November 2024 Monthly BeePedia PDF

 Monthly BeePedia November 2024 INDEX RBI, Banking and Economy ___________________________________________ 2 SEBI and Financial Awareness _________________________________________ 12 NABARD and Agricultur...

 Monthly BeePedia November 2024 INDEX RBI, Banking and Economy ___________________________________________ 2 SEBI and Financial Awareness _________________________________________ 12 NABARD and Agriculture ___________________________________________ 24 National __________________________________________________________ 28 International _____________________________________________________ 37 States____________________________________________________________ 44 Reports and Indexes _______________________________________________ 52 Science and Technology ___________________________________________ 62 Defence __________________________________________________________ 72 Events ___________________________________________________________ 80 Awards & Rewards ___________________________________________________ 91 Appointments _____________________________________________________ 96 Important Days ___________________________________________________ 98 Obituaries_________________________________________________________ 100 Books ___________________________________________________________ Sports ___________________________________________________________ 101 Download important documents:  Weekly & Monthly BeePedia: https://www.ixambee.com/beepedia-gk-updates- capsule?utm_source=ixamBee&utm_medium=header&utm_campaign=beepedia  Hindi Weekly & Monthly BeePedia: https://www.ixambee.com/hi/beepedia-gk-updates- capsule For feedback, please contact: Email id: [email protected] 1 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 RBI, Banking and Economy RBI Penalties on: Penalty Bank Name Reason for Penalty Amount Sree Charan Souhardha Co- Not classifying certain loan accounts as NPAs; ₹2 lakh operative Bank Ltd., Bengaluru offering interest rates higher than SBI. The Srirangam Co-operative Lending to relatives of directors and providing risky ₹1.5 lakh Urban Bank Ltd., Tamil Nadu credit facilities. The Nilambur Co-operative ₹50,000 Unauthorized donations. Urban Bank Ltd., Kerala Manvi Pattana Souharda Offering higher deposit interest rates and granting ₹25,000 Sahakari Bank Niyamitha loans contrary to SAF norms. Shree Mahabaleshwar Co- ₹5 lakh Loans to relatives of directors. operative Bank Ltd., Karnataka Jambusar People’s Co- Not submitting data to any Credit Information ₹10,000 operative Bank Ltd., Gujarat Companies (CICs) as per RBI directives. Rander People's Co-operative KYC non-compliance and delay in transferring funds ₹1.50 lakh Bank Ltd., Gujarat to the Depositor Education and Awareness Fund. Mehmadabad Urban People’s Incomplete CIC data submissions and failure to Co-operative Bank Ltd., ₹60,000 review account risk categorisation. Gujarat Sahyog Urban Co-operative Failing to transfer funds to the Depositor Education ₹1.50 lakh Bank Ltd., Maharashtra and Awareness Fund. Tura Urban Co-operative Bank Exceeding capital expenditure limits and sanctioning ₹1 lakh Ltd., Meghalaya loans beyond prescribed limits under SAF. Non-compliance with KYC norms, including not obtaining Officially Valid Documents (OVD) for credit RBL Bank ₹61.40 lakh card accounts and assigning multiple Customer Identification Codes (CICs). Granting loans to relatives of directors and failing to Amod Nagric Co-operative ₹1 lakh upload KYC records on the Central KYC Records Bank Ltd. Registry within the prescribed timeline. Multiple violations including failure to transfer Karjan Nagarik Sahakari Bank unclaimed amounts to the Depositor Education and ₹2.10 lakh Ltd. Awareness Fund, not maintaining Cash Reserve Ratio, and non-compliance with KYC norms. Rajula Nagrik Sahakari Bank Sanctioning loans involving directors' relatives as ₹1.25 lakh Ltd. guarantors and not classifying dormant accounts. Vijay Commercial Co-operative Failing to review risk categorization of accounts every ₹1 lakh Bank Ltd. six months as required under KYC norms. Granting loans to directors, not transferring unclaimed Sundargarh District Central amounts to the Depositor Fund, and not following ₹3 lakh Co-operative Bank Ltd. Customer Due Diligence (CDD) during account opening. 2 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 Learn Along: About RBI Founded: 1 April 1935 Headquarters: Mumbai Governor: Shaktikanta Das RBI in News: Topic Key Information RBI designates 10-year Sovereign Green Bonds (SGrBs) for investment by non-residents under the Fully Accessible Route (FAR). SGrBs will be issued in FY 2024-25 as specified securities for FAR. This move follows Indian Government Securities (G-Secs) being included in JPMorgan’s Emerging Markets Bond Index (June 28, 2024). Sovereign Green Bonds under FAR G-Secs will also be added to Bloomberg EM Local Currency indices (Jan 2025) and FTSE EMGBI (Sept 2025). FAR allows FPIs, NRIs, OCIs to invest in Government securities without investment limits. The government aims to raise ₹6.61 lakh crore in H2 FY 2024-25, with ₹20,000 crore from SGrB issuances. RBI classifies SBI, HDFC Bank, and ICICI Bank as systemically important banks (D-SIBs). SBI to increase capital buffer to 0.80% of risk-weighted assets (from 0.60%) by April 1, 2025. Systemically Important HDFC Bank to raise capital requirement to 0.40% from 0.20% by April 1, 2025. Banks (D-SIBs) D-SIBs are too big to fail, requiring higher capital buffers to manage systemic risks. D-SIB framework introduced in 2014 mandates capital buffers and Systemic Importance Scores (SIS) for large banks. RBI to launch a cloud services pilot program in 2025 to provide affordable local cloud storage for financial firms. This will compete with global players like Amazon Web Services, Microsoft Azure, and Google Cloud. RBI Cloud Services The Indian cloud market is projected to grow from $8.3 billion in 2023 to $24.2 Initiative billion by 2028. The project will focus on data localisation with Indian-incorporated companies eligible to bid. Data centres will be set up in Mumbai and Hyderabad. RBI was a net buyer of $8.52 billion in H1 FY25 (April–September 2024). Highest purchase was $9.6 billion in September 2024, with a net sale of $6.49 RBI Foreign Currency billion in August 2024. Purchases India’s forex reserves stood at $675.7 billion as of November 8, 2024, down from the all-time high of $705.8 billion in September. RBI and Maldives Monetary Authority (MMA) signed an MoU to promote INR RBI-Maldives Monetary and MVR use for cross-border transactions. Authority MoU The agreement facilitates INR-MVR trading in the foreign exchange market, reducing costs and settlement times for bilateral trade. 3 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 Topic Key Information This collaboration will strengthen economic and financial ties between India and Maldives. Important News: Topic Key Points SBI economists forecast a 6.5% GDP growth for Q2, down from 6.7% in Q1. FY25 growth expected around 7%, with concerns of a cyclical slowdown. Agriculture, industry, and services sectors show a decline, SBI Economists Forecast Q2 with only 69% of indicators showing growth. Rural demand rising, GDP Growth reflected in tractor and two-wheeler sales. Urban demand concerns due to shifts in demographics and regulatory tightening on unsecured lending. India's FMCG sector grew by 5.7% in value and 4.1% in volume for July- September. Rural volume growth was 6%, surpassing urban demand Rural Demand Boosts FMCG (2.8%). Price-led growth at 1.5%. Traditional trade up by 4.1%, while Growth modern trade lags behind. Hindustan Unilever cited moderating urban demand and rising commodity costs, prompting calibrated price hikes. S&P Global Ratings forecasts 6.5-7% GDP growth annually from 2025- 2027 due to increased infrastructure spending and private Indian Economy Growth consumption. RBI projects 7.2% growth for FY24. Loan growth driven Outlook (S&P) by strong demand and healthy corporate balance sheets. Weak loans expected to decline to 3% by March 2025. Corporate borrowing gains momentum but external uncertainties may affect capital expenditure. India’s goods exports surged 17.25% to $39.2 billion in October 2024, while imports rose 3.9% to $66.34 billion. The trade deficit widened to India's Trade and Export $27.14 billion. Gold imports up 62%, while petroleum imports rose Performance 13.3%. Non-petroleum exports hit a record $211.3 billion from April to October. Strong Christmas demand and growth in engineering goods, chemicals, electronics, rice, and textiles contributed to export success. India’s gaming market grew 23% to $3.8 billion in FY24 despite 28% GST. The market is expected to reach $9.2 billion by FY29, with a 20% India's Online Gaming CAGR. Real-money gaming (RMG) contributed $2.4 billion, but in-app Market Growth purchase revenue grew fastest at 41% Y-o-Y. Mid-core games saw 53% revenue growth, while casual games grew by 10%. Women gamers increased to 44% and 66% of gamers are from non-metro cities. - Retail inflation in India rose to 6.2% in October, a 14-month high. - Food prices surged by 10.9%; vegetables up by 42.2%, edible oils by Food prices spur retail 9.5%. inflation to 6.2% in Oct - Food inflation: Urban: 11.1%, Rural: 10.7%. - RBI's inflation target of 4.8% in Q3 looks challenging. - Public sector banks (PSBs) reported an 11% growth in aggregate PSBs clocked 11% growth in business to ₹236 trillion. H1FY25 - Net profit rose by 25.6% to ₹85,520 crore. - Gross NPA dropped by 108 bps to 3.12%. Consumer Price Index for - CPI inflation at 6.21% in October; Rural: 6.68%, Urban: 5.62%. October 2024 - Food inflation: 10.87%. 4 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 Topic Key Points - Housing inflation up to 2.81%. - Electricity index inflation: 5.45%. - GDP growth in Q2 at 6.5%, down from 6.7% in Q1. ICRA pegs Q2 GVA growth - Gross Value Added (GVA) growth forecast at 6.6%. at 6.6% - Mining, electricity demand, and retail footfalls were affected by heavy rainfall. - India projected to be the fastest-growing G20 economy with 7% GDP India rated fastest growing growth in 2024. G20 economy with 7% GDP - Urban unemployment rate down to 6.4%. growth - Focus on sustainable development and global governance reforms at the G20 summit. - India’s GDP growth for 2024 forecast at 7.2%. - Household consumption, investment, and manufacturing drive Moody's says Indian growth. economy in 'sweet spot' - Inflation expected to moderate despite food inflation and geopolitical risks. - GDP growth slowed to 5.4% in Q2, lowest in 7 quarters. GDP growth hits 5.4% in Q2, - Manufacturing and mining sectors showed sharp deceleration. lowest in 7 quarters - Private Final Consumption Expenditure grew by 6%. - Core industries growth: 3.1% in October. Index of Eight Core - Coal production up by 7.8%. Industries for Oct 2024 - Crude oil down by 4.8%, Natural Gas down by 1.2%. - Steel and cement saw positive growth. - Net inflows through External Commercial Borrowings (ECBs) rose to ECBs net inflows rise to $7.9 $7.9 bn in H1FY25. bn in H1FY25 - Capex funding dominated ECBs at 50%. - Interest margin increased by 5 bps compared to H1FY24. - India's imports from UAE surged by 70.37% to $7.2 billion. Imports from the UAE rise - Trade deficit widened to $3.5 billion. 70% in Oct - Key imports: mineral oil, chemicals, and precious stones. - FTA with UAE effective since May 2022. - GDP growth for Q2 of FY25 projected at a six-quarter low of 5.4%. Manufacturing slump likely - Manufacturing slowdown and declines in steel, cement, and vehicle to hit Q2 GDP growth sales. - Rural demand expected to support growth. India Inc capex slows down - Private sector capex slightly declined to Rs 9.4 trillion. marginally to Rs 9.4 trn in - Top sectors: oil & petrochemicals, power, and telecom. FY24 - Capex in healthcare and retail saw significant declines. - S&P Global revised FY26 GDP forecast to 6.7%. S&P cuts India’s FY26 GDP - Food inflation and geopolitical risks noted as concerns. forecast to 6.7% - Inflation forecast for FY25 raised to 4.6%, and FY26 to 4.4%. - Growth in Asia-Pacific impacted by global demand. - Cargo volume at major ports fell by 3.2% to 68.22 million tonnes. Major port cargo contracts - Crude oil and coal shipments down by 8.8% and 13%. 3.2% to 68 mt in Oct - Private ports recorded 5.7% growth in cargo. 5 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 Topic Key Points Quarterly BSR-1: - Bank credit growth at 12.6% in September. Outstanding Credit of SCBs - Growth in agriculture, housing, and personal loans varied. – Sep 2024 - Female borrowers increased to 23.6% of individual loans. - Deposit growth at 11.7% in September. Quarterly BSR-2: Deposits - Term deposits increased to 68.8% of total term deposits. with SCBs – Sep 2024 - Public sector banks saw 9% growth in deposits; private sector banks recorded above 15% growth. Banks eye ₹ 1 trn via infra bond issuances in FY25  Infrastructure bond issuances by commercial banks in FY25 are expected to surpass ₹1 trillion, nearly double the ₹51,081 crore issued in FY24.  As of now, banks have raised ₹74,256 crore via infra bonds, with significant contributions from State Bank of India (₹30,000 crore), Bank of Baroda (₹10,000 crore), and Canara Bank (₹10,000 crore).  State-owned banks are heavily utilizing infra bonds to fund credit growth, addressing challenges in deposit mobilization.  Infra bonds are favored by institutional investors due to their superior credit quality and alignment with long-term risk profiles, compared to riskier Tier-2 and AT1 bonds.  These bonds are exempt from regulatory reserve requirements like SLR and CRR, allowing banks to fully deploy proceeds for lending activities.  For deposits, banks must maintain 4.5% as CRR and 18% in SLR, making infra bonds a more cost- effective funding tool.  Key issuers include public sector banks like Indian Bank, Bank of India, and private sector banks such as ICICI Bank and Axis Bank.  The government plans to revamp IFCI, a non-bank infrastructure lender, by ceasing its lending operations due to capital constraints and transitioning it into an advisory firm.  Infra bond issuances underscore the banking sector's strategic pivot towards efficient funding tools to sustain credit growth while optimizing regulatory benefits. Infrastructure bond issunces in FY25 Bank Amount (in ₹ crore) State Bank of India 30,000 Bank of Baroda 10,000 Canara Bank 10,000 Indian Bank 10,000 Bank of India 5,000 Axis Bank 3,925 ICICI Bank 3,000 The Federal Bank 1,500 Bank of Maharashtra 811 Total 74,236 Confederation of Indian Industry (CII) Launches Strategy Cell  The Confederation of Indian Industry (CII) has launched a strategy cell in Coimbatore to support businesses, especially selected industries, in achieving global competitiveness. 6 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The strategy cell comprises six members who work with chosen industries for 6-12 months, tailoring support to their specific growth goals.  Since its inception in May 2024, the cell has engaged with seven industries, chosen for their growth potential over the past six months.  Members bring 200+ hours of expertise and provide free mentorship, helping industries define medium- and long-term goals for sustainable development.  The cell focuses initially on the manufacturing sector, critical for economic growth, aiding firms in developing robust growth plans.  The initiative specifically benefits MSMEs, which often lack mentorship resources, by enabling informed strategic decisions and pursuing expansion opportunities.  Dedicated mentors ensure businesses receive personalized guidance, fostering a culture of growth and improved global competitiveness.  The strategy cell aligns with CII’s mission to support industries in enhancing productivity and becoming global players. Learn Along: About Confederation of Indian Industry Came into effect: 1st January 1992 President : Sanjiv Puri Headquarters: New Delhi, India IndusInd Bank and UNICEF collaborate to strengthen Climate Risk Management and Community Resilience  IndusInd Bank and UNICEF have partnered to enhance Climate Risk Management and build disaster- resilient communities in five districts: Dharashiv (Maharashtra), Begusarai (Bihar), Virudhunagar (Tamil Nadu), Baran (Rajasthan), and Bahraich (Uttar Pradesh).  The initiative is part of IndusInd Bank’s flagship CSR program, supporting the Holistic Rural Development Program (Climate Action) in Aspirational Districts.  The partnership aims to implement real-time monitoring systems, early warning mechanisms, and advisory services to tackle climate risks like droughts, floods, and heatwaves.  IIT Gandhinagar will develop monitoring and early warning systems, while the Gorakhpur Environment Action Group will focus on capacity-building for local officials.  Mission Samriddhi will engage stakeholders and foster knowledge sharing, while the CSR Trust for SDGs in India (CTSI) will oversee the program’s implementation.  This program underscores the bank’s mission to integrate sustainability, innovation, and community welfare into its operational framework. Learn Along: About IndusInd Bank Founded: April 1994 Headquarters: Mumbai, Maharashtra MD & CEO: Sumant Kathpalia About UNICEF Founded: 11 December 1946 Headquarters: New York,United States Executive Director: Catherine Russell NTPC Green Energy signs deal worth Rs 2 lakh crore with Andhra Pradesh govt  NTPC Green Energy Ltd. (NGEL) and NREDCAP have formed a joint venture (JV) to develop renewable energy projects in Andhra Pradesh.  The initiative involves an investment of ₹2,00,000 crore and plans to create 25 GW of solar, wind, and hybrid energy, 10 GW of pumped hydro storage, and 0.5 MMTPA of green hydrogen and derivatives like ammonia and methanol.  It is expected to generate employment for 1.06 lakh people and deliver ₹20,620 crore in financial benefits to Andhra Pradesh over 25 years.  Andhra Pradesh’s Integrated Clean Energy Policy aims to achieve 78.50 GW of solar, 35 GW of wind, 22 GW of pumped hydro storage, and 1.50 MMTPA of green hydrogen production in five years.  The first phase of the partnership will be completed by May 2027, boosting the state’s clean energy capacity. 7 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  A green hydrogen hub at Pudimadaka with ₹1.85 trillion investment will produce 1,500 tonnes of green hydrogen daily, operating on a plug-and-play model.  NGEL is exploring global partnerships with firms like Toyo Engineering, Getek AS, and Fortescue for green hydrogen offtake. Learn Along: About NTPC Green Energy  NGEL is an umbrella company for the green business initiatives of NTPC and undertakes projects through organic and inorganic routes and aims to be the flag-bearer of NTPC’s green energy journey to achieve the ambitious target of 60 GW.  Chairman & Managing Director: Gurdeep Singh Cabinet approves Investment Proposal for construction of 186 MW Tato-I Hydro Electric Project in Shi Yomi District of Arunachal Pradesh with an outlay of Rs.1750 crore and completion period of 50 months  The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved an investment of ₹1,750 crore for the Tato-I Hydro Electric Project (HEP) in Shi Yomi District, Arunachal Pradesh.  The project has an installed capacity of 186 MW (3 x 62 MW) and will produce 802 Million Units (MU) of energy.  The project will enhance the power supply in Arunachal Pradesh and contribute to the national grid.  It will be implemented through a Joint Venture between NEEPCO and the Government of Arunachal Pradesh.  The Government of India will provide ₹77.37 crore for infrastructure like roads, bridges, and transmission lines, along with ₹120.43 crore in Central Financial Assistance for state equity.  The state will receive 12% free power and 1% for Local Area Development Fund (LADF), along with socio-economic benefits.  The project will improve local infrastructure, including 10 km of roads and bridges, with most of it available for local use.  Essential infrastructure such as hospitals, schools, vocational training institutes, marketplaces, and playgrounds will be developed, funded by ₹15 crore from the project. Cabinet approves Investment Proposal for construction of 240 MW Heo Hydro Electric Project in Shi Yomi District of Arunachal Pradesh with an outlay of Rs.1939 crore and completion period of 50 months  The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved an investment of ₹1,939 crore for the Heo Hydro Electric Project (HEP) in Shi Yomi District, Arunachal Pradesh.  The project will have an installed capacity of 240 MW (3 x 80 MW) and produce 1,000 Million Units (MU) of energy.  The project will improve power supply in Arunachal Pradesh and help balance the national grid.  It will be implemented as a Joint Venture between NEEPCO and the Government of Arunachal Pradesh.  The Government of India will provide ₹127.28 crore for infrastructure like roads, bridges, and transmission lines, along with ₹130.43 crore in Central Financial Assistance for state equity.  The state will benefit from 12% free power and 1% for Local Area Development Fund (LADF), along with significant socio-economic development.  The project aligns with Aatmanirbhar Bharat Abhiyan and will support local suppliers, enterprises, and MSMEs. Cabinet approves the PAN 2.0 Project  The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 Project of the Income Tax Department with a financial outlay of ₹1,435 crore. 8 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The PAN 2.0 Project aims to transform taxpayer registration services using technology for improved efficiency.  Key benefits include ease of access, speedy service delivery, and improved quality of services.  It ensures a single source of truth with data consistency, supports eco-friendly processes, and focuses on cost optimization.  The project will enhance security and infrastructure optimization for greater agility.  PAN 2.0 is an e-Governance initiative to upgrade the existing PAN/TAN ecosystem for a more streamlined digital experience.  It aligns with the Digital India vision, enabling PAN as a common identifier across various government systems. PNB becomes a PCAF signatory, strengthening its commitment to climate responsibility  Punjab National Bank (PNB), India’s second-largest public sector bank, has become a signatory to the Partnership for Carbon Accounting Financials (PCAF).  This move emphasizes PNB’s commitment to transparency and climate action by adopting internationally recognized standards for measuring and reporting greenhouse gas (GHG) emissions from its lending and investment activities.  In FY 2023-24, PNB disclosed its financed emissions in the Business Responsibility and Sustainability Report (BRSR) using the PCAF Standard, a globally accepted methodology.  PNB’s decision aligns with the Reserve Bank of India’s (RBI) upcoming framework for climate-related financial risk disclosures, which requires banks to report on governance, strategy, and risk management by FY 2025-26.  As a PCAF signatory, PNB joins a global network of financial institutions working on climate change and GHG accounting practices.  The partnership offers PNB technical support, training, and emission data tailored for India, along with access to global working groups, workshops, and webinars.  This strategic initiative reinforces PNB’s commitment to global sustainability practices and its contribution to climate action. Learn Along: About PNB Founded: 19 May 1894 Headquarters: New Delhi MD & CEO: Atul Kumar Goel 2nd phase of PM e-Drive for cargo 3-wheelers notified  The government has advanced the second phase of incentives for cargo electric three-wheelers under the ₹10,900-crore PM e-Drive Scheme.  The decision follows the exhaustion of the subsidy allocation for the L5 category electric three-wheelers in the current financial year, after over 80,000 vehicles were registered by November 7, 2024.  The subsidy for these vehicles has been capped at ₹25,000 per vehicle, reduced from ₹50,000 for vehicles registered between April 1 and November 7.  Under the new phase, 1,24,846 vehicles registered from November 8, 2024 to March 31, 2026 will be eligible for subsidies at a reduced rate of ₹2,500/kWh, down from ₹5,000/kWh in Phase I.  The move aims to promote the adoption of electric vehicles while managing the financial impact on the subsidy scheme.  The Vahan portal will be used for the registration of these vehicles under the updated subsidy terms.  This initiative is part of India’s broader push to promote green mobility and reduce reliance on fossil fuels.  The PM e-Drive Scheme is expected to accelerate the transition to electric vehicles in the logistics sector, boosting sustainability and energy efficiency. Learn Along: About PM e-Drive  The Ministry of Heavy Industry, Govt. of India, with the approval of Union Cabinet, Chaired by Hon’ble Prime Minister Narender Modi has launched scheme titled ‘ PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme on September 29, 2024. 9 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The scheme is being implemented from 1st October, 2024 till 31st March, 2026.  Further, EMPS-2024, the number of vehicles and the expenditure under EMPS-2024 for e-2w and e-3w being implemented for the period from 1st April 2024 to 30th September 2024 is being subsumed under PM E-DRIVE Scheme, therefore, effective period for the scheme will be two years. Kerala govt, Adani Vizhinjam Port to sign supplementary concession pact  The Kerala government and Adani Vizhinjam Port Pvt Ltd have signed a supplementary concession agreement for the Vizhinjam International Port Project.  The Cabinet, chaired by Chief Minister Pinarayi Vijayan, approved the agreement after arbitration proceedings were withdrawn.  The new agreement accelerates the completion of the second phase of the port, from 2045 to 2028.  Adani Ports is committed to investing ₹10,000 crore in the project over the next four years.  The port's minimum capacity will reach 3 million TEUs once completed, boosting its operational scale.  The project timeline has been extended by five years due to delays caused by the COVID-19 pandemic, Ockhi cyclone, and floods.  A penalty of ₹219 crore has been imposed for delays, with ₹43.8 crore payable to the state; the rest will be withheld until 2028.  If the port is not fully completed by 2028, the five-year extension will be cancelled, and the withheld amount will be collected by the state. Piyush Goyal launches CII's Ease of Doing Business and Regulatory Affairs Portal  Piyush Goyal, Union Commerce and Industry Minister, launched the CII Ease of Doing Business (EoDB) and Regulatory Affairs portal to track suggestions and insights on India's business environment.  The portal provides real-time updates on Ease of Doing Business initiatives by the government and CII, ensuring transparency and accountability in resolving business concerns. SBI secures $ 500 mn via 5 year bonds  State Bank of India (SBI) raised $500 million through five-year bonds from international investors at a tight spread of 82 basis points (bps) over the US Treasury.  The initial pricing guidance was 115 bps above the US Treasury, but SBI managed to compress it by 33 bps to T+82 bps, one of the tightest spreads for an Indian financial institution.  The order book reached close to $3 billion, indicating strong global demand.  The proceeds will be used for general corporate purposes and to meet funding needs of SBI’s foreign branches, with HSBC as one of the arrangers.  Separately, SBI raised ₹10,000 crore via 15-year infrastructure bonds at a coupon rate of 7.23%, oversubscribed over two times with bids exceeding ₹11,500 crore.  The infrastructure bond issuance saw 85 bids, reflecting diverse investor participation, including provident funds, pension funds, insurance companies, and mutual funds.  Funds from the infra bonds will support long-term resources for infrastructure funding and the affordable housing segment.  Corporate bond yields have increased by 10 bps, boosting investor interest, with REC and IRFC also raising funds at tight pricing.  SBI has mobilized ₹30,000 crore through infrastructure bonds in FY25, showcasing strong appetite among long-term investors. Learn Along: About SBI Chairperson: Challa Sreenivasulu Setty Founded: 1 July 1955 Headquarters: Mumbai SBI Launches Innovation Hub At Singapore Fintech Festival  SBI Innovation Hub accelerates digital transformation by offering 250+ financial service APIs in a secure sandbox for custom solution development. 10 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  Supports fintechs and startups with structured challenges, hackathons, and partnership opportunities to gain recognition and reach millions of users.  Provides a single touchpoint for simplified onboarding and collaboration with global innovators for impactful solutions.  Empowers innovators with secure sandbox access and APIs, promoting financial inclusion and global consumer engagement.  Separately, Gupshup has advanced in Singapore's conversational AI sector, partnering with Standard Chartered Bank to enhance banking efficiency.  Gupshup uses domain-specific Large Language Models (LLMs) for precise, compliant AI assistants tailored for the banking sector.  Their AI solutions are also transforming customer engagement in sectors like retail, healthcare, and logistics. Govt plans to integrate Gati Shakti portal with e-Shram database  The government plans to integrate the e-Shram portal with the Gati Shakti portal to enhance logistics planning and local employment opportunities.  This integration aims to reduce the skill gap and help nodal agencies better plan workforce needs, avoiding project delays and cost overruns.  e-Shram portal has over 303 million unorganised workers registered across 400+ occupations, including skilled trades like masonry, carpentry, and plumbing.  The Gati Shakti portal hosts extensive data on India’s infrastructure, with 1,530 data layers from 44 ministries to boost economic growth.  Private sector access to this integrated platform could help plan workforce distribution and improve job matching for workers based on location.  The three-year-old Gati Shakti portal facilitates integrated planning across key ministries to enhance infrastructure connectivity and attract investments. PMO launches new maritime strategy, to infuse funds into port sector  The Prime Minister's Office has approved a three-pronged strategy to boost the maritime sector, with ₹25,000 crore from the Maritime Development Fund for port development.  The Sagarmala Development Company will become a Non-Banking Financial Company (NBFC) by 2025, using this funding to enhance port infrastructure.  The project includes building new terminals, breakwater structures, and dredging to increase port capacity and improve freight train and truck access.  India Ports Global will expand investments to manage a fourth international port in Sri Lanka, adding to existing projects in Iran, Bangladesh, and Myanmar.  Crisil reports indicate high investment needs, making private sector entry difficult without government backing.  Only three ports (JNPA, Deendayal, Paradeep) handle 46% of major port traffic, while others struggle due to city congestion and limited hinterland connectivity.  Freight traffic has increased by 46% over the past decade, but growth has been concentrated in a few ports, prompting the need for strategic expansion. India now holds more gold domestically, marking 60% increase  RBI’s gold reserves grew by 40% over five years, rising from 618 metric tonnes in 2019 to 854 tonnes in 2024.  510 metric tonnes (60%) of the gold is now stored domestically, up from 50% in March, with 102 tonnes added between March and September 2024.  324 metric tonnes are held with the Bank of England and BIS, while 20 metric tonnes are in gold deposits. 11 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  In value terms, gold’s share in India’s foreign exchange reserves rose from 8.15% in March 2024 to 9.32% in September 2024. Punjab & Sind Bank launches e-bank guarantee facility  Punjab & Sind Bank (PSB), in partnership with National e-Governance Services Ltd (NeSL), has launched the e-Bank Guarantee (e-BG) facility to replace paper-based guarantees.  The e-BG offers secure transmission and transparency, saving beneficiaries time and effort in verification of physical documents.  The e-BG will reduce turnaround time (TAT) and help prevent fraud associated with physical document handling.  This initiative is a landmark step towards enhancing the ease of doing business for applicants and beneficiaries. Learn Along: About Punjab & Sind Bank Headquarters: New Delhi Founded: 24 June 1908 MD&CEO: Swarup Kumar Saha IDFC FIRST Bank Leads the Way in Revolutionising Real-Time Tracking of Money Sent Abroad Through Swift GPI  IDFC FIRST Bank has become the first Indian bank to offer real-time tracking for international money transfers in collaboration with Swift.  This service brings real-time tracking similar to UPI and IMPS domestic payments, addressing a gap in visibility for overseas money transfers.  The Swift GPI (Global Payments Innovation) allows customers to see the exact status of their funds, including potential issues like incorrect receiver details, providing end-to-end traceability.  The RBI’s Liberalised Remittance Scheme (LRS) allows Indians to send funds abroad for purposes like education, medical, and investments; IDFC FIRST Bank supports this digitally via Swift GPI.  This tool is provided as a complimentary 24/7 service with no processing charges, enhancing IDFC FIRST Bank’s customer-first approach.  The move aligns with IDFC FIRST Bank’s commitment to innovation and customer-centric solutions in the banking sector. Learn Along: About IDFC First Bank Headquarters: Mumbai Founded: October 2015 MD &CEO: Mr. V. Vaidyanathan SEBI and FINANCIAL AWARENESS SEBI Proposes Rs.1 Cr Minimum for Securitisation, Adding Investor Safeguards  SEBI has introduced proposed regulations for securitised debt instruments (SDIs) to enhance transparency, investor protections, and streamline operations in India’s securitisation market.  The proposal includes a minimum investment threshold of INR 1 crore for SDIs to attract sophisticated investors while reducing high-risk exposure for retail investors.  Private placements of SDIs are capped at 200 investors; exceeding this limit reclassifies it as a public issue.  Public offerings of SDIs must stay open for 3 to 10 days and follow similar advertising guidelines as non-convertible securities.  All SDIs are mandated to be in demat form to enhance security and traceability.  Originators must retain a minimum 10% risk in the securitised pool or 5% for assets maturing within 24 months to align interests with investors.  A minimum holding period for underlying assets is proposed, with a clean-up call option allowing originators to repurchase 10% of the asset pool. 12 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  Liquidity facilities should be provided by the originator or a third party to manage cash flow timing mismatches.  SEBI restricts SDI collateral to high-quality assets like listed debt securities and rental incomes, disallowing single-asset securitisation. Learn Along: About SEBI  The Securities and Exchange Board of India was established as a statutory body in the year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992.  Chairperson: Ms. Madhabi Puri Buch Headquarters: Mumbai, Maharashtra SEBI Proposes New Measures to Enhance REITs and InvITs Operational Framework  SEBI has proposed new regulations for REITs and InvITs to increase business flexibility and investor protection.  A key proposal includes interest rate derivatives for REITs and SM REITs to hedge against interest rate fluctuations, enhancing stability in cash flows.  Fixed deposits may be recognized as cash equivalents in leverage calculations, improving financial management for these entities.  SEBI suggests transferability of locked-in units among sponsors and affiliates, ensuring “skin in the game” while adding flexibility.  Quarterly reporting norms for InvITs will be updated to reflect their own performance, aligning with REIT reporting standards.  Nomination and Remuneration Committees (NRCs) in REIT and InvIT managers could include independent and non-executive directors for better governance.  “Common Infrastructure” is redefined to include essential facilities like power plants and water treatment systems to support multiple assets.  SEBI proposes liquid mutual fund investments for REITs to diversify cash flow management.  Public feedback is open on these proposals until November 13, aiming to modernize the REIT and InvIT framework.  These changes strengthen financial health and governance in India’s real estate and infrastructure investment sectors. RBI, Sebi unveil rules for converting excess investment by FPIs into FDI  RBI and SEBI issued new guidelines requiring foreign portfolio investors (FPIs) to obtain government approval and investee company concurrence if equity stakes exceed prescribed limits.  An operational framework has been established for reclassifying FPI investments to foreign direct investments (FDI) if holdings surpass the 10% threshold under the Foreign Exchange Management Act (Fema).  FPIs breaching the limit have five days from trade settlement to either divest holdings or reclassify to FDI, subject to conditions.  Once reclassified, the investment will remain FDI even if holdings later fall below the 10% threshold.  The framework emphasizes necessary government approvals, including provisions for investments from land-bordering countries.  The reclassification is restricted in prohibited sectors and must adhere to FDI norms like sectoral caps and pricing guidelines.  The guidelines aim to create a favorable investment environment and enable FPIs to engage more strategically with Indian companies.  Reporting procedures for breaches and reclassification have been detailed, ensuring smooth processing and compliance. SEBI nixes 1% security deposit mandate in public issues 13 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  SEBI has abolished the mandatory security deposit requirement for companies launching public issues, effective immediately.  Previously, companies had to deposit 1% of the issue size with stock exchanges before a public issue of equity shares.  This move aims to promote ease of doing business for issuer companies.  The reform reduces compliance burdens and facilitates a smoother process for public issues. SEBI mulls stricter rules for SME IPOs, higher minimum application size for investors  SEBI proposed stricter rules for SME IPOs, including a higher minimum issue size and a new "draw of lots" system for non-institutional investors.  Minimum application size to be doubled from ₹1 lakh to ₹2 lakh, ensuring participation from informed investors with adequate risk capacity.  SEBI is also seeking public feedback on further increasing the application amount to ₹4 lakh.  The move comes in response to a surge in SME IPO participation, with applicant-to-allotted investor ratios increasing significantly from FY22 to FY24.  SEBI highlighted the rising retail participation in SME IPOs and associated risks, emphasizing the need for investor protection.  The higher minimum size aims to reduce smaller investor participation and attract investors willing to take on higher risks.  This measure is intended to enhance the credibility of the SME segment by ensuring that investors have sufficient risk appetite. Nasscom signs MoU with DIFC on fintech partnerships  Nasscom, the Indian technology industry body, signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre (DIFC).  The MoU aims to connect Nasscom’s member companies with DIFC’s fintech and innovation ecosystem, promoting global collaboration and partnerships.  The agreement includes the exchange of sectoral insights and development strategies between the two bodies.  Nasscom members will gain direct access to DIFC’s artificial intelligence (AI), fintech, and innovation sectors.  The partnership aims to enhance opportunities for Indian companies in the West Asian market. Learn Along: About Nasscom President: Debjani Ghosh Founded: 1 March 1988 Headquarters: Noida, Uttar Pradesh Alphabet arm gets CCI's clearance to acquire stake in Walmart's Flipkart  Competition Commission of India (CCI) approved Shoreline International Holdings LLC, a subsidiary of Alphabet Inc., to acquire a stake in Walmart-owned Flipkart.  Shoreline International is a holding company and does not operate any Google products or services.  The transaction involves Shoreline subscribing to shares of Flipkart Pvt Ltd and an arrangement between an affiliate of Shoreline and Flipkart's subsidiary for services.  Flipkart, primarily engaged in wholesale and e-commerce in India, is a subsidiary of Walmart Inc..  In May 2024, Walmart closed a $1 billion funding round for Flipkart, which included $350 million from Alphabet's Google.  Walmart holds an 85% stake in Flipkart, and invested $600 million in this funding round.  In a separate decision, CCI also approved MUFG Bank's acquisition of a 20% stake in DMI Finance Pvt Ltd, a digital finance company.  MUFG Bank, based in Tokyo, is part of Mitsubishi UFJ Financial Group and provides various financial services in India. 14 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 Learn Along: About Flipkart CEO: Kalyan Krishnamurthy Headquarters: Bengaluru Founded: October 2007 GST on healthcare and life insurance services raised over Rs 16,000 crore in FY24  GST revenue from healthcare and life insurance services amounted to Rs 16,398 crore in FY24.  This includes Rs 8,135 crore from life insurance and Rs 8,263 crore from health insurance.  An additional Rs 2,045 crore was raised from re-insurance of life and health insurance services.  In FY23, the total GST collected was Rs 16,770 crore, with Rs 9,132 crore from life insurance and Rs 7,638 crore from healthcare insurance.  GST on health insurance services is levied at a standard rate of 18%; however, specific schemes for economically weaker sections and differently-abled are exempt.  Pre-GST taxation also followed similar practices with standard rates and exemptions for specific schemes.  A Group of Ministers (GoM), chaired by Samrat Chaudhary, is examining the issues related to GST on life and health insurance.  The GST Council will meet on December 21, 2024, in Jaisalmer to discuss recommendations regarding GST rates on insurance services. Kotak MF launches Transportation and Logistics Fund  Kotak Mutual Fund (MF) announced the launch of Kotak Transportation & Logistics Fund, a thematic equity scheme which will primarily invest in companies engaged in transportation, logistics, and related activities.  Over the last five years, there has been a 44 per cent increase in the number of listed companies in this space. HDFC MF unveils Nifty India Digital  HDFC Mutual Fund has launched the HDFC Nifty India Digital Index Fund, an open-ended scheme tracking the Nifty India Digital Index.  The fund provides diversified exposure to India’s digital transformation, investing in 30 stocks across sectors like software, e-commerce, telecom, and fintech, with sector and stock-specific caps to manage risk. Canara HSBC Life Insurance launches OmniGen AI  Canara HSBC Life Insurance has launched OmniGen AI, a Generative AI-driven solution to enhance the underwriting process.  The solution is powered by Amazon Web Services (AWS) and acts as a co-pilot for underwriters, providing swift, accurate decisions based on underwriting guidelines, risk models, and other essential data.  OmniGen AI improves risk assessment by analyzing multiple data attributes, identifying patterns, and ensuring uniformity and precision in decision-making, reducing errors and processing time.  It helps streamline risk evaluation, making it more cost-effective and accurate, addressing challenges like human biases and manual oversight in traditional underwriting.  The solution aims to reduce operational costs, backend workload, and turnaround times, offering faster policy issuance and a consistent customer experience.  Generative AI is integrated with Large Language Models (LLM) and machine learning, automating fraud risk assessment and providing rationale behind underwriting decisions.  The system will evolve with more human-expert involvement in refining risk models and underwriting manuals, fostering better integration of AI with human expertise. 15 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  This new AI-driven model enhances customer-centricity, agility, and accountability within Canara HSBC Life Insurance, improving both operational efficiency and customer outcomes.  The company aims to expand GenAI capabilities across different operations, setting new standards for innovation in the life insurance industry.  Canara HSBC Life Insurance is a joint venture between Canara Bank, HSBC, and Punjab National Bank, focusing on innovative and tech-driven insurance solutions for its diverse customer base. RBI nod for Central Bank of India’s foray into insurance via JV  Central Bank of India has received RBI approval to enter the life and non-life insurance business through a joint venture with the Generali group.  The partnership will be under Future Generali India Insurance Company (FGIICL) and Future Generali India Life Insurance Company (FGILICL).  The RBI's approval is subject to compliance with stipulated conditions and approval from sectoral regulator IRDAI.  The Committee of Creditors named the Central Bank of India the successful bidder for Future Enterprises’ Category 1 assets in FGILICL and FGIICL in August.  The Competition Commission of India (CCI) approved the deal in October 2024.  The move is part of the bank’s strategy to expand its presence in the insurance sector.  The partnership aligns with regulatory and competitive conditions, ensuring compliance with RBI and IRDAI guidelines.  This development enhances the Central Bank of India’s role in financial services diversification. Learn Along: About Central Bank of India Established: 1911 Managing Director & Chief Executive Officer: M. V. Rao UPI 123Pay transaction limit doubles to Rs 10,000 for feature phone users  The Reserve Bank of India (RBI) has increased the transaction limit for UPI 123Pay from ₹5,000 to ₹10,000, enabling higher-value digital payments via feature phones.  UPI 123Pay allows users without internet access to make payments through IVR, missed calls, OEM apps, and sound-based technology.  NPCI has directed banks and service providers to fully comply with the new limit by January 1, 2025, though the rule is effective immediately.  The system supports multiple initiation modes, including numeric ID mapping (UPI numbers), making it more user-friendly for feature phone users.  The changes aim to improve convenience with a higher limit, security with OTP authentication, and user experience through standardized tagging and streamlined processes.  UPI 123Pay is designed to promote financial inclusion, targeting underserved populations without internet connectivity. Learn Along: About UPI  Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.  It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.  NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. UPI sets new record in Oct with 16.58 bn transactions worth Rs 23.5 trn  UPI transactions hit a record 16.58 billion in October, valued at ₹23.5 trillion, marking the highest ever since UPI launched in April 2016. 16 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  This surpassed September’s 15.04 billion transactions and July’s value peak of ₹20.64 trillion.  The surge was driven by person-to-merchant transactions, spurred by the festival season.  October saw a 10% increase in volume and 14% in value over September, with daily transactions crossing 535 million in volume and ₹75,801 crore in value.  IMPS transactions rose to 467 million in October, with ₹6.29 trillion in value, showing a 9% rise in volume and 11% in value over September.  FASTag transactions grew 8% in October to 345 million, worth ₹6,115 crore.  AePS transactions reached 126 million in October, a 26% increase in volume and 35% in value to ₹32,493 crore.  Year-on-year (Y-o-Y), UPI volume rose 45% and value 37%, while AePS saw 26% growth in volume and 25% in value.  This data highlights the expanding digital payment adoption in India, particularly through UPI, IMPS, FASTag, and AePS. GenWise launches UPI payments for senior citizens with secure interface  GenWise has launched UPI payments on its app, specifically designed for senior citizens.  This is the industry’s first UPI service tailored for elders, featuring a simple user interface and enhanced security.  Developed in collaboration with Axis Bank as the sponsor bank for facilitating transactions.  UPI has become crucial for daily transactions, with over 400 million unique users and 16.5 billion transactions processed in October.  250 million Indian elders have been less connected to UPI due to complex interfaces and fear of cyber fraud.  With 65% smartphone penetration among elders, there is significant potential for UPI adoption.  GenWise UPI will allow elders to easily scan and pay, transfer money, and pay utility bills, enhancing financial inclusion. Navi emerges as fourth largest UPI application  PhonePe, Google Pay, and Paytm continue to lead the UPI ecosystem, but new players like Navi and Super.money are growing rapidly.  Navi, owned by Sachin Bansal, became the fourth largest UPI player in just over a year, processing 157.51 million transactions in October, surpassing Cred.  Super.money, which launched in July, doubled its transactions from September to October, reaching 49.68 million.  The company's CEO, Prakash Sikaria, aims for a top-five UPI ranking by year- end; currently, it stands at 12th.  Growth in the UPI market is driven by cashbacks, rewards, and incentives, causing significant cash burn for companies.  UPI transactions remain free for users, so firms do not generate revenue from processing payments.  PhonePe had a 47.67% market share in October, with Google Pay at 37.39% and Paytm at 7.02%.  PhonePe significantly reduced its incentive spending, from ₹950 crore in FY19 to ₹15 crore in FY24. Government of India and ADB sign $200 million loan to upgrade water supply, sanitation, urban mobility, and other urban services in Uttarakhand  Government of India and Asian Development Bank (ADB) signed a $200 million loan agreement to enhance urban services in Uttarakhand. 17 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The Uttarakhand Livability Improvement Project focuses on water supply, sanitation, urban mobility, and climate-resilient infrastructure.  The project also promotes women’s involvement in managing water and sanitation systems.  The European Investment Bank is cofinancing with an additional $191 million. Learn Along: About ADB  Established in 1966, the ADB is a multilateral development bank with the mission to promote economic growth and cooperation in the Asia-Pacific region.  Headquartered in Manila, Philippines, ADB comprises 68 member states and is governed by a board of governors, funded by member contributions, retained earnings, and loan repayments.  President: Masatsugu Asakawa ADB lauds India’s progress in fossil fuel subsidy reforms  India has made significant progress in fossil fuel subsidy reform since 2010 through a strategic 'remove, target, and shift' approach, as noted by the Asian Development Bank (ADB).  The country's fossil fuel subsidy in the oil and gas sector dropped by 85%, from $25 billion in 2013 to $3.5 billion in 2023, by adjusting retail prices, tax rates, and subsidies.  Subsidies on petrol and diesel were phased out from 2010 to 2014, with tax increases till 2017, creating fiscal space for renewable energy and electric vehicle support.  Excise duty increases on petrol and diesel (2014-2017) were used to fund LPG subsidies for rural poor, promoting cleaner cooking fuels.  The coal cess (2010-2017) contributed 30% to a national clean energy fund, supporting projects like Green Energy Corridor and National Solar Mission.  These projects helped reduce solar energy costs and funded off-grid renewable solutions.  After 2017, with the GST introduction, the coal cess was redirected to GST compensation, impacting clean energy fund flows.  India’s fossil fuel subsidies dropped significantly between 2014-2018 as a result of reforms.  Renewable energy subsidies peaked in 2017 and are now seeing growth again, highlighting a shift towards sustainable energy initiatives. ADB Approves $200 Million Loan for Uttarakhand Livability Improvement Project  The Centre and Asian Development Bank (ADB) signed a $200 million loan agreement to improve urban services in Uttarakhand.  The project will upgrade water supply, sanitation, urban mobility, and other services, enhancing livability and sustainability.  Key improvements will focus on transportation, drainage, flood management, and enhancing urban mobility in Haldwani.  The project will also boost water supply delivery in four cities, contributing to comprehensive urban development.  This initiative addresses environmental and climate risks while aiming to ensure better quality of life for residents. Government of India and ADB sign $98 million loan to promote plant health management in India’s horticulture  The Government of India and the Asian Development Bank (ADB) signed a $98 million loan to improve horticulture farmers' access to disease-free planting materials under the Building India’s Clean Plant Programme.  The loan agreement was signed by Ms. Juhi Mukherjee (Joint Secretary, Ministry of Finance) and Kai Wei Yeo (Officer-in-Charge, ADB India Resident Mission).  The project aims to improve plant health management, boosting crop yield, quality, and climate resilience for Indian horticulture farmers. 18 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The initiative supports the Atmanirbhar Clean Plant Programme (CPP), focusing on developing a regulatory framework and institutional systems for effective implementation.  It will involve collaboration with private nurseries, researchers, state governments, and growers’ associations for long-term success.  The project will establish clean plant centres with cutting-edge diagnostic laboratories to maintain disease-free planting materials.  A clean plant certification scheme will be rolled out to accredit private nurseries and certify their planting materials.  The initiative will help farmers adapt to climate change, addressing the impact of extreme weather and changing pest behavior.  The project will be implemented by the Ministry of Agriculture through the National Horticulture Board and Indian Council of Agricultural Research (ICAR). DPIIT signs MoU for two years with WinZO to support over 2,000 interactive entertainment startups  DPIIT signed an MoU with WinZO, India's largest social gaming platform, to strengthen India’s gaming ecosystem, supporting 2,000+ startups, innovators, and students.  The collaboration aims to position India as a global leader in gaming and interactive entertainment, targeting a share in the $300 billion global market.  The interactive entertainment sector is projected to grow to $60 billion by 2034, creating over 2 million jobs, as per a USISPF report.  Focus areas include bridging the talent gap through training in coding, animation, game design, and development.  A Center of Excellence (CoE) will be established to foster innovation, skilled workforce development, monetization strategies, and attract FDI in gaming technology.  The MoU includes initiatives like hackathons, workshops, accelerator programs, and the Tech Triumph Program, to showcase Indian talent on global platforms like GDC and Gamescom.  The DPIIT-WinZO partnership aims to nurture ‘Made in India’ intellectual property, scale startups, and develop world-class gaming products.  This initiative is a milestone in promoting entrepreneurship, manufacturing, and exports, contributing to India’s self-reliance and leadership in interactive technology. Govt plans insurance law changes for unified licence  The government plans to amend insurance laws in the ongoing Parliament session to introduce a unified licence for insurers and raise the FDI limit to 100% from the current 74%.  The unified licence will allow insurers to offer life, general, and health insurance under a single entity, enhancing operational flexibility.  Currently, life insurers cannot sell health insurance, while general insurers handle a broader range of products like health and marine insurance.  The amendment aims to boost investments and improve insurance penetration, which was only 3.8% of GDP in 2023, according to Swiss Re Institute.  Raising the FDI limit to 100% is expected to attract foreign investments, promoting growth in the insurance sector.  This reform is part of the government's efforts to make insurance more accessible and integrated for Indian consumers.  The initiative seeks to address the under-penetration of insurance in India and align the sector with global standards. Outward remittances slip 15% to $ 15.6 bn  Outward remittances under the Liberalised Remittance Scheme dropped 14.88% to $15.61 billion during April-September 2024, compared to $18.34 billion in H1FY24. 19 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The decline was attributed to a drop in remittances across major segments.  Remittances for maintenance of close relatives fell sharply by 37.17% to $1.92 billion during this period. Gross FDI grows 26% to $ 42.1 bn, net moderates  Gross FDI in India during April-September 2024 grew 25.7% to $42.1 billion, compared to $33.5 billion in the same period last year.  Net FDI (inflows minus outflows) moderated to $3.6 billion, down from $3.9 billion in the previous year.  The decline in net FDI was attributed to an increase in repatriation and outward FDI, as per the RBI bulletin. Karnataka Bank launches 2 financial products for students  Karnataka Bank Ltd. launched two new products: ‘KBL Peak’ education loan and ‘KBL Genius’ student savings account.  ‘KBL Peak’ offers financing of up to ₹2 crore for higher education in India and abroad, covering tuition, accommodation, travel, and more.  The loan includes a pre-admission sanction letter and credit life insurance for both students and parents, ensuring comprehensive financial protection.  ‘KBL Genius’ is a student savings account available in two variants: ‘KBL Genius Signature’ and ‘KBL Genius Advantage’.  The account features free cyber insurance, digital transaction facilities, and exclusive debit card benefits.  ‘KBL Genius’ accounts require maintaining a minimum average balance and offer tools for effective financial management.  These products emphasize Karnataka Bank’s commitment to supporting students' academic and financial goals.  The initiatives aim to contribute to a brighter future for individuals and the nation through educational empowerment. Learn Along: About Karnataka Bank Headquarters: Mangaluru Founded: 18 February 1924 MD and CEO: Srikrishnan H FinMin revokes 8-year-old circular: CPSEs no longer need NITI nod for JVs  The Ministry of Finance has revoked an eight-year-old circular, granting more autonomy to Maharatna, Navratna, and Miniratna CPSEs.  CPSEs no longer need NITI Aayog’s prior approval for forming joint ventures (JVs) or wholly owned subsidiaries (WoS), simplifying and speeding up the process.  The Department of Public Enterprises (DPE) announced this change to make procedures more efficient and less time-consuming.  However, CPSEs must still seek approval from DIPAM for capital restructuring and management decisions.  The requirement for NITI Aayog’s clearance had been in place since 2016 to ensure investments align with strategic government needs and fiscal prudence.  The DPE’s shift to the Finance Ministry in 2021 eliminated the need for NITI Aayog's intervention.  There are currently 14 Maharatna, 24 Navratna, and 69 Miniratna CPSEs in India.  The government aims to make CPSEs autonomous Board-managed companies, with Boards holding authority over strategic decisions and operations.  A parliamentary committee previously recommended empowering CPSE Boards with independent experts to enhance decision-making and governance efficiency. Net direct tax collection rises 15.4% to Rs 12.1 trn in April-Nov 20 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  Net direct tax collection in India grew 15.4% year-on-year to Rs 12.1 trillion from April 1 to November 10.  Gross direct taxes, including corporate and personal tax, increased over 21% to Rs 15 trillion.  The government issued tax refunds totaling Rs 2.9 trillion during this period. Finance Minister launches five Nari Shakti branches of Union Bank of India for women entrepreneurs  Union Finance Minister Nirmala Sitharaman inaugurated five Nari Shakti branches of Union Bank of India from Bengaluru.  The Nari Shakti branches will focus on credit for women-owned businesses and provide advisory services, skill development, and mentorship.  Branches have been opened in Bengaluru, Chennai, Visakhapatnam, and Jaipur.  The initiative aims to enhance financial inclusion for women and promote job creation through entrepreneurship. Learn Along: About Union Bank of India Headquarters: Mumbai Founded: 11 November 1919 Key people: : Srinivasan Varadarajan; (Non-Exe Chairman); A. Manimekhalai; (Managing Director & CEO) Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launches National MSME Cluster Outreach Programme and inaugurates New SIDBI Branches in Bengaluru  Union Minister Nirmala Sitharaman launched the National MSME Cluster Outreach Programme in collaboration with DFS and SIDBI to promote MSME financial access.  150 MSME Clusters were virtually connected, involving senior bank officials to support MSME growth.  She inaugurated six new SIDBI branches in Karnataka and four Nari Shakti Branches of Union Bank of India to empower women entrepreneurs.  Highlighted MSMEs' role in innovation, job creation, and economic self-reliance.  Set a target for banks and NBFCs to provide additional MSME credit of Rs. 1.54 lakh crore this fiscal year.  Announced future credit growth goals of Rs. 5.75 lakh crore to Rs. 7 lakh crore from FY 2024-27.  SIDBI signed an MoU with Peenya Industries Association for MSME support through credit and capacity building.  Distributed sanction letters totaling Rs. 36.75 crore to MSMEs, covering traditional to advanced industries.  Implemented increased loan limits under Pradhan Mantri Mudra Yojna from Rs. 10 lakh to Rs. 20 lakh. Learn Along: About SIDBI Founded: 2 April 1990 Headquarters: Lucknow, Uttar Pradesh Chairman & MD: Manoj Mittal Federal Bank raises ₹1,500 crore through infra bonds  Federal Bank Ltd. has raised ₹1,500 crore through its maiden issuance of long-term infrastructure bonds.  The total issue size was ₹1,500 crore (base issue of ₹750 crore and a greenshoe option to retain oversubscription up to ₹750 crore).  The funds have been raised by way of issue and allotment of the debentures on a private placement basis, that will be listed on the National Stock Exchange. Learn Along: About Federal Bank Founded: 23 April 1931 Headquarters: Kochi, Kerala MD & CEO: KVS Manian Reliance to invest ₹65,000 cr. in A.P. to set up 500 compressed biogas plants 21 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  Reliance Industries Limited (RIL) signed an MoU with the Andhra Pradesh government to invest ₹65,000 crore in compressed biogas (CBG) projects.  The investment aims to set up 500 CBG plants over 4-5 years, using available wastelands, with each plant costing ₹130 crore.  It is expected to create 2.5 lakh jobs and generate ₹57,650 crore in State revenue from SGST, electricity duty, and employment taxes over 25 years.  The state plans to establish a university for clean energy, and IAS officers will be appointed as ‘escort officers’ to ensure smooth project execution. Learn Along: About Reliance Industries Limited President: Mukesh Ambani Headquarters: Mumbai Founded: 1957 Amaravati capital project gets major boost with ₹13,500 crore loan from World Bank and ADB  The Amaravati development project in Andhra Pradesh received a major boost with a ₹13,500 crore loan from the World Bank and Asian Development Bank (ADB).  The funding agreement was finalized after two-day negotiations involving the Union Finance Ministry and the Andhra Pradesh Capital Region Development Authority in New Delhi.  The project, named the “Amaravati Inclusive and Sustainable Capital City Development Program”, focuses on creating a safe, sustainable city.  Key goals include inclusive socioeconomic growth, community development, resilient service delivery, and improved governance and financing frameworks.  This financial assistance will drive the progress of Amaravati as a world-class capital for Andhra Pradesh. Learn Along: About World Bank Established: July 7, 1944 Headquarters: Washington, D.C President : Ajay Banga India's outward FDI rises to $3.7 billion in October 2024  India's outward FDI commitments increased to $3.24 billion in October 2024, up from $2.55 billion in October 2023.  Sequentially, the commitments declined from $3.77 billion in September 2024, per RBI data.  Equity commitments dropped to $655.84 million in October 2024, down from $993.35 million in October 2023 and $817.64 million in September 2024.  Debt commitments surged to $1.24 billion in October 2024, significantly higher than $248.4 million a year ago and $1.16 billion in September 2024.  Guarantees remained stable at $1.33 billion in October 2024, similar to $1.31 billion in October 2023, but decreased from $1.79 billion in September 2024. SBI MF becomes first to surpass ₹10 lakh crore AUM, outpacing ICICI and HDFC  SBI Mutual Fund's AUM increased by 11% in the September quarter, reaching ₹10.99 lakh crore, up from ₹9.88 lakh crore in June, making it the only fund house to surpass the ₹10 lakh crore mark.  Its AUM is 30% higher than ICICI MF at ₹8.41 lakh crore and 45% higher than HDFC MF at ₹7.59 lakh crore.  The SBI Innovative Opportunities Fund, launched in August, holds an AUM of ₹8,174 crore.  The Sensex rose by 7%, reaching 84,300 points in September from 79,033 in June, contributing to the AUM growth.  The mutual fund industry’s AUM jumped 12% to ₹66.22 lakh crore in the September quarter.  NFO collections surged 67% to ₹44,955 crore, with equity NFOs alone raising ₹34,675 crore.  16 fund houses now hold AUMs over ₹1 lakh crore, making up 90% of the industry’s total AUM.  Increased SIP adoption in smaller cities is driving equity market investments, though recent market volatility may affect new investors' sentiments. 22 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 India's Index of Industrial Production recorded growth of 3.1% in September 2024  Quick Estimates of Index of Industrial Production (IIP) are released on the 12th of every month with a six-week lag, and revisions are made as per the IIP revision policy.  IIP growth rate for September 2024 is 3.1%, up from - 0.1% in August 2024.  Growth rates for Mining, Manufacturing, and Electricity in September 2024 are 0.2%, 3.9%, and 0.5% respectively.  The IIP Index for September 2024 stands at 146.7, compared to 142.3 in September 2023.  Key positive contributors in manufacturing include coke and refined petroleum products (5.3%), basic metals (2.5%), and electrical equipment (18.7%).  Use-based classification indices for September 2024: Primary Goods (141.3), Capital Goods (115.8), Intermediate Goods (160.7), Infrastructure/Construction Goods (178.5).  Consumer Durables and Consumer Non-Durables indices are 133.1 and 145.5 respectively.  Growth rates over September 2023: Primary Goods (1.8%), Capital Goods (2.8%), Intermediate Goods (4.2%), and Consumer Durables (6.5%).  Top contributors to IIP growth are Intermediate Goods, Consumer Durables, and Primary Goods.  August 2024 IIP data has undergone its first revision, and June 2024 data has undergone the final revision with response rates of 91%, 94%, and 96% respectively.  Detailed indices at the sectoral level, 2-digit NIC-2008 classification, and use-based classification are provided in accompanying statements. GST receipts’ growth picks up, still off target  India’s GST collections in October reached ₹1.87 lakh crore, the second highest on record, growing 8.9% from September’s low of 6.5%.  Net GST revenues after refunds rose 7.9% to ₹1.68 lakh crore, marking a recovery from September’s slow growth of 3.9%.  Kerala showed the highest growth at 20%, followed by Gujarat at 17%; J&K and Sikkim recorded the lowest growth at just 2%.  October’s GST growth mainly came from domestic transactions, which grew 10.6%, while import revenues rose by a slower 3.9%.  Total GST revenues for the first seven months of 2024-25 are ₹12.74 lakh crore, up 9.4% year-on-year.  Refunds to domestic taxpayers surged 42.8%, signaling an improved refund process, though export- related refunds dropped by 2%.  Some large States saw growth above 9%, but several smaller States showed below-average increases, raising concerns.  Net GST growth of 9% falls short of the 11% target in Budget 2024-25, indicating economic activity needs a boost to meet fiscal goals.  Experts highlight the need for stabilized economic growth to support fiscal targets and sustain GST collections. Incremental CD ratio moderates to 77.7%, lowest in nearly 30 months 23 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The incremental credit-deposit (CD) ratio of Indian banks declined to 77.7%, the lowest in nearly 30 months, with credit growth slowing to 11.5% and deposit growth surpassing it at 11.7% as of October 18.  The outstanding CD ratio also fell to 79% from 80.3% in March 2024, indicating a shift as deposit growth now outpaces credit expansion.  Deposits grew by 11.74% Y-o-Y, reaching ₹218.07 trillion, while credit grew by 11.52% Y-o-Y to ₹172.38 trillion.  The slowdown in credit growth is partly due to weaker demand in unsecured loans and the high CD ratio, with an estimated FY25 growth risk of dropping to 10.5%.  HDFC Bank plans to slow credit growth in FY25 to reduce its elevated CD ratio, further impacting overall credit expansion.  The trend since March 2022 had credit growth exceeding deposits, but equity markets have since drawn household savings, challenging banks in deposit mobilization.  Private sector banks are now seeing deposit growth outpace credit, while most state-owned banks continue to see higher credit growth compared to deposits. Centre's fiscal deficit at 29% of FY25 target; capex challenges loom  India’s fiscal deficit for the first half of FY25 reached ₹4.7 trillion, or 29.4% of the Budget Estimate (BE), lower than 39.3% of BE in the same period last year, per Controller General of Accounts (CGA).  The FY25 fiscal deficit target is set at 4.9% of GDP.  Improvement is due to RBI’s early dividend and a Y-o-Y decline in capital expenditure.  Gross tax collections grew 12% in September 2024, with income tax up by 25% Y-o-Y; total receipts stood at 51% of BE.  Capital expenditure was at 37% of BE (₹11.1 trillion) for April-September, down from 49% in the previous year.  The government must spend ₹1.16 trillion per month in H2 FY25, needing a 52% increase over last year’s H2 spending.  ICRA’s Chief Economist predicts a potential ₹0.5 trillion shortfall in achieving the capex target for FY25.  Net tax revenue for H1 FY25 matched the previous year’s 49% of BE.  Income tax collections could exceed the FY25 target, but corporation tax may fall slightly short.  Shortfalls in capital expenditure may help offset potential revenue gaps in disinvestment and tax collection. NABARD and AGRICULTURE FSSAI Boosts E-Commerce Food Safety Regulations  The FSSAI announced new measures for e-commerce food delivery ahead of the busy tourist season from November to March to ensure food safety.  State authorities have been directed to enhance monitoring of e-commerce warehouses and implement SOPs for warehouse operations and delivery staff.  The measures were discussed during the 45th Central Advisory Committee (CAC) meeting, led by CEO G Kamala Vardhana Rao, emphasizing the need for swift action.  Increased surveillance is advised in popular tourist areas, with plans to use mobile food safety labs for on-site inspections.  Training 2.5 million food handlers by March 2026, including those in educational institutions, is a key goal to improve safety and hygiene practices. 24 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  An integrated approach to food safety was emphasized, urging collaboration among ministries and regular state and district-level meetings.  Consumer engagement through the Eat Right India movement will promote healthier eating, with outreach efforts like fairs and street plays.  Over 60 officials from various states, UTs, and the food industry participated in the CAC meeting to strengthen regulations.  FSSAI’s proactive measures aim to safeguard consumers and ensure safe food delivery, addressing challenges posed by the upcoming tourist surge. Learn Along: About FSSAI Founded: 5 September 2008 Headquarters: New Delhi Chairperson: Apurva Chandra Union Minister of State George Kurian inaugurates workshop on Application and Demonstration of Drone Technology in Fisheries and Aquaculture  The Government of India is advancing the fisheries sector through strategic investments like the Pradhan Mantri Matsya Sampada Yojana (PMMSY), with a cumulative investment of ₹38,572 crore.  PMMSY promotes sustainable and inclusive growth, utilizing technologies like drones for water sampling, disease identification, and infrastructure monitoring.  On 8th November 2024, the Department of Fisheries organized a Drone Technology Workshop at CMFRI, Kochi, attended by key officials, scientists, and fishermen.  George Kurian, Minister of State, announced initiatives for 100 climate-resilient coastal villages under PMMSY, with ₹2 crore per village for infrastructure like fish drying yards and seaweed cultivation.  ₹364 crore will be invested to equip one lakh fishing vessels with transponders for real-time tracking and weather alerts.  The event showcased technological advancements in the fisheries sector, including the distribution of a sustainable fish feed, "Cadalmin BSF PRO," to farmers.  The workshop discussed fishing vessel registration and certification, with input from Indian Registry of Shipping and the Shipping Corporation of India.  Interactive sessions provided a platform for knowledge sharing and emphasized drone technology’s role in enhancing fisheries management and disaster response. Centre aims to make Andaman and Nicobar Islands a tuna export hub  Tuna exports from India increased by 31.83% in 2023-24, prompting the Centre to explore new sourcing areas.  A recent investors’ meeting on the Andaman and Nicobar Islands aims to make the region a tuna export hub.  The global tuna market is valued at $41.94 billion, with the Indian Ocean producing 21% of the world's tuna.  The Exclusive Economic Zone around the islands hosts diverse tuna species, with an estimated annual yield of 64,500 tonnes.  The Centre expects 24,000 tonnes of yellowfin tuna, 22,000 tonnes of skipjack tuna, 500 tonnes of bigeye tuna, and 18,000 tonnes of neritic tuna from the region annually.  In 2023-24, India exported 51,626 tonnes of tuna worth $87.96 million, as reported by the Marine Products Export Development Authority.  The concept note highlights underutilization due to infrastructure gaps, limited access to modern fishing technologies, and insufficient fish processing and storage.  The Centre aims to boost business networking and collaboration among stakeholders in fisheries and aquaculture.  Technological challenges like outdated fishing methods hinder optimal tuna catch rates, requiring modernization. Department of Animal Husbandry and Dairying distributes Rajbhasha Awards 25 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  An Official Language award ceremony was held in the Animal Husbandry and Dairying Department on 13th November 2024 to honor winners of Hindi Pakhwada competitions.  Minister of State Prof. S.P. Singh Baghel presented certificates to winners of the All India essay competition and encouraged participants.  The second edition of the department’s official language magazine, 'Surabhi', was launched by the Minister. Odisha Govt and ICRISAT Launch Compendium of Regenerative Agriculture to Transform Farming Practices  ICRISAT, in collaboration with the Government of Odisha, launched a Compendium of Regenerative Agriculture at the International Symposium on Shree Anna and Forgotten Foods in Bhubaneswar.  The compendium is part of ICRISAT’s carbon credits project and aligns with the CGIAR Initiative on Agroecology to promote sustainable agriculture.  Odisha is recognized for leadership in sustainable farming, with a focus on crops like millets, pulses, and oilseeds.  It introduces five principles of regenerative agriculture: minimizing soil disturbance, maximizing crop diversity, maintaining soil cover, keeping living roots, and integrating livestock.  These practices aim to improve soil health, enhance carbon sequestration, and boost climate resilience.  The compendium serves as a guide for extension agencies, farmers, and policymakers to implement sustainable farming on a large scale. Learn Along: About ICRISAT Headquarters: Patancheruvu Founded: 1972 Global Soil Conference 2024 and Soil in India  The Global Soil Conference (GSC) 2024 was held in New Delhi, focusing on soil health for food security, climate change mitigation, and ecosystem services.  Organized by the Indian Society of Soil Science (ISSS) and International Union of Soil Sciences (IUSS), the event's theme was “Caring Soils Beyond Food Security: Climate Change Mitigation & Ecosystem Services”.  Key concerns include 30% of India's soil being degraded due to erosion, salinity, pollution, and loss of organic carbon, affecting agricultural productivity and food security.  Soil erosion causes India to lose 15.35 tonnes/hectare annually, reducing crop yields by 13.4 million tonnes and causing economic losses and environmental impacts like floods and droughts.  Issues like salinity, low organic content (0.54%), and nutrient deficiencies (nitrogen, phosphorus, potassium) further exacerbate soil degradation.  The conference emphasized international cooperation and alignment with SDG 15 to combat desertification and land degradation, promoting sustainable use of ecosystems.  Desertification and diversion of fertile land for non-agricultural purposes contribute to worsening soil health and food insecurity. Learn Along:  The ISSS, established in 1934, promotes soil science through research and seminars, while the IUSS fosters global collaboration in soil science as part of the International Science Council (ISC).  Addressing soil health is critical to ensure sustainability, improve agricultural productivity, and mitigate climate change impacts. Launch of National Mission on Natural Farming 26 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024  The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the National Mission on Natural Farming (NMNF) as a standalone Centrally Sponsored Scheme under the Ministry of Agriculture & Farmers' Welfare.  The scheme has an outlay of ₹2,481 crore, with the Government of India contributing ₹1,584 crore and states contributing ₹897 crore until the 15th Finance Commission (2025-26).  NMNF aims to promote chemical-free farming using traditional, local agro-ecological principles, focusing on methods like livestock-integrated natural farming and diversified crop systems.  The mission will help reduce input costs, build healthy soil ecosystems, promote biodiversity, and support climate resilience and sustainable farming practices.  In the first two years, 15,000 clusters in Gram Panchayats will be targeted, benefiting 1 crore farmers and covering 7.5 lakh hectares.  10,000 Bio-input Resource Centres (BRCs) will be set up to provide ready-to-use natural farming inputs to farmers.  2,000 NF Model Demonstration Farms will be established at Krishi Vigyan Kendras (KVKs), Agricultural Universities (AUs), and farmers' fields, with training for 18.75 lakh farmers on NF practices.  30,000 Krishi Sakhis/CRPs will be deployed for awareness generation, mobilization, and training of farmers in clusters.  The scheme includes certification systems and market linkages for natural farming produce, alongside convergence with existing schemes for better livestock management, market access, and community engagement in agriculture education. Namo Drone Didi Scheme for Women SHGs Launched  The Namo Drone Didi scheme, under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), aims to empower Women Self Help Groups (SHGs) by providing drones for agricultural tasks.  The scheme, with a budget of ₹1261 crores (2024-2026), focuses on supporting farmers through drone rental services for fertilizer and pesticide spraying to enhance crop yield and reduce costs.  It targets 14,500 Women SHGs across India, offering drones and training to create sustainable livelihoods and income opportunities for rural women.  Financial support covers 80% of drone costs (up to ₹8.0 lakhs subsidy), with loans and 3% interest subvention available for remaining costs via the Agriculture Infrastructure Financing Facility (AIF).  Each drone package includes essential agricultural equipment: drone with spray assembly, battery set, camera, and tools for field use, plus a one-year warranty.  Training involves 15 days for one SHG member as a pilot and another as a maintenance assistant.  An Empowered Committee and Implementation and Monitoring Committee will oversee execution, with Lead Fertilizer Companies (LFCs) coordinating procurement.  An IT-based MIS Drone Portal will monitor operations, funds, and service quality in real-time.  The initiative aims to boost agricultural productivity, improve rural livelihoods, and empower women through technology. Union Cabinet infuses equity of ₹10,700 crore in FCI  Cabinet Committee on Economic Affairs approved the infusion of ₹10,700 crore equity into Food Corporation of India (FCI) by converting ‘Ways and Means Advance’ in 2024-25.  The equity will serve as working capital for FCI in the current financial year.  The decision aims to strengthen the agricultural sector and support farmers' welfare across India.  The Government emphasized its commitment to fortifying India’s agrarian economy through this move.  Farmers have been advocating for increased capacity of the FCI to support their needs effectively. Learn Along: About FCI 27 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia November 2024 Founded: 14 January 1965 Headquarters: New Delhi Chairman & MD: Ashok Kumar Meena NATIONAL SC Recent Rulings: News Key Points The Supreme Court affirmed that accessibility for people with disabilities (PwDs) is a fundamental right that remains largely unrealized. Chief Justice D.Y. Chandrachud emphasized that society should eliminate barriers, not view disability as inherent to the individual. Accessibility for disabled Court highlighted disparities in accessible transport between Delhi persons is a fundamental and Tamil Nadu. right, rules top court Emotional and relational needs of PwDs are often overlooked, impacting dignity and personal life. Mandatory accessibility standards are to be set within three months. The judgment promoted the “social model of disability”, focusing on removing societal barriers rather than "fixing" individuals. The Supreme Court ruled that an educational institution established by a minority community retains its identity even if recognized by statute. The case was referred back to a regular Bench to review AMU’s minority status. SC overrules 1967 verdict The 1967 Azeez Basha judgment denying AMU's minority status was on AMU’s minority tag overruled. Article 30(1) protects religious and linguistic minorities’ rights to establish and administer educational institutions. The court noted that state regulation is allowed but must not infringe on the institution's minority character.