some projecting a drop to 5% by December 2025.

Key Drivers Behind Rate Cut Expectations

• Change in RBI’s Policy Stance:
  • RBI governor Sanjay Malhotra surprised markets by shifting the stance from ‘neutral’ to ‘accommodative’, signaling support for growth via softer rates—though he clarified it isn’t a direct cue on liquidity.
• Revised Macroeconomic Forecasts:
  • Inflation: Lowered to 4% for FY26 (down by 20 bps).
  • Growth: Downgraded to 6.5% for FY26 (also down by 20 bps).
• Inflation Under Control:
  Sub-4% inflation projections for the next three quarters give RBI ample room to cut rates further.
• Delayed Rate Transmission:
  Past policy rate hikes took 6–9 months to fully transmit into lending rates. RBI raised rates by 250 bps, leading to an effective 204 bps increase in interest rates, illustrating a lag in the system.

Economist Projections

• Nomura:
  • Predicts a terminal rate of 5%, with 25 bps cuts in every policy meeting until December 2025.
• IDFC First Bank (Gaura Sen Gupta):
  • Expects 50 bps more in cuts for 2025, with 25 bps reductions in June and August to tackle transmission lags.
• HDFC Bank (Sakshi Gupta):
  • Sees the rate trajectory shifting from shallow to deep, with sub-4% inflation providing space for rates to fall below 5.5%.
• Deutsche Bank (Kaushik Das):
  • Revised the terminal rate to 5.5%, expecting 100 bps of easing in total.
• Bank of Baroda (Madan Sabnavis):
  • Predicts a repo rate of 5.5% by March 2026, with a potential pause in June to assess monsoon impact.

With the RBI turning accommodative and growth concerns mounting, the repo rate could drop to between 5% and 5.5% by end-2025, marking a significant policy pivot towards stimulus. Economists are aligned on a deeper and more sustained rate cut cycle, especially if global trade tensions persist and domestic inflation remains subdued.

TET

7. Shrinking NIMs for Private Banks

Context:

With the Reserve Bank of India (RBI) reducing the repo rate to 6%—the second cut in 2025—net interest margins (NIMs) for banks, especially private sector lenders, are likely to decline, as loan repricing occurs faster than deposit repricing.

Net interest margin (NIM)

Net interest margin (NIM) is the net interest income a lender earns from credit products like loans and mortgages, minus the interest it pays to holders of savings accounts and certificates of deposit (CDs). Expressed as a percentage, the NIM shows how likely a bank or investment firm is to thrive over the long haul.

Key Highlights

1. Loan-Deposit Repricing Asymmetry

• Loans Reprice Faster:
  Around 60% of total bank loans are linked to external benchmarks like the repo rate. For private banks, this share rises to 85.9%, versus 44.6% for public sector banks.
• Deposit Rates Reprice Slowly:
  Deposits are often contracted at fixed rates, so repricing happens only on new inflows, causing a lag in funding cost reduction.

2. Impact on Margins

• Private Banks More Vulnerable:
  Due to their higher exposure to repo-linked loans, private banks will likely face greater pressure on NIMs compared to public sector peers.
• Quantitative Estimates:
  • Emkay Global: A 7–20 bps NIM compression expected from 50 bps cumulative repo rate cuts.
  • ICRA: Projects a 15–17 bps decline in NIMs for FY26.

3. Liquidity and Deposit Dynamics

• Despite improved liquidity conditions, intense competition for deposits and high credit-deposit ratios have made it challenging to cut deposit rates significantly.
• Recent Adjustments:
  • Banks have cut term deposit rates by 25–40 bps.
  • Special deposit schemes have been replaced with lower-yield alternatives.
• CASA Pressures:
  Falling current account-savings account (CASA) deposits and sticky savings rates have also contributed to slower transmission, as per SBI’s Ecowrap report.

4. MCLR-Linked Loans Lag Further

• 35.9% of floating-rate loans are still tied to MCLR, which has a 6-month reset period—meaning slower transmission compared to EBLR-linked loans.
• Following the policy change, Punjab National Bank, Bank of India, Karur Vysya Bank, and Indian Bank cut their EBLRs by 25–35 bps.

The RBI’s accommodative stance and repo rate cuts are intended to stimulate credit growth, but they are also compressing net interest margins, especially for private banks with high EBLR exposure. The mismatch in loan and deposit repricing remains a key challenge for banks navigating the evolving interest rate cycle.

TET

8. RBI’s Draft Guidelines on Partial Credit Enhancement

Context:

The Reserve Bank of India’s (RBI) draft guidelines on partial credit enhancement (PCE) aim to make corporate bond financing more accessible and cost-effective. By removing legacy constraints, the new norms are expected to revolutionize infrastructure funding, enabling long-term institutional investment and freeing up critical bank lending capacity.

Key Highlights

1. Enhanced Access to Bond Markets

• PCE Limit Increased:
  Financial institutions can now offer PCE up to 50% of a bond issue, up from 20% earlier.
• Cheaper Capital Market Access:
  The move enables companies—particularly in infrastructure sectors—to raise funds at lower rates from pension and insurance funds, which were previously constrained by low-yield investments in government securities.

2. Reduced Capital Requirements

• Lower Risk Weights:
  Capital requirements for providing PCE have been reduced significantly.
  Example: For a ₹100 crore bond issue, required capital has dropped from ₹6.3 crore to ₹1.8 crore.
• Improved Ratings, Lower Costs:
  PCE can now boost credit ratings by two notches—turning a BBB-rated bond into AA, drastically reducing the cost of borrowing.

3. Strategic Impact on Infrastructure Financing

• PCE as a Catalyst:
  According to Rajkiran Rai (MD, NaBFID), this reform could help channel over ₹110 lakh crore in long-term savings into infrastructure via the bond market.
• Immediate Use Cases:
  Projects in renewable energy, ports, and airports stand to benefit, with some institutions already preparing product pipelines for post-guideline implementation (expected in June).

4. Bank Credit Lines Unlocked

• Loan Repayment Allowed:
  The proceeds from credit-enhanced bonds can now be used to repay existing bank loans, freeing up bank lending capacity for greenfield projects.

5. Boost to Corporate Bond Market

• Development of the Local Bond Market:
  The guidelines could deepen India’s corporate bond market, enabling new issuers to tap long-term capital from insurance and pension funds with higher-yielding, investment-grade securities.

6. Ratings Agency Endorsement

• Potential Uplift in Ratings:
  Care Ratings’ CRO Sachin Gupta noted that PCE could elevate project ratings from A to AA+, making projects more bankable and attractive to institutional investors.

The RBI’s proposed reforms on partial credit enhancement represent a pivotal shift in India’s infrastructure financing landscape. By easing regulatory hurdles and encouraging bond-based fundraising, the guidelines could significantly broaden access to institutional capital, improve cost efficiency, and de-risk the banking system.

TET

9. India’s GDP Growth Revised to 6.1%: Moody’s Analytics

Revised Growth Forecast

• India’s GDP forecast for 2025 has been lowered to 6.1% from the earlier projection of 6.4%, according to Moody’s Analytics.
• The downgrade is attributed to the potential impact of US tariffs, especially if the 90-day freeze ends and tariffs are implemented fully.

Key Drivers of the Downward Revision

• Trade Impact:
  • The US is among India’s top trading partners.
  • A proposed 26% tariff on Indian imports is expected to significantly affect the trade balance.
  • Sectors most impacted:
    • Gems and Jewellery
    • Medical Devices
    • Textiles
• Limited External Exposure:
  • Despite the tariff risks, India’s overall GDP is relatively insulated due to low dependence on external demand.

Monetary Policy Outlook

• Moody’s expects the RBI to respond with further rate cuts:
  • 25 basis point cuts likely in upcoming meetings.
  • Policy rate projected to reach 5.75% by the end of 2025.
• Combined with earlier tax incentives, this accommodative stance is aimed at:
  • Boosting domestic consumption and investment.
  • Mitigating the adverse effects of trade restrictions on India’s growth momentum.

TOI

10. Govt May Revise Rural Infrastructure Development Fund Allocation

Background & Current Allocation

• The Rural Infrastructure Development Fund (RIDF), managed by NABARD, currently has a budgeted allocation of ₹40,000 crore annually, up from ₹30,000 crore in FY22.
• Despite this, actual disbursements have consistently exceeded budgeted figures:
  • FY25 (Apr–Feb): ₹42,799 crore
  • FY24: ₹49,400 crore
  • FY23: ₹47,138 crore
  • FY22: ₹42,981 crore

Potential Revision in 2025

• The government is considering revising RIDF allocations during its September–October expenditure review, aligned with its mid-year fiscal assessment.
• The review could lead to higher formal allocations to reflect actual ground-level demand and support ongoing rural infrastructure needs.

Why It Matters

• The persistent overshooting of disbursements highlights increasing rural development demands that are outpacing official budgetary allocations.
• Officials suggest that a revised funding approach is essential to match allocation with actual implementation trends.

Rural Stress Signals

• Rising demand for rural employment under MGNREGA is being seen as a signal of stress in the rural economy:
  • January FY25: 27.1 million people sought work (highest monthly figure)
  • February FY25: 26.6 million people (second-highest)
• This surge in demand indicates underlying pressure on rural livelihoods, adding urgency to the need for enhanced infrastructure spending and support.

Policy Outlook

• A higher RIDF allocation could enable faster implementation of rural infrastructure schemes, boosting employment and rural incomes.
• The government’s mid-year review is expected to weigh current trends in rural demand, fiscal flexibility, and long-term developmental priorities.

Mint

11. RBI Proposes Unified Lending Norms for Co-Lending & Gold Loans

1. Proposed Co-Lending Norms

Expanded Scope of Co-Lending

• Co-lending now permitted across all regulated entities, not just banks and NBFCs.
• NBFC-to-NBFC and bank-to-bank co-lending now possible, fostering wider participation.

Key Features Introduced

• Default-loss guarantee of up to 5% of outstanding loans allowed in co-lending agreements.
• Applies beyond Priority Sector Lending (PSL), potentially covering retail, MSME, and consumption credit segments.

Operational Enhancements for Borrower Transparency

• Mandatory escrow account for all disbursements and repayments.
• Grievance redressal timeline capped at 30 days.
• Detailed disclosures required: APR, blended interest rates, and additional charges.

Borrower Benefits

• Greater credit access through partnerships between small and large lenders.
• More competitive rates and clarity due to improved transparency and regulatory oversight.
• Enhanced access to small-ticket, high-frequency loans for underserved segments.

2. Proposed Norms on Loans Against Gold Jewellery

Classification Based on End Use

• Loans to be classified as either:
  • Income-generating (e.g., agriculture, business)
  • Consumption-based (e.g., personal expenses)
• Same collateral (gold) cannot be reused for both categories.

Caps & Limits Introduced

• For consumption loans:
  • Tenor capped at 12 months for bullet repayment loans by banks.
  • ₹5 lakh cap for cooperative and regional rural banks.
• Loan-to-value (LTV) ratio capped at 75% for:
  • All NBFC gold loans
  • Bank loans for consumption purposes

Lender-Specific Restrictions

• Primary gold forms (bullion, bars, ETFs, gold mutual funds) cannot be accepted as collateral.
• Re-pledged or unclear ownership gold is barred as collateral.
• Gold loan portfolio exposure limits to be set by lenders and reviewed periodically.

Operational Controls for Gold Financiers

• Gold loan tenor and quantum must be based on borrower’s income-generation capacity, not just collateral value.
• Top-up loans allowed only post interest payment.
• New loans require borrower requests and fresh credit assessments.

Industry Impact

• The harmonization of lending norms is aimed at increasing transparency, risk mitigation, and credit access.
• Small and digital NBFCs may gain scale through co-lending.
• Gold financiers will face stricter compliance but will benefit from clearer risk frameworks.
• Borrowers will benefit from regulated interest rates, faster access, and stronger protection mechanisms.

Mint

12. BharatPe’s Resilient Payments Secures RBI License for Payment Aggregator Business

Context:

BharatPe’s subsidiary, Resilient Payments Private Limited, has received final authorization from the Reserve Bank of India (RBI) to function as an online Payment Aggregator (PA). This regulatory nod strengthens BharatPe’s position in the Indian fintech ecosystem.

Significance of the License:

• Enables Resilient Payments to facilitate digital transactions for merchants by offering payment processing services directly.
• Launch of a new PA platform under the “BharatPe X” brand, focusing on deepening financial inclusion in tier 2 and tier 3 cities.

Strategic Milestone for BharatPe: BharatPe becomes the first Indian fintech to hold all three critical regulatory licenses:

1. Non-Banking Financial Company (NBFC) License – via Trillion Loans
2. Stake in a Regulated Bank – Unity Small Finance Bank
3. Payment Aggregator (PA) License – via Resilient Payments

Goals of the BharatPe X Platform:

• Expand the merchant network across semi-urban and rural India.
• Provide access to seamless digital payment tools, driving broader financial digitization.
• Empower small businesses and MSMEs through integrated, tech-driven financial services.

13. Bank of India, UCO Bank Cut Lending Rates After RBI Repo Rate Reduction

Context:

Following the Reserve Bank of India’s (RBI) announcement of a 25 basis point cut in the repo rate, Bank of India and UCO Bank have reduced their lending rates, providing relief to borrowers and signaling a potential wave of rate cuts across the banking sector.

Key Highlights:

1. RBI Policy Decision:

• The Monetary Policy Committee (MPC), chaired by Governor Sanjay Malhotra, reduced the repo rate from 6.25% to 6%.
• The move comes in response to global economic headwinds, including a 26% tariff imposed by the US on Indian exports.
• This marks the second consecutive rate cut under Malhotra’s leadership.

2. Lending Rate Reductions:

• Bank of India: Reduced its Repo-Based Lending Rate (RBLR) from 9.10% to 8.85%, effective April 9, 2025.
• UCO Bank: Cut its repo-linked lending rate to 8.8%.

3. Broader Implications:

• The reductions are expected to lower borrowing costs for individuals and businesses, encouraging credit growth and economic activity.
• Analysts predict that more banks will follow, passing on the benefits of the repo rate cut to customers.

4. RBI’s Policy Stance:

• Governor Malhotra announced a change in stance from ‘neutral’ to ‘accommodative’, emphasizing a pro-growth monetary strategy.
• He noted that this stance gives rate direction but doesn’t constitute explicit liquidity guidance.
• Over the past two months, the RBI has infused more than $80 billion into the banking system to support liquidity.

14. Banks Cut Lending Rates After RBI Repo Rate Reduction to 6%

Context:

Following the RBI’s 25 basis point repo rate cut to 6% and a shift to an accommodative policy stance, several banks have revised their external benchmark lending rates (EBLRs) to reflect the new monetary policy.

Key Revisions by Major Banks

• Indian Bank
  • New RBLR: 8.70% (from 9.05%)
  • Effective Date: April 11
• Punjab National Bank (PNB)
  • New RLLR: 8.85% (from 9.10%)
  • Effective Date: April 10
• Bank of India
  • New RBLR: 8.85% (from 9.10%)
  • Effective Date: April 9

Policy Implications

• The Monetary Policy Committee (MPC) voted unanimously for:
  • A rate cut
  • A policy shift to accommodative
  • Commitment to maintain surplus liquidity
• As per RBI norms, all floating rate loans must be linked to an external benchmark such as the repo rate, ensuring faster transmission of policy changes.

Impact on Borrowers and Banks

• Borrowers: Can expect lower loan EMIs, especially for housing, auto, and SME loans tied to the repo rate.
• Banks: May see compression in net interest margins (NIMs) due to faster decline in lending rates compared to slower adjustment in deposit costs.

TOI

Economy

1. U.S. Tariff Pause Offers Interim Relief to Indian Exporters

Tariff Update and Impact

• The U.S. has paused reciprocal tariffs, retaining only a baseline 10% tariff, offering temporary relief to Indian exporters.
• While it signals a return to trade normalcy, exporters caution that the situation remains tentative.

Sectoral Reactions

• Textile Industry:
  • The Confederation of Indian Textile Industry welcomed the pause, calling it a short-term respite.
  • The U.S. is India’s largest market for textile and garment exports.
  • Urges the Indian government to:
    • Engage proactively with the U.S. for a long-term trade solution.
    • Introduce an interim protection scheme to support exporters.
• Jewellery Sector:
  • Kirit Bhansali, Chairman of the Gem and Jewellery Export Promotion Council, noted the pause allows exporters to stabilize operations and re-strategize.
  • However, a 10% tariff will make jewellery costlier for U.S. buyers, likely slowing demand in the short term.

Strategic Trade Positioning

• With 125% tariffs on Chinese exports, India faces less competition from China in the U.S. market.
• This reinforces the “China Plus One” strategy, benefiting India, Vietnam, and South Korea.

Call for Policy Action

• Export councils emphasize:
  • The need for active bilateral negotiations with the U.S. across multiple trade dimensions, not just tariffs.
  • India must not rely on passive optimism but create an investment-friendly environment to boost exports and increase export-GDP share.

Caution on Chinese Imports

• India should enforce stricter rules of origin to prevent trade circumvention.
• Concerns include:
  • China’s massive production scale
  • Low production costs (up to one-third of India’s)
  • Membership in RCEP, which enables China to target alternative export markets.

TH

Agriculture

1. India’s Farm and Marine Sectors Eye Relief Amid US Tariff Pause

Context:

India’s agriculture and marine sectors have welcomed the three-month suspension of steep reciprocal tariffs by US President Donald Trump. While this brings short-term relief, especially for shrimp exporters and textile producers, stakeholders urge the Indian government to pursue long-term trade agreements for sustainable gains.

Key Developments:

1. Andhra Pradesh’s Response:

• The state formed a 16-member expert panel before the US suspended tariffs.
• Mandates of the Panel:
  • Assess impact of tariffs on Indian marine food, especially shrimp exports
  • Compare production and export patterns between India and Ecuador
  • Suggest strategies to boost exports to the EU, China, and Japan
• Timeline: Preliminary report due in 5 days; final report in 3 weeks

2. Shrimp Sector Impact:

• Andhra Pradesh is India’s top shrimp-exporting state.
• Ecuador was favoured under the original tariff regime (10% vs 26% on India), intensifying competition.
• Prices of Indian ‘Vennamei’ shrimp fell ₹30–50/kg under tariff pressure, risking a 40% cost increase.
• Postponement of tariffs led to market stabilization.

3. Broader Trade Concerns:

• Tariff tensions between the US and China are affecting multiple commodity markets:
  • Soybean oil: India imports 3.44 million tonnes annually, mostly from Argentina; US might redirect exports here.
  • Rapeseed meal: China ramped up imports from India to replace Canadian supply under a 100% duty.
  • Cotton: India may see a surge in Chinese demand as US supplies face tariffs.

4. Textile Industry’s Appeal:

• The Confederation of Indian Textile Industry (CITI) urges the government to:
  • Implement an interim textile export protection scheme
  • Strengthen talks with the US for a sustainable tariff resolution
• US is India’s largest textile and apparel export market.

Key Statistics (FY23 vs FY24):

Category	FY23 ($ bn)	FY24 ($ bn)
Agri Exports	50.36	45.56
Marine Exports	8.07	0.24
Agri Imports	32.47	31.25
Marine Imports	0.25	0.24

• Marine Exports Share in Total Exports: 7.37%
• Marine Imports Share in Total Imports: 0.81%

Conclusion:

While the temporary US tariff pause offers short-term breathing room for India’s shrimp and textile exporters, the volatile global trade landscape and tariff uncertainties call for proactive policymaking, strategic diversification, and deeper bilateral engagement to protect long-term export interests.

BS

Facts To Remember

1 . 8th ASEAN-India Trade in Goods Agreement Review Meeting Concludes in New Delhi

The 8th Meeting of Joint Committee on ASEAN-India Trade in Goods Agreement (AITIGA) which was hosted by India, concluded today. 

2. Union Cabinet Approves ₹4,819 Cr Gondia-Ballarshah Railway Line to Boost Connectivity and Tourism: Ashwini Vaishnaw

Union Minister of Railways, Information & Broadcasting and Electronics and IT, Ashwini Vaishnaw today said that the Union cabinet has recently approved the Gondia-Ballarshah railway line, a 240-kilometre strategic corridor with an investment of 4,819 crore rupees.

3. India’s Forex Reserves Jump by $10.8 Billion, Cross $676 Billion Mark

India’s foreign exchange reserves surged by 10.8 billion dollars, reaching over 676.2 billion dollars in the week ending April 4.

4. PM Modi pays tribute to Social Reformer Mahatma Phule on his Jayanti

Prime Minister Narendra Modi has paid tribute to Social Reformer Mahatma Phule on his Jayanti today. In a social media post, Mr Modi said he was a true servant of humanity. 

5. PM Modi lauds Delhi Govt for implementing Ayushman Bharat Health Infrastructure Mission

Prime Minister Narendra Modi has lauded the Delhi Government for implementing the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission.