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6. SEBI Circulars
7. Essays
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9. Finance Descriptive
10. ARD Descriptive

Useful for RBI Grade B, SEBI

Grade A, NABARD Grade
A,IFSCA Grade A & Other
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For any suggestion/query MAY 2024

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INDEX
CONTENT PAGE
NO.

Economic and Social Issues 2-39

Finance 40-55

Agriculture and Rural Development 56-65

General Awareness 66-112

Important RBI Circulars (May 2024) 113-123

Important SEBI Circulars (May 2024) 124-132

Essays 133-146

ESI Descriptive 147-158

Finance Descriptive 159-173

ARD Descriptive 174-190

NOTE: *Click on the topic link you will be redirected to the page.

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Economic and Social Issues

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India's Index of Industrial Production grows by 4.9 % in March 2024

For the month of March 2024, the Quick Estimates of Index of Industrial
Production (IIP) with base 2011-12 stands at 159.2.
✓ The Indices of Industrial Production for the Mining, Manufacturing and
Electricity sectors for the month of March 2024 stand at 156.1, 155.1 and
204.2 respectively.
✓ These Quick Estimates will undergo revision in subsequent releases as per the
revision policy of IIP.

✓ The Quick Estimates of Index of Industrial Production (IIP) are released on

12th of every month (or previous working day if 12th is a holiday) with a six
weeks lag and compiled with data received from source agencies, which in turn
receive the data from the producing factories/ establishments.
✓ The IIP growth rates for the month of March 2024 over the corresponding
period of previous year is 4.9 percent. The growth rates of the three sectors,
Mining, Manufacturing and Electricity for the month of March 2024 over March
2023 are 1.2 percent, 5.2 percent and 8.6 percent respectively.
✓ Within the manufacturing sector, the growth rate of the top three positive
contributors to the growth of IIP for the month of March 2024 are –
“Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals,
medicinal chemical and botanical products” (16.7%), and “Manufacture of
other transport equipment” (25.4%).
✓ The cumulative growth rate for the period of April-March 2023-24 over the
corresponding period of the previous year stands at 5.8 percent.
✓ The cumulative growth rates of the three sectors, Mining, Manufacturing and
Electricity for the period of April-March 2023-24 over the corresponding

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period of the previous year are 7.5 percent, 5.5 percent and 7.1 percent
respectively.
➢ Note-
• IIP is one of the Prime indicators of economic development for the measurement
of trends in the behavior of Industrial Production over a period of time with
reference to a chosen base year.
• It indicates the relative change of physical production in the field of industries
during a specified year as compared to the previous year.
• It is computed and published by the Central Statistical Organisation (CSO) on
a monthly basis.
• Base Year: 2011-12

Retail Inflation Eases to 4.83% in April, 2024

Retail Inflation Eases to 4.83% in April, 2024.

1. The annual inflation rate based on all India Consumer Price Index (CPI) number
is 4.83% (Provisional) for the month of April, 2024 (over April, 2023).
Corresponding inflation rate for rural and urban is 5.43% and 4.11%,
respectively.
2. CPI for the months of January, February and March 2024 are 5.10, 5.09 and
4.85 respectively.
3. Among the top five groups, the year-on-year inflation on groups ‘Clothing &
Footwear’, ‘Housing’ and ‘Fuel & light’ has decreased since last month.
➢ Note-
• Retail inflation, also known as Consumer Price Index (CPI)
inflation, tracks the change in retail prices of goods and services which
households purchase for their daily consumption.
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• CPI is calculated for a fixed basket of goods and services that may or may not
be altered by the government from time to time.
• Base year- 2011-12
• The change in the price index over a period of time is referred to as CPI-based
inflation, or retail inflation.
• CPI is calculated as a percentage. It is a comparison of the general price
level in the markets in a particular time period from a time frame in the past.
This is known as the base year.
• CPI, therefore, is calculated by referring to a base year, which is a
benchmark. Currently, the base year is 2012.
• The formula for calculating the CPI index is:
• CPI = (Cost of a Fixed Basket of Goods and Services in the Current Year/Cost of
a Fixed Basket of Goods and Services in the Base Year) * 100
• The National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation (MoSPI), compiles All India as well as state-wise CPI for
Rural, Urban, Combined sectors and releases the CPI numbers every month.

Index Numbers of Wholesale Price in India : April, 2024

The annual rate of inflation based on all India Wholesale Price Index (WPI)
number is 1.26 % for the month of April, 2024. Positive rate of inflation in
April, 2024 is primarily due to increase in prices of food articles, electricity,
crude petroleum & natural gas, manufacture of food products, other
manufacturing etc.

➢ Note-

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• Wholesale Price Index, or WPI, measures the changes in the prices of goods sold
and traded in bulk by wholesale businesses to other businesses. Wholesale
market is only for goods, one cannot buy services on a wholesale basis.
• It is used to track the supply and demand dynamics in industry, manufacturing
and construction.
• The index is released by the Economic Advisor in the Ministry of Commerce
and Industry every month.
• The quantum of rise in the WPI month-after-month is used to measure the level
of wholesale inflation in the economy.
• Number of commodities: 697 items
• Base year: 2011-12

Periodic Labour Force Survey (PLFS) - Quarterly Bulletin

(January-March 2024)

Periodic Labour Force Survey (PLFS) - Quarterly Bulletin (January-March

2024)

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• Unemployment Rate (UR) in urban areas decreased from 6.8% to 6.7% during
January – March 2023 to January – March 2024 for persons of age 15 years and
above.
• Female UR decreased from 9.2% in January – March 2023 to 8.5% in January
– March 2024.
• Labour Force Participation Rate (LFPR) in urban areas has shown an
increasing trend from 48.5% to 50.2% during January – March 2023 to January –
March 2024 respectively for persons of age 15 years and above.
• Female Labour Force Participation Rate in urban areas rises from 22.7% to
25.6% during January – March 2023 to January – March 2024, reflecting
Overall Increasing Trend in LFPR.
• Increasing Trend in Worker Population Ratio (WPR) for persons of age 15 years
and above from 45.2% in January – March 2023 to 46.9% in January – March
2024.
• Female Worker Population Ratio in urban areas rises from 20.6% to 23.4%
during January – March 2023 to January – March 2024, reflecting Overall
Increasing Trend in WPR.

➢ Note-
Conceptual Framework of Key Employment and Unemployment Indicators for the
Quarterly Bulletin: The Periodic Labour Force Survey (PLFS) gives estimates of key
employment and unemployment Indicators like the Labour Force Participation Rate
(LFPR), Worker Population Ratio (WPR), Unemployment Rate (UR), etc. These
indicators, and ‘Current Weekly Status’ are defined as follows:
a. Labour Force Participation Rate (LFPR): LFPR is defined as the percentage of
persons in labour force (i.e. working or seeking or available for work) in the
population.
b. Worker Population Ratio (WPR): WPR is defined as the percentage of
employed persons in the population.
c. Unemployment Rate (UR): UR is defined as the percentage of persons
unemployed among the persons in the labour force.
d. Current Weekly Status (CWS): The activity status determined on the basis of a
reference period of last 7 days preceding the date of survey is known as the
current weekly status (CWS) of the person.

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ONDC Startup Mahotsav in New Delhi

Department for Promotion of Industry and Internal Trade (DPIIT) organised
the ‘ONDC Startup Mahotsav’, a first of its kind event, on 17th May 2024 at
Vanijya Bhawan, New Delhi.
The event symbolized the celebration and collaboration of two of DPIIT’s flagship
initiatives – the Startup India initiative and Open Network for Digital Commerce
(ONDC).

India contributes USD 500,000 to UN Counter-Terrorism Trust Fund

India's Permanent Representative to the United Nations (UN), Ambassador

Ruchira Kamboj, made a voluntary financial contribution of USD 5,00,000 to the
UN Trust Fund for Counter-Terrorism and handed it over to Under Secretary
General Vladimir Voronkov of the United Nations Office of Counter-Terrorism
(UNOCT).
This donation is aimed at supporting UNOCT's global initiatives, primarily
focusing on Countering Financing of Terrorism (CFT) and Countering Terrorist
Travel Programme (CTTP).

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India : World’s Third Largest Solar Power Generator

India has overtaken Japan to become the world’s third-largest solar power
generator in 2023, according to a report by the global energy think tank,
Ember.
The Global Electricity Review 2024, released on 10th May, offers a detailed
analysis of power generation systems worldwide in 2023.
It was published alongside the world’s first open dataset on electricity
generation in 2023, covering 80 countries representing 92% of global electricity
demand.

✓ The report shows that solar power’s share in global electricity production
surged to a record 5.5 percent in 2023. India witnessed the world’s fourth-
largest increase in solar generation in 2023 (+18 Terawatt hours or TWh),
following China (+156 TWh), the United States (+33 TWh), and Brazil (+22
TWh). Together, these top four solar growth countries accounted for 75 percent
of the overall growth in 2023.
✓ From ranking ninth in 2015, India has substantially expanded its solar
generation capacity. The report indicates that its share of solar power surged
from 0.5 percent in 2015 to 5.8 percent in 2023.
✓ Globally, solar power generation accelerated sixfold between 2015 and 2023,
with India witnessing a seventeen-fold increase in solar generation capacity
during the same period.
✓ The International Energy Agency (IEA) forecasts that solar power will
constitute 22 percent of global electricity generation by 2030. The report
suggests that the goal set at COP28 to triple global renewables capacity by 2030
holds the potential to steer the world toward this trajectory.
✓ India is one of the few countries aiming to triple renewable capacity by 2030.
However, Ember’s analysis underscores the necessity for a substantial increase
in annual capacity additions for India to achieve this target

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Global Biofuel Alliance (GBA)

The Global Biofuel Alliance (GBA) recently outlined a work plan, focusing on
assessing country landscapes, drafting policy frameworks, and conducting
biofuel workshops.

✓ GBA is an India-led Initiative to develop an alliance of Governments,

International organizations and Industry to facilitate adoption of biofuels.
Bringing together the biggest consumers and producers of biofuels to drive
biofuels development and deployment, the initiative aims to position
biofuels as a key to energy transition and contribute to jobs and economic
growth.

✓ Launched on 9 September 2023

✓ Announcement of the GBA showcases the action-oriented nature of India’s
positive agenda as G20 President and representing the “Voice of the Global
South’’.
✓ GBA will support worldwide development and deployment of sustainable biofuels
by offering capacity-building exercises across the value chain, technical support
for national programs and promoting policy lessons-sharing.

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✓ It will facilitate mobilizing a virtual marketplace to assist industries, countries,

ecosystem players and key stakeholders in mapping demand and supply, as well
as connecting technology providers to end users.
✓ It will also facilitate development, adoption and implementation of
internationally recognized standards, codes, sustainability principles and
regulations to incentivize biofuels adoption and trade.
✓ The initiative will be beneficial for India at multiple fronts. GBA as a tangible
outcome of the G20 presidency, will help strengthen India’s position globally.
✓ Moreover, the alliance will focus on collaboration and will provide additional
opportunities to Indian industries in the form of exporting technology and
exporting equipment.
✓ It will help accelerate India’s existing biofuels programs such as PM-JIVAN Yojna,
SATAT, and GOBARdhan scheme, thereby contributing to increased farmers’
income, creating jobs and overall development of the Indian ecosystem.
✓ The global ethanol market was valued at USD 99.06 billion in 2022 and is
predicted to grow at a CAGR of 5.1% by 2032 and surpass USD 162.12 billion by
2032. As per IEA, there will be 3.5-5x biofuels growth potential by 2050 due to
Net Zero targets, creating a huge opportunity for India.

✓ 24 countries and 12 international organisations have already agreed to join.

▪ 8 G20 Countries: 1. Argentina, 2. Brazil, 3. Canada, 4. India, 5. Italy, 6. Japan, 7. South
Africa, 8. USA
▪ 4 G20 Invitee Countries: 1. Bangladesh, 2. Mauritius, 3. Singapore, 4. UAE
▪ 12 Non G20 Countries: 1. Burundi, 2. Finland, 3. Guyana, 4. Iceland, 5. Kenya, 6.
Panama, 7. Paraguay, 8. Philippines, 9. Seychelles, 10. Sri Lanka, 11. Tanzania, 12.
Uganda
▪ 12 International Organizations: Asian Development Bank, World Economic Forum,
World LPG Organization, UN Energy for All, UNIDO, Biofutures Platform,
International Civil Aviation Organization, International Energy Agency,
International Energy Forum, International Renewable Energy Agency, World
Biogas Association, World Bank.
▪ GBA Members constitute major producers and consumers of biofuels. USA
(52%), Brazil (30%) and India (3%), contribute about 85% share in
production and about 81% in consumption of ethanol. (NABARD Grade A
2023 PYQ)

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World Migration Report, 2024

The International Organization for Migration (IOM) launched the World
Migration Report 2024, which reveals significant shifts in global migration
patterns, including a record number of displaced people and a major increase in
international remittances.

➢ Key Findings from the World Migration Report 2024

✓ India received approximately $111 billion in remittances in 2022, making it

the world's leading recipient of international remittances.
✓ This surpassed the $100 billion mark for the first time.
✓ India and Mexico are the top two countries receiving remittances, with $111
billion and $61.1 billion, respectively, in 2022.
✓ China, a long-standing leader in global remittances, dropped to third place with
$51 billion in 2022.
▪ Southern Asian countries – India, Pakistan, and Bangladesh – are among the
top recipients of international remittances, making up five out of the ten top-
receiving countries.
▪ Indian, Egyptian, Bangladeshi, Ethiopian, and Kenyan migrants predominantly
work in sectors such as construction, hospitality, security, domestic work, and
retail.
▪ Migrants face various risks including financial exploitation, excessive debt due
to migration costs, xenophobia, and workplace abuses.
▪ Gulf countries are popular destinations for international workers, with the
UAE, Kuwait, and Qatar hosting 88%, 73%, and 77% of their populations,
respectively.

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• Resilience of International Migration and Remittances Amidst COVID-

19: International migration remains a driver of human development and
economic growth.
• Challenges: Highlighting key findings, the report reveals that while
international migration continues to drive human development, challenges
persist.
• Unprecedented Levels of Displacement: The global population of international
migrants stands at approximately 281 million, while the number of individuals
displaced by conflict, violence, disasters, and other factors increased to a
record high of 117 million. This underscores the pressing need to address
displacement crises urgently.
• Misinformation and Politicization: Most migration is regular, safe, and
regionally focused, directly linked to opportunities and livelihoods.
Yet, misinformation and politicization have clouded public
discourse, necessitating a clear and accurate portrayal of migration dynamics.

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Road construction :- China border in Uttarakhand and Sikkim under

the Vibrant Village Programme (VVP)

The government is likely to spend over ₹2 crore on each kilometre of road

to be constructed along the China border in Uttarakhand and Sikkim
under the Vibrant Village Programme (VVP).
• In the past five months, the Union Ministry of Home Affairs (MHA) has
sanctioned 113 roads under the VVP in Arunachal Pradesh, Uttarakhand and
Sikkim, to improve connectivity in areas along the China border.
• While 105 roads have been sanctioned in Arunachal Pradesh, five roads in
Uttarakhand and three roads in Sikkim have also been approved.

Vibrant Village Programme (VVP)

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✓ Government has approved Vibrant Villages Programme (VVP) as a Centrally

Sponsored Scheme on 15th February, 2023, with financial outlay of ₹4800
crore for the FY 2022-23 to 2025-26, for comprehensive development of the
select villages in 46 blocks in 19 districts abutting northern border in the
States of Arunachal Pradesh, Himachal Pradesh, Sikkim, Uttarakhand and
UT of Ladakh.
✓ The objective of the programme is comprehensive development of these villages
to improve the quality of life of people & thereby reversing outmigration.
✓ The programme envisages focused areas of interventions for creation of
opportunities for livelihood generation through promotion of agriculture,
horticulture, tourism & cultural heritage, skill development and
entrepreneurship, development of co-operative societies for managing livelihood
opportunities including agriculture/horticulture, cultivation of medicinal
plants/herbs, road connectivity, housing & village infrastructure, energy
including renewable energy, television & telecom connectivity, financial
inclusion, etc.
✓ One of the sectors identified for development is promotion of tourism and culture
by augmentation of various tourism related infrastructure, promoting community
managed home stays, organizing local fairs & festivals, promotion of eco-tourism,
agro-tourism, wellness, wildlife, spiritual& adventure tourism, promotion of local
cuisines, etc.VVP has been conceived as an outcome-oriented programme with
outcome indicators at three levels- village, household & individual beneficiary.

World Bank released ‘Recipe for a Livable Planet: Achieving Net

Zero Emissions in the Agrifood System’ report

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✓ Report provides first comprehensive global roadmap for mitigating the agrifood
system’s contributions to climate change.
✓ Agri-food system encompasses the entire journey of food from farm to table (i.e.,
from cultivation, harvesting, processing, packaging, etc. to preparation,
consumption, and disposal).
✓ It also encompasses non-food products (for example forestry, animal rearing,
use of feedstock, etc.)

Key findings

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✓ Emissions: Agrifood generates almost a 1/3rd of global greenhouse gas

emissions.
✓ Top Emitters: 3/4th of agrifood emissions come from developing countries and
China, Brazil, and India are the top 3 emitters.
✓ In India, 60% of such emissions come from the farm gate, mainly due to
enteric fermentation in the livestock sector. Despite having low emission
intensity in rice production, India's large-scale production still results in
substantial emissions.
✓ Suboptimal climate financing: Despite an overall doubling of climate financing
(at $660 billion) over the last decade, project-level financing for agrifood
systems stands at only 4.3% (at $28 bn).
✓ Annual investments must increase to $260 billion a year to halve agrifood
emissions by 2030 and reach Net Zero emissions by 2050.
✓ Greatest mitigation potential: It lies in carbon sequestration in agriculture which
includes measures to reduce enteric fermentation, increase synthetic fertilizer
efficiency, and manage water resources in rice cultivation.

Ayushman Bharat Diwas

Ayushman Bharat Diwas is annually observed across India on 30th April to

raise awareness about the objectives of the Ayushman Bharat, a flagship scheme
of the Ministry of Health and Family Welfare (MoHFW), Government of India.

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➢ Ayushman Bharat
✓ Ayushman Bharat, a flagship scheme of Government of India, was launched as
recommended by the National Health Policy 2017, to achieve the vision of
Universal Health Coverage (UHC). This initiative has been designed to meet
Sustainable Development Goals (SDGs) and its underlining commitment, which
is to "leave no one behind."

✓ Ayushman Bharat is an attempt to move from sectoral and segmented approach

of health service delivery to a comprehensive need-based health care service.
This scheme aims to undertake path breaking interventions to holistically
address the healthcare system (covering prevention, promotion and
ambulatory care) at the primary, secondary and tertiary level. Ayushman
Bharat adopts a continuum of care approach, comprising of two inter-related
components, which are -

• Health and Wellness Centres (HWCs)

• Pradhan Mantri Jan Arogya Yojana (PM-JAY)

1. Health and Wellness Centers (HWCs)

▪ In February 2018, the Government of India announced the creation of
1,50,000 Health and Wellness Centres (HWCs) by transforming the
existing Sub Centres and Primary Health Centres. These centres are to
deliver Comprehensive Primary Health Care (CPHC) bringing healthcare closer
to the homes of people. They cover both, maternal and child health services and
non-communicable diseases, including free essential drugs and diagnostic
services.
▪ Health and Wellness Centers are envisaged to deliver an expanded range of
services to address the primary health care needs of the entire population in
their area, expanding access, universality and equity close to the community.
The emphasis of health promotion and prevention is designed to bring focus on
keeping people healthy by engaging and empowering individuals and
communities to choose healthy behaviours and make changes that reduce the
risk of developing chronic diseases and morbidities.

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2. Pradhan Mantri Jan Arogya Yojana (PM-JAY)

✓ The second component under Ayushman Bharat is the Pradhan Mantri Jan
Arogya Yojana or PM-JAY as it is popularly known. This scheme was launched
on 23rd September, 2018 in Ranchi, Jharkhand by the Hon’ble Prime
Minister of India, Shri Narendra Modi.

✓ Ayushman Bharat PM-JAY is the largest health assurance scheme in the world
which aims at providing a health cover of Rs. 5 lakhs per family per year for
secondary and tertiary care hospitalization to over 12 crores poor and
vulnerable families (approximately 55 crore beneficiaries) that form the
bottom 40% of the Indian population.

✓ The households included are based on the deprivation and occupational

criteria of Socio-Economic Caste Census 2011 (SECC 2011) for rural and
urban areas respectively. PM-JAY was earlier known as the National Health
Protection Scheme (NHPS) before being rechristened.

✓ It subsumed the then existing Rashtriya Swasthya Bima Yojana (RSBY)

which had been launched in 2008. The coverage mentioned under PM-JAY,
therefore, also includes families that were covered in RSBY but are not present
in the SECC 2011 database. PM-JAY is fully funded by the Government and cost
of implementation is shared between the Central and State Governments.

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Key Features of PM-JAY

• PM-JAY is the world’s largest health insurance/ assurance scheme fully

financed by the government.
• It provides a cover of Rs. 5 lakhs per family per year for secondary and
tertiary care hospitalization across public and private empanelled
hospitals in India.
• Over 12 crore poor and vulnerable entitled families (approximately 55
crore beneficiaries) are eligible for these benefits.
• PM-JAY provides cashless access to health care services for the beneficiary at
the point of service, that is, the hospital.
• PM-JAY envisions to help mitigate catastrophic expenditure on medical
treatment which pushes nearly 6 crore Indians into poverty each year.
• It covers up to 3 days of pre-hospitalization and 15 days post-
hospitalization expenses such as diagnostics and medicines.
• There is no restriction on the family size, age or gender.
• All pre–existing conditions are covered from day one.
• Benefits of the scheme are portable across the country i.e. a beneficiary can visit
any empanelled public or private hospital in India to avail cashless treatment.
• Services include approximately 1,929 procedures covering all the costs related
to treatment, including but not limited to drugs, supplies, diagnostic services,
physician's fees, room charges, surgeon charges, OT and ICU charges etc.
• Public hospitals are reimbursed for the healthcare services at par with the
private hospitals.

Benefit Cover Under PM-JAY

▪ Benefit cover under various Government-funded health insurance schemes in

India have always been structured on an upper ceiling limit ranging from an
annual cover of INR30,000 to INR3,00,000 per family across various States
which created a fragmented system.

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▪ PM-JAY provides cashless cover of up to INR5,00,000 to each eligible family per

annum for listed secondary and tertiary care conditions.
▪ The cover under the scheme includes all expenses incurred on the following
components of the treatment.

• Medical examination, treatment and consultation

• Pre-hospitalization
• Medicine and medical consumables
• Non-intensive and intensive care services
• Diagnostic and laboratory investigations
• Medical implantation services (where necessary)
• Accommodation benefits
• Food services
• Complications arising during treatment
• Post-hospitalization follow-up care up to 15 days

▪ The benefits of INR 5,00,000 are on a family floater basis which means that it
can be used by one or all members of the family. The RSBY had a family cap of
five members. However, based on learnings from those schemes, PM-JAY has
been designed in such a way that there is no cap on family size or age of
members. In addition, pre-existing diseases are covered from the very first day.

▪ This means that any eligible person suffering from any medical condition
before being covered by PM-JAY will now be able to get treatment for all those
medical conditions as well under this scheme right from the day they are
enrolled.

➢ Update (As on Jan 2024)

✓ As a result of the persistent efforts, the scheme has reached the feat of 30 crore
Ayushman cards created.
✓ More than 16.7 crore Ayushman cardshave been created only during the last
two financial years.

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✓ As on date, during 2023-24, more than 7.5 crore Ayushman cards have been
created. This implies that approximately 181 Ayushman cards are created every
minute.
✓ Ayushman card creation is included in on-spot services being offered during
Viksit Bharat Sankalp Yatra launched on 15thNovember 2023 with the intent to
ensure saturation of different schemes of Government of India.
✓ This campaign has significantly helped expedite card creation at the grassroot
level. More than 2.43 Cr Ayushman cards have been created during the Yatra.
✓ Further, more than 5.6 Cr Ayushman cards (launched on 17th Sep 2023) have been
created during Ayushman Bhava campaign launched by Ministry of Health and
Family Welfare to achieve saturation of different health schemes.
The financial year wise total Ayushman cards created are as follows:

✓ In order to reach out to the last mile, NHA has launched ‘Ayushman App’ for
Ayushman Card creation.
✓ The app has a unique feature of self-verification. In simple 4 steps, this feature
enables users to create Ayushman Card using an android mobile phone. Further,
any person can help beneficiaries to create Ayushman card. Thus, the Ayushman
App enables Jan Bhagidari in its spirit. The success of this application can be
measured from the fact that the app has been downloaded for more than 52 lakh
times, since its launch on 13th September 2023.
✓ With 4.83 crore Ayushman Cards, Uttar Pradesh tops the list of States with
the highest number of Ayushman Cards crated.
✓ Madhya Pradesh and Maharashtra stand at number two and three positions
with 3.78 crore and 2.39 crore Ayushman cards respectively. 11 States have
more than 1 crore Ayushman cards holders.

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✓ Top ten States with highest number of Ayushman cards are as below:
State No. of Ayushman cards created
Uttar Pradesh 4.8 Cr
Madhya Pradesh 3.8 Cr
Maharashtra 2.4 Cr
Gujarat 2.3 Cr
Chhattisgarh 2.1 Cr
Assam 1.6 Cr
Rajasthan 1.6 Cr
Karnataka 1.5 Cr
Andhra Pradesh 1.5 Cr
Jharkhand 1.2 Cr

✓ Further, as on date, approximately 14.6 crore Ayushman cards have been created
for females. Scheme is striving to achieve gender parity along with regional parity
and income parity in access to healthcare services with 49% Ayushman Cards
issued to female beneficiaries.
✓ Also, 48% of treatment provided under the scheme has been availed by the
female; thus, gender equity is part of core design of the scheme.
✓ Today, Ayushman Card has become a symbol of equity, entitlement and
empowerment. It gives an assurance to the poor and deprived family that they
will be protected against the double-burden of disease and the debilitating impact
of catastrophic expenditure incurred during treatment. Underscoring this fact,
Government is making all efforts to ensure that all eligible beneficiaries possess
Ayushman Card.
✓ Further, Ayushman Bharat PM-JAY has successfully catered to 6.2 crore hospital
admissions worth more than Rs. 79,157crores. If the beneficiary would have
availed the same treatment on their own outside the ambit of AB PM-JAY, the total
cost of the treatment would have gone nearly 2 times higher, thus, saving more
than 1.25 lakh crore out of pocket expenditure of poor and deprived families.

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India growth 7% in FY25: NCAER

The New Delhi, Delhi-based National Council of Applied Economic Research

(NCAER) in its Monthly Economic Review (MER) April 2024 projected Indian
economy to grow faster than 7% in financial year 20242025 (FY25).

World Press Freedom Index (WPFI 2024)

According to the 22nd edition of the World Press Freedom Index (WPFI
2024) released by Reporters Without Borders (RSF – Reporters sans
frontières in French)
▪ India is ranked 159th out of 180 countries with a score of 31.28. Norway
tops the 2024 index for the 8th consecutive year followed by Denmark
(2nd) and Sweden (3rd).

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World Economic Situation and Prospects 2024 report

United Nations Department of Economic and Social Affairs (UN DESA)

released World Economic Situation and Prospects 2024 report.
As per the report “India’s economy is forecast to expand by 6.9 per cent in
2024 and 6.6 per cent in 2025, mainly driven by strong public investment
and resilient private consumption.
Although subdued external demand will continue to weigh on merchandise export
growth, pharmaceuticals and chemicals exports are expected to expand strongly.

✓ The global economic outlook has improved since January, with major economies
avoiding a severe downturn.
✓ The world economy is now projected to grow by 2.7 per cent in 2024,
instead of 2.4 per cent forecasted earlier, on the back of better than-expected
performance of the United States economy and some improvement in the outlook
for several large emerging economies.
✓ The modest gain in the growth momentum is partly offset by the downward
revisions of the growth outlook for the European Union, Africa, and Western Asia.
✓ On balance, the near-term economic outlook is only cautiously optimistic as
economic vulnerabilities remain, amid persistently high interest rates, continuing
geopolitical tensions, and increasing climate risks.

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✓ The world economy is also grappling with challenges to accelerate the transition
to net zero emissions. Technological breakthroughs – especially in renewables
and batteries, requiring extraction, processing and use of critical minerals – has
opened up new opportunities for boosting economic growth and achieving the
Sustainable Development Goals, especially in mineral-rich developing economies.
✓ Taking advantage of such opportunities and avoiding a renewed “resource curse”
will require sound national policies and effective implementation capacities.
These countries cannot do it alone.
✓ An enabling international environment and stronger international cooperation
will be essential to harness the potential of critical mineral resources and
accelerate progress towards sustainable development.

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Spain : 99th member of the International Solar Alliance

Spain has become the 99th member of the International Solar Alliance. The
International Solar Alliance (ISA) is a collaborative platform for increased
deployment of solar energy technologies as a means for bringing energy access,
ensuring energy security, and driving energy transition in its member countries.

About The International Solar Alliance (ISA)

✓ The International Solar Alliance (ISA) is an action-oriented, member-driven,
collaborative platform for increased deployment of solar energy technologies
as a means for bringing energy access, ensuring energy security, and driving
energy transition in its member countries.
✓ This initiative was first proposed by Indian Prime Minister Narendra Modi in a
speech in November 2015 at Wembley Stadium (London HA9 0WS, United
Kingdom), in which he referred to sunshine countries as Suryaputra ("Sons of the
Sun").
✓ The ISA strives to develop and deploy cost-effective and transformational
energy solutions powered by the sun to help member countries develop low -
carbon growth trajectories, with particular focus on delivering impact in
countries categorized as Least Developed Countries (LDCs) and the Small
Island Developing States (SIDS).

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✓ Being a global platform, ISA’s partnerships with multilateral development

banks (MDBs), development financial institutions (DFIs), private and public
sector organizations, civil society and other international institutions is key
to delivering the change its seeks to see in the world going ahead.
✓ The ISA is guided by its ‘Towards 1000’ strategy which aims to mobilise USD
1,000 billion of investments in solar energy solutions by 2030, while
delivering energy access to 1,000 million people using clean energy solutions
and resulting in installation of 1,000 GW of solar energy capacity.
✓ This would help mitigate global solar emissions to the tune of 1,000 million
tonnes of CO2 every year.
✓ For meeting these goals, the ISA takes a programmatic approach. Currently,
the ISA has 9 comprehensive programmes, each focusing on a distinct
application that could help scale deployment of solar energy solutions.
✓ Activities under the programmes focuses on 3 priority areas – Analytics &
Advocacy, Capacity Building, and Programmatic Support, that help create
a favourable environment for solar energy investments to take root in the
country.
✓ The ISA was conceived as a joint effort by India and France to mobilize efforts
against climate change through deployment of solar energy solutions. It was
conceptualized on the sidelines of the 21st Conference of Parties (COP21)
to the United Nations Framework Convention on Climate Change
(UNFCCC) held in Paris in 2015.
✓ With the amendment of its Framework Agreement in 2020, all member states
of the United Nations are now eligible to join the ISA.

77th World Health Assembly

➢ Shri Apurva Chandra, Union Health Secretary chaired a high-level meeting on

“Advancing Health and Well-Being of Billions in WHO South-East Asia
Region”, a side-event to the 77th World Health Assembly co-hosted by WHO
Regional Office for Southeast Asia (SEARO) and Government of India, in
Geneva.

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▪ During the ongoing 77th World Health Assembly, India hosted a side event on
Digital health which saw participation by the Quad countries (Australia, India,
Japan and the United States of America).
▪ The purpose of the event was to emphasize the transformative potential of Digital
Public Infrastructure for Addressing Social Determinants of Health. It was
attended by delegates from over 100 countries highlighting collaborative efforts in
advancing digital public infrastructure globally.
▪ He highlighted the transformative role of Digital Health in ensuring equitable and
accessible healthcare services, contributing to Universal Health Coverage and
achievement of Sustainable Development Goal 3, that is Good Health and Well-being.
▪ He emphasized India's success in implementing digital public infrastructure at scale
such as Aadhaar for digital identities, Unified Payments Interface (UPI) for the
financial transactions and effective health service delivery with Co-WIN during the
pandemic.
▪ He informed that Co-WIN is being transformed into UWIN for the National
Immunization Programme. It will aid in linking and providing immunization record
of 30 million new born and mothers every year followed by Anganwadi and school
health record.
▪ The Union Health Secretary also highlighted India’s effort under the Ayushman
Bharat Digital Mission (ABDM), which aims to create a robust national digital health
ecosystem. With over 618 million Unique Health IDs (ABHA IDs) generated, 268,000
health facilities registered, and 350,000 healthcare professionals enlisted, ABDM
exemplifies India's commitment to digital healthcare.
▪ He added that as part of ABDM, Government of India is launching the National
Health Claims Exchange (NHCX) to transform the insurance payments ecosystem
leveraging the public private partnership built on top of the digital public

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infrastructure. It will usher in the era of real time settlements with auto adjudication
of claims.
▪ He also spotlighted other initiatives by Government of India to address health gaps
using digital health. He stated, “AB PMJAY (Ayushman Bharat Pradhan Mantri
Jan Arogya Yojana) is the world’s largest public funded health assurance scheme
providing a health cover of Rs 5 lakh to 55 crore needy and vulnerable population.
The scheme has provided 7 crore treatments worth US$ 11.2 Billion (Rs 89000
crore).”
▪ e-Sanjeevani, the world's largest telemedicine initiative, serving 241 million
patients, including 57% women and 12% senior citizens has led to savings of
USD 2.15 billion in out-of-pocket expenses”, he further stated.
▪ Additionally, the NI-KSHAY initiative for TB management and the SAKSHAM
online learning platform for health professionals were also underscored as
pivotal digital health innovations.
▪ India's approach to leveraging Digital Public Infrastructure (DPI) not only
transforms healthcare delivery but also fosters a resilient, equitable society. The
Union Health Secretary called for global collaboration to harness digital
technologies for a healthier, more inclusive future.

51 Tele MANAS cells

The National Tele-Mental Health Programme in India has reached a significant

milestone, receiving over 10 lakh calls on its Tele-MANAS toll-free number,
averaging 3,500 calls per day.
Launched by the Government of India in October 2022 to enhance mental health
service delivery nationwide, the Programme operates 51 Tele-MANAS cells across
all States and Union territories.
The Tele MANAS toll-free helpline numbers 14416 or 1-800-891-4416 offer
multi-language support and have been pivotal in facilitating communication
between callers and mental health professionals.
Reflecting increased awareness and utilization of mental health services in the
country, the Tele-MANAS helpline has seen a steady increase in the number of
callers, growing from around 12,000 in December 2022 to over 90,000 in May 2024.
This increase in engagement also underscores the importance of continued
investment and expansion of mental health initiatives to ensure that everyone has
access to the support they need.

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10th World Water Forum

The World Bank recently unveiled a groundbreaking report titled ‘Water For
Shared Prosperity’ at the 10th World Water Forum held in Bali, Indonesia.
This report underscores the critical role of water in fostering equitable societies and
outlines the severe disparities in global water access exacerbated by population
growth, urbanisation, and climate change.
The findings and recommendations of this report are pivotal in guiding policy and
practical interventions to ensure inclusive water security worldwide.

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➢ Defining Shared Prosperity

Shared prosperity, as defined by the World Bank, involves boosting economic

prosperity particularly for the poorest segments of society to achieve more equitable
communities. The report identifies four interconnected building blocks of
prosperity:

1. Health and Education (Human Capital)

2. Jobs and Income
3. Peace and Social Cohesion (Social Capital)
4. Environment (Natural Capital)

These building blocks are crucial for fostering a thriving society where access to
water plays a fundamental role.

➢ Key Findings of the Report

✓ The ‘Water For Shared Prosperity’ report highlights stark disparities in global
water access, painting a grim picture of the current state of water resources
worldwide:
✓ In 2022, 197 million people lacked access to safe drinking water.
✓ 211 million people were deprived of basic sanitation services.

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✓ Approximately 450 million people globally reside in high-poverty and low-

water-access hotspots.
✓ In low-income countries, less than half of the schools have access to water
services.
✓ These statistics underline the urgent need for comprehensive strategies to
address water insecurity, particularly in impoverished regions.

➢ Recommendations

✓ Improving resilience to extreme hydro-climatic risks

✓ Implement early warning systems to predict and mitigate the impacts of
extreme weather events.
✓ Develop infrastructure that can withstand climatic stresses.
✓ Enhancing Water Resources Development and Allocation
✓ Integrate nature-based solutions to manage water resources sustainably.
✓ Adopt water accounting methods to monitor and optimize water use.
✓ Safely Managed Water Supply and Sanitation
✓ Reform water information systems to ensure they are pro-poor, targeting the
most vulnerable populations.
✓ Invest in infrastructure and technologies that ensure the safe management of
water supply and sanitation.

Provisional Estimates of Annual GDP for 2023-24 And Quarterly

Estimates of GDP for Q4 of 2023-24

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✓ The National Statistical Office (NSO), Ministry of Statistics and Programme

Implementation (MoSPI) released, the Provisional Estimates (PE) of Annual
Gross Domestic Product (GDP) for the Financial Year (FY) 2023-24 and
Quarterly Estimates of GDP for the Fourth quarter (January-March) of 2023-
24 along with its expenditure components both at Constant (2011-12) and
Current Prices.
✓ Annual and quarterly estimates of Gross Value Added (GVA) at Basic Prices
by kind of economic activity along with year-on-year percent changes,
expenditure components of GDP and annual estimates of Gross/Net National
Income and Per Capita Income for the years 2021-22, 2022-23 and 2023-24
at Constant and Current Prices.

✓ Key Highlights:

• Real GDP has been estimated to grow by 8.2% in FY 2023-24 as compared

to the growth rate of 7.0% in FY 2022-23. Nominal GDP has witnessed a
growth rate of 9.6% in FY 2023-24 over the growth rate of 14.2% in FY
2022-23.

• Real GVA has grown by 7.2% in 2023-24 over 6.7% in 2022-23. This GVA
growth has been mainly due to significant growth of 9.9% in Manufacturing
sector in 2023-24 over -2.2% in 2022-23 and growth of 7.1% in 2023-24
over 1.9% in 2022-23 for Mining & Quarrying sector.

• Real GVA and Real GDP have been estimated to grow by 6.3% and 7.8%
respectively in Q4 of FY 2023-24. Growth rates in Nominal GVA and
Nominal GDP for Q4 of FY 2023-24 have been estimated at 8.0% and 9.9%
respectively.

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46th Antarctic Treaty Consultative Meeting

India successfully concluded hosting of the 46th Antarctic Treaty Consultative Meeting
(ATCM-46) and the 26th Committee on Environmental Protection (CEP-26) from May
20th to May 30th, 2024 in Kochi, Kerala. The ATCM-46 was held with the overarching
theme of Vasudhaiva Kutumbakam, a Sanskrit phrase that means one Earth, one family,
one future.

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Finance

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GST revenue collection : April 2024 highest ever at Rs 2.10 Lakh Crore

The Gross Goods and Services Tax (GST) collections hit a record high in April
2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year
growth, driven by a strong increase in domestic transactions (up 13.4%) and
imports (up 8.3%).
After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92
lakh crore, reflecting an impressive 15.5% growth compared to the same period
last year.

Breakdown of April 2024 Collections:

• Central Goods and Services Tax (CGST): ₹43,846 crore;

• State Goods and Services Tax (SGST): ₹53,538 crore;

• Integrated Goods and Services Tax (IGST): ₹99,623 crore, including ₹37,826 crore
collected on imported goods;

• Cess: ₹13,260 crore, including ₹1,008 crore collected on imported goods.

Total exports of merchandise and services in FY 2024-25

India’s total exports (Merchandise and Services combined) in April 2024* is

estimated to be USD 64.56 Billion, exhibiting a positive growth of 6.88 per
cent over April 2023.

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Total imports (Merchandise and Services combined) in April 2024* is estimated

to be USD 71.07 Billion, exhibiting a positive growth of 12.78 per cent over April
2023.
Table 1: Trade during April 2024*

April April
2024 2023
(USD (USD
Billion) Billion)

Exports 34.99 34.62

Merchandise
Imports 54.09 49.06
Exports 29.57 25.78
Services*
Imports 16.97 13.96
Exports 64.56 60.40
Total Trade
Imports 71.07 63.02
(Merchandise
+Services) * Trade
-6.51 -2.62
Balance

Fig 1: Total Trade during April 2024*

MERCHANDISE TRADE
• Merchandise exports in April 2024 were USD 34.99 Billion, as compared to USD
34.62 Billion in April 2023.
• Merchandise imports in April 2024 were USD 54.09 Billion, as compared to USD
49.06 Billion in April 2023.
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Fig 2: Merchandise Trade during April 2024

• Non-petroleum and non-gems & jewellery exports in April 2024 were USD 26.11
Billion, compared to USD 25.77 Billion in April 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in
April 2024 were USD 32.72 Billion, compared to USD 32.13 Billion in April 2023.

RBI grants authorisation to Worldline ePayments India Private

Limited to operate as an online payment aggregator
Worldline ePayments India has received approval from the Reserve Bank of
India (RBI) to function as a payment aggregator, demonstrating its commitment
to compliance and the Indian market.

RBI allows standalone primary dealers to borrow in foreign currency

The Reserve Bank of India (RBI) allowed standalone primary dealers (SPDs) to
borrow in foreign currency from their parent companies and entities it has

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authorised. They may access overdraft facilities in nostro accounts solely for
operational use.
Nostro is a bank account held in another country by a domestic bank, but in the
currency of the foreign country. An SPD dealing in euros would open an account
with a bank in the European Union for transaction settlements.

P-Note Investments in Indian Markets Soar to Nearly 6-Year High

Investments through participatory notes (P-notes) in the Indian capital

markets surged to a staggering Rs 1.5 lakh crore by the end of February 2024,
marking the highest level in nearly six years. This notable increase in P-note
investments, covering Indian equity, debt, and hybrid securities, has been
attributed to the robust performance of the domestic economy.

Reserve Bank of India bought back government securities (G-Sec)

The Reserve Bank of India (RBI) on May 16 bought back government securities
worth Rs 2,069.999 crore, sharply lower than the notified amount of Rs 60,000
crore. On May 10, the central bank said it would buy back Rs 60,000 crore worth
of government securities on May 16.

▪ This was the second attempt by the central bank to infuse liquidity into the
banking system.
▪ The securities offered for buyback included bonds maturing in six months and
eight months.
▪ The central bank accepted bids only at Financial Benchmarks India Private
Limited (FBIL) levels, which administers financial benchmarks regulated by the
RBI.

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NPCI inks pact with Bank of Namibia for developing UPI-like instant
payment system

NPCI International Payments Limited (NIPL), the overseas arm of the

National Payments Corporation of India (NPCI), has signed a pact with the Bank
of Namibia (BoN), the central bank of the Republic of Namibia, to develop a
Unified Payments Interface (UPI)-like instant payment system for Namibia.

RBI announces 8% interest on Floating Rate Bond 2034

The Reserve Bank of India (RBI) has announced an 8% interest rate on the
Floating Rate Savings Bond (FRSB) 2034.
It is a special type of bond issued by Government of India (GoI) that matures in
2034. Minimum investment amount for FRSBs is Rs 1000 and there is no limit
on maximum amount.

P-note investments surge to near 6-yr high at Rs 1.5 Lakh Cr.

Investments through participatory notes (P-notes) in the Indian capital markets
reached a staggering Rs 1.5 lakh crore at the end of February 2024, marking the
highest level in nearly six years.
This surge in P-note investments, encompassing Indian equity, debt, and hybrid
securities, has been driven by the strong performance of the domestic economy.

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RBI’s Gold Holdings and Foreign Exchange Reserves

In the fiscal year 2023-24, the Reserve Bank of India (RBI) saw a significant
increase in its gold reserves, adding 27.46 metric tonnes and reaching
a total of 822.10 metric tonnes by the end of March 2024. This brought the
share of gold in the total foreign exchange reserves to about 8.15%, up from
7.81% in the previous year.

RBI appointed R. Lakshmi Kanth Rao as new Executive Director

R. Lakshmi Kanth Rao has been appointed as the Executive Director at RBI,
effective May 10, 2024. In this role, he will oversee the Deposit Insurance and
Credit Guarantee Corporation.

UN's first international conference on Digital Public Infrastructure

held under India's leadership
UN's 1st International Conference on DPI held under India's Leadership in
New York On April 25-26, 2024, the first United Nations (UN) Conference
on 'Citizen Stack: Digital Public Infrastructure, Transformative Technology
for Citizens' was held at UN headquarters in New York, United States (US).

Under India’s leadership Vision to harness the technology to propel

Sustainable Development Goals (SDGs) and foster inclusivity.

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▪ The conference introduced India's Digital Public Infrastructure (DPI) framework

as a global standard.

▪ India shared its 'Citizen Stack' initiative, encouraging other nations to

understand and develop their own DPI.

▪ It was hosted by the Permanent Mission of India and the Ministry of Electronics
and Information Technology (MeitY), in collaboration with iSPIRT (Indian
Software Product Industry Roundtable)

RBI directs banks to restrict capital market exposure

In response to the introduction of the T+1 settlement regime for stocks, the
Reserve Bank of India (RBI) has updated the guidelines for custodian banks
regarding the issuance of Irrevocable Payment Commitments (IPCs).
Under these revised guidelines, custodian banks issuing IPCs will be subject to a
maximum intraday risk, considered as capital market exposure (CME), capped
at 30 percent of the settlement amount.

RBI lifts restrictions on Bank of Baroda's 'BoB World' mobile app

The Reserve Bank of India (RBI) has announced the lifting of restrictions
on Bank of Baroda’s BoB World mobile application, permitting the bank to
onboard customers immediately.
This decision follows the RBI’s directive in October 2023 to suspend customer
onboarding on the app due to supervisory concerns. Bank of Baroda, in
response, has undertaken corrective measures to address these concerns.
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RBI : 97.76% of Rs 2,000 currency notes returned to banking system

The Reserve Bank of India (RBI) has disclosed that 97.76% of the Rs 2000
denomination banknotes have been reabsorbed into the banking system, leaving
only Rs 7,961 crore in circulation with the public. Since the announcement of
their withdrawal from circulation on May 19, 2023, the total value of Rs 2000
banknotes has significantly decreased.

‘Responsible Business Conduct in India’

An Inter-Ministerial Workshop on the “Responsible Business Conduct in India”

was organised by the School of Business Environment, Indian Institute of
Corporate Affairs (IICA) along with the Ministry of Corporate Affairs (MCA),
Govt. of India, in partnership with the United Nations Development
Programme (UNDP) on 21st May, in New Delhi.
➢ The objective of the workshop was to map the policies of different ministries
aligned with responsible business, to share the progress made against the
policies and schemes related to responsible business, to deliberate the need for
collaborative action, and to seek inputs for documenting initiatives pertaining
to responsible business leading towards Viksit Bharat.

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India's net FDI dropped 62% to $10.6 bn in FY24: RBI

.
Net foreign direct investment (FDI) flows into India dropped 62.17 % to
$10.58 billion in 2023-24 (FY24) — the lowest since 2007 — from $27.98
billion the previous year. This was mainly on account of higher repatriation of
capital and Indian companies’ investments abroad. According to the latest
Reserve Bank of India (RBI) data, $44.4 billion of the $70.9 billion gross FDI flows
into the country in FY24 was repatriated through dividends, share sale or
disinvestment, while another $15.96 billion was invested overseas by Indians.

RBI Surplus Transfer to Government

The Reserve Bank of India (RBI) board approved the transfer of Rs 210874 crore
as surplus to the Central Government for the accounting year 2023-24.

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✓ The decision was taken at RBI’s 608th meeting of the Central Board of
Directors. Presided over by RBI Governor Shaktikanta Das, the board reviewed
the global and domestic economic scenario, including risks to the outlook.
✓ The transferable surplus funds for the years 2023-24 were determined using
the guidelines set by the Reserve Bank of India (RBI) in August 2019. These
guidelines were recommended by a committee led by Dr. Bimal Jalan.
✓ The committee suggested that the RBI should keep aside funds for unexpected
risks, known as the Contingent Risk Buffer (CRB), which should be between
5.5 % and 6.5 % of the RBI’s total assets, the release added.
✓ With the revival in economic growth in FY 2022-23, the CRB was increased to
6.00 %. As the economy remains robust and resilient, the board has decided to
increase the CRB to 6.50 % for FY 2023-24.
✓ The bank underlined, during accounting years 2018-19 to 2021-22, owing to
the prevailing macroeconomic conditions and the onslaught of the Covid-19
pandemic, it had decided to maintain the CRB at 5.50 % of the Reserve Bank’s
balance sheet size to support growth and overall economic activity.
✓ RBI transfers its surplus, which is the excess of income over expenditure, to the
government as per Section 47 of the Reserve Bank of India Act, 1934.

Bank of Maharashtra Leads Public Sector Banks in Business Growth for FY24

State-owned Bank of Maharashtra (BoM) emerged as the top performer among

public sector banks (PSBs) in FY24, recording the highest growth rate in total
business and deposit mobilization.
▪ This achievement comes amid a challenging environment where many banks are
struggling to achieve double-digit growth.
BoM, headquartered in Pune, posted a 15.94 % rise in its total domestic
business, outpacing all other PSBs. The State Bank of India (SBI), the nation’s
largest lender, followed with a 13.12 % growth.

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▪ Despite BoM’s impressive percentage growth, SBI’s total business in absolute

terms was significantly higher at Rs 79,52,784 crore, compared to BoM’s Rs
4,74,411 crore.

Government will receive 30% more dividend from public sector banks in FY24

The government will get about 30 % more dividends from public sector banks
(PSBs) in FY24 vis-a-vis FY23 due to handsome payouts declared by them on the
back of strong financial performance.
A back-of-the-envelope calculation shows that PSBs will pay dividends
aggregating ₹18,013 crore to the government in FY24 against ₹13,804
crore in the preceding financial year.

✓ This calculation does not take into account the 15 % dividend distribution tax as
the same also goes to the government. Out of 12 PSBs, 10 have declared dividend.
✓ The top four PSBs to pay rich dividends (relative to face value) in FY24 are –
State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank and Indian
Bank.
✓ Central Bank of India and Indian Overseas Bank did not declare dividend. PSBs
net profit grew about 37 % y-o-y to ₹1,41,203 crore in FY24.

FY24 GDP growth of 8% : Report by SBI Research

➢ India is likely to have a GDP growth of 7.4% in its Q4 FY24 and an overall
FY24 GDP growth of 8%, according to a report by SBI Research. The centre
will release the GDP figures for the fourth quarter of the current fiscal along with
provisional estimates for 2023-24. On the other hand, the Reserve Bank of India
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(RBI) projected the fourth quarter Real GDP growth for FY24 to be 7.3%. It
estimated Q1 FY25 growth at 7.5% and a full-year FY25 to grow at 7.0%.

RBI : 100 Tonnes or 1 lakh kilograms of gold from the United

Kingdom to its vaults in India

The Reserve Bank of India (RBI) has added around 100 Tonnes or 1 lakh
kilograms of gold from the United Kingdom to its vaults in India. This is the
most since early 1991 and the central bank intends to move more in the coming
months. Domestically, gold is stored in vaults located in the RBI’s old office
building on Mumbai’s Mint Road and in Nagpur.

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Reserve Bank of India’s (RBI) Annual Report

The number of frauds in banks rose 166 % year-on-year in the financial year
2023-24 to 36,075, according to the Reserve Bank of India’s (RBI) annual report
released on May 30.
The numbers were sharply higher than 13,564 reported in FY23. However, the
amount involved in the total bank frauds fell 46.7 % YoY in the financial year
2023-24 to Rs 13,930 crore. The amount in FY23 was Rs 26,127 crore.
Unclaimed deposits with banks have witnessed a 26 % jump year on year to
Rs 78,213 crore at the end of March 2024. The amount with the Depositor
Education and Awareness Fund stood at Rs 62,225 crore at the end of March
2023.

Combined Index of Eight Core Industries increases by 6.2%

(provisional) in April, 2024

The combined Index of Eight Core Industries (ICI) increased by 6.2 per
cent (provisional) in April, 2024 as compared to the Index in April, 2023.
The production of Electricity, Natural Gas, Coal, Steel, Refinery Products, Crude
Oil and Cement recorded positive growth in April 2024.
The ICI measures the combined and individual performance of production of
eight core industries viz. Cement, Coal, Crude Oil, Electricity, Fertilizers,
Natural Gas, Refinery Products and Steel. The Eight Core Industries comprise
40.27 percent of the weight of items included in the Index of Industrial
Production (IIP).
The final growth rate of the Index of Eight Core Industries for January 2024 is
revised to 4.1 per cent. The cumulative growth rate of ICI during 2023-24
reported 7.6 per cent (provisional) as compared to the corresponding period of
last year.
The summary of the Index of Eight Core Industries is given below:
1. Cement - Cement production (weight: 5.37 per cent) increased by 0.6 per cent
in April, 2024 over April, 2023. Its cumulative index increased by 9.0 per cent
during 2023-24 over corresponding period of the previous year.
2. Coal - Coal production (weight: 10.33 per cent) increased by 7.5 per cent in April,
2024 over April, 2023. Its cumulative index increased by 11.8 per cent during
2023-24 over corresponding period of the previous year.
3. Crude Oil - Crude Oil production (weight: 8.98 per cent) increased by 1.6 per
cent in April, 2024 over April, 2023. Its cumulative index increased by 0.6 per
cent during 2023-24 over corresponding period of the previous year.

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4. Electricity - Electricity generation (weight: 19.85 per cent) increased by 9.4 per
cent in April, 2024 over April, 2023. Its cumulative index increased by 7.1 per
cent during 2023-24 over corresponding period of the previous year.
5. Fertilizers - Fertilizer production (weight: 2.63 per cent) declined by 0.8 per
cent in April 2024 over April, 2023. Its cumulative index increased by 3.7 per
cent during 2023-24 over corresponding period of the previous year.
6. Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 8.6
per cent in April, 2024 over April, 2023. Its cumulative index increased by 6.1
per cent during 2023-24 over corresponding period of the previous year.
7. Petroleum Refinery Products - Petroleum Refinery production (weight: 28.04
per cent) increased by 3.9 per cent in April, 2024 over April, 2023. Its cumulative
index increased by 3.6 per cent during 2023-24 over corresponding period of
the previous year.
8. Steel - Steel production (weight: 17.92 per cent) increased by 7.1 per cent in
April, 2024 over April, 2023. Its cumulative index increased by 12.4 per cent
during 2023-24 over corresponding period of the previous year.

SEBI modifies rules for CCs on liquid assets

In an effort to improve the risk management system, the Securities and Exchange
Board of India (SEBI) has modified the rules that clearing corporations (CCs) must
follow when taking liquid assets as collateral and implemented prudential criteria
for exposure of such firms.
Clearing companies take liquid assets with appropriate haircuts to satisfy various
criteria, such mark-to-market losses and initial margin requirements.
SEBI stated in its circular that units of the growth plan of overnight mutual fund
schemes would be accepted as cash equivalent by CCs with a haircut of five %, and
that the ten % haircut would still apply to other plans of overnight mutual fund
schemes.

Reserve Bank of India cancels 10-year green bond auction for first time

Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as
traders refused to pay greenium.
Greenium signifies the premium investors are willing to pay for green bonds
because of their sustainability impact.

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Diverging from the pattern of issuing green bonds in the latter half, the
government plans to issue green bonds worth 12,000 crores in the first half of the
current financial year.
The green bonds were planned to be issued in two tranches of 6,000 crores each
for a period of 10 years.

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Agriculture and Rural Development

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National Symposium on Advancements in Composites, Speciality

Fibres and Chemicals
The Ministry of Textiles in partnership with Confederation of Indian Industry
(CII) and Ahmedabad Textiles Industries’ Research Associations (ATIRA)
organized a National Symposium on Advancements in Composites, Speciality
Fibres and Chemicals here in New Delhi on 9th May.
India’s Technical Textiles market has a huge potential backed by a
significant growth rate of 10% and placement as the 5th largest technical
textiles market in the world, said Mrs Rachna Shah, Secretary, Ministry of
Textiles while addressing the symposium.

➢ Technical Textiles are textile products that are manufactured primarily for their
functionality and use rather than aesthetic appeal. They are designed to have
high levels of physical, mechanical, thermal, and/or chemical properties for use
in specific applications within industrial sectors such as earthworks,
construction, civil engineering, transport, defense, medical, and healthcare.

National Technical Textile Mission (NTTM)

✓ The Government has launched a National Technical Textiles Mission (NTTM)

with an outlay of Rs. 1,480 crores.
✓ The key pillars of NTTM include ‘Research Innovation & Development’,
‘Promotion and Market Development’, ‘Education, Training and Skilling’
and ‘Export Promotion’.
✓ The focus of the Mission is for developing usage of technical textiles in various
flagship missions, programmes of the country including strategic sectors.
✓ The mission got its extension until 31st March 2026, with a subsequent
sunset clause applicable until 31st March 2028.
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MSDE MoU Mahindra & Mahindra for ‘Drone Didi’

Ministry of Skill Development and Entrepreneurship (MSDE) signed a

Memorandum of Understanding (MoU) with Mahindra & Mahindra Ltd to
conduct two Pilot Projects under the Drone Didi Yojana.
▪ Under this partnership, MSDE and M&M will conduct two Pilot Projects at the
National Skill Training Institute (NSTI), situated in Hyderabad and Noida, to
skill 500 women in exclusive batches of 20 women each.
▪ The 15-day curriculum, approved by the Directorate General of Civil Aviation
(DGCA), will be delivered through Remote Pilot Training Organisation (RPTO)
instructors at these Centres.
▪ Within this partnership, NSTIs will provide infrastructure for running the training
programme, hostel facility for participants, and reach out to local Women Self
Help Groups and NGOs to mobilise participation.
▪ Mahindra Group will provide initial set-up support through simulation
machinery/drones, simulator controller, simulator software, desktop computer
with i5 processor and trainers, and meet the operating costs for the duration of
the Pilot Projects, including the cost of DGCA License Holder Instructors at the
centres.
▪ The learning and outcomes from the Pilot Projects will assist MSDE in scaling up
the Drone Didi Yojana at identified NSTIs/ITIs across the country.
▪ As a further support to the intent of the Drone Didi Yojana, M&M will soon roll out
Drone training for women at the company’s skilling centres at Zaheerabad,
Telangana, and Nagpur, Maharashtra.

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19th Session of the United Nations Forum on Forests

India participated in the 19th Session of the United Nations Forum on

Forests (UNFF), held at the UN Headquarters in New York from May 6th to
10th May 2024.
▪ During the session, India highlighted the Country’s significant advancements in
forest conservation and sustainable forest management which led to consistent
increase in forest cover over the past fifteen years.
▪ Globally, India ranks third in the net gain, in average annual forest area, between
2010 and 2020.
▪ India shared the high priority the Country provides towards biodiversity and
wildlife conservation, having expanded the network of protected areas to over a
thousand wildlife sanctuaries, national parks, tiger reserves, biosphere reserves,
and other wildlife habitats.
▪ The recent celebrations marking 50 years of Project Tiger and 30 years of Project
Elephant underscore India’s commitment to species conservation and habitat
protection.
▪ India also highlighted the creation of the International Big Cat Alliance; another
important step aimed to protect and conserve the seven big cat species around
the world through collaborative international efforts.
▪ India also shared the introduction of the ‘Green Credit Program’, designed to
incentivize entities to take up tree plantation and restoration of degraded forest
lands, which aims to further strengthen climate action initiatives.

FY24 pulses exports drop 22% on higher prices, lower crop

India’s pulses exports during 2023-24 declined 22 per cent in volume and 2.5 per
cent in value terms on a slowdown in purchases by key buyers such as
Bangladesh, China and the United Arab Emirates on higher prices.

India : 340 million tonnes of foodgrains output target in 2024-25

The Indian Government is likely to set the foodgrains production target at over
340 million tonnes (MT), including 136 mt of rice and 115 MT of wheat during the
2024-25 crop year (July-June).
The targeted production of maize may be set at nearly 39 MT.

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India’s rice exports dip 27% in FY24 to 16.35 MT on shipment curbs

India’s rice exports during the financial 2023-24 saw a 27 per cent decline in
volume and 6.5 per cent dip in dollar value, largely on fall in shipments of non-
basmati rice.
The Government curbed exports of non-basmati rice during the year to ensure
higher domestic supplies and contain rising foodgrains price.

Appointment :- Shashi Bhushan Singh Secretary of National Jute Board

Shashi Bhushan Singh, an Indian Railway Traffic Service officer, has been
appointed as Secretary (Director level) of the National Jute Board in Kolkata by
the Central Government.
The appointment is for 5 years or until further notice. Established under the
National Jute Board Act, 2008, the NJB began operations on April 1, 2010,
consolidating the Jute Manufactures Development Council and the National
Centre for Jute Diversification.

1st AI anchors in Doordarshan channel

As the Doordarshan channel DD Kisan marks its 9th anniversary on 26 May 2024, it is
set to embark on a remarkable journey by introducing Krish and Bhoomi, the first AI
anchors in India’s government broadcasting history. This groundbreaking move
underscores the channel’s commitment to leveraging cutting-edge technology to better
serve the nation’s agricultural community.

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DAHD and UNDP signs MoU Digitalization of Vaccine Cold Chain Management

The Department of Animal Husbandry & Dairying (DAHD), Ministry of

Fisheries, Animal Husbandry & Dairying signed a Memorandum of
Understanding (MoU) today with the United Nations Development
Programme (UNDP) India on Digitalization of Vaccine Cold Chain Management,
Capacity Building, and Communication Planning.
✓ The MOU was signed today at “We the People Hall”, UNDP Country office, Lodhi
Estate, New Delhi between Smt. Alka Upadhyay, Secretary, Department of Animal
Husbandry & Dairying and Ms. Caitlin Wiesen. UNDP Resident Representative in
India. This strategic partnership aims to enhance the digitalization of vaccine cold
chain management, capacity building, and communication planning in India.

India aims to produce 340 MT of foodgrains in 2024-25

The Indian government has set the foodgrains production target at 340.40 million
Tonnes (MT) during the 2024-25 crop year (July-June), which includes 159.97 mt
from the kharif season, 164 mt from rabi season and 16.43 mt from zaid (summer)
season.

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Indian Agrochemicals Industry : 9% CAGR growth by FY28

The Indian agrochemicals industry is projected to clock a robust compound

annual growth rate (CAGR) of 9 % from FY2025 to FY2028, driven largely by
government support, expanding production capacities, a flourishing domestic and
export market, and a steady stream of innovative products, a report by Rubix
Data Sciences, a leading risk management and monitoring company.
This steady growth will propel the market size of the Indian agrochemical
industry to $14.5 billion by FY28 from the current levels of around $10.3 billion.

First ever International Potato Day

➢ In December 2023, the General Assembly announced that May 30 will be

observed as International Potato Day every year.
➢ Potatoes rank among the top five staple food items used throughout the world.
➢ The day will be celebrated to highlight the significance of potatoes from the
Andean region to the world. The first ever International Potato Day will be
observed this year on May 30.
➢ The first ever International Potato Day will be observed this year.
International Potato Day will be celebrated on May 30 2024.

Theme = “Harvesting Diversity, Feeding Hope”

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Mr Jetha Ahir : Chairman of the NAFED

Mr Jetha Ahir, who has served as the deputy speaker of the Gujarat Assembly in
the past, has been elected uncontested as the chairman of the National
Agricultural Cooperative Marketing Federation of India (NAFED).

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➢ NAFED
➢ National Agricultural Cooperative Marketing Federation of India Ltd.
(NAFED) was established on the auspicious day of Gandhi Jayanti on 2nd
October 1958.
➢ NAFED is registered under the Multi State Co-operative Societies Act. NAFED was
setup with the object to promote Co-operative marketing of agricultural produce
to benefit the farmers. Agricultural farmers are the main members of NAFED, who
have the authority to say in the form of members of the General Body in the
working of NAFED.

eFeed Launches VetVantage: AI-Powered Platform to Reduce Dairy Methane

Emissions and Earn Carbon Credits

Animal nutrition technology company eFeed on Friday launched VetVantage, an

AI-powered platform to help dairy companies measure and reduce methane
emissions from cattle while earning carbon credits.
The software-as-a-service (SaaS) tool, MethaneTracker 2.0, uses artificial
intelligence, animal nutrition data and satellite imagery to estimate a dairy firm's
emissions from cattle, which account for a major share of its carbon footprint.

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Gross Value Added (GVA) for agriculture and allied activities in 2023-24

Gross Value Added (GVA) for agriculture and allied activities in 2023-24
(FY24) grew at just 1.4 % in constant terms, the slowest since 2018-19.
This was primarily because of “below normal” monsoon rainfall in 2023, which
is expected to have curtailed the output of several key crops. In the final quarter of
FY24, the sector expanded by 1.1 %, mirroring the growth rate of the previous
October-to-December quarter, according to data released by the National
Statistical Office.
The farm sector’s growth in FY23, measured in constant prices, was recorded at
4.7 %. On a quarter-on-quarter basis, growth in Q3FY23 was 4.8 %, and 7 % in
Q4FY23.

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General Awareness

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Vice Admiral K Swaminathan assumes charge as vice chief of Indian Navy

Vice Admiral Krishna Swaminathan, AVSM, VSM assumes charge as Vice

Chief of Naval Staff on 01 May 2024

India to host 46th Antarctic Treaty Consultative Meeting

The Ministry of Earth Sciences (MoES), Government of India, through the
National Centre for Polar and Ocean Research (NCPOR), hosted the 46th
Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of
the Committee for Environmental Protection (CEP 26) from May 20 to 30,
2024, in Kochi, Kerala.
This is in line with India’s poise to facilitate constructive global dialogue on
environmental stewardship, scientific collaboration, and cooperation in
Antarctica.

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Ministry of Parliamentary Affairs Observes Swachhata Pakhwada

The Ministry of Parliamentary Affairs celebrated Swachhata Pakhwada

from 16th to 30th April 2024. This was celebrated as per the Calendar of
Swachhata Pakhwada for the year 2024, released by the Department of Drinking
Water & Sanitation, Government of India.

7.41 percent Increase in Coal Production in April Compared to Last Year

India’s coal production for April 2024 reached 78.69 MT (Provisional), with
a growth rate of 7.41% compared to the corresponding period in the previous
year, which was 73.26 MT.
▪ During April 2024, Coal India Limited (CIL) achieved a coal production of 61.78
MT (Provisional), marking a growth of 7.31% compared to the same period last
year when it was 57.57 MT.
▪ Additionally, coal production by Captive/others in April 2024 stood at 11.43 MT
(Provisional), reflecting a growth of 12.99% from the previous year, which was
10.12 MT.
▪ India’s coal dispatches for April 2024 reached 85.10 MT(Provisional) up by 6.07%
compared to the same period last year when it was recorded at 80.23 MT. During
April 2024, CIL dispatched 64.26 MT (Provisional) of coal, with a growth of 3.18%
compared to the corresponding period of the previous year when it was 62.28 MT.
▪ Additionally, coal dispatch by Captive/others in April was recorded at 15.16 MT
(Provisional), reflecting a growth of 26.90% from the previous year, which was
11.95 MT.

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SEBI extends settlement scheme period till Jun 10 in stock option cases

The Securities Exchange Board of India (SEBI) has extended the ISO
Settlement Scheme period until June 10, 2024, for entities involved in reversal
trades within the stock options segment on BSE (formerly known as Bombay
Stock Exchange) during the years 2014 and 2015. The scheme's original end date
was May 10, 2024

SEBI Releases a Standardised Reporting Format for Investment Advisers

The Securities Exchange Board of India (SEBI) requires Investment Advisers (IAs)
to submit periodic reports for each half-year, with the reporting periods ending
on September 30 and March 31 of every financial year.
The content of these reports includes details such as: shareholding patterns,
Investment Adviser Administration and Supervisory Body (IAASB) membership
numbers, SEBI registration numbers, complaints filed against all Investment
advisers IAs, social media handles, bank accounts, NISM certifications, and last
inspection details

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7th India-Indonesia Joint Defence Cooperation Committee meeting : New

Delhi

The seventh Joint Defence Cooperation Committee (JDCC) meeting between India
and Indonesia will be held in New Delhi on May 03, 2024.
The meeting will be co-chaired by Defence Secretary Shri Giridhar Aramane and
Secretary General of Ministry of Defence, Indonesia Air Marshal (Retd.) Donny
Ermawan Taufanto, MDS. Both sides will exchange views on regional and global
issues of shared interest.

CSIR -AMPRI collaboration : Knowledge & Awareness Mapping

Platform (KAMP)
The Council of Scientific and Industrial Research (CSIR) - Advanced Materials
and Processes Research Institute (AMPRI), in collaboration with the Knowledge
and Awareness Mapping Platform (KAMP), conducts Scientific Excursion on
April 29th, 2024 at Bhopal, Madhya Pradesh.

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Elected Women Representatives of Panchayati Raj Institutions participated

in CPD57

The Permanent Mission of India to the United Nations and the Ministry of
Panchayati Raj, in collaboration with the United Nations Population Fund
(UNFPA), is organizing the side event titled “Localizing the SDGs: Women in
Local Governance in India Lead the Way” on 3rdMay, 2024, during the 57th
Session of the Commission on Population and Development (CPD57), taking
place from the 29th of April until the 3rd of May 2024 at United Nations
Headquarters in New York.

SBI becomes first trading-clearing member of IIBX

State Bank of India (SBI), India's largest Public Sector Bank, has made history
by becoming the first bank in the country to secure the role of Trading-cum-
Clearing Member (TCM) at India International Bullion Exchange IFSC
Limited (IIBX). Located within GIFT City, Gandhinagar, Gujarat, IIBX is India's
inaugural International Bullion Exchange.

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Mining Sector Registers Record Production in FY 2023-24
The index of mineral production for the month of March 2024 was 156.1,
which is 1.2% higher as compared to the level in the month of March 2023.
The index for the entire FY 2023-24 has increased by 7.5% over FY 2022-23.
Some of the non-fuel minerals showing positive growth during the month of
March 2024 as compared to the corresponding month of the previous year are
Copper Concentrate, Gold, Manganese Ore, Diamond, Graphite, Kyanite,
Sillimanite, Limeshell, Limestone, Magnesite, etc.

International Sun Day : ‘Run for Sun’ Marathon

The Government of India joined the global community in commemorating
International Sun Day today, 3rd May, 2024, as an annual reminder of the
significant benefits of solar energy in fostering a greener and healthier planet.
On this day, the Ministry of New and Renewable Energy (MNRE), Government of
India, organized a 'Run for Sun' Marathon at Jawaharlal Nehru Stadium, New
Delhi.

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IREDA holds 16th Stakeholders' Meet

Indian Renewable Energy Development Agency Limited (IREDA) organized its
16th Stakeholders' Interaction Meet at the India International Centre in
New Delhi on May 4, 2024.
The Stakeholders' Meet witnessed enthusiastic participation from business
partners spanning the renewable energy spectrum, including Solar, Wind,
Hydro, Bio Energy, and New & Emerging technologies. Notably, this was the
second in-person meeting out of 16, with 14 meetings having been conducted
virtually.

REC gets RBI nod to set up subsidiary in GIFT City, Gujarat

REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of
Power and a leading NBFC, has received a ‘No Objection Certificate’ (dated May
3, 2024) from the Reserve Bank of India, for setting up a wholly owned
subsidiary in International Financial Services Centre (IFSC), Gujarat
International Finance Tec-City ("GIFT"), Gandhinagar, Gujarat.
The decision to expand operations into GIFT, a burgeoning hub for financial
services in India, comes as REC continues to diversify its portfolio and explore
new avenues for growth.
The proposed subsidiary will engage in a range of financial activities as a finance
company within GIFT, including lending, investment, and other financial services.

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4th Session of India-Ghana Joint Trade Committee held in Accra

4th Session of India-Ghana Joint Trade Committee held in Accra.

India, Ghana agree to operationalize UPI on Ghana Interbank Payment and
Settlement Systems in six months. Both sides explore possibility of MoUs on
Digital transformation Solutions and Local Currency Settlement System;
opportunities under African Continental Free Trade Agreement also discussed.
Digital economy, textiles, renewable energy and healthcare sectors identified as
focus areas.

12th Meeting of the Board of Directors of Karmayogi Bharat

The 12th Meeting of the Board of Directors of Karmayogi Bharat was held in
Mumbai on May 3rd, 2024.

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The meeting was chaired by Shri. Ramadorai Subramanian. The Board

acknowledged the twin milestones of 1 crore course enrolments and the
offering of more than 1000 courses on the platform.
The board felt the milestones underscored the platform's role in nurturing
competency-based learning amongst govt officials. The meeting appreciated
the integration of the e-HRMS platform with iGOT Karmayogi which will
enable role-based governance by enabling deployment of officers based on their
competencies and capabilities.
The Board also appreciated the collaboration with NITI for States platform,
emphasizing the importance of SAMARTH curated programs in driving block
level and district-level capacity-building initiatives.

6th Edition of Commandants’ Conclave held in Pune

The sixth edition of Commandants' Conclave was held at Military Institute of

Technology, Pune under the aegis of HQ Integrated Defence Staff on 07 May 24.
The Commandants of esteemed Armed Forces Training Institutions and War
Colleges along with other senior leadership of Armed forces attended the
Conclave and brainstormed on charting the course for future defence strategies
in nurturing the future leaders of Indian Armed Forces.

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BRO celebrates its 65th Raising Day

The Border Roads Organisation (BRO) is celebrating its 65th Raising Day
on May 07, 2024. To mark the day, an event was organised in New Delhi, which
was presided over by Defence Secretary Shri Giridhar Aramane.
In his address, the Defence Secretary lauded the BRO for fulfilling its
responsibilities successfully in inhospitable terrain and tough weather
conditions. He termed the BRO an extremely crucial organisation which, through
its infrastructure projects in border areas, is playing a major role in the security
of the country, besides ensuring the socio-economic progress of far-flung areas.

Capacity Building on Design and Entrepreneurship (CBDE) program

Secretary, Department of Higher Education, Ministry of Education, Shri K. Sanjay
Murthy today virtually launched the ‘Capacity Building on Design and
Entrepreneurship (CBDE)’ program in presence of officials of the Department;
members of the Program Advisory Council, CBDE; mentors from the industry;
representatives of the shortlisted Higher Education Institutions (HEIs); Prof.
Sudhir Varadarajan, Program Director, CBDE, and Principal Investigators and Co-
Principal Investigators

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5th Joint Group of Customs (JGC) meeting between India and Bhutan

The 5th Joint Group of Customs (JGC) meeting between India and Bhutan was
held on 6th-7th May, 2024 in Leh, Ladakh. The meeting was co-chaired by Mr.
Surjit Bhujabal, Special Secretary and Member (Customs), Central Board of
Indirect Taxes and Customs, Government of India, and Mr. Sonam Jamtsho,
Director General, Department of Revenue and Customs, Ministry of Finance, Royal
Government of Bhutan.

CCI approves acquisition of additional shares in Sikkim Urja Limited by

Greenko Energies Private Limited

The Competition Commission of India (CCI) has approved the acquisition of

additional shares in Sikkim Urja Limited (formerly Teesta Urja Limited) by Greenko
Energies Private Limited.
Greenko Energies is a limited liability company incorporated in India. It is an
(indirectly) wholly-owned subsidiary of Greenko Mauritius. Greenko Mauritius is
wholly-owned by Greenko Energy Holdings (GEH), a company incorporated in
Mauritius, which is the holding company of the Greenko group of companies. GEH
is an investment holding company, having its investments in a portfolio of
companies engaged in the power generation sector in India.

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International Thalassaemia Day

8th May is celebrated as International Thalassemia Day.
It is devoted to raising awareness amongst the general public and decision-
makers about thalassemia, promoting and strengthening the lifelong and
difficult struggle of patients against this severe blood disease,
and commemorating all the people who are no longer with us, while
renewing our promise to keep fighting until the final cure for thalassemia is
found.
Every year since 1994, the Thalassemia International Federation (TIF) is
organising many diverse activities for the International Thalassemia Day, with
the objective to draw the attention of general public, patient associations, public
authorities, healthcare professionals, and industry representatives, to fuel
discussions and promote actions on a particular theme related to the prevention,
management or treatment of the disease in a patient-centred manner.
THEME: Empowering Lives, Embracing Progress: Equitable and Accessible
Thalassemia Treatment for All

IREDA incorporates "IREDA Global Green Energy Finance IFSC Limited”

Indian Renewable Energy Development Agency Ltd. (IREDA) has incorporated a

wholly owned subsidiary in the International Financial Services Centre (IFSC)
located in GIFT City, Gujarat. Named "IREDA Global Green Energy Finance IFSC
Limited," the subsidiary was officially incorporated on 7th May, 2024.
Earlier, on 8th February, 2024, the Reserve Bank of India gave its No Objection
letter to set up the finance company in IFSC GIFT City.

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Commenting on the development, Chairperson & Managing Director of IREDA

Shri Pradip Kumar Das, said that IREDA's presence in GIFT City signifies a
momentous step in its mission to pioneer innovative approaches to green
financing. “This subsidiary not only positions IREDA to extend its global reach but
also acts as an offshore platform for securing competitive funding to drive the
renewable energy sector's growth, aligning with the Government of India’s
ambitious ‘Panchamrit’ targets.”

DRDO organises 8th Technology Council Meeting

Defence Research & Development Organisation (DRDO) organised the 8th
Technology Council Meeting in New Delhi on May 09, 2024. The meeting was held
to review the status of induction of DRDO technologies into the Central Armed
Police Forces (CAPFs), Police and National Disaster Response Force (NDRF)
under the Ministry of Home Affairs (MHA).

National Technology Day

National Technology Day is celebrated on 11th May.
The theme for 2024 is 'School to Startups-Igniting Young Minds to Innovate',
aiming to inspire innovation and startup culture

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‘Bharat Parv’ to be celebrated at the 77th Cannes Film Festival

It is a special year for India at the Cannes Film Festival as the country readies for
the 77th edition of the prestigious festival. The Corporate Indian Delegation
consists of representatives from Government of India, State Governments,
members of the industry will showcase India's creative economy in the leading
film market of the world, Marche du Films through a series of significant
initiatives.
It will be for the first time that the country will host a “Bharat Parv” at the 77th
Cannes Film Festival, for eminent dignitaries and delegates from around the
world participating in the festival, to engage with film celebrities, filmmakers,
directors, producers, buyers and sales agents from across the world and showcase
the myriad creative opportunities and a rich bank of creative talent.
The official poster & trailer of the 55th India International Film Festival (IFFI) to
be held in Goa on 20-28 November, 2024 will be unveiled at the Bharat Parv. The
Bharat Parv will also see the release of the “Save the Date” for the 1st World
Audio-Visual& Entertainment Summit (WAVES) to be hosted alongside the 55th
IFFI.

Quality Control in Green Hydrogen: Standards & Testing Infrastructure

The government held a day-long workshop on “Quality Control in Green

Hydrogen: Standards & Testing Infrastructure” at Sushma Swaraj Bhawan,
New Delhi on May 8, 2024.
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The workshop convened by the Union Ministry of New & Renewable Energy
deliberated on actions needed to create a homogeneous ecosystem for Green
Hydrogen production processes through clear quality standards.
It also discussed the steps to be taken to create a network of green hydrogen
testing facilities, and for promoting Ease of Doing Business to accelerate the clean
energy transition.

Note-
On January 4, 2023, the National Green Hydrogen Mission was approved by
the Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi.
▪ Currently, India spends over $160 billion of foreign exchange every year for
energy imports. These imports are likely to double in the next 15 years without
remedial action.
▪ With this approval, the stage is set for India to become a global champion in
green hydrogen.
▪ The initial outlay for the Mission will be Rs. 19,744 Crore, including an outlay
of Rs. 17,490 Crore for the Strategic Interventions for Green Hydrogen
Transition (SIGHT) programme, Rs. 1,466 Crore for Pilot Projects, Rs.400 crore
for Research & Development, and Rs. 388 Crore towards other Mission
components.
▪ Ministry of New and Renewable Energy (MNRE) will formulate the scheme
guidelines for implementation of the respective components.

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✓ MISSION SUB-COMPONENTS
1. SIGHT Programme: Under the Strategic Interventions for Green Hydrogen
Transition Programme (SIGHT), two distinct financial incentive mechanisms –
targeting domestic manufacturing of electrolysers and production of Green
Hydrogen – will be provided under the Mission.
2. Pilot projects: The Mission will also support pilot projects in emerging end-
use sectors and production pathways. Regions capable of supporting large scale
production and/or utilization of Hydrogen will be identified and developed as
Green Hydrogen Hubs.
3. R&D Projects: Public-Private Partnership framework for R&D (Strategic
Hydrogen Innovation Partnership – SHIP) will be facilitated under the Mission.
R&D projects will be goal-oriented, time bound, and suitably scaled up to
develop globally competitive technologies.
4. Skill Development: A coordinated skill development programme will also be
undertaken under the Mission. MISSION OUTCOMES The Mission will result in
the following likely outcomes by 2030: Development of green hydrogen
production capacity of at least 5 MMT (Million Metric Tonne) per annum with
an associated renewable energy capacity addition of about 125 GW in the
country Over Rs. 8 lakh Crore in total investments Creation of over Six lakh jobs
Cumulative reduction in fossil fuel imports over Rs. One lakh crore Abatement
of nearly 50 MMT of annual greenhouse gas emissions.

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➢ MISSION BENEFITS
▪ Making India a leading producer and supplier of Green Hydrogen in the world
Creation of export opportunities for Green Hydrogen and its derivatives
Reduction in dependence on imported fossil fuels and feedstock Development
of indigenous manufacturing capabilities.
▪ Attracting investment and business opportunities for the industry Creating
opportunities for employment and economic development. Supporting R&D
projects.
▪ The Mission will support pilot projects in other hard-to-abate sectors like steel,
long-range heavy-duty mobility, shipping, energy storage etc. for replacing
fossil fuels and fossil fuelbased feedstocks with Green Hydrogen and its
derivatives.

International Nurses Day

Every year on 12 May, the world observes International Nurses Day to honor
the birth anniversary of Florence Nightingale, the pioneer of modern nursing.
This day serves as a tribute to the selfless dedication and vital contributions of
nurses worldwide.
The International Council of Nurses initiated the first International Nurses Day
celebration on 12 May 1974, aiming to draw attention to the crucial role nurses
play in modern healthcare systems.

Theme for 2024: ‘Our Nurses Our Future, The Economic Power of Care’

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4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee

The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India
Trade in Goods Agreement) was held in Putrajaya, Malaysia from 7-9 May
2024.
A total of 8 Sub-Committees have been constituted for dealing with different
policy areas of the Agreement in the review and out of these, 5 Sub-Committees
have started their discussions.
All the 5 Sub-Committee reported the outcomes of their discussions to the
4th AITIGA Joint Committee. Four of these Sub-Committees dealing with ‘National
Treatment and Market Access’, ‘Rules of Origin’, ‘Standards, Technical Regulations
and Conformity Assessment Procedures’ and ‘Legal and Institutional Issues’ also
met physically in Putrajaya, Malaysia alongside the 4th AITIGA Joint Committee.
The Sub-Committee on Sanitary and Phytosanitary had met earlier on 3rd May
2024. The Joint Committee provided necessary guidance to the Sub-Committees.
ASEAN is one of the major trade partners of India with a share of 11% in India’s
global trade.
The bilateral trade stood at USD 122.67 Bn during 2023-24. The upgradation of
AITIGA will further boost bilateral trade. Both sides would next meet for the
5th Joint Committee meeting from 29-31 July 2024 in Jakarta, Indonesia.

DRDO organises two-day National Symposium & Industry Meet

A National Symposium and Industry Meet on ‘Emerging Technologies in

Infrastructure Development’, organised by Defence Research and
Development Organisation (DRDO), was inaugurated by Defence Secretary
Shri Giridhar Aramane in New Delhi on May 09, 2024.
The two-day event, with the participation from the Armed Forces, academia,
industry and DRDO, aims to foster dialogue, exchange knowledge and explore
innovative approaches to address the challenges and opportunities presented by
emerging technologies in infrastructure development in line with the vision of
‘Aatmanirbhar Bharat’.
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LIC gets 3-year extension from Sebi to meet public shareholding norms

In a move aimed at granting additional time to Life Insurance Corporation (LIC) of

India to meet regulatory requirements, the Securities and Exchange Board of
India (SEBI) has extended LIC’s deadline to achieve a minimum 10% public
shareholding. LIC, a state-owned insurance giant, now has until May 16, 2027, to
fulfill this obligation.

7th India- France Joint Military Exercise SHAKTI

The 7th edition of India- France Joint Military Exercise SHAKTI commenced
today, at Umroi, in a fully developed and modern Foreign Training Node in
Meghalaya.
The Exercise is scheduled to be conducted from 13th to 26th May 2024.

Mazagon Dock Shipbuilders Ltd (MDL) celebrates 250 years

Mazagon Dock Shipbuilders Ltd (MDL) today celebrates the completion of 250
years, commemorating an extraordinary journey, spanning over two and a half
centuries.
From a humble beginning as a small dry dock in 1774, to its incorporation in 1934,
and subsequently, its stewardship under the Government of India since 1960,
completion of 250 years of MDL is a milestone that marks a testament of
resilience, growth and enduring legacy."
To mark this occasion of immense significance MDL today organized a series of
events including inauguration of adjacent land acquired from MPA, launch of
prototype of indigenous midget submarine ‘Arowana’, commissioning of Solar
Electric Hybrid boat, release of MDL’s Commemorative Coin which marks the 250
years completed and conducting a daylong technical seminar
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4th Technology Innovation in Cyber-Physical Systems (TIPS)

The 4th Technology Innovation in Cyber-Physical Systems (TIPS) workshop

organised on 13th May at the Indian Institute of Technology, Bombay.
It is a bi-annual workshop wherein each of the 25 Technology Innovation Hubs
TIHs demonstrates the progress and achievements made.
It is a platform for all the stakeholders including the government, startups,
investors, academia, and industry, to interact, exchange ideas and witness the
cutting-edge technology development in Cyber-Physical Systems domain.

IndiaSkills 2024: India’s Biggest Skill Competition to Commence

The IndiaSkills Competition 2024 – the country’s biggest skill competition

designed to demonstrate the highest standards of skilling is all set to commence
on 15th May 2024.
The Ministry of Skill Development and Entrepreneurship (MSDE) has organised
an inauguration ceremony at Yashobhoomi, Dwarka, New Delhi which will
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witness the participation of over 900 students from more than 30 states and
Union Territories and over 400 industry experts.

▪ The four-day-long IndiaSkills will allow participants to showcase their diverse

skills and talent on a national platform across 61 skills – from traditional crafts to
cutting-edge technologies.
▪ While 47 skills competitions will be held onsite, 14 will be held offsite in Karnataka,
Haryana, Uttar Pradesh, and Gujarat keeping in mind the availability of best
infrastructure.
▪ The students will also participate in 9 exhibition skills such as Drone-Film making,
Textile-Weaving, Leather-Shoemaking, and prosthetics-makeup.

Ministry of Tourism participates in IMEX, Frankfurt 2024

Ministry of Tourism, Government of India is participating in IMEX, Frankfurt from

14th-16th May 2024.

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The Ministry of Tourism aims to showcase the strengths of India as a leading MICE
destination to the global market and to act as a catalyst to bring forth greater
number of Conferences and Conventions to be hosted in the country.
IMEX is a hub for the global events industry, which offers a valuable and lucrative
opportunity for professionals to enhance businesses, foster genuine connections,
and gain invaluable insights.

India-Zimbabwe Joint Trade Committee (JTC)

Third Session of India-Zimbabwe Joint Trade Committee (JTC) was held in
New Delhi from 13.05.2024 to 14.05.2024
▪ Both sides to explore cooperation in digital transformation solutions, tele-
medicines, rough diamonds, fast payment systems and traditional medicine
▪ Geospatial sector, machinery and mechanical appliances, vehicles, mineral fuels,
electrical machinery identified as potential sectors to boost bilateral trade

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12th Joint Working Group (JWG) meeting between the Defence

Ministries of India and Mongolia

The 12th Joint Working Group (JWG) meeting between the Defence Ministries of
India and Mongolia took place in Ulaanbaatar on May 16-17, 2024.

Forging Sustainability in the Steel Sector

The Ministry of Steel organized a National Workshop on "Forging

Sustainability in the Steel Sector" at Vigyan Bhawan, New Delhi on 17th May.
The workshop aimed at driving sustainable practices in the steel industry by
engaging with stakeholders on the important issues of the steel sector by
focusing on the sustainable practices, emerging technologies and tools to
mitigate the challenges.

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International Labour Day

International Labour Day 2024 Celebrated on 1st May.
This year, the focus is on ensuring safety and health at work in a changing
climate.

India cuts windfall tax on petroleum crude

India has adjusted its windfall tax on petroleum crude, reducing it to 8,400
Indian rupees ($100.66) per metric ton from 9,600 rupees, effective May 1.
This decision comes after a recent increase in the tax from 6,800 rupees to 9,600
rupees per metric ton on April 16.

Windfall Tax was introduced

in the 1970s with the sole
intention of taxing businesses
making high profits. The word
'Windfall' here means a
sudden surge in the profits
that a company or business
may experience. The windfall
tax is the tax levied on those
profits.

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World Press Freedom Day 2024

On May 3rd, the global community will come together to observe World Press
Freedom Day, a significant event that honours the fundamental principles of
press freedom and the vital role journalists play in informing and enlightening
the public.
Theme was “A Press for the Planet: Journalism in the Face of the
Environmental Crisis.”

First-Ever UN World Football Day – 25 May 2024

In 2024, the world marks the 100th anniversary of the first international football
tournament involving teams from all regions, held on May 25, 1924, during the
Summer Olympic Games in Paris. To honour this milestone, the United Nations
General Assembly passed Resolution on May 7, 2024, proclaiming May 25 as
World Football Day.

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World Turtle Day

World Turtle Day, celebrated annually on May 23, aims to raise awareness
about the unique lifestyle and habitats of turtles and tortoises.

International Tea Day

International Tea Day is celebrated on May 21 globally, promoting awareness

about tea as the second most consumed beverage after water. Indian Masala Tea,
a popular version, is enjoyed worldwide.
Theme : "Honouring women around the world, from crop to cup"

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World Bee Day

World Bee Day is celebrated on May 20 each year. The purpose of the
international day is to acknowledge the role of bees and other pollinators for
the ecosystem.
Theme: “Bee engaged with youth”

ULIP Workshop Brings States Together to Enhance India’s Logistics

Unified Logistics Interface Platform (ULIP) continues to lead the charge in

transforming India's logistics sector. On 20th May, a groundbreaking workshop was
held under the chairmanship of Shri Rajesh Kumar Singh, Secretary, Department
for Promotion of Industry and Internal Trade (DPIIT).

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International Museum Day

Each year since 1977, International Council of Museums (ICOM) has organised
International Museum Day on May 18.
International Museum Day was officially established with the adoption of a
resolution during the ICOM General Assembly in Moscow, Russia to create an
annual event “with the aim of further unifying the creative aspirations and efforts
of museums and drawing the attention of the world public to their activity".
Theme: “Museums for Education and Research”

The International Museum Day supports a set of Goals from the Sustainable
Development Goals of the United Nations. In 2024, focus on:

Goal 4: Quality Education – Ensure inclusive and equitable quality education and
promote lifelong learning opportunities for all

Goal 9: Industry, Innovation, and Infrastructure – Build resilient infrastructure,

promote inclusive and sustainable industrialization and foster innovation.

10th edition of International Day of Yoga, 2024

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The All-India Institute of Ayurveda (AIIA), New Delhi organised a grand event to
commemorate the 10th edition of International Day of Yoga, 2024.
Theme ‘Yoga for Women Empowerment’.

IIT Jodhpur Research on Air Pollution and Health Effects in Northern India

Air pollution remains a critical global challenge, with severe health implications for
millions of people worldwide.
In a significant step towards addressing this issue, researcher from Indian
Institute of Technology (IIT) Jodhpur has published ground-breaking
research in Nature Communications journal, shedding light on the sources
and composition of particulate matter (PM) in Northern India that are
harmful to human health.
Contrary to the common belief that reducing overall PM mass would alleviate health
impacts, this comprehensive study highlights the importance of addressing local
inefficient combustion processes - such as biomass and fossil fuel burning, including
traffic exhaust in effectively reducing PM-related health exposure and their
associated impacts in Northern India - says Dr. Deepika Bhattu, Associate Professor
and lead author of the article.

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The study addresses three critical scientific questions crucial for consideration of
Indian Policymakers in devising data-driven, effective mitigation strategies
under the ongoing National Clean Air Programme (NCAP).
1. Fine PM (PM2.5) source identification and their absolute contribution, with
unprecedented clarity between their local and regional geographical origin.
2. A comprehensive and unequivocal distinction between directly emitted PM
and those formed in the atmosphere. This is the first time such a distinction is
clearly made over a large spatial and temporal scale.
3. Determination of the harmfulness of PM by correlating its oxidative potential
with local and regional sources within the study region.
✓ Leveraging the power of advanced aerosol mass spectrometry techniques and data
analytics, the study was conducted at five Indo-Gangetic Plain sites, both within and
outside Delhi and found that although uniformly high PM concentrations are
present across the region, the chemical composition varies considerably as the local
emission sources and formation processes dominate the PM pollution. Within Delhi,
ammonium chloride, and organic aerosols originating directly from traffic exhaust,
residential heating, and the oxidation products of fossil fuels emissions produced in
the atmosphere dominate PM pollution.
✓ In contrast, outside Delhi, ammonium sulphate and ammonium nitrate, as well as
secondary organic aerosols from biomass burning vapors, are the dominant
contributors. However, regardless of location, the study highlighted that organic
aerosols from incomplete combustion of biomass and fossil fuels, including traffic
emissions, are the key contributors to the PM oxidative potential, which drives PM-
associated health effects in this region.
✓ Comparing the oxidative potential of Indian PM2.5 with countries across the Asia-
Pacific and European regions reveals alarming findings. Indian PM's oxidative
potential surpasses that of Chinese and European cities by up to fivefold, marking it
as one of the highest observed globally.

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✓ Addressing India's air pollution crisis requires collaboration among local

communities and stakeholders as well as societal changes especially in densely
populated urban areas like Delhi, Dr. Deepika Bhattu emphasizes. Moving forward,
concerted sustainable efforts are needed that promote cleaner energy sources,
improve combustion efficiency and reduce emissions from transportation mainly
from outdated, overloaded and inefficient vehicles fleet and remove unauthorized
jugaad vehicles.
✓ Our study provides valuable insights for evidence-based policies and interventions
aimed at safeguarding public health and the environment for future generations.
Prioritizing mitigation strategies based on the most significant health impacts,
particularly targeting local inefficient combustion processes, is essential in
Northern India.

India’s first-ever focused working group discussions on Antarctic tourism

India is set to play a pivotal role in facilitating the first-ever focused

discussions on regulating tourism in Antarctica at the 46th Antarctic Treaty
Consultative Meeting (ATCM) and 26th Meeting of the Committee for
Environmental Protection (CEP).
The occasion was graced by the presence of Union Minister Shri Kiren Rijiju,
Ministry of Earth Sciences (MoES). National Centre for Polar and Ocean Research
(NCPOR), Goa under Ministry of Earth Sciences, and the Antarctic Treaty
Secretariat will organize these meetings in Kochi, Kerala, from May 20 to May 30,
2024. The gathering has over 350 participants from nearly 40 nations.

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Exercise Cyber Suraksha – 2024

Chief of Defence Staff (CDS) Gen Anil Chauhan attended ‘Exercise Cyber Suraksha
– 2024’, on May 22, 2024, and underscored the importance of strengthening
India’s cyber defence capabilities.
The comprehensive cyber defence exercise is being conducted by Defence Cyber
Agency from 20 - 24 May 2024. It aims to further develop Cyber Defence Capability
of all Cyber security organisations and promote synergy amongst all stakeholders.
It focusses on enhancing collaboration and integration among participants from
various military and prominent national organizations.

Shri Ramesh Babu V appointed as member in CERC

Shri Ramesh Babu V. has taken oath of office and secrecy as Member,
Central Electricity Regulatory Commission, on May 21, 2024. The oath of
office and secrecy was administered to him, by the Union Minister for Power and
New & Renewable Energy Shri R. K. Singh.

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POWERGRID gets global recognition for Learning & Development

Power Grid Corporation of India Limited (POWERGRID), a Maharatna

Central Public Sector Enterprise under the Ministry of Power, Government
of India, has been conferred the prestigious ATD BEST Awards 2024 for its
strategic approach to talent development driving business results.

✓ The ATD BEST Awards, established by the Association for Talent Development
(ATD), USA, is one of the most esteemed international recognitions in the field of
Learning and Development (L&D). It honors organizations that leverage talent
development as a strategic business tool and demonstrate enterprise-wide
success through effective employee development practices. The ranking is said to
be determined through a rigorous evaluation and assessment process conducted
by international experts of high integrity and global eminence.
✓ This year’s accolade highlights POWERGRID’s innovative approach to adopting
latest technologies, such as artificial intelligence and machine learning, for the
efficient maintenance of extensive power transmission network and the successful
execution of large-scale projects. This recognition places POWERGRID among the
elite organizations worldwide in the field of Learning & Development. This is the
third time POWERGRID has been honoured with the ATD BEST Award, having
previously received it in 2021 and 2023.

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NTPC becomes the only PSU to receive the award 7 times in last 8 years

NTPC has achieved an impressive milestone by securing the 3rd rank globally at the
ATD BEST Awards 2024, this being the highest ranking among all Indian
companies. Notably, NTPC is the only PSU to have received this prestigious award
seven times in the past eight years. The accolade was accepted by CGM (Strategic
HR & Talent Management), NTPC, Ms. Rachana Singh Bhal at a ceremony held in
New Orleans, USA, on 21st May, 2024.

“Transforming Science, Technology and Innovation Ecosystem of India”

The Department of Science and Technology (DST) organized a national

brainstorming session on “Transforming Science, Technology, and Innovation
Ecosystems of India” at the Indian National Science Academy (INSA), on 22nd
May in New Delhi.
The day-long discussions were hosted by the Indian National Science Academy
(INSA) and focused on critical areas like research and innovation; equity and
inclusion; technology development, translation, innovation, and entrepreneurship;
international cooperation; and science, technology, and innovation governance.

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IWF World Youth Weightlifting Championship

Babulal Hembrom, a Jharkhand State Sports Promotion Society (JSSPS) cadet,

secured two bronze medals at IWF World Youth Weightlifting Championship.
Babulal clinched third place in 49 kg Snatch and Clean & Jerk categories at the
championship ongoing in Lima, Peru.

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NHPC conferred with ‘The Economic Times HR World Future Ready

Organization Award 2024-25’
NHPC, India’s premier hydropower company, has been conferred with the
prestigious ‘The Economic Times HR World Future Ready Organization
Award 2024-25’.
The Award has been given to NHPC in recognition of its preparedness in the areas
of upskilling of employees, Environmental, Social and Governance (ESG)
interventions, Diversity, Equity & Inclusion (DE&I) initiatives, constant
technological upgradations, Employee Engagement processes, robust
Corporate Governance strategies etc. which establish it as a trusted brand
amongst all its stakeholders.

‘One nation, One Airspace’

One nation, one airspace: India’s project ISHAN to streamline air traffic, benefit
airlines and passengers.
The Indian Single Sky Harmonized Air Traffic Management (ISHAN)
initiative aims to streamline and enhance air traffic management. India is
planning a major move to unify its four Flight Information Regions (FIRs) in Delhi,
Mumbai, Kolkata and Chennai into one continuous airspace in Nagpur and have
harmonized Air Traffic Management from Nagpur.
The Airports Authority of India (AAI), the public entity invited expressions of
interest (EoI) for the preparation of a detailed project report.

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1-month extension in service of Chief of the Army Staff General Manoj Pande

➢ The Appointments Committee of Cabinet, on May 26, 2024, approved the

extension in service of Chief of the Army Staff (COAS) General Manoj C Pande,
PVSM, AVSM, VSM, ADC for a period of one month, beyond his normal age of
superannuation (May 31, 2024), i.e. up to June 30, 2024.

Ministry of Ayush Organises Sensitisation Event for Insurance Companies and

Ayush Hospital Owners

➢ With the objective to make Ayush treatments available to the last mile patient,
stakeholders gathered to discuss the regulatory framework and policy support
needed to mainstream Ayush treatments in health insurance schemes at the
sensitization program organised by the Ministry of Ayush for Insurance
Companies and Ayush Hospital Owners at the All-India Institute of Ayurveda
(AIIA).

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Pharma Research in AyurGyan And Techno Innovation (PRAGATI-2024)

The Central Council for Research in Ayurvedic Sciences (CCRAS), an autonomous

body under the Ministry of Ayush, Government of India, is hosting "Pharma
Research in AyurGyan And Techno Innovation (PRAGATI-2024)" at the India
Habitat Centre, New Delhi on May 28, 2024. This interactive meeting focuses on
exploring research opportunities and fostering collaboration between CCRAS and
the Ayurveda drug industry.

Hydrogen Fuel Cell Bus technology

Displaying a firm resolve towards finding green and sustainable transport solutions,
the Indian Army has collaborated with Indian Oil Corporation Limited (IOCL) for
demonstration trials of Hydrogen Fuel Cell Bus technology. The Indian Army is
known for its commitment to innovation and environmental stewardship.
✓ A Memorandum of Understanding (MoU) was signed between the Indian Army and
the IOCL in presence of General Manoj Pande, Chief of the Army Staff (COAS) and Mr
Shrikant Madhav Vaidya, Chairman of Indian Oil. During the event, one Hydrogen
Fuel Cell Bus was received by the Indian Army. This marks the commencement of
mutually beneficial partnership between Indian Army and IOCL. The MoU
emphasised the commitment to fostering innovation and advancing sustainable
transport solutions for the future.
✓ Hydrogen Fuel Cell technology offers a clean and efficient alternative by converting
Hydrogen gas into electricity through an electro-chemical process. The process
leaves water vapour as the only by product, thus ensuring zero emission.

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SAMEER exchanges MoU on MRI and technology transfer of Linear

Accelerator

Ministry of Electronics and Information Technology (MeitY) has spearheaded the

development of two critical healthcare technologies, namely the 1.5 Tesla MRI
scanner and 6 MEV Linear Accelerator, through the Society for Applied Microwave
Electronics Engineering & Research (SAMEER), Mumbai, as the implementing
agency, in collaboration (MRI) with Centre for Development of Advanced
Computing (C-DAC), Trivendrum & Kolkata, Inter University Accelerator Centre
(IUAC) and Dayanand Sagar Institute (DSI).

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Climate Change Conclave at IIT, Delhi

The Department of Science and Technology organized a Climate Change Conclave
spanning over two days from 27th–28th May 2024 at the Indian Institute of
Technology, Delhi.
The conclave brought together experts from all over India to dwell on the need for
developing foundational models in Artificial Intelligence (AI) for climate modelling
in the Indian context, quality control of data and improving climate predictions as
well as strengthening interactions with people for better climate adaptation
solutions.

NSDC and ILO forge strategic partnership to enhance Skill Development

Advancing the Skill Mission, the National Skill Development Corporation (NSDC)
under the aegis of the Ministry of Skill Development & Entrepreneurship
(MSDE) and the International Labour Organization (ILO) announced a
strategic partnership to advance skill development and lifelong learning in
India and globally.

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PFC receives “CSR Champion Award” at Outlook Planet Sustainability

Summit & Awards 2024

Power Finance Corporation Ltd. (PFC) has been honoured with the Corporate
Social Responsibility award in the NF (Non-Fossil Fuel) business category at the
Outlook Planet Sustainability Summit & Awards 2024, held in Goa. Chairperson &
Managing Director, PFC, Smt. Parminder Chopra received the Award from
Secretary, Department of Administrative Reforms and Public Grievances, Govt. of
India, Shri V. Srinivas in presence of officials from Department of Public
Enterprises, IIT Goa and Outlook.

REC wins ‘Sustainability Champion – Editor’s Choice Award’ at Outlook

Planet Sustainability Summit & Awards 2024
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of
Power and a leading NBFC, has been honoured with the ‘Sustainability Champion –
Editor’s Choice Award’ at the ‘Outlook Planet Sustainability Summit & Awards
2024’. The Award ceremony was organised by Outlook Group, in collaboration with
IIT Goa. This award recognizes REC’s commitment to sustainability initiatives and
its efforts in driving progress towards a greener future. The award highlights the
corporation’s pledge to sustainability initiatives, leading the path toward a greener
future.

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International Conference on Steel: Focus on Capital Goods (Icons24)

MECON Limited along with SAIL, under the aegis of Ministry of Steel, Government
of India is organizing a two days International Conference on Steel (ICONS-2024):
Focus on Capital Goods on 30th & 31st May 2024 at Ranchi. The objective of the
conference is to bring together the brightest minds and leading stakeholders from
across the steel industry, including technology providers, steel producers,
manufacturers, academia and more to foster new partnerships, explore innovative
solutions and to drive forward the future of steel industry.

World No Tobacco Day

Every year, World No Tobacco Day is observed on 31st May to create awareness
about the potential health risks associated with tobacco consumption and
advocate for effective policies to reduce its use.
The theme for World No Tobacco Day 2024 is “Protecting children from tobacco
industry interference.” This theme emphasizes the urgency to safeguard future
generations from the harmful tactics employed by the tobacco industry.
On the occasion of World No Tobacco Day (WNTD) 2024, the Department of School
Education & Literacy (DoSEL), Ministry of Education, launched an Implementation
Manual of Tobacco Free Educational Institutions (ToFEI) at New Delhi today in
collaboration with Socio Economic and Educational Development Society
(SEEDS).
This year's WNTD theme is "Protecting children from tobacco industry
interference”.

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SEBI reduced Commodity Derivatives Delivery Period to Boost Liquidity

• To increase liquidity in the commodity derivatives market, SEBI has lowered the
deliverable term for commodity futures from 5 to 3 days. This regulatory change is
expected to take effect on July 1, 2024, and will apply to contracts with staggered
delivery scheduled after that date.

Income Tax department notifies cost inflation index for current fiscal

• The income tax department has notified the Cost Inflation Index for the current
fiscal beginning April 2024, for calculating long-term capital gains arising from
sale of immovable property, securities and jewellery. The Cost Inflation Index (CII)
is used by taxpayers to compute gains arising out of sale of capital assets after
adjusting inflation. The CII for financial year 2024-25, relevant to assessment year
2025-26, stood at 363, as per a notification of the Central Board of Direct Taxes
(CBDT).
• The CII number for last fiscal was 348 and for 2022-23 financial year it was 331.
Moore Singhi Executive Director Rajat Mohan said the CII reflects the inflation in
the economy, which causes the prices of goods and services to increase over time.

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ADB Commits $2.6 Billion in Sovereign Lending to India

• The Asian Development Bank (ADB) has sanctioned $2.6 billion in sovereign
lending to India in the calendar year 2023. The loan sanctioned by ADB in 2023
will be used to finance urban development projects, promote the power sector,
support industrial corridor development, support horticulture, enhance
connectivity and build India’s climate resilience.

RBI imposes business restrictions on two Edelweiss Group firms

• The Reserve Bank of India (RBI) has taken stringent action against Edelweiss
Group’s lending and asset reconstruction arms due to concerns regarding the
manipulation of loans and structured transactions.

World Hunger Day 2024

• World Hunger Day 2024, World Hunger Day 2024 May 28: World Hunger Day
2024 is observed every year on May 28, 2024. World hunger has been a prevailing
issue worldwide.
• The day is dedicated to raising global awareness about the global hunger crisis and
malnutrition
• Theme for 2024: “Thriving Mothers, Thriving World”

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Government to receive ₹3662 Crore dividend from LIC

The Government of India will receive ₹3,662 Crore as dividend from its stake in
Life Insurance Corporation (LIC) of India. LIC declared an interim dividend of ₹6
per share on May 27.

The government holds 96.5% stake in LIC, amounting to 6,10,36,22,781 shares.

LIC reported a 2.5% year-on-year increase in net profit for Q4 FY24, reaching
₹13,762 Crore, up from ₹13,421 Crore in the previous year.

Asset quality improved in Q4 FY24, with gross non-performing assets (GNPA)

decreasing to 2.01% from 2.56% the previous year.

India Records Trade Deficit with 9 of Top 10 Partners in 2023-24

Trade deficit with China, Russia, Korea, and Hong Kong increased compared to the
previous fiscal year, while it narrowed with the UAE, Saudi Arabia, Russia,
Indonesia, and Iraq.
China became India’s largest trading partner with $118.4 billion in two-way trade,
surpassing the US, whose bilateral trade with India stood at $118.28 billion.
India’s total trade deficit narrowed to $238.3 billion in the last fiscal year from
$264.9 billion in the previous year.

Smartphones become India's fourth largest export item with 42% growth

Smartphones are now the fourth-largest export item from India with 42 per cent
growth to $15.6 billion in FY24, up by one notch in the ranking from FY23
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NIMHANS Institute Receives Nelson Mandela Award from WHO

➢ National Institute of Mental Health & Neuro Sciences (NIMHANS),

Bengaluru, an Institute of National Importance under the Ministry of Health and
Family Welfare, Government of India has been awarded with the Nelson
Mandela Award for Health Promotion for 2024 by the World Health
Organization (WHO)

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IMPORTANT RBI CIRCULARS

(APRIL 2024)

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Banks' Exposure to Capital Market - Issue of Irrevocable Payment

Commitments (IPCs)

Issue of Irrevocable Payment Commitments (IPCs)

“Banks' Exposure to Capital Market - Issue of Irrevocable Payment Commitments
(IPCs)” and “Applicability of Irrevocable Payment Commitments”.

The risk mitigation measures prescribed in the aforesaid circular were based on
T+2 rolling settlement for equities (T being the Trade Day). The Stock Exchanges
have since introduced T+1 rolling settlement, and accordingly the extant
guidelines on issuance of IPCs by banks have been reviewed.

Henceforth, all IPCs issued by custodian banks under the T+1 settlement
cycle shall comply with the following instructions:

i. Only those custodian banks will be permitted to issue IPCs, who have a clause
in the Agreement with clients giving the banks an inalienable right over the
securities to be received as pay out in any settlement. However, this clause will
not be insisted upon if the transactions are pre-funded i.e., either clear INR
funds are available in the customer’s account or, in case of FX deals, the bank’s
nostro account has been credited before the issuance of the IPC.
ii. The maximum intraday risk to the custodian banks issuing IPCs would be
reckoned as Capital Market Exposure (CME) at 30 percent of the settlement
amount. This is based on the assumption of 20 percent downward price
movement of the equities on T+1, with an additional margin of 10 percent for
further downward movement of price.
iii. In case margin is paid in cash, the exposure will stand reduced by the amount
of margin paid. In case margin is paid by way of permitted securities to Mutual
Funds / Foreign Portfolio Investors, the exposure will stand reduced by the
amount of margin after adjusting for haircut as prescribed by the Exchange on
the permitted securities accepted as margin.
iv. Under T+1 settlement cycle, the exposure shall normally be for intraday.
However, in case any exposure remains outstanding at the end of T+1 Indian
Standard Time, capital will have to be maintained on the outstanding capital
market exposure in terms of the Master Circular – Basel III Capital Regulations
dated April 1, 2024, as amended from time to time.
v. The underlying exposures of banks to their counterparties, emanating from the
intraday CME, will be subject to limits prescribed under Large Exposure
Framework dated June 3, 2019, as amended from time to time.

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Formation of new district in the State of Assam – Assignment of

Lead Bank Responsibility
The Government of Assam has notified formation of a new district, viz., Biswanath
in the state of Assam dated September 07, 2023. Accordingly, it has been decided to
designate the Lead Bank of the new district as below:
District
Working
Newly Lead Bank
Sr Code
Created Responsibility
No allotted to
District assigned to
new district

407
(to be read as
‘numeral
four, numeral
1 Biswanath Indian Bank
zero and
numeral
seven’)

Appointment of Shri R. Lakshmi Kanth Rao as ED Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) has appointed Shri R. Lakshmi Kanth Rao as
Executive Director (ED) with effect from May 09, 2024. Prior to being promoted
as ED, Shri Rao was serving as Chief General Manager-in-Charge in the Department
of Regulation.
Shri Rao has experience of over three decades in the Reserve Bank having worked
in the areas of Regulation of Banks and NBFCs, Supervision of Banks and Consumer
Protection. He had served as Banking Ombudsman at RBI Chennai and as Regional
Director of Uttar Pradesh at Lucknow. He has also served as a member of several
Committees and Working Groups and has been contributing to policy formulation.
As Executive Director, Shri Rao will look after

1. Deposit lnsurance and Credit Guarantee Corporation

2. Right to lnformation Act (FAA),

3. Department of Communication.

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RBI Bulletin – May 2024

I. State of the Economy

The outlook for the global economy is turning fragile as the descent of inflation is
stalling, re-igniting risks to global financial stability. Capital flows have become
volatile as nervous investors turn risk averse. There is a growing optimism that
India is on the cusp of a long-awaited economic take-off. Recent indicators are
pointing to a quickening of the momentum of aggregate demand. Non-food spending
is being pushed up by the green shoots of rural spending recovery. A modest easing
of headline inflation in the reading for April 2024 confirms the expectation that an
uneven and lagged pace of alignment with the target is underway.

II. Decentralised Finance: Implications for Financial System

Decentralised finance (DeFi) seeks to disintermediate the traditional financial

system. However, developments such as the FTX crypto exchange collapse, decline
in Binance and episodes of instability in stablecoins have created trust deficit in the
entire crypto system. This article assesses DeFi and its interlinkages with the
traditional financial systems by employing an Exponential General Autoregressive
Conditional Heteroskedastic (EGARCH) model.

Highlights:

• Volatility in DeFi returns is far greater than traditionally higher yield providing
asset classes such as equity returns.
• Major global financial institutions have direct exposure to the crypto system,
although the overall exposure to total assets under management is estimated to be
low.
• The empirical analysis indicates that DeFi returns and volatility in the returns are
mainly driven by speculative motive.
• The empirical evidence suggests increasing volatility in DeFi with respect to the
volatility of foreign exchange market and stock market.
• On account of the borderless feature of DeFi, spillover by liquidity linkages across
countries is a major risk.
• As DeFi continues to evolve and mature, and its interaction with the traditional
financial system grows, its utility against risks demands further analysis.

III. Currency Swaps of the Reserve Bank of India: Role in the GFSN and Fostering
International Financial Cooperation

Central bank currency swaps are an integral part of the Global Financial Safety Net
(GFSN) and have played a crucial role in the global financial system since the Global
Financial Crisis. This article examines various central bank currency swap

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arrangements of the Reserve Bank of India and their role in fostering international
financial cooperation.

Highlights:

• Through the SAARC Currency Swap Framework and the BRICS Contingent Reserve
Arrangement, the RBI plays a key role in the GFSN.
• Since the inception in 2012, the Reserve Bank extended swap support aggregating
US $ 6.1 billion under the SAARC Currency Swap Framework. During the COVID-19
pandemic, the Reserve Bank’s swap support rose significantly.
• Supported by healthy level of forex reserves, central bank currency swaps have
potential to strengthen and deepen India’s external financial cooperation.

IV. Consumer Confidence in India: A Regional Perspective

This article uses qualitative data from the Reserve Bank of India's Consumer
Confidence Survey (CCS) to study regional trends in consumer sentiments in India.
It introduces the "Regional Sentiment Indicator" (RSI) and employs qualitative data
analysis techniques like coherence analysis and ordered logistic regression to
examine variations in survey responses across different regions.

Highlights:

• The study analysed regional variations in consumer confidence, with the south and
west regions showing higher levels compared to the national average, while the
northern region exhibited intermittent optimism.
• Coherence analysis highlighted the significant impact of price levels on consumers'
perceptions of the general economic situation, particularly in the eastern region.
• The study found that the relationship between households’ sentiment on their own
income and their view on the overall employment scenario has returned to pre-
pandemic levels for all regions, with the strongest link observed in the northern
region.
• Overall spending is primarily driven by essential expenditures, which are mostly
price inelastic. The study also revealed that higher income groups displayed more
optimism post-pandemic.

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Launch of PRAVAAH, RBI Retail Direct Mobile Application and FinTech

Repository

Reserve Bank of India launched three major initiatives namely the PRAVAAH portal,
the Retail Direct Mobile App and a FinTech Repository

1. ‘PRAVAAH’ (Platform for Regulatory Application, VAlidation and

AutHorisation) portal

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➢ PRAVAAH is a secure and centralised web-based portal for any individual or entity
to seek authorisation, license or regulatory approval on any reference made by it
to the Reserve Bank. The following are some of the key features available in the
portal.

i. Submit the application online on the portal;

ii. Track and Monitor the status of the application/reference;
iii. Respond to any clarification/query sought by the RBI in connection with the
application/reference; and
iv. Receive a decision from the Reserve Bank in a time bound manner.

2. Mobile Application for RBI Retail Direct portal

✓ The retail direct portal was launched in November 2021 to facilitate retail investors
to open their Retail Direct Gilt accounts with the Reserve Bank of India under the

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Retail Direct Scheme. The scheme allows retail investors to buy G-Secs in the
primary auctions as well as buy and sell G-Secs in the secondary market.
✓ With the launch of the retail direct mobile app, retail investors can now transact in
G-Secs using the mobile app on their smartphones. The mobile app can be
downloaded from the Play Store for Android users and App Store for iOS users.

➢ Note- Retail Direct Scheme

✓ Introduced in November 2021.

✓ It gives access to individual investors to maintain gilt accounts with the RBI and
invest in government securities.
✓ The scheme enables investors to buy securities in primary auctions as well as
buy/sell securities through the NDS-OM platform. Negotiated Dealing System -
Order Matching system (NDS-OM) means RBI’s screen based anonymous
electronic order matching system for trading in Government securities in the
secondary market.
✓ It is providing facilities to retail investors in government securities market
through an online portal:
✓ Open and maintain a ‘Retail Direct Gilt Account’,

➢ Eligibility: Retail investors can register under the scheme and maintain an RDG
account, if they have the following:

• Rupee savings bank account maintained in India,

• PAN, any officially valid document for KYC purpose,
• Valid email-ID and registered mobile number.

➢ Payment

• Payments for transactions can be done conveniently using saving bank account
through internet-banking or Unified Payments Interface (UPI).
• No fee will be charged for opening and maintaining Retail Direct Gilt account
with RBI.
• No fee will be charged by the aggregator for submitting bids in the primary
auctions.
• Fee for payment gateway etc., as applicable, will be borne by the registered
investor.

➢ Registered investors can use the online portal for the following investor services:
• Account Statement
Transaction history and balance position of securities holdings in the Retail
Direct Gilt Account can be obtained from the link provided. All transaction alerts
will be provided through e-mail / SMS.
• Nomination Facility
The nomination form in the prescribed format duly signed can be filled up and
uploaded. There can be a maximum of two nominees. In the event of death of the
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registered investor, the securities available in the RDG Account can be

transmitted to the RDG Account or any other Government Securities account of
the nominee on submission of death certificate and transmission form.
• Pledge / Lien
Securities held in the RDG Account will be available for pledge/lien
• Gift Transactions
Retail Direct investors will have an online facility to gift Government Securities
to other Retail Direct investors.
• Grievance Redressal
Any query or grievances related to Retail Direct Scheme can be raised on the
portal which will be handled / resolved by Public Debt Office (PDO) Mumbai,
RBI.

3. FinTech Repository

✓ The FinTech Repository aims to capture essential information about FinTech

entities, their activities, technology uses, etc. FinTechs, both regulated and
unregulated, are encouraged to contribute to the Repository.
✓ Simultaneously, a related repository for only RBI regulated entities (banks and
NBFCs) on their adoption of emerging technologies (like AI, ML, Cloud Computing,
DLT, Quantum, etc.), called EmTech Repository is also being launched and can be
accessed.
✓ The FinTech and EmTech Repositories are secure web-based applications and are
managed by the Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary
of RBI.

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✓ The repository would enable availability of aggregate sectoral level data, trends,
analytics, etc., that would be useful for both policymakers and participating industry
members.
✓ Reserve Bank of India encourages the FinTechs and Regulated Entities to actively
contribute to the Repositories.

RBI imposes business restrictions on ECL Finance, Edelweiss ARC citing

material concerns

Supervisory Action against ECL Finance Limited and Edelweiss Asset

Reconstruction Company Limited based on material supervisory concerns

The Reserve Bank of India has today, in exercise of its powers under the
Securitizations and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (SARFAESI) and the Reserve Bank of India Act, 1934
imposed business restrictions on the following supervised entities respectively,
belonging to the Edelweiss Group.
The Reserve Bank has directed:

(i) ECL Finance Ltd (ECL) to cease and desist, with immediate effect, from
undertaking any structured transactions in respect of its wholesale
exposures, other than repayment and/ or closure of accounts in its normal
course of business.

(ii) Edelweiss Asset Reconstruction Company Limited (EARCL) to cease and

desist from acquisition of financial assets including security receipts (SRs)
and reorganising the existing SRs into senior and subordinate tranches.

▪ The action is based on material concerns observed during the course of

supervisory examinations, essentially arising out of conduct of the group entities
acting in concert, by entering into a series of structured transactions for
evergreening stressed exposures of ECL, using the platform of EARCL and
connected AIFs, thereby circumventing applicable regulations. Incorrect valuation
of SRs was also observed in both ECL and EARCL.
▪ Apart from the above, in ECL, supervisory observations included submission of
incorrect details of its eligible book debts to its lenders for computation of drawing
power, non-compliance with loan to value norms for lending against shares,
incorrect reporting to Central Repository for Information on Large Credits system
(CRILC) and non-adherence to Know Your Customer (KYC) guidelines.
▪ ECL, by taking over loans from non-lender entities of the group for ultimate sale to
the group ARC, allowed itself to be used as a conduit to circumvent regulations
which permit ARCs to acquire financial assets only from banks and Financial
Institutions.
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▪ In EARCL, other violations included not placing the Reserve Bank’s supervisory
letter issued after the previous inspection for 2021-22 before the Board, non-
compliance with regulations pertaining to settlement of loans and sharing of non-
public information of its clients with group entities.

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SEBI CIRCULARS APRIL 2024

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Framework for administration and supervision of Research Analysts

and Investment Advisers

1. In terms of Regulation 38A of the ‘SECC Regulations’ notified on April 26, 2024,
a recognised Stock Exchange may undertake the activities of administration and
supervision over specified intermediaries on such terms and conditions and to
such an extent as may be specified. Accordingly, Stock Exchange shall now be
recognised as RAASB2 and IAASB3 under Regulation 14 of the ‘RA Regulations’
and ‘IA Regulations’5 for administration and supervision of Research Analysts
(‘RAs’) and Investment Advisers (‘IAs’) respectively.

2. As per clause (xi) of Regulation 6 of RA Regulations and clause (n) of Regulation

6 of IA Regulations, an applicant seeking registration as RA and IA is required to
be enlisted with RAASB and IAASB respectively. The provisions governing
enlistment including enlistment of existing RAs/IAs and of applicants whose
registration applications are under process as on the effective date of this
circular are specified in the enclosed framework.

Repeal and Savings with respect to the erstwhile IAASB framework

3. From the effective date of this circular, the existing framework for
administration and supervision of IAs as specified through SEBI circular dated
June 18, 2021 and subsequently incorporated under the head “Administration
and Supervision of Investment Advisers” of Master Circular for Investment
Advisers dated June 15, 2023 stands rescinded.

4. In terms of regulation 30A of IA Regulations, notwithstanding the aforesaid

rescission, any action taken or purported to have been taken or any action that
may be taken against any person in relation to the membership of IAASB
recognised under regulation 14 of IA Regulations, as applicable in the rescinded
framework of IAASB, shall be deemed to have been done or taken or may be
taken under the corresponding provisions of the amended IA Regulations.
Operationalization of RAASB and IAASB framework

5. Based on fulfillment of the criteria specified in Annexure I to this circular, a stock

exchange shall be granted recognition as RAASB and IAASB. To begin with, in
order to ensure efficiency in the system and economies of scale, RAASB and
IAASB shall be one and the same stock exchange.

Timeline for implementation

6. This circular shall become effective on July 25, 2024 (ninetieth day from the date
of publication in the Official Gazette of the amendments to RA Regulations made
vide the SEBI (Research Analysts) (Amendment) Regulations, 2024 and the

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amendments to IA Regulations made vide the SEBI (Investment Advisers)

(Amendment) Regulations, 2024).

7. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with regulation 14 of RA
Regulations and IA Regulations to protect the interests of investors in securities
market and to promote the development of, and to regulate the securities

Facilitating collective oversight of distributors for Portfolio

Management Services (PMS) through APMI

1. Regulation 23 (11) of SEBI (Portfolio Managers) Regulations, 2020, inter-alia

states that the portfolio manager shall ensure that any person or entity involved
in the distribution of its services is carrying out the distribution activities in
compliance with the SEBI (Portfolio Managers) Regulations, 2020 and circulars
issued thereunder from time to time.

2. Additionally, Portfolio Managers are required to ensure that distributors abide

by the Code of Conduct.

3. In order to simplify and ease compliances, a working group was constituted to

review the present regulatory framework under SEBI (Portfolio Managers)
Regulations, 2020 and recommend measures to promote ease of doing business.
Based on the recommendations of the working group, a public consultation was
carried out.

4. Pursuant to the above, in order to facilitate collective oversight of PMS

distributors at the industry level, it has been decided that any person or entity
involved in the distribution of portfolio management services shall obtain
registration with APMI. Portfolio Managers shall ensure that any person or
entity engaged in the distribution of its services has obtained registration with
APMI, in accordance with the criteria laid down by APMI.

5. This circular shall come into effect from January 01, 2025. APMI shall issue the
criteria for registration of distributors by July 01, 2024.

6. This circular is issued in exercise of the powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 read with Regulation 43 of
SEBI (Portfolio Managers) Regulations, 2020, to protect the interest of investors
in securities and to promote the development of, and to regulate the securities
market.

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Entities allowed to use e-KYC Aadhaar Authentication services

of UIDAI in Securities Market as sub-KUA

1. The Master Circular on Know Your Client (KYC) norms for the securities market
dated October 12, 2023 inter alia has detailed the provision for the adaptation of
Aadhaar based e-KYC process and e-KYC Authentication facility for Resident
Investors under section 11A of the Prevention of Money Laundering Act, 2002 in
securities market as sub-KUA and on-boarding process of sub-KUA by UIDAI.

2. Department of Revenue, Ministry of Finance (DoR-MoF) has from time to time

issued gazette notifications notifying entities, to undertake Aadhaar
authentication service of UIDAI under Section 11A of the Prevention of Money
Laundering Act, 2002.

3. DoR-MoF dated April 30, 2024, notified one entity which is permitted to use
Aadhaar authentication services of UIDAI under section 11A of the Prevention of
Money-laundering Act, 2002.

4. The above-mentioned entity shall follow the process as detailed in SEBI circular
dated October 12, 2023 and as may be prescribed by UIDAI from time to time.
The KUAs shall facilitate the on-boarding of the entity as sub-KUA to provide the
services of Aadhaar authentication with respect to KYC.

5. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 to protect the interests of
investors in securities and to promote the development of, and to regulate the
securities markets.

Periodic reporting format for Investment Advisers

1. In terms of Regulation 15(12) of Securities and Exchange Board of India

(Investment Advisers) Regulations, 2013 (“IA Regulations”), investment
advisers are required to furnish to SEBI, information and reports as may be
specified by SEBI from time to time.
2. SEBI has recognized Investment Advisers Administration and Supervisory Body
(“IAASB”) for the purpose of administration and supervision of Investment
Advisers (“IAs”) under regulation 14 of the IA Regulations. At present, the IAASB
has been seeking reports from IAs on an ad-hoc basis. It is decided to specify a
standardized format for periodic reporting for IAs. Consultative process for
development of periodic reporting format.
3. Pursuant to formation of Industry Standards Forum (“ISF”) for IAs, ISF has
discussed the development of a standardized format for periodic reporting for
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IAs and has provided its recommendations to SEBI in this regard. Based on the
recommendations received from ISF, a standardized periodic reporting format
for submission of information by IAs pertaining to their activities on periodic
basis has been prepared.
4. Periodicity of reporting IAs shall submit periodic report for half-yearly periods
ending on September 30 and March 31 of every financial year.

Timelines for submission of periodic reports

5. IAASB is directed to make necessary arrangements for obtaining periodic

reports from IAs in the format specified in Annexure I and shall issue a circular
to IAs in this regard, within thirty days from the date of issuance of this circular.

6. IAs shall submit periodic report in the format specified from the half yearly
period ending on March 31, 2024. The timelines for submission of periodic
reports by IAs shall be as under:

6.1. IAs shall submit the periodic report for the half-yearly period ending on
March 31, 2024 to IAASB within a period of fifteen days from the date of
issuance of circular by IAASB.

6.2. For the subsequent half-yearly periods, IAs shall submit periodic reports
within seven working days from the end of the half-yearly period for which
details are to be furnished.

Framework for considering unaffected price for transactions upon

confirmation of market rumour

1. In terms of Regulation 30(11) of SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 (“LODR Regulations”), as amended by SEBI
(Listing Obligations and Disclosure Requirements) (Amendment) Regulations,
2024, listed entity is required to verify market rumours, upon material price
movement. The stock exchanges shall issue the framework for material price
movement on their websites.

2. As per second proviso to Regulation 30(11) of LODR Regulations, unaffected price

shall be considered for transactions on which pricing norms specified by SEBI or
the stock exchanges are applicable, provided that the rumour pertaining to such
transaction has been confirmed within 24 hours from the trigger of material price
movement. Further, it has been specified that the unaffected price shall be
considered by excluding the effect on the price of the equity shares of the listed
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entity due to the material price movement and confirmation of the rumour.
Accordingly, the framework for considering unaffected price is placed to this
circular and the same shall be applicable to top 100 listed entities with effect from
June 01, 2024 and to top 250 listed entities (i.e., next top 150) with effect from
December 01, 2024.

3. The Stock Exchanges are advised to bring the contents of this circular to the notice
of their listed entities and ensure its compliance.

Framework For Considering Unaffected Price

1. The calculation of adjusted volume weighted average price (“VWAP”) for

considering unaffected price is given below:

1.1. The variation in daily WAP from the day of material price movement till the
end of the next trading day after confirmation of the rumour shall be attributed to
the rumour and confirmation of the rumour (“WAP variation”).
1.2. The adjusted daily WAP shall be calculated by excluding the WAP variation
from the daily WAP in the look back period from the day of the material price
movement onwards. The adjusted daily WAP from the day of material price
movement till the end of the next trading day after confirmation of the rumour
shall be same as the daily WAP on the trading day preceding the day of material
price movement.

Industry Standards on verification of market rumours

1. In order to facilitate ease of doing business, the Industry Standards Forum (“ISF”)
comprising of representatives from three industry associations, viz. ASSOCHAM,
CII and FICCI, under the aegis of the Stock Exchanges, on a pilot basis, has
formulated industry standards, in consultation with SEBI, for effective
implementation of the requirement to verify market rumours under Regulation
30(11) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“LODR Regulations”). The industry associations which are part of ISF
(ASSOCHAM, FICCI, and CII) and the stock exchanges shall publish the industry
standards note on their websites.
2. The listed entities shall follow the aforesaid industry standards to ensure
compliance with Regulation 30(11) of LODR Regulations.

3. The requirement to verify market rumours under Regulation 30(11) of LODR

Regulations shall be applicable to top 100 listed entities with effect from June 01,
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2024 and to top 250 listed entities (i.e., next top 150) with effect from December
01, 2024 as specified by SEBI circular dated January 25, 2024,

4. The Stock Exchanges are advised to bring the contents of this circular to the
notice of their listed entities and ensure its compliance.

5. This circular is issued in exercise of the powers conferred under Section 11(1)
and 11A of the Securities and Exchange Board of India Act, 1992 read with
regulation 101 of LODR Regulations.

Modification in Staggered Delivery Period in Commodity Futures

Contracts

1. SEBI vide ‘Master Circular for Commodity Derivatives Segment’ dated August 04,
2023 has issued various requirements for stock exchanges and clearing
corporations for compliance in commodity derivatives segment. Chapter 11 of
aforementioned Master Circular deals with Delivery and Settlement.

2. Based on representations received from market participants and deliberations by

Commodity Derivatives Advisory Committee (CDAC) of SEBI, paragraph 11.1.3 of
the aforementioned Master Circular on Minimum duration of staggered delivery
stands revised as follows and other conditions remain the same:

“11.1.3. The minimum duration of staggered delivery period shall be at least three
working days.”

3. The circular shall be effective from July 01, 2024 i.e., for contracts where
staggered delivery is scheduled after this date.

4. The Stock Exchanges and Clearing Corporations are advised to bring the
provisions of this circular to the notice of their members and also to disseminate
the same on their website.

Norms for sharing of real time price data to third parties

1. It has been observed that certain online gaming platforms, apps, websites, etc.
(hereafter referred to as “platforms”) are providing virtual trading services or
fantasy games which are based on movement of real time share prices (price data)
of listed companies. Some platforms are even offering monetary incentives based
on the performance of the virtual stock portfolio.

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2. The issue of sharing of real time price data with third parties including various
platforms was deliberated in Secondary Market Advisory Committee of SEBI
(SMAC). Based on the recommendations of SMAC and to curb misuse or
unauthorized use of such data, it has been decided that sharing of real time price
data with third parties shall be subject to the following:

I. Stock exchanges, clearing corporations and depositories (collectively referred

as Market Infrastructure Institutions (MIIs)) and registered market
intermediaries shall ensure that no real time price data is shared with any
third party including various platforms, except where sharing of such
information is required for orderly functioning of the securities market or for
fulfilling regulatory requirements.

II. MIIs or market intermediaries shall enter into appropriate agreement with
entities with whom they intend to share real time price data. The said
agreement shall provide for activities for which the real time price data would
be used by the entity including the justification that it is required for orderly
functioning of the securities market. The list of entities and activities for which
the real-time data is being shared with shall be reviewed by the Board of the
MIIs or market intermediaries at least once in a financial year.

III. Market price data may be shared for investor education and awareness
activities without offering any kind of monetary incentive to the participants,
with a lag of 1 day.

IV. MIIs and market intermediaries shall ensure due diligence while sharing such
data. The legal agreement for sharing the data shall have provisions to prevent
any kind of misuse of the same by the entities.

V. The MIIs and the market intermediaries shall on best effort basis take
necessary steps to avoid misuse of price data by entities with whom the data is
being shared.

3. All MIIs are advised to:

I. Take necessary steps and put in place necessary systems for implementation of
the above.
II. Make necessary amendments to the relevant bye-laws, rules and regulations,
wherever required, for the implementation of the above; and.
III. Bring the provisions of this circular to the notice of the market participants
(including investors) and disseminate the same on their website.

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Timelines for disclosures by Social Enterprises on Social Stock Exchange

(“SSE”) for FY 2023-24.

1. In terms of Regulation 91C (1) of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR
Regulations’) Not for Profit Organizations (NPOs) registered on SSE including
NPOs whose designated securities are listed on SSE, shall be required to make
annual disclosures to the SSE on matters specified.

2. In terms of Regulation 91E (1) of SEBI LODR Regulations, 2015, Social Enterprises
which has registered or raised funds through SSE shall be required to submit
Annual Impact Report to SSE by 31st October, 2024 for the Financial Year 2023-
24.

Standard Operating Procedure for handling of Stock Exchange outage

and extension of trading hours thereof in Commodity Derivatives segment

1. SEBI vide circular dated January 09, 2023 has prescribed standard operating
procedure for handling stock exchange outage and extension of trading hours
thereof in Cash Market and Equity Derivatives segment.

2. In continuation of the same, standard operating procedure for handling stock

exchange outage and extension of trading hours thereof in Commodity
Derivatives segment was deliberated by Commodity Derivatives Advisory
Committee (CDAC) of SEBI.

3. The stock exchanges should ensure necessary changes in the systems to

extending market hours as specified in this circular. Accordingly, the circular
shall be effective from July 01, 2024.

4. The Stock Exchanges are advised to bring the provisions of this circular to the
notice of their members and also to disseminate the same on their website.

5. This Circular is issued in exercise of the powers conferred under Section 11 (1) of
the Securities and Exchange Board of India Act, 1992, to protect the interests of
investors in securities and to promote the development of, and to regulate the
securities market.

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Essays

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Powering The Future: Renewable Energy in India

India, a nation with a burgeoning population and ambitious development goals,
faces a significant challenge – meeting its ever-growing energy demand in a
sustainable manner. Fossil fuels, the traditional source of energy, are not only
finite but also contribute heavily to climate change. Renewable energy, with its
vast potential and environmental benefits, has emerged as a beacon of hope for
India's energy future.

India boasts a rich tapestry of renewable energy resources. Solar energy reigns
supreme, with the country bathed in abundant sunlight throughout the year. The
government's ambitious "One Sun, One World, One Grid" initiative aims to create
a global solar energy market, further solidifying India's position as a solar
powerhouse. Wind energy thrives in coastal areas and along mountain ranges,
with wind farms dotting the landscape. Hydropower, utilizing the power of
flowing water, remains a crucial source, particularly in the Himalayan region.
Bioenergy, derived from agricultural waste and biomass, offers a solution for
rural electrification and energy security. Additionally, geothermal energy holds
promise, especially in the geologically active regions.

The adoption of renewable energy offers a multitude of advantages for India.

Firstly, it fosters energy security by reducing dependence on imported fossil
fuels. Secondly, it mitigates the impact of climate change by minimizing
greenhouse gas emissions. Clean energy also improves public health by reducing
air pollution, a major concern in Indian cities. Furthermore, renewable energy
creates new job opportunities in manufacturing, installation, and maintenance of
renewable energy infrastructure. Additionally, decentralized renewable energy
solutions like rooftop solar panels empower rural communities by providing
access to reliable electricity, fostering economic development.

However, the path to a renewable energy future is not without hurdles. The
initial cost of setting up renewable energy infrastructure can be high, requiring
strong government support and innovative financing models. Storage solutions
for intermittent sources like solar and wind power need further development to
ensure a stable and reliable energy supply. Land acquisition for large-scale
projects can be a complex issue, requiring sensitive negotiation with local
communities. Finally, grid integration, seamlessly connecting renewable energy
sources with the existing grid, necessitates significant upgrades.

Despite the challenges, India has made remarkable strides in harnessing

renewable energy potential. The government has set ambitious targets, aiming
to achieve 450 GW of installed renewable energy capacity by 2030. Policy
initiatives like production-linked incentives for solar panel manufacturing, net
metering schemes for rooftop solar installations, and renewable energy
purchase obligations for power distribution companies are accelerating the shift
towards clean energy.
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Efforts have been made by the Government to increase awareness about the use
of renewable energy through introduction of various schemes and publicity
through print and media. The list of schemes introduced are given below.
Details of the ongoing major Renewable Energy Schemes / Programmes
1. Scheme for Development of Solar Parks and Ultra-mega Solar Power
Projects with a target of setting up 40,000 MW capacity. Under the scheme, the
infrastructure such as land, roads, power evacuation system water facilities are
developed with all statutory clearances/approvals. Thus, the scheme helps
expeditious development of utility-scale solar projects in the country.
2. Central Public Sector Undertaking (CPSU) Scheme Phase-II (Government
Producer Scheme) for setting up grid-connected Solar Photovoltaic (PV) Power
Projects by Government Producers, using domestically manufactured solar PV
cells and modules, with Viability Gap Funding (VGF) support, for self-use or use
by Government/ Government entities, either directly or through Distribution
Companies (DISCOMS).
3. Production Linked Incentive scheme ‘National Programme on High Efficiency
Solar PV Modules’ for achieving manufacturing capacity of Giga Watt (GW) scale
in High Efficiency Solar PV modules (Tranche- I & II).
4. PM-KUSUM Scheme to promote small Grid Connected Solar Energy Power
Plants, stand-alone solar powered agricultural pumps and solarisation of existing
grid connected agricultural pumps. The scheme is not only beneficial to the
farmers but also States and DISCOMs. States will save on subsidy being provided
for electricity to agriculture consumers and DISCOMs get cheaper solar power at
tail end saving transmission and distribution losses.
5. Rooftop Solar Programme Phase II for grid connected solar rooftop power
plants. Under this Programme, subsidy is provided for residential sector and
performance linked incentives to DISCOMs for achieving capacity addition in
rooftop solar above baseline.
6. Green Energy Corridors (GEC): to create intra-state transmission system for
renewable energy projects. Central Financial Assistance (CFA) is provided to set
up transmission infrastructure for evacuation of Power from Renewable Energy
projects in total ten States (considering both the phases of GEC).
(i) Intra-State Transmission System Green Energy Corridor Phase-I
(ii) Intra-State Transmission System Green Energy Corridor Phase-II

7. Bio-Energy Programme:
• Waste to Energy Programme: Programme on Energy from Urban, industrial and
Agricultural Wastes/Residues
• Biomass Programme: Scheme to Support Manufacturing of Briquettes & Pellets
and Promotion of Biomass (non-bagasse) based cogeneration in Industries.
• Biogas Programme: for promotion of family type Biogas plants
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8. Renewable Energy Research and Technology Development (RE-RTD)

Programme (Support Programme).
9. Human Resource Development Scheme with components such as short-term
trainings & skill development programmes, fellowships, internships, support to
lab upgradation for RE and renewable energy chair.
10. National Green Hydrogen Mission launched with an outlay of Rs. 19,744 Crore
with aim to make India a Global Hub for production, utilization and export of
Green Hydrogen and its derivatives.
11. PM-Surya Ghar: Muft Bijli Yojana
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has
approved PM-Surya Ghar: Muft Bijli Yojana with a total outlay of Rs.75,021
crore for installing rooftop solar and providing free electricity up to 300 units
every month for One Crore households. The Prime Minister had launched the
scheme on 13th February, 2024.
The major highlights of the scheme include:
Central Financial Assistance (CFA) for Residential Rooftop Solar

i. The scheme provides a CFA of 60% of system cost for 2 kW systems and 40%
of additional system cost for systems between 2 to 3 kW capacity. The CFA will
be capped at 3 kW. At current benchmark prices, this will mean Rs 30,000
subsidy for 1 kW system, Rs 60,000 for 2 kW systems and Rs 78,000 for 3 kW
systems or higher.
ii. The households will apply for subsidy through the National Portal and will be
able to select a suitable vendor for installing rooftop solar. The National Portal
will assist the households in their decision-making process by providing
relevant information such as appropriate system sizes, benefits calculator,
vendor rating etc.
iii. Households will be able to access collateral-free low-interest loan products of
around 7% at present for installation of residential RTS systems up to 3 kW.

Other Features of the Scheme

i. A Model Solar Village will be developed in each district of the country to act as
a role model for adoption of rooftop solar in rural areas,
ii. Urban Local Bodies and Panchayati Raj Institutions shall also benefit from
incentives for promoting RTS installations in their areas.
iii. The scheme provides a component for payment security for renewable energy
service company (RESCO) based models as well as a fund for innovative
projects in RTS.

Looking ahead, several key areas require focus. Firstly, continuous research and
development in renewable energy technology will enhance efficiency and
affordability. Secondly, building a skilled workforce through targeted training

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programs is crucial for a smooth transition. Thirdly, fostering public awareness

about the benefits of renewable energy will garner greater public support.
Finally, international collaboration on technology transfer and knowledge
sharing is imperative for rapid progress.

In conclusion, India's journey towards a renewable energy future holds

immense promise. By harnessing its abundant natural resources, overcoming
existing challenges, and implementing effective policies, India can not only
power its own development but also emerge as a global leader in clean energy
solutions. The sun shines brightly on India, and with continued commitment and
innovation, renewable energy can illuminate a brighter and more sustainable
future for the nation.

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The Double Down: A Look at Online Gambling in India

India, a land of rich culture and tradition, finds itself grappling with a modern
dilemma - online gambling. This rapidly growing industry presents a complex
picture, offering both potential benefits and significant drawbacks. This essay
will delve into the current state of online gambling in India, exploring its legality,
economic impact, and social implications.

The legal landscape surrounding online gambling in India is a murky one. The
Public Gambling Act of 1867, enacted during British rule, remains the primary
legislation. However, it primarily addresses physical gambling establishments
and offers little clarity on online platforms. Each state holds the power to
formulate its own laws, leading to a patchwork of regulations. Some states, like
Telangana and Sikkim, have explicitly banned online gambling, while others
maintain a grey area. This ambiguity creates a breeding ground for unregulated
foreign companies to operate, raising concerns about player safety and financial
security.

Despite the legal uncertainties, the online gambling market in India is

flourishing. Estimates suggest it could be worth a staggering $60 billion
annually, with a significant portion operating in the shadows. The rise of mobile
internet and the growing disposable income of the young population fuel this
growth. Online platforms offer a diverse range of games, from poker and
roulette to fantasy sports and online rummy, which some argue falls under the
category of a game of skill and is thus legal.

Proponents of legalizing and regulating online gambling point to the potential

economic benefits. A regulated market could generate significant tax revenue for
the government, which could then be used for social development programs.
Additionally, online gambling platforms can create employment opportunities in
the IT and customer service sectors. The success stories of states like Goa, with
its legal brick-and-mortar casinos generating substantial tax revenue, are often
cited as examples.

However, the social implications of online gambling are a cause for concern. The
ease of access and the often-glamorous portrayal of gambling online can lead to
addiction, particularly among vulnerable populations. The potential for financial
ruin, social isolation, and even criminal activity to fund an addiction is a
significant risk. The lack of regulation in the online space further exacerbates
these issues, as players have no recourse in case of unfair practices or fraudulent
activities.

Furthermore, the cultural and religious sensitivities surrounding gambling in

India cannot be ignored. Gambling is often associated with vice and immorality,
and its widespread adoption could create social friction. Public awareness

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campaigns are crucial to educate people about the responsible use of online
gambling platforms and the dangers of addiction.

The path forward for online gambling in India lies in a well-defined regulatory
framework. The government needs to enact clear and comprehensive legislation
that addresses both domestic and foreign operators. Stringent licensing
procedures, robust player protection measures, and responsible advertising
practices are essential components of such a framework. Additionally,
promoting responsible gambling habits through public awareness campaigns
and providing support services for those struggling with addiction is crucial.

In conclusion, online gambling presents a double-edged sword for India. While it

holds the potential for economic benefits and increased revenue, the social and
financial risks associated with it cannot be overlooked. A balanced approach that
embraces regulation, safeguards players, and acknowledges cultural sensitivities
is the key to unlocking the potential of this industry without jeopardizing the
well-being of its citizens. Only then can India truly take a winning hand in the
game of online gambling.

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A Lost Generation? Youth Unemployment in India

India, a nation brimming with young minds, faces a paradox: a burgeoning youth
population alongside a significant problem of youth unemployment. This essay
will delve into the causes and consequences of youth unemployment in India,
and explore potential solutions to bridge this critical gap.

One key factor contributing to youth unemployment is the mismatch between

skills and job market demands. The education system often focuses on rote
learning rather than practical skills development. This leaves graduates ill-
equipped for the increasingly technology-driven job market. Additionally, a rigid
focus on traditional degrees can make fresh graduates hesitant to explore
unconventional career paths.

Furthermore, India's economic growth hasn't kept pace with its growing
population. This translates to a shortage of jobs, particularly for young people
entering the workforce. The situation is exacerbated by the informal nature of a
large portion of the Indian economy, offering limited formal job opportunities.

The consequences of youth unemployment are far-reaching. It leads to a sense of

despair and frustration among young people, hindering their economic
independence and social mobility. It can also fuel social unrest and hinder
India's economic progress by wasting its most valuable resource – its young
population.

Combating this challenge requires a multi-pronged approach. Revamping the

education system to prioritize skill development alongside theoretical
knowledge is crucial. This could involve incorporating vocational training,
internships, and industry collaborations into educational programs.The
government can play a vital role by promoting entrepreneurship and innovation
among young people. This could involve providing easier access to credit,
fostering a startup ecosystem, and encouraging skill development programs
aligned with emerging industries. Additionally, there's a need to address the
issue of informality in the Indian economy. Formalizing a larger portion of the
workforce could create more job opportunities and improve working conditions
for young people. The government has launched many schemes to tackle the
issue of unemployment. Some of them are, Support for Marginalized Individuals
for Livelihood and Enterprise (SMILE), PM-DAKSH (Pradhan Mantri Dakshta Aur
Kushalta Sampann Hitgrahi), Mahatma Gandhi National Rural Employment
Guarantee Act (MGNREGA), Pradhan Mantri Kaushal Vikas Yojana (PMKVY),
Start Up India Scheme, Rozgar Mela, Indira Gandhi Urban Employment
Guarantee Scheme, etc.

In conclusion, youth unemployment in India is a complex issue with multifaceted

causes and consequences. By focusing on skill development, fostering
entrepreneurship, and addressing the informality of the economy, India can
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empower its young population and unlock its true potential. Only by equipping
and engaging its youth can India truly reap the benefits of its demographic
dividend and become a global powerhouse.

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Bridging the Gap: Financial Inclusion in India

Financial inclusion, the accessibility of financial services to all sections of society,
is a cornerstone of economic development in a nation as diverse as India. This
essay will explore the significance of financial inclusion in India, analyze the
challenges faced, and propose strategies to achieve a more inclusive financial
landscape.

India boasts a vast unbanked population, particularly in rural areas. This lack of
access to formal financial services forces many to rely on informal lenders who
charge exorbitant interest rates, trapping them in a cycle of debt. Financial
inclusion aims to dismantle these barriers by bringing the underbanked into the
formal financial sector.

Financial inclusion empowers individuals and communities. It fosters a culture

of saving, allowing people to build a safety net and invest in their future. Easy
access to credit enables micro-entrepreneurs to start and grow businesses,
fostering economic activity and job creation. Additionally, financial inclusion
promotes financial literacy, educating individuals on managing their finances
effectively.

However, achieving financial inclusion presents significant challenges.

Infrastructure limitations in rural areas hinder the establishment of bank
branches. Furthermore, low levels of financial literacy, coupled with language
barriers, can make navigating the formal financial system daunting for many.
Additionally, stringent eligibility criteria for traditional banking products often
exclude the most vulnerable sections of society.

To bridge this gap, India has implemented various initiatives. The Pradhan
Mantri Jan Dhan Yojana (PMJDY) has facilitated the opening of millions of bank
accounts, providing basic banking services to the previously unbanked. The rise
of digital financial services, including mobile banking and e-wallets, has
revolutionized access, particularly in remote areas. These services offer
convenience and require minimal documentation, making them more accessible
to the underbanked population.

Looking ahead, continuous efforts are needed. Expanding financial literacy

programs can empower individuals to make informed financial decisions.
Promoting microfinance institutions that cater to specific needs of the
underbanked is crucial. Additionally, leveraging technology further, by
developing user-friendly financial products and apps in local languages, can
significantly enhance accessibility.

In conclusion, financial inclusion is not just about access to bank accounts, but
about economic empowerment and social inclusion. By addressing the
challenges and implementing effective strategies, India can create a more
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inclusive financial system, unlocking the full potential of its vast population and
propelling the nation towards sustainable economic growth.

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Freebie Frenzy: A Boon or Bane for India?

The term "freebie" in India's political landscape refers to government handouts
or subsidized goods and services promised by political parties to woo voters.
This essay will delve into the ongoing debate surrounding freebies in India,
analyzing their potential benefits and drawbacks, and exploring ways to
navigate this complex issue.

Proponents of freebies argue that they act as a social safety net, alleviating the
financial burden on vulnerable sections of society. Free food rations, subsidized
electricity, and loan waivers for farmers can provide much-needed relief for the
underprivileged. Additionally, freebies like bicycles or laptops for students can
promote education and bridge the digital divide.

However, critics argue that freebies are unsustainable in the long run. They
often translate into a strain on government finances, diverting resources away
from crucial areas like infrastructure development, healthcare, and education.
This can lead to fiscal deficits and hinder long-term economic growth.

Furthermore, some freebies lack proper targeting, leading to leakages and

benefiting those who don't necessarily need them. This creates a sense of
entitlement and discourages self-reliance among some sections of the
population. Additionally, the competition among political parties to offer the
most extravagant freebies can lead to irresponsible populism, undermining
policy-based governance.

Finding a middle ground is crucial. Judicious use of freebies, targeted towards

the most vulnerable sections, can be beneficial. However, a focus should be on
long-term investments in infrastructure, education, and healthcare that create
sustainable opportunities for all.

One potential solution is to differentiate between essential public services like

education and healthcare, which require government investment, and handouts
that might be better replaced with well-designed social security programs.
Encouraging financial literacy and promoting skill development can empower
individuals to become financially independent, reducing reliance on freebies.

In conclusion, the issue of freebies in India is multifaceted. While they can offer
some temporary relief, a focus on responsible fiscal management and long-term
development plans is essential. By striking a balance and promoting self-
reliance, India can ensure a future where its citizens thrive, not just survive, on
government handouts.

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The Double-Edged Sword: Social Media's Impact on

Youth
Social media has woven itself into the fabric of modern life, and for today's youth,
it's not just a platform; it's a world unto itself. This digital landscape offers a potent
mix of opportunities and challenges that shape their identities, communication,
and overall well-being. On the positive side, social media empowers young people
like never before. It fosters connection and community. Geographically
dispersed friends and families can maintain close ties, and introverted teens can
find like-minded peers online. Social media groups dedicated to shared interests
allow youth to explore passions, build support networks, and discover new
perspectives.

Furthermore, social media platforms have become powerful tools for learning
and self-expression. Educational content creators offer engaging instruction on a
vast array of subjects, fostering a love of learning that transcends traditional
classrooms. Aspiring artists, musicians, and writers can showcase their talents to a
global audience, gaining valuable feedback and recognition. Social media can also
be a platform for activism, allowing young people to raise awareness about social
issues they care about and advocate for change.

However, the curated perfection often displayed on social media can have a
detrimental impact on young minds. The constant barrage of airbrushed photos
and meticulously crafted online personas can cultivate feelings of inadequacy and
social comparison. This, coupled with the pressure to garner "likes" and followers,
can lead to low self-esteem, anxiety, and depression. The fear of missing out
(FOMO) can also be a significant issue, as teenagers constantly bombarded with
updates of others' seemingly exciting lives can feel left out.

Cyberbullying is another major concern. The anonymity afforded by the online

world emboldens some to engage in cruel and hurtful behavior. The constant
threat of online harassment can have a lasting negative impact on a young person's
mental health.

Social media can also be a breeding ground for misinformation and echo chambers.
Algorithmic filters can create personalized bubbles where users are primarily
exposed to content that confirms their existing beliefs, hindering critical thinking
and fostering social polarization. Furthermore, excessive social media use can
negatively impact attention spans and sleep patterns. The constant notifications
and dopamine hits associated with online engagement can make it difficult for
young people to focus on tasks that require sustained attention, leading to
problems in school and everyday life. The blue light emitted by screens can also
disrupt sleep cycles, leading to fatigue and decreased cognitive function

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Parents and educators play a crucial role in guiding young people towards
responsible social media use. Open communication about online safety, setting
clear boundaries on screen time, and encouraging real-world social interaction are
all essential. Social media platforms themselves also have a responsibility to create
a safer and more inclusive online environment. This includes implementing
stricter measures against cyberbullying, promoting content literacy to help users
identify misinformation, and providing tools to manage screen time. Recently, the
Indian government introduced a new amendment to the Information Technology
(Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, or IT Rules,
which gives the Ministry of Electronics and Information Technology (MeitY)
unrestricted power to create a "fact check unit" to identify false or misleading
online content.

Ultimately, social media can be a powerful tool for connection, learning, and self-
expression for young people. However, we must be aware of its potential pitfalls
and work together to create a responsible and healthy online environment for the
next generation. By fostering media literacy, promoting critical thinking, and
encouraging a balanced approach to technology, we can ensure that social media
empowers, rather than hinders, the growth and development of our youth.

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ESI Descriptive

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A Greener Lens: How Green GDP Enhances National

Well-Being and Economic Performance
Traditional Gross Domestic Product (GDP) has long been the primary metric
used to gauge a nation's economic health. It measures the total market value of
all final goods and services produced within a country in a given year. However,
GDP suffers from a significant limitation – it fails to account for the
environmental impact of economic activity. This is where Green GDP steps in,
offering a more comprehensive assessment of a nation's well-being and
economic performance.

Green GDP goes beyond mere monetary value by incorporating environmental

considerations into the economic equation. It aims to capture the costs
associated with economic activity that traditional GDP overlooks. These costs
can be categorized into three main areas:

1. Depletion of Natural Resources: Green GDP factors in the depletion of valuable

natural resources like forests, minerals, and water. By assigning a monetary
value to this depletion, it highlights the long-term cost associated with
unsustainable resource use. This encourages responsible resource management
and incentivizes investment in renewable resources.
2. Environmental Degradation: Economic activity often leads to environmental
degradation, including air and water pollution, habitat destruction, and climate
change. Green GDP attempts to quantify these costs through methods like
pollution accounting and ecosystem valuation. This sheds light on the true cost
of economic growth and can inform policy decisions aimed at mitigating
environmental damage.
3. Loss of Ecosystem Services: Healthy ecosystems provide us with invaluable
services like air and water purification, flood control, and pollination. Green GDP
recognizes the economic value of these services and seeks to factor them into
the equation. This highlights the importance of preserving natural ecosystems
and promoting sustainable practices.

By incorporating these environmental costs, Green GDP provides a more holistic

picture of a nation's economic performance. Here's how it enhances our
understanding of well-being and economic strength:

• Sustainability: Green GDP promotes a shift towards long-term sustainability. It

reveals the hidden costs of environmental degradation associated with short-
term economic gains. By highlighting the depletion of natural capital, it
encourages policies that support sustainable development and intergenerational
equity.
• Informed Policy Making: Green GDP provides valuable data for policymakers.
It allows them to compare the economic benefits of a particular activity with the

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associated environmental costs. This enables them to make more informed

decisions that balance economic growth with environmental protection.
• Resource Allocation: Green GDP can guide more efficient resource allocation.
By highlighting the true value of natural resources, it encourages investment in
cleaner technologies, renewable energy, and resource conservation practices.
This shift towards a greener economy fosters innovation and creates new
opportunities for sustainable growth.
• Well-being: Ultimately, a healthy environment is essential for human well-
being. Green GDP acknowledges this connection, recognizing that economic
growth cannot be viewed in isolation from its impact on our health, air quality,
and access to clean water. By incorporating these factors, it provides a more
accurate picture of a nation's overall well-being.

However, implementing Green GDP comes with challenges. Accurately valuing

environmental costs presents a significant hurdle. Assigning monetary values to
ecosystem services and biodiversity loss is complex and requires ongoing
research and development. Additionally, integrating Green GDP into existing
economic frameworks necessitates adjustments in data collection and analysis
methods.

Despite these challenges, Green GDP offers a promising way forward. As the
world grapples with environmental issues, a shift towards a more sustainable
economic model is crucial. Green GDP, by providing a more comprehensive and
environmentally conscious measure of national well-being and economic
performance, can be a valuable tool in guiding us towards a more sustainable
future. By accounting for the environmental costs associated with economic
activity, Green GDP incentivizes responsible resource management, promotes
environmental protection, and ultimately fosters a future where economic
growth and environmental sustainability are not viewed as conflicting goals, but
rather as two sides of the same coin.

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Beyond the Numbers: Why GDP Fails to Capture a

Nation's Well-Being
Gross Domestic Product (GDP) has reigned supreme as the go-to metric for a
nation's economic health. It reflects the total market value of all final goods and
services produced within a country in a given year. While a valuable indicator,
GDP falls short when used as a sole measure of a nation's well-being. Here's why
relying solely on GDP paints an incomplete picture:

1. Blind Spot: Inequality and Distribution of Wealth

GDP is an aggregate measure, blind to how wealth is distributed within a society.

A nation with a high GDP could have a vast majority of its citizens living in
poverty, while a small elite enjoys immense wealth. This scenario highlights the
limitations of GDP – it doesn't reveal if economic growth translates to improved
living standards for the average citizen. For instance, two countries with similar
GDPs can have vastly different realities. One might have a well-funded social
safety net and equitable distribution of wealth, leading to a high standard of
living for most citizens. The other might have a stark wealth gap, with a
significant portion of the population struggling to meet basic needs.

2. Environmental Costs Ignored

GDP celebrates economic activity without considering its environmental

consequences. Activities like deforestation, pollution, and resource depletion
contribute to economic growth, but their detrimental effects on the environment
and long-term sustainability are not factored in. A country with a booming GDP
fueled by unsustainable practices might be creating a future of environmental
degradation, jeopardizing the well-being of future generations.

3. The Value of Non-Market Activities Excluded

GDP only accounts for economic activity within the formal market. It fails to
capture the value of unpaid work that contributes significantly to a society's
well-being. For example, childcare, housework, and volunteer work are crucial
to a nation's functioning, but they are not reflected in GDP because they are not
part of the formal market. Similarly, GDP overlooks the value of a healthy
environment, clean air, and access to natural resources – all essential for human
well-being.

4. Quality of Life Not Reflected

GDP prioritizes economic output over societal well-being. It doesn't account for
factors like access to quality education, healthcare, and leisure time – crucial
determinants of a nation's happiness and overall standard of living. A country
with a high GDP could have a stressed and overworked population with limited
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access to healthcare or education. This highlights the disconnect between

economic growth and societal well-being.

So, what are the alternatives?

While GDP serves as a starting point, it's crucial to move beyond it. Here are
some alternative metrics that paint a more holistic picture:

• Human Development Index (HDI): This index goes beyond GDP by

incorporating factors like life expectancy, education levels, and standard of
living. It provides a more comprehensive picture of a nation's development.
• Genuine Progress Indicator (GPI): This metric aims to capture the true cost of
economic activity by factoring in environmental degradation and social costs
alongside economic benefits.
• Gross National Happiness (GNH): This concept, popularized by Bhutan,
focuses on happiness and well-being rather than economic output. It considers
factors like mental well-being, ecological balance, and good governance.

Conclusion

Relying solely on GDP provides a distorted view of a nation's well-being. By

incorporating metrics that consider income distribution, environmental
sustainability, and quality of life, we can gain a more accurate picture of a
nation's true progress. Moving beyond GDP requires a shift in our understanding
of development. It's about creating a future where economic growth fosters,
rather than undermines, societal well-being and environmental sustainability.

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The Enduring Struggle: Women's Challenges in a

Changing India
India, a nation of rich history and vibrant culture, is witnessing rapid progress.
However, amidst this transformation, a harsh reality persists – the lives of
women are still marred by numerous challenges. Despite legal advancements
and social change, achieving true gender equality remains a distant dream.
Here's a closer look at the struggles women in India face in the 21st century:

1. Pervasive Gender Inequality: Deep-rooted patriarchal norms continue to

disadvantage women from birth. Son preference persists, leading to female
foeticide and neglect of girl children. Societal expectations often confine women
to domestic roles, limiting their educational and professional aspirations.
Unequal inheritance rights and discriminatory property laws further
disadvantage them economically.

2. The Scourge of Violence: Violence against women remains a national shame.

Domestic abuse, sexual harassment, and incidents of rape are alarmingly
prevalent. The fear of violence restricts women's mobility and participation in
public life. Weak law enforcement and a culture of victim-blaming often
discourage reporting, perpetuating a cycle of impunity for perpetrators.

3. The Glass Ceiling in Workplaces: While women are increasingly entering

the workforce, they face significant challenges. The gender pay gap persists, with
women often paid less for equal work. Workplace harassment and a lack of
flexible work options create additional hurdles. Breaking into leadership roles
remains difficult due to unconscious bias and a lack of mentorship opportunities.

4. Limited Bodily Autonomy and Reproductive Rights: Women's control over

their bodies remains restricted. Practices like child marriage and female genital
mutilation continue in some pockets. Access to affordable and safe reproductive
healthcare services is patchy, particularly in rural areas. Restrictive abortion
laws deny women the right to bodily autonomy.

5. Burden of Unpaid Care Work: The vast majority of unpaid care work, like
childcare, eldercare, and household chores, falls on women's shoulders. This
double burden limits their time and energy for education, employment, and
leisure. A lack of support systems for childcare and eldercare further
exacerbates the problem.

However, there are glimmers of hope:

• Legislative Reforms: Laws like the Protection of Women from Domestic

Violence Act and the Sexual Harassment of Women at Workplace Act offer legal
recourse to women.

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• Educational Initiatives: Increased emphasis on girl's education is empowering

women and fostering a more progressive generation.
• Women's Movements: Grassroots movements and advocacy groups are raising
awareness and demanding change, creating a space for women's voices to be
heard.
• Technological Advancements: Technology can play a crucial role in improving
access to healthcare and education, empowering women in rural areas.

The Road Ahead

Achieving true gender equality requires a multi-pronged approach:

• Shifting Mindsets: Addressing the root causes of gender inequality requires

challenging social norms and promoting gender sensitization through education
campaigns.
• Stronger Law Enforcement: Effective implementation of existing laws and
stricter penalties for crimes against women are crucial.
• Economic Empowerment: Investing in skill development programs and
promoting women's entrepreneurship can enhance their economic
independence.
• Sharing the Burden: Encouraging men to share household responsibilities and
advocating for accessible childcare options can lessen the burden on women.

Conclusion

The fight for gender equality in India is far from over. While the landscape is
changing, women continue to face significant challenges. By acknowledging the
issues, fostering dialogue, and implementing effective solutions, India can create
a future where women have equal opportunities to thrive and contribute to the
nation's progress. Only then can India truly claim to be a land of equal rights and
opportunities for all.

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The Paradox of Progress: Challenges in Rural

Education in India
India boasts a robust education system, yet a glaring disparity exists between
urban and rural educational landscapes. While strides have been made in
increasing access to schooling, the quality of education in rural areas remains a
cause for concern. This disparity poses a significant hurdle in India's quest for
inclusive development.

The Infrastructure Deficit:

One of the most pressing challenges in rural education is the lack of proper
infrastructure. Many schools operate in dilapidated buildings, lacking adequate
classrooms, furniture, and basic amenities like clean water and functional
sanitation facilities. The absence of a conducive learning environment makes it
difficult for students to concentrate and hinders effective teaching. Furthermore,
limited access to technology and educational resources like libraries and labs
restricts exposure to diverse learning methods and hinders the development of
critical skills.

Teacher Quality and Motivation:

The quality of teachers plays a pivotal role in shaping educational outcomes.

Rural schools often face a shortage of qualified teachers, with many lacking
specialized training and pedagogical skills. This is compounded by issues of
absenteeism due to factors like poor living conditions and inadequate
compensation compared to their urban counterparts. Additionally, the lack of
career progression opportunities in rural areas can lead to low motivation
among teachers, further impacting the quality of education delivered.

Socio-economic Barriers:

Poverty remains a major roadblock to education in rural areas. Many families

struggle to afford the indirect costs of education, such as uniforms,
transportation, and school supplies. This economic pressure forces children,
especially girls, to drop out and contribute to the family income through child
labor. Traditional gender roles further exacerbate the issue, with girls often
prioritized for domestic chores over education.

The Language Conundrum:

The medium of instruction in government schools is often English or Hindi,

which can be a significant barrier for students in regions with diverse local
languages. This language gap creates a communication barrier between students
and teachers, hindering comprehension and participation in the classroom. The
struggle to grasp the language of instruction diverts the student's focus from the
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actual content being taught, leading to frustration and ultimately impacting

learning outcomes.

The Vicious Cycle of Disparity:

These challenges create a vicious cycle that perpetuates educational inequality.

The lack of quality education in rural areas limits students' opportunities for
higher education and well-paying jobs. This perpetuates poverty, further
hindering the value placed on education and discouraging investment in
children's schooling.

Seeking Solutions:

Despite the challenges, there are glimmers of hope. Initiatives like the Sarva
Shiksha Abhiyan program have increased access to education, while the Mid-Day
Meal Scheme incentivizes attendance. Increased government focus on rural
education, with investments in infrastructure development, teacher training
programs, and localized learning materials can bridge the gap. Additionally,
promoting awareness about the importance of girls' education and the economic
benefits of education can encourage greater community participation and
investment.

Technology can also play a transformative role. Utilizing online resources, digital
learning platforms, and teacher training programs can bridge the gap in
resources and expertise.

A Call to Action:

Addressing the challenges in rural education in India is not just an educational

imperative; it is a social and economic one. By prioritizing quality education in
rural areas, India can unlock the potential of its future workforce, empower
communities, and break the cycle of poverty. This requires a multi-pronged
approach involving government initiatives, community engagement, and
innovative solutions to bridge the urban-rural divide and ensure equitable
access to quality education for all. Article 21A of the Constitution of India
envisions primary education as a fundamental right.

A few initiatives that the Indian government has taken to improve education in
rural India are as follows –

• Sarva Shiksha Abhiyan (SSA), launched in 2001, aims to universalize

elementary education in India by ensuring that all children in the ages 6–14
years receive free and compulsory education. It focuses on increasing
enrollment and improving the quality of education in rural areas.

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• Mid-Day Meal Scheme, launched in 1995, provides free lunches to

schoolchildren from economically and socially disadvantaged backgrounds. The
scheme aims to improve enrollment and attendance in schools, especially in
rural areas.
• Rashtriya Madhyamik Shiksha Abhiyan (RMSA), launched in 2009, aims to
improve the quality of secondary education in rural areas by providing
additional financial and technical support to states.
• National Programme of Education for Girls at Elementary Level (NPEGEL),
launched in 2008, aims to improve the enrollment and retention of girls in
schools in rural areas by providing additional resources and support to schools
and communities.
• Kasturba Gandhi Balika Vidyalaya (KGBV), launched in 2004, aims to provide
quality education to girls from disadvantaged backgrounds by setting up
residential schools for girls in difficult-to-reach rural areas. These schools
provide free education, uniforms, books, and other materials to students.

In conclusion, rural education in India stands at a crossroads. While progress

has been made in increasing access, the quality of education remains a
significant concern. The lack of infrastructure, qualified teachers, and the
influence of socio-economic factors create a web of challenges hindering rural
students' potential. However, this is not an insurmountable obstacle. By
prioritizing investments in infrastructure development, teacher training
programs, and localized learning materials, India can bridge the urban-rural
divide. Additionally, promoting girls' education, leveraging technology, and
fostering community involvement can create a more equitable and empowering
educational system. Investing in rural education is not just about statistics; it's
about unlocking the potential of a nation and empowering future generations to
thrive. By ensuring access to quality education for all, India can rewrite the
narrative of rural education and pave the way for a more inclusive and
prosperous future.

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The Unfulfilled Promise: How Lack of Human Capital

Investment Stifles the Demographic Dividend
A demographic dividend, the economic boom resulting from a shift in population
age structure, presents a golden opportunity for nations. However, a critical
factor often overlooked is the role of human capital investment in unlocking this
potential. When a country fails to invest in its working-age population's skills
and knowledge, the demographic dividend can transform into a missed
opportunity, or even a demographic burden.

The Ideal Scenario:

A demographic dividend typically occurs when a nation experiences a decline in

fertility rates and an increase in life expectancy. This leads to a larger working-
age population compared to dependents (children and elderly). Ideally, with
proper investment in human capital, this larger workforce can be more
productive, innovative, and entrepreneurial. This surge in productivity fuels
economic growth, increased savings and investment, and ultimately, a higher
standard of living for all.

The Human Capital Bottleneck:

However, without investment in human capital, a large working-age population

doesn't automatically translate to a skilled workforce. Here's how a lack of
investment hinders the demographic dividend:

• Skill Mismatch: Educational systems that fail to adapt to the demands of the
evolving job market create a skills gap. The large workforce may lack the
necessary skills for high-productivity jobs, leading to unemployment,
underemployment, and a dampening effect on economic growth.
• Health and Wellbeing: Poor health outcomes and inadequate healthcare
can significantly impact worker productivity. A healthy workforce is not only
more productive but also saves on healthcare costs, further boosting the
economy.
• Innovation and Entrepreneurship: A lack of investment in education,
particularly in STEM fields and fostering creativity, can stifle innovation and
entrepreneurship, crucial drivers of economic growth in the modern world.

The Demographic Burden:

In the worst-case scenario, a large, unskilled workforce can become a

demographic burden. Unemployment and underemployment can lead to social
unrest and strain social safety nets. Additionally, as the population ages and the
dependency ratio (dependents to working-age population) increases, the burden
of supporting the elderly falls on a smaller workforce, hindering long-term
economic growth.
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Investing in the Future:

To harness the full potential of a demographic dividend, countries need to

prioritize investments in human capital. This includes:

• Revamping education systems to focus on relevant skills, critical thinking,

and innovation.
• Providing vocational training to equip individuals with job-specific skills.
• Investing in healthcare to ensure a healthy and productive workforce.
• Promoting lifelong learning opportunities to keep pace with the changing
job market.

Conclusion:

A demographic dividend can be a powerful economic engine, but only if a

country invests in its people. By prioritizing human capital development, nations
can unlock the potential of their working-age population and translate a
demographic shift into a period of sustained economic growth and prosperity.
The choice is clear: invest in human capital and reap the rewards of a flourishing
demographic dividend, or fail to do so and risk a future burdened by an
unskilled workforce.

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Finance Descriptive

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The Great Depression: A Global Downturn and Its

Impact on India
The Great Depression, a period of severe economic decline that began in 1929
and lasted roughly a decade, remains one of the worst economic downturns in
history. Here's a breakdown of its causes, its impact on India, and the path to
recovery.

A Perfect Storm: Causes of the Great Depression

The Great Depression wasn't a single event, but rather a culmination of factors:

• Stock Market Crash of 1929: Soaring stock prices in the 1920s fuelled risky
investments, creating a bubble. In October 1929, the bubble burst, leading to a
massive sell-off that wiped out billions of dollars and triggered widespread
panic.
• Unequal Distribution of Wealth: The economic boom of the 1920s primarily
benefitted the wealthy, leading to a significant income gap. This limited
consumer spending power, hindering economic growth.
• Bank Failures and Deflation: The stock market crash caused bank runs and
numerous bank failures. With people losing trust in banks, they hoarded
money, leading to a decrease in money supply and deflation (falling prices).
This further discouraged spending and investment.
• Protectionist Trade Policies: As the crisis deepened, many countries
adopted protectionist policies, raising tariffs and restricting international
trade. This stifled global economic activity.

The Great Depression in India: A Ripple Effect

India, then a British colony, wasn't immune to the global economic turmoil. The
impact manifested in several ways:

• Plummeting Exports: India's primary exports, such as agricultural goods

and textiles, faced a sharp decline in demand due to the global economic
slowdown. This led to a significant drop in export revenue.
• Falling Commodity Prices: The deflationary trend impacted agricultural
prices in India, further squeezing the income of farmers, the backbone of the
Indian economy.
• Debt Burden: Many Indian farmers had taken out loans to invest in
agriculture. With falling prices, they struggled to repay their debts, leading to
widespread hardship.

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• Reduced Public Investment: The British colonial government, facing its

own economic woes, reduced public spending in India, impacting
infrastructure development and social programs.

The Road to Recovery: A Slow and Uneven Path

India's recovery from the Great Depression was slow and complex. Here are
some key factors:

• Limited Government Intervention: Unlike some Western nations that

implemented interventionist policies, the British government did little to
stimulate the Indian economy.
• Focus on Domestic Production: To counter declining exports, there was a
shift towards encouraging domestic production and consumption of goods.
• World War II: The Second World War created a demand for Indian goods,
particularly from the Allied forces. This provided a temporary boost to the
Indian economy.
• Development of Indigenous Industries: The war also spurred the
development of indigenous industries in India, as imports became more
difficult. This laid the groundwork for future industrial growth.

Conclusion:

The Great Depression exposed the vulnerabilities of the Indian economy, heavily
reliant on exports and agriculture. While recovery was gradual and driven by
external factors like World War II, it also nudged India towards self-reliance and
industrial development. The lessons learned from the Great Depression played a
role in shaping India's economic policies in the post-independence era.

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The Rise of Digital Payments: A Boon for Convenience,

Inclusion, and Credit

The emergence of digital payments has revolutionized the way we conduct

financial transactions. This essay explores how digital payments facilitate ease of
living for citizens, foster financial inclusion, and pave the way for credit
expansion.

Convenience for the Masses:

Digital payments have transformed the experience of everyday transactions.

Gone are the days of carrying bulky wallets and scrambling for exact change.
Digital wallets and online payment platforms offer a convenient and secure way
to pay for everything from groceries and bills to transportation and online
shopping. Contactless payments further enhance ease of use, allowing for quick
transactions with a simple tap or scan.

This convenience translates to a more efficient and stress-free lifestyle. Citizens

can avoid the hassle of queuing at ATMs or banks, saving valuable time and
energy. Additionally, digital payments offer greater transparency and control
over spending habits. Transaction records are readily available, allowing users
to track their expenses and make informed financial decisions.

Financial Inclusion: Empowering the Underserved

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Digital payments play a transformative role in financial inclusion. They bring

millions of previously unbanked or underbanked individuals into the formal
financial system. In many developing economies, a significant portion of the
population lacks access to traditional banking services. Digital wallets, often
accessible through mobile phones, bridge this gap. They eliminate the need for
physical bank branches, making financial services accessible even in remote
areas.

Financial inclusion empowers individuals by enabling them to receive and make

payments electronically. This fosters economic participation as individuals can
easily send and receive wages, pay for goods and services, and manage their
finances effectively. Additionally, digital payments can incentivize savings
habits. Mobile wallets often offer micro-saving options, allowing users to save
small amounts regularly, which can accumulate over time, promoting financial
security.

Credit Expansion: Fueling Growth and Opportunity

Digital payments create a vast repository of financial data, including transaction

history and spending patterns. This data empowers financial institutions to
assess creditworthiness more efficiently. By leveraging this data, lenders can
develop alternative credit scoring models that go beyond traditional credit
bureau scores. This opens doors for those who may have been excluded from
traditional credit offerings due to a lack of formal credit history.

The expansion of credit through digital platforms fosters financial inclusion and
economic growth. Individuals can access microloans and other financial
products to start businesses, invest in education, or manage unexpected
expenses. This access to credit empowers individuals and communities,
stimulating economic activity and job creation.

Challenges and the Road Ahead:

Despite the significant benefits, challenges remain in the digital payment

landscape. Ensuring secure transactions and protecting user data is paramount.
Additionally, bridging the digital divide, particularly in rural regions, is crucial
for achieving widespread adoption. Government initiatives and private sector
innovation are essential to create a robust infrastructure that fosters digital
literacy and ensures secure access to digital payment platforms.

Conclusion:

Digital payments are not just a technological innovation; they represent a

paradigm shift in the financial landscape. Their impact extends beyond
convenience, playing a vital role in financial inclusion and credit expansion. By
facilitating ease of living for citizens, empowering the underserved, and fueling

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economic growth, digital payments hold the potential to create a more inclusive
and prosperous future. As we move forward, addressing existing challenges and
fostering continuous innovation will ensure that the benefits of digital payments
reach all corners of society.

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The RBI's Response to the COVID-19 Crisis:

Safeguarding Stability and Fostering Recovery in India

The COVID-19 pandemic unleashed a devastating blow to the Indian economy,

disrupting businesses, livelihoods, and financial stability. In response, the
Reserve Bank of India (RBI) emerged as a critical player, taking swift and
decisive action to mitigate the economic fallout. This essay explores the
multifaceted response of the RBI and its impact on ensuring stability and
fostering recovery in India's financial system.

A Multi-Pronged Approach: Monetary Policy Measures

The RBI's response was characterized by a multi-pronged approach, with

monetary policy measures at the forefront. Recognizing the need to stimulate
investment and economic activity, the RBI embarked on a significant reduction
in interest rates. The benchmark repo rate, which influences lending rates across
the economy, was cut by a cumulative 115 basis points within a two-month
period (March-May 2020). This made borrowing cheaper for businesses and
individuals, providing much-needed relief and incentivizing spending.

Furthermore, the RBI addressed the issue of liquidity by lowering the Cash
Reserve Ratio (CRR). This regulation dictates the minimum amount of deposits
banks must hold with the central bank. By reducing the CRR, the RBI freed up
additional liquidity in the banking system. This allowed banks to lend more
readily, ensuring credit flowed smoothly to businesses and households facing
financial constraints.

Regulatory Measures for Relief and Resilience

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Beyond monetary policy, the RBI introduced targeted regulatory measures to

provide immediate relief and bolster the financial system's resilience. In
recognition of the widespread financial hardship caused by the pandemic, the
RBI facilitated a moratorium on loan repayments for a specified period. This
temporary measure offered a lifeline to individuals and businesses struggling to
meet their financial obligations, preventing a wave of defaults and protecting
financial stability.

The RBI further enhanced its support by allowing banks to restructure loans for
stressed sectors disproportionately impacted by the pandemic. This provided
flexibility for businesses to manage their finances during the crisis and
facilitated continued operation in these crucial sectors. Recognizing the vital role
of small and medium enterprises (SMEs) in the Indian economy, the RBI also
introduced targeted liquidity facilities specifically for this segment. This ensured
a steady flow of credit to SMEs, helping them navigate the economic turbulence.

Maintaining Financial System Stability: Vigilance and Capital Adequacy

The RBI understood that ensuring stability in the financial system was
paramount to facilitating economic recovery. It therefore implemented a robust
monitoring framework to identify potential risks arising from the pandemic.
Close supervision of banks and financial institutions allowed the RBI to take
corrective action and address vulnerabilities at an early stage.

Additionally, the RBI emphasized the importance of capital adequacy for banks.
Capital buffers act as a safety net, allowing banks to absorb potential losses
without compromising their ability to lend. The RBI ensured banks maintained
sufficient capital buffers throughout the crisis, preventing a financial crisis and
preserving public trust in the banking system.

Impact and Future Considerations

The RBI's actions played a significant role in mitigating the economic crisis
triggered by the COVID-19 pandemic. Lower interest rates and increased
liquidity helped businesses weather the storm, prevented widespread loan
defaults, and laid the groundwork for a gradual economic recovery. The
regulatory measures provided immediate relief and ensured credit flow to
crucial sectors, fostering long-term economic resilience.

However, it is important to acknowledge that the RBI's response needed to

adapt as the economic situation evolved. While initial measures focused on
immediate relief, the approach later shifted towards measures that supported a
sustainable recovery. The RBI continues to navigate the complex economic
landscape, carefully calibrating its policies to address ongoing challenges.

Conclusion

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In conclusion, the RBI's response to the COVID-19 pandemic showcases the

crucial role central banks play in mitigating economic downturns and ensuring
financial system stability. By implementing a multi-pronged approach that
combined monetary policy adjustments, targeted regulatory measures, and a
focus on capital adequacy, the RBI helped safeguard the Indian financial system
from collapse and fostered the conditions for a gradual economic recovery.
Moving forward, the RBI's continued vigilance and adaptability will be essential
in ensuring India's financial system remains resilient and facilitates a robust and
inclusive economic recovery in the post-pandemic era.

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Reserve Bank of India (RBI) has its own importance in

the Indian economy, in the same regard, discuss the
important functions of RBI.

In the vast ocean of the Indian economy, the Reserve Bank of India (RBI) acts as
a sturdy anchor, ensuring stability and fostering growth. Established in 1935,
the RBI transcends the role of a typical central bank. Its influence permeates
every aspect of the financial system, shaping the economic landscape for
millions of citizens and businesses alike. This essay explores the crucial
functions of the RBI, highlighting its significance in safeguarding the Indian
economy.

The Guardian of Price Stability:

One of the RBI's primary responsibilities is maintaining price stability. Imagine a

scenario of rampant inflation, where the value of your money constantly erodes,
making basic necessities unaffordable. The RBI, through its monetary policy,
strives to prevent such a situation. It utilizes tools like interest rates and open
market operations to manage the money supply in the economy. Lowering
interest rates generally encourages borrowing and investment, potentially
leading to inflation. Conversely, raising interest rates discourages excessive
borrowing, helping to curb inflation. This delicate balancing act ensures a
healthy economic environment where prices remain stable, promoting long-
term economic growth.

The Watchdog of the Banking System:

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Public trust in the financial system is paramount for a thriving economy. The RBI
acts as the vigilant guardian of the banking system, protecting depositors'
interests and promoting financial stability. It meticulously regulates commercial
banks and non-banking financial institutions (NBFCs) through various
measures. These include setting capital adequacy norms (the minimum amount
of capital banks must hold to absorb potential losses), issuing licenses for new
banks, and prescribing prudential guidelines for lending practices. The RBI
ensures banks operate prudently by conducting regular inspections and audits.
This robust regulatory framework minimizes risks and fosters a secure
environment for deposits and lending activities.

The Custodian of the Nation's Currency:

Ever wondered who ensures you have crisp rupee notes in your hand? The RBI
holds the sole authority to issue currency notes and coins in India. It plays a
critical role in managing the smooth circulation of legal tender throughout the
country. This involves overseeing the printing, distribution, and withdrawal of
old or damaged currency. Additionally, the RBI promotes innovative forms of
currency like digital payments. By encouraging cashless transactions, the RBI
aims to streamline financial transactions and reduce dependence on physical
cash.

The Manager of Foreign Exchange Reserves:

Imagine a country like India, where a significant portion of its needs are met
through imports. A stable exchange rate is crucial to ensure smooth
international trade. The RBI manages India's foreign exchange reserves, a war
chest of foreign currency assets used to maintain external stability. These
reserves are used for various purposes, including managing exchange rates,
facilitating international payments, and supporting essential goods imports
during economic downturns. By intervening in the foreign exchange market, the
RBI strives to prevent excessive fluctuations in the exchange rate, ensuring
predictability for businesses engaged in international trade.

Championing Financial Inclusion:

Financial inclusion, ensuring access to essential financial services for all, is a key
objective of the RBI. Millions of Indians remain unbanked or underbanked,
hindering their participation in the formal financial system. The RBI spearheads
initiatives to bridge this gap. This includes promoting innovative banking
models like microfinance, providing incentives for banks to expand their reach
into rural areas, and simplifying regulations for opening bank accounts. By
fostering financial inclusion, the RBI empowers individuals and communities to
access loans, savings products, and insurance, contributing to overall economic
development and poverty alleviation.

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Beyond the Basics: A Catalyst for Growth

The RBI's influence extends beyond its core functions. It plays a pivotal role in
promoting financial system development. This includes facilitating the growth of
new financial products and services, promoting innovation in the financial
technology (FinTech) sector, and fostering a healthy competition among
financial institutions. Additionally, the RBI conducts research and analysis on
economic trends, providing valuable insights that inform government policies
towards achieving sustainable economic growth.

Conclusion:

The Reserve Bank of India is an indispensable institution, silently yet powerfully

shaping the Indian economy. Its multifaceted responsibilities – from
safeguarding price stability and regulating banks to managing foreign exchange
reserves and promoting financial inclusion – contribute to a robust and resilient
financial system. The RBI's unwavering commitment to its objectives ensures a
stable economic environment where businesses can flourish, individuals can
thrive, and the nation can progress on the path of prosperity. As India's financial
landscape continues to evolve, the RBI's role in navigating new challenges and
fostering a dynamic financial system remains paramount.

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FinTech: Revolutionizing the Indian Banking

Landscape

The financial technology (FinTech) sector is rapidly transforming the way

financial services are delivered in India. This essay explores how FinTech is
emerging as a valuable resource for Indian banks, fostering innovation,
efficiency, and financial inclusion.

The Landscape of Indian Banking:

Despite significant progress, a large portion of the Indian population remains

unbanked or underbanked. Traditional brick-and-mortar banking models often
struggle to reach remote areas and cater to the needs of underserved segments.
Additionally, legacy infrastructure and cumbersome processes can lead to slow
loan approvals and limited access to financial products for many individuals and
small businesses.

FinTech: A Catalyst for Change

FinTech companies are leveraging technology to address these challenges and

reshape the Indian banking landscape. Here's how FinTech is proving to be a
useful resource for Indian banks:

• Enhanced Efficiency and Automation: FinTech solutions can automate

many manual tasks currently performed by banks, such as loan application
processing, customer onboarding, and transaction verification. This

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streamlines operations, reduces costs, and allows banks to focus on providing

value-added services to their customers.
• Improved Risk Management: FinTech companies are developing
sophisticated data analytics tools that can help banks better assess
creditworthiness, particularly for individuals or small businesses with limited
credit history. This allows banks to expand their reach to previously
unbanked segments while mitigating potential risks.
• Digital Lending Platforms: FinTech companies are creating innovative
digital lending platforms that offer faster loan approvals and a wider range of
loan products. These platforms cater to diverse customer segments, including
micro-entrepreneurs and small businesses, which may not be adequately
served by traditional banks.
• Mobile Banking and Payment Solutions: The rise of mobile banking and
payment solutions driven by FinTech companies has significantly improved
financial inclusion. Mobile wallets and digital payment platforms offer
convenient and secure ways for individuals to access financial services, even
those without access to traditional bank branches.
• Financial Literacy and Customer Engagement: FinTech companies are
developing innovative tools and platforms to promote financial literacy and
improve customer engagement. Educational content, gamified learning
experiences, and personalized financial advice can empower individuals to
make informed financial decisions.

Collaboration and Partnerships:

The future of Indian banking lies in collaboration between established banks

and agile FinTech players. Here are some potential models of collaboration:

• Banking-as-a-Service (BaaS): Banks can leverage FinTech expertise by

offering BaaS platforms. These platforms allow FinTech companies to access
core banking functionalities and create innovative financial products without
obtaining a full banking license.
• Application Programming Interfaces (APIs): Banks can open up their APIs
to FinTech companies, allowing them to integrate with existing banking
systems and create seamless user experiences for customers.
• Joint Ventures and Acquisitions: Strategic partnerships and acquisitions can
allow banks to gain access to cutting-edge FinTech solutions and accelerate
their digital transformation journey.

Challenges and the Road Ahead:

Despite the immense potential, FinTech faces some challenges in India. Data
privacy and security concerns, along with the need for robust regulatory
frameworks, need to be addressed to ensure consumer trust and protect
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sensitive financial information. Additionally, bridging the digital divide and

ensuring internet connectivity in rural areas is crucial for maximizing the reach
of FinTech solutions.

Conclusion:

FinTech presents a golden opportunity for Indian banks to enhance efficiency,

expand financial inclusion, and cater to the evolving needs of customers. By
embracing collaboration and fostering a culture of innovation, banks can
leverage FinTech as a valuable resource to unlock new possibilities and propel
the Indian banking sector towards a brighter future. As the FinTech landscape
continues to evolve, Indian banks that can adapt and integrate these
technologies will be best positioned to serve their customers effectively and
contribute to a more inclusive and vibrant financial ecosystem.

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ARD Descriptive

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Transforming Indian Agriculture: The Advantages of

Drip Irrigation

Drip irrigation, also known as trickle irrigation, is a type of micro-irrigation

system that allows water to drip slowly to plant roots, either above the soil
surface or buried below the soil surface. The goal is to direct water into the root
zone while minimizing evaporation. Drip irrigation systems use a network of
valves, pipes, tubing, and emitters to distribute water. A drip irrigation system
may be more efficient than other types of irrigation systems, such as surface
irrigation or sprinkler irrigation, depending on how well it is designed, installed,
maintained, and operated.

India's agricultural sector faces numerous challenges, with water scarcity being a
major concern. Traditional irrigation methods, like flood irrigation, can be
wasteful, leading to water loss through evaporation and runoff. This is where drip
irrigation emerges as a game-changer, offering a sustainable and efficient solution
for Indian farmers.

Advantages of Drip Irrigation

Water Conservation: A Boon for Arid Lands

One of the most significant benefits of drip irrigation is its exceptional water
efficiency. Unlike flood irrigation, which wets the entire field, drip systems deliver
water directly to the root zone of each plant through emitters. This targeted
approach drastically reduces water loss, with estimates suggesting savings of up
to 70% compared to conventional methods. In drought-prone regions of India,

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this translates to significant water conservation, allowing farmers to cultivate

more land with the same water resources.

Enhanced Crop Yields and Quality

Drip irrigation not only saves water but also promotes healthier and more
productive crops. By delivering a consistent and controlled supply of water
directly to the roots, plants experience less stress and have better access to vital
nutrients. This leads to increased crop yields, sometimes by as much as 30-50%.
Additionally, drip irrigation minimizes waterlogging and promotes better
aeration in the root zone, resulting in improved crop quality and marketability.

Fertilizer Efficiency and Reduced Labor Costs

Drip irrigation systems can be integrated with fertigation, a technique that allows
for the precise application of fertilizers and other water-soluble nutrients along
with the irrigation water. This targeted delivery minimizes fertilizer waste,
reduces the risk of environmental pollution caused by fertilizer runoff, and
ensures optimal nutrient uptake by the plants. Furthermore, drip irrigation
minimizes weed growth between crop rows due to the focused water delivery.
This translates to reduced labor requirements for weeding and other field
management activities.

Adaptability and Versatility for Diverse Landscapes

Drip irrigation is a highly adaptable technology suitable for various terrains and
soil types. Unlike flood irrigation, which may struggle on uneven land, drip
systems can effectively irrigate sloping fields, minimizing soil erosion.
Additionally, drip irrigation proves beneficial in regions with saline or
waterlogged soils, as it delivers water directly to the root zone, minimizing
contact with these problematic elements. This versatility makes drip irrigation a
valuable tool for Indian farmers cultivating crops across diverse landscapes.

Sustainable Farming Practices and Reduced Environmental Impact

By promoting water conservation and efficient fertilizer use, drip irrigation

contributes significantly to sustainable agricultural practices. Reduced water
usage lowers energy consumption for pumping water, minimizing the
environmental impact of agriculture. Additionally, the targeted delivery of
fertilizers reduces the risk of water pollution caused by fertilizer runoff. This
fosters a more eco-friendly approach to farming, aligning with India's growing
focus on sustainable agriculture.

Challenges and Considerations for Wider Adoption

Despite its numerous benefits, drip irrigation adoption in India faces certain
challenges. The initial investment cost of setting up a drip system can be a barrier
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for some small and marginal farmers. Additionally, technical knowledge and
training are crucial for the proper operation and maintenance of these systems.

To address these challenges, government initiatives play a vital role. Subsidies,

loans, and training programs can encourage farmers to adopt drip irrigation. The
Department of Agriculture and Farmers Welfare (DA&FW) is implementing Per
Drop More Crop component of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY-
PDMC) from 2015-16 in all the States of the Country. The PDMC scheme focuses
on enhancing water use efficiency at farm level through Micro Irrigation viz. Drip
and Sprinkler irrigation systems.

Besides, with the objective of facilitating the States in mobilizing resources for
expanding coverage of micro irrigation, Micro Irrigation Fund (MIF) has been
created with National Bank for Agriculture and Rural Development (NABARD).
The major objective of the fund is to facilitate the States in mobilizing the
resources for expanding coverage of Micro Irrigation by taking up special and
innovative projects and also for incentivizing micro irrigation beyond the
provisions available under PDMC scheme to encourage farmers to install Micro
Irrigation systems.

In conclusion, drip irrigation offers a transformative solution for Indian

agriculture. By promoting water conservation, enhancing crop yields, and
fostering sustainable practices, it empowers farmers to thrive in a challenging
environment. By addressing the initial investment hurdle and providing
necessary support, drip irrigation has the potential to revolutionize Indian
agriculture, ensuring a more productive and water-secure future.

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Agronomy: The Science Cultivating a Bountiful India

Agronomy, derived from the Greek words "agros" (field) and "nomos"
(management), is the science and technology of producing and using plants for
food, fuel, fiber, chemicals, recreation, or land conservation. It's a multifaceted
discipline that integrates various scientific fields, including soil science, plant
physiology, meteorology, and economics, to optimize crop production. This
essay delves into the importance of agronomy in Indian agriculture, highlighting
its role in ensuring food security, boosting productivity, and promoting
sustainable practices.

The Bedrock of Food Security:

India, with its vast population, faces a constant challenge: ensuring enough food
for all. Agronomy plays a pivotal role in this endeavor. By understanding factors
like soil fertility, optimal planting times, and proper crop selection, agronomists
help farmers maximize their yields. They recommend suitable crop varieties for
specific soil types and climatic conditions, ensuring efficient resource utilization
and increased production. Additionally, agronomic practices like crop rotation
and intercropping help maintain soil health and improve agricultural
sustainability, contributing to long-term food security.

Boosting Productivity and Profitability:

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Beyond ensuring food security, agronomy plays a crucial role in enhancing

agricultural productivity and profitability for Indian farmers. Here's how:

• Improved Crop Management: Agronomists recommend practices like proper

irrigation techniques, fertilizer application based on soil analysis, and integrated
pest management (IPM) strategies. These methods optimize resource utilization,
reduce crop losses due to pests and diseases, and ultimately lead to higher yields
and improved farm income.
• Seed Selection and Technology Adoption: Agronomists introduce farmers to
high-yielding and disease-resistant crop varieties, promoting better harvests.
Additionally, they play a crucial role in encouraging the adoption of new
technologies, such as precision agriculture and vertical farming, which can
potentially increase production efficiency and profitability for farmers with
limited land resources.

Climate Resilience and Sustainability:

India's diverse climate presents unique challenges for agriculture. Agronomists

help farmers adapt to changing weather patterns and mitigate the impact of
climate change. They recommend drought-resistant and heat-tolerant crop
varieties, promote water conservation techniques like drip irrigation, and
educate farmers on soil management practices to maintain soil health and
fertility. These sustainable practices ensure long-term agricultural productivity
and lessen the environmental impact of farming.

Bridging the Knowledge Gap:

A significant challenge in Indian agriculture is the knowledge gap between

research and practical application at the farm level. Agronomists act as a bridge,
disseminating research findings and best practices to farmers. They conduct
extension programs, organize workshops, and utilize digital tools to educate
farmers on modern agronomic techniques. This empowers farmers to make
informed decisions for improved crop management and increased profitability.

A Catalyst for Rural Development:

The importance of agronomy extends beyond farm productivity. By promoting

efficient agricultural practices, agronomy contributes to the overall development
of rural India. Improved yields translate into higher incomes for farmers, leading
to a better standard of living in rural communities. Additionally, agronomy can
encourage the development of agro-processing industries, creating job
opportunities and fostering economic growth within rural areas.

The Road Ahead: Embracing Innovation:

To meet the ever-growing demand for food and ensure sustainable agriculture,
agronomy must embrace innovation. Here are some potential areas of focus:
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• Genetically Modified Organisms (GMOs): While a contentious topic,

genetically modified crops with enhanced disease resistance and improved
yields have the potential to boost agricultural productivity. Open discussions
and transparent research are crucial for determining the safe and responsible
use of GMOs in Indian agriculture.
• Precision Agriculture: Utilizing technologies like GPS, sensors, and data
analytics has the potential for targeted resource utilization and optimization
of crop management practices at the field level.

Conclusion:

Agronomy is not merely a science; it's the cornerstone of a thriving agricultural

sector. In the context of India, agronomy plays a critical role in ensuring food
security, boosting agricultural productivity, promoting sustainable practices,
and driving rural development. As the future unfolds, embracing innovation and
ensuring knowledge dissemination will empower agronomists to continue
shaping a bountiful India. By nurturing the vital link between science and the
farm, agronomy will continue to cultivate a brighter future for Indian
agriculture.

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The Technological Transformation of Forestry:

Cultivating a Sustainable Future

Forests are the lungs of our planet, playing a vital role in maintaining ecological
balance, providing resources, and mitigating climate change. However,
traditional forestry practices often face limitations in terms of efficiency,
sustainability, and data collection. Fortunately, technological advancements are
revolutionizing the way we manage forests, ushering in an era of precision
forestry. This essay explores the multifaceted role of technology in the forestry
sector and suggests potential technologies for adoption.

Transforming Data Collection and Monitoring:

Precise data is the cornerstone of effective forest management. Technology

offers a plethora of tools to gather comprehensive data on forest health and
resources:

• Remote Sensing: Satellites and drones equipped with advanced sensors can
capture high-resolution images of forest areas. These images can be analyzed to
identify tree species, assess canopy cover, detect deforestation patterns, and
track forest fires in real-time.
• LiDAR (Light Detection and Ranging): This technology uses lasers to create
detailed 3D models of forests. LiDAR data provides valuable insights into forest
structure, biomass estimation, and canopy density, allowing for more accurate
assessments of timber resources and carbon sequestration potential.
• Internet of Things (IoT) Sensors: Deploying a network of sensors throughout
forests can provide real-time data on crucial parameters like soil moisture, air
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temperature, and humidity. This data can be used to monitor forest health,
identify areas prone to drought or insect outbreaks, and optimize irrigation
practices.

Precision Forestry: Optimizing Management Practices

Technology empowers foresters to implement targeted and sustainable

management strategies:

• Growth Modeling Software: Software that utilizes data on soil type, weather
patterns, and tree genetics can create growth models for specific tree species.
This allows foresters to predict timber yield and optimize planting strategies for
maximum productivity.
• Precision Silviculture: By combining data analytics with GPS technology,
foresters can implement location-specific management practices. This could
involve targeted fertilization of nutrient-deficient areas or selective thinning of
trees to promote healthy growth of remaining trees.
• Drone-based Seeding and Weed Control: Drones can be used for efficient and
precise seed dispersal in reforestation projects. Similarly, they can be employed
for targeted application of herbicides or pesticides, minimizing environmental
impact while controlling unwanted vegetation.

Combating Illegal Logging and Promoting Transparency

Technology plays a crucial role in curbing illegal logging activities and fostering
transparency in the forestry sector:

• Blockchain Technology: Blockchain, a secure and tamper-proof digital ledger,

can track the origin and movement of timber from forest to consumer. This
promotes responsible sourcing and discourages the sale of illegally logged wood.
• Forest Management Information Systems (FMIS): Implementing FMIS can
streamline data collection, record-keeping, and reporting for forestry
departments. This ensures transparency in issuing permits, monitoring logging
activities, and tracking timber transportation.
• Citizen Science Apps: Mobile applications can empower citizens to report
suspicious logging activities and contribute to forest monitoring efforts. This
fosters community participation in protecting forests and promotes
environmental awareness.

Challenges and the Road Ahead:

While technology holds immense potential for forestry, challenges persist.

Ensuring widespread internet connectivity in remote forest areas is crucial for
utilizing certain technologies. Additionally, training forestry personnel and
stakeholders on using these technologies effectively is essential. Balancing the
cost of implementation with the long-term benefits is another consideration.

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Conclusion:

Technology is transforming the forestry sector, paving the way for a future that
is both sustainable and productive. By embracing these advancements, we can
ensure the health and longevity of our forests, promoting biodiversity,
mitigating climate change, and securing a brighter future for generations to
come. As we move forward, continuous innovation and collaboration between
technology developers, forestry experts, and policymakers will be vital for
harnessing the full potential of technology in safeguarding our precious forests.

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Animal Breeding : Methods, advantages,

disadvantages & considerations.
Animal breeding is a form of artificial selection, involving mating animals of
different breeds within the same species. Breeders aim to combine desirable
traits from each parent, creating offspring (hybrids) with superior
characteristics compared to their purebred parents. This essay explores the
different types of crossbreeding, its potential benefits, and the inherent
drawbacks associated with this practice. There are several approaches to animal
breeding, each with varying degrees of genetic diversity introduced:

There are two different breeding systems in India- inbreeding and

outbreeding. Mating between closely related animals or genetically similar
animals is known as inbreeding. When the breeding is done between non-
related species, it is called outbreeding.

Inbreeding

Inbreeding involves the mating of closely related animals of the same species,
that belong to the same breed, for successive generations. This system involves
identifying and selecting superior males and females of the same breed,
preferably from different populations and then mating them in pairs.

Types of inbreeding
Inbreeding can be further categorized into:

Close inbreeding: This involves mating very close relatives such as parents and
offspring (first-degree relatives) or full brothers and sisters with each other, or
mating between second-degree relatives such as grandparents and grand-
offspring, half brothers and sisters, uncles/aunts and nephews/nieces, and
double-first cousins.

Line inbreeding: It involves mating animals that are more distantly related, but
have at least one common ancestor. For example, cousin grandparents to grand-
offspring.

Outbreeding

Outbreeding refers to the mating between animals that share no common

ancestry but are of the same breed, between animals of different breeds within
the same species, or between animals of different species.

Types of outbreeding

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1. Out-crossing: Mating of animals that do not share common ancestry for 4-6
generations but are of the same breed is termed out-crossing.

2. Cross-breeding: The mating of superior males with superior females of non-

related breeds is termed cross-breeding.

3. Inter-specific hybridization: When two animals of non-related species but

the same genus are mated, it is known as interspecific hybridization. This
technique helps in improving genetic diversity within species. .

Advantages of animal breeding

Improved Performance: Heterosis is a major benefit. Hybrid vigor can lead to

faster growth rates in meat animals, increased milk production in dairy cows,
and enhanced egg-laying performance in poultry. This translates to higher yields
and economic gains for farmers.

Enhanced Disease Resistance: Crossbreeding can introduce genetic diversity

into a population, making it less susceptible to specific diseases. This is because
purebred lines often share similar genetic weaknesses, whereas crossbreeds
have a broader genetic pool to draw from, potentially increasing their resilience.

Adaptability: By combining traits from different breeds, crossbreeding can

create animals better suited to specific environments. For example, crossing a
heat-resistant breed with a high-yielding breed might result in offspring that
thrive in hot climates while maintaining good milk production.

Improved Temperament: Certain breeds are known for desirable personality

traits. Crossbreeding can be used to introduce these traits into existing
populations, leading to calmer, easier-to-handle animals.

Despite its benefits, animal breeding also comes with potential drawbacks.

Animal breeding, while aiming for ideal traits, can have unintended
consequences. Selective breeding can lead to a decline in overall health.
Inbreeding, mating close relatives, increases the chances of recessive genetic
disorders and reduces fertility. Animals bred for extreme production, like fast-
growing chickens, may suffer health problems due to the strain on their bodies.

Breeding for specific appearances can also cause physical limitations. For
example, some dog breeds with short snouts struggle to breathe. While breeding
offers advantages, it's important to consider the potential downsides to animal
well-being.

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In conclusion, animal breeding is a powerful tool in animal husbandry. It can

significantly improve production traits, disease resistance, and adaptability.
However, careful planning and management are crucial to avoid the pitfalls
associated with this practice. Breeders must aim for a balanced approach,
utilizing crossbreeding judiciously while also preserving genetic diversity within
purebred lines.The future of animal breeding likely lies in its integration with
advancements in genetic analysis. By utilizing DNA markers and other
technologies to understand an animal's genetic makeup, breeders can make
more informed decisions, maximizing the benefits of crossbreeding while
minimizing the risks. This approach holds the promise of a more sustainable and
efficient future for animal agriculture.

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The Hurdles in the Field: Challenges of Institutional

Credit for Indian Farmers

Despite being the backbone of the Indian economy, a significant portion of

Indian farmers struggle to access formal credit channels. This essay examines
the challenges hindering institutional credit for farmers in India and proposes
solutions to bridge this gap and empower the agricultural sector.

The Landscape of Institutional Credit:

While government initiatives have aimed to increase institutional credit flow to
agriculture, several factors continue to pose challenges:

• Land Fragmentation and Collateral Constraints: A dominant feature of

Indian agriculture is the division of landholdings into small and marginal farms.
This makes it difficult for farmers to offer adequate collateral, a major
requirement for securing loans from banks.
• Complex Loan Application Process: The loan application process for
institutional credit can be cumbersome and time-consuming. Intricate
documentation requirements and lengthy bureaucratic procedures often
discourage farmers, particularly those with limited literacy or access to
technology.
• High-Interest Rates: Compared to informal lenders, banks often charge higher
interest rates on agricultural loans. This can be a significant burden for
farmers, especially those with low or unpredictable incomes.
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• Inadequate Infrastructure and Awareness: Limited access to bank branches

in rural areas creates physical barriers for farmers seeking institutional credit.
Additionally, a lack of financial literacy among farmers can hinder their
understanding of loan options and repayment structures.

The Impact of Limited Credit Access:

The limited access to institutional credit has a cascading effect on Indian
agriculture:

• Low Investment and Productivity: Without access to credit, farmers

struggle to invest in essential inputs like fertilizers, high-yielding seeds, and
irrigation facilities. This ultimately leads to lower agricultural productivity
and limited income generation.
• Vulnerability to Debt Trap: Forced to rely on informal money lenders who
charge exorbitant interest rates, farmers become trapped in a cycle of debt.
This not only impacts their livelihood but also discourages them from
adopting new technologies or taking risks to improve their farming practices.
• Market Dependence and Exploitation: Limited access to credit restricts
farmers' ability to bargain for better prices for their produce. They are often
forced to sell their crops immediately after harvest at lower prices to clear
their debts to informal lenders.

Bridging the Gap: Solutions for Enhanced Credit Flow:

To empower Indian farmers and revitalize the agricultural sector, several
measures can be implemented:

• Simplified Loan Application Processes: Streamlining loan application

procedures by leveraging technology and offering online or mobile-based
applications can improve accessibility for farmers, especially those in remote
areas.
• Microfinance Institutions and SHGs: Promoting microfinance institutions
and Self-Help Groups (SHGs) can provide alternative credit sources tailored to
the needs of small and marginal farmers. These institutions often offer flexible
loan terms and encourage group lending, mitigating the need for individual
collateral.
• Interest Rate Subvention Schemes: Government initiatives that subsidize
interest rates on agricultural loans can significantly reduce the financial
burden on farmers, making formal credit more attractive.
• Financial Literacy Programs: Investing in financial literacy programs for
rural communities can empower farmers to understand loan options, manage
their finances effectively, and make informed decisions. Leveraging local

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language communication and utilizing digital platforms can enhance the reach
of these programs.
• Warehouse Receipt Financing: Providing credit facilities based on
warehouse receipts can incentivize farmers to store their produce and sell it
later when prices are more favorable. This can improve their bargaining
power and lead to higher incomes.
The government has taken several measures to increase institutional credit flow
and bringing more and more farmers including small and marginal farmers
within the fold of institutional credit. These measures inter alia, include the
following major steps to provide hassle free crop loan to farmers including small
and marginal farmers. As per RBI, Domestic Scheduled Commercial Banks are
required to lend 18% of the Adjusted Net Bank Credit (ANBC) or Credit
Equivalent to Off-Balance Sheet Exposure (CEOBE), whichever is higher, towards
agriculture. A sub-target of 8% is also prescribed for lending to small and
marginal farmers (SF/MF) including landless agricultural labourers, tenant
farmers, oral lessees and share croppers. Similarly, in the case of Regional Rural
Banks 18% of their total outstanding advances is required to be towards
agriculture and a sub-target of 8% has been set for lending to small and marginal
farmers. With a view to ensure availability of agriculture credit at the
government is implementing modified interest subvention scheme for short term
crop loans up to Rs. 3.00 lakh. The scheme provides interest subvention of 1.5%
per annum to banks on use of their own resources.
Further, in order to discourage distress sale of crops by farmers, the benefits of
interest subvention have been made available to small and marginal farmers
having Kisan Credit Card for a further period of up to six months (post-harvest)
at the same rate as available to crop loan against negotiable warehouse receipts
to store their post-harvest produce in Warehouses accredited by Warehousing
Development Regulatory Authority (WDRA). The Government introduced the
Kisan Credit Card (KCC) Scheme, for issue of KCC to farmers for uniform
adoption by the banks, so that farmers may use them to readily purchase
agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for
their production needs. Under the Kisan Credit Card (KCC) Scheme, a flexible
limit of Rs. 10,000 to Rs. 50,000 has been provided to marginal farmers (as Flexi
KCC) based on the land holding and crops grown including post-harvest
warehouse storage related credit needs and other farm expenses, consumption
needs, etc., plus small term loan investments without relating it to the value of
land. RBI has conveyed to Banks to waive margin/security requirements of
agricultural loans up to Rs.1,00,000/-. The requirement of 'no due' certificate has
also been dispensed with for small loans up to Rs.50,000 to small and marginal
farmers, share-croppers and the like and, instead, only a self-declaration from
the borrower is required to bring small, marginal, tenant farmers, oral lessees,
etc. into the fold of institutional credit, Joint Liability Groups (JLGs) have been
promoted by banks

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The Road Ahead: Collaboration and Innovation

Enhancing institutional credit access for Indian farmers requires a multi-

pronged approach. Collaboration between government agencies, banks, financial
institutions, and agricultural cooperatives is crucial for developing innovative
solutions. Embracing technology to streamline processes, promote financial
inclusion, and foster financial literacy can play a pivotal role in bridging the
credit gap. As India strives for a more vibrant and sustainable agricultural
sector, ensuring accessible and affordable credit for farmers will be a
cornerstone for success.

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