Daily CA: March 29th, 2025

• Chaitra Krishna Paksh Amavasya is a Hindu date
• विक्रम संवत Vikram Samvat is 2081
• शक सम्वत Shaka Samvat is 1947
• Purnimanta follows the Chaitra lunar month
• Amanta follows the Phalgun lunar month
• Daily CA is dated March 29th, 2025

Revision Points

• Rahul Bhave is appointed MD & CEO of Industrial Finance Corporation of India (IFCI)
• Lok Sabha passed the Tribhuvan Sahkari University Bill, 2025 to establish India's first national cooperative university at the Institute of Rural Management Anand (IRMA) in Gujarat
• Sahkar Taxi launched as a cooperative-based service, giving drivers full control over earnings, free from commission cuts
• Parliament passed the Banking Laws (Amendment) Bill 2024, with Rajya Sabha approving increasing option for nominees to four from one
• Harpal Cheema presents Punjab's ₹2.36 Lakh Crore Budget with focus on Drugs, Farming & Health
• Indian Armed Forces conduct tri-service exercise, Prachand Prahar, in the Himalayas along the Northern Borders in Arunachal Pradesh
• Induction held for 25T Bollard Pull (BP) Tug Yuvan at Naval Dockyard (Visakhapatnam) and concluded with M/s Titagarh Rail Systems Limited (TRSL) in Kolkata
• Japan raises concerns over Chinese Coast Guard intrusion near the disputed Senkaku Islands
• Third Report on the State of the World’s Plant Genetic Resources for Food and Agriculture Published by the Food and Agriculture Organization (FAO) of the United Nations
• Global Energy Review 2025 released by the International Energy Agency (IEA)
• Indian team secured 7 medals at Sepak Takraw World Cup 2025, including a historic gold

Banking Laws (Amendment) Bill 2024

• India has recently amended the Banking Laws
• This allows more nominees

Gold Monetisation Scheme (GMS)

• The Finance Ministry discontinued the GMS for medium and long-term deposits from March 26, 2025
• Existing deposits will continue until maturity, but no new mobilizations or renewals are allowed
• Launched in November 2015 and is a revamped version of the Gold Deposit Scheme that was created in 1999
• Jointly Implemented by the Ministry of Finance, RBI, and scheduled commercial banks

About Gold Monetization Scheme (GMS):

• The scheme aims to mobilize gold held by households and institutions and to facilitate it use for productive purposes
• Aimed at reducing reliance on gold imports
• Allows gold depositors to earn interest on their bank deposit accounts
• To mobilize gold held by households and institutions
• Make gold available on loan from banks to jewellery businesses
• Reduce dependence on imports
• All Scheduled Commercial Banks, excluding RRBs, are eligible to implement the Scheme
• The minimum quantity of deposits is 10 grams (bars, coins, jewellery excluding stones/metals)
• Jewellery is melted and converted into 995 fineness bars for deposit
• Banks open a "Gold Savings Account" for the depositor
• Interest is calculated in INR on the value of gold at the time of deposit
• At maturity, the depositor can redeem the principal in gold or in INR
• Resident Indians, HUFs, Trusts, Mutual Funds/Exchange Traded Funds, and Companies are eligible
• Tax benefits include exemption from income tax on the interest earned and no capital gains tax on the appreciation of gold's value

GMS Deposit Types

• Short Term Bank Deposit (STBD): has a 1-3 years lock-in period with an interest rate "as determined by banks" with the periodicity of the interest payments also "as determined by banks"
• Medium Term Government Deposit (MTGD): has a 5-7 years lock-in period with an applicable interest rate of 2.25% p.a.
• Long Term Government Deposit (LTGD): has a 12-15 years lock-in period with an applicable interest rate of 2.50% p.a.

Kosi Mechi Inter-State Link Project of Bihar

• Inclusion of Kosi Mechi Intra-State Link Project of Bihar under PMKSY-AIBP approved
• The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi, approved the inclusion
• Program falls under Pradhan Mantri Krishi Sinchai Yojana Accelerated Irrigation Benefits Programme (PMKSY-AIBP) of Ministry of Jal Shakti
• Pradhan Mantri Krishi Sinchai Yojana (PMKSY) was launched in 2015-16 with the aim to enhance physical access of water on farm and expand cultivable area under assured irrigation
• Improve on-farm water use efficiency
• Introduce sustainable water conservation practices

Accelerated Irrigation Benefits Programme (AIBP)

• PMKSY is an umbrella scheme with two major components implemented by the Ministry of Jal Shakti which are Accelerated Irrigation Benefit Programme (AIBP), and Har Khet Ko Pani (HKKP)
• AIBP is a components of PMKSY giving partial financial assistance provided by the Government of India for identified major/ medium irrigation projects

Techkriti 2025

• CDS Gen Anil Chauhan inaugurates ‘Techkriti 2025'
• Asia’s largest intercollegiate technical and entrepreneurial festival at IIT Kanpur
• The theme for the year is “Panta Rhei” (Everything Flows)

Dx-EDGE

• India launched 'Digital Excellence for Growth and Enterprise' (Dx-EDGE) initiative
• Dx-EDGE is a national initiative spearheaded by CII with support of NITI Frontier Tech Hub (NITI FTH) and All India Council for Technical Education (AICTE) to drive digital transformation across India's MSMEs
• 'Dx-EDGE' is a platform to empower MSMEs with the tools, knowledge and ecosystem needed to become future-ready, competitive, and resilient

Sourcex India 2025

• Sourcex India 2025 was inaugurated at Yashobhoomi Centre
• The 3rd edition of Sourcex India 2025 was organized by the Federation of Indian Export Organisations (FIEO) with support from the Ministry of Commerce & Industry
• SourceX India is the country’s first Global Market Place that brings together the global buyers and the Indian companies to launch successful Indian brands
• the first SourceX India was held in New Delhi in 2023, and the 2nd edition was held in 2024

Federation of Indian Export Organisations (FIEO)

• Established in 1965 by the government of India
• Acting as the apex in the country for various export promotion bodies
• Headquarters: New Delhi

Jhajjar-Bachauli Wildlife Sanctuary

• Punjab govt plans to develop Jhajjar-Bachauli Wildlife Sanctuary as the 1st Leopard Safari destination
• Punjab plans to develop Nangal as a major tourist destination and turn Anandpur Sahib's Jhajjar Bachauli Wildlife Sanctuary into the state's first leopard safari destination
• Jhajjar- Bachauli Wildlife Sanctuary is located near the Sutlej River was declared a protected sanctuary by the Punjab government in 1998 under the Wildlife Protection Act 1972
• This initative was highlighted in the budget for the financial year 2025-26

Nag Missile System

• The Defence has signed a contract with Armoured Vehicle Nigam Limited (AVNL) for the procurement of Nag Missile System (NAMIS) tracked version of anti-tank weapon platform.
• NAMIS (Tr) weapon system, developed by DRDO
• NAMIS (Tr) is one of the most sophisticated anti-tank weapon system against enemy armour with fire-and-forget anti-tank missile
• The Ministry also signed contract with Force Motors Ltd & Mahindra & Mahindra Ltd for around 5,000 light vehicles for the armed forces at a total cost of around Rs 2,500 crore

India's Bio-Economy

• The India Bio-Economy Report 2024 released from Department of Biotechnology, has highlighted that India’s bioeconomy crossed $165 billion, contributing 4.2% of GDP.
• Charts a roadmap to reach $300 billion by 2030 and $1 trillion by 2047.
• Rapid Market Growth: Bioeconomy doubled from $86 billion (2020) to $165 billion (2024)
• Industrial & Pharma Dominance: 48% value came from industrial bioeconomy (biofuels, bioplastics); 35% from pharma, majorly vaccines

Start up surge and employment opportunities in India's bio-economy

• Surge: Number of companies grew from 5,365 in 2021 to 10,075 in 2024, and are expected to double again by 2030.
• projected to generate 35 million jobs by 2030 through biotech research, IT, and bio-manufacturing
• Regional- 5 states which include Maharashtra (MH), Karnataka (KA), Telangana (TG), Gujarat (GJ), and Andhra Pradesh (AP), contribute two-thirds of total value with NE/Eastern India under performing at less than 6%
• Fastest growth is Research & IT sector that includes bioinformatics, clinical trials, and biotech software