Beepedia Monthly Current Affairs September 2024 PDF

# Monthly BeePedia ## September 2024 ### Most Comprehensive & Accurate coverage of Current Affairs & Financial Awareness for Regulatory & Banking Exams ### Exclusive General Awareness compilation for - RBI, SEBI, NABARD, PFRDA, NHB - Government Exams like - and Bank PO ## INDEX - RBI, Banking and...

# Monthly BeePedia ## September 2024 ### Most Comprehensive & Accurate coverage of Current Affairs & Financial Awareness for Regulatory & Banking Exams ### Exclusive General Awareness compilation for - RBI, SEBI, NABARD, PFRDA, NHB - Government Exams like - and Bank PO ## INDEX - RBI, Banking and Economy 2 - SEBI and Financial Awareness 17 - NABARD and Agriculture 30 - National 35 - International 49 - States 59 - Reports and Indexes 67 - Science and Technology 81 - Defence 91 - Events 102 - Awards & Rewards 110 - Appointments 111 - Important Days 113 - Obituaries 116 - Books 117 - Sports 118 **Download important documents** - Weekly & Monthly BeePedia: https://www.ixambee.com/beepedia-gk-updates-capsule/?utm_source=BeePedia_medium=header&utm_campaign=beepedia-capsule - Hindi (Weekly & Monthly BeePedia: https://www.ixambee.com/beepedia-gk-updates-capsule **For feedback, please contact: Email of [email protected]** ## RBI, Banking and Economy | Topics | Key Details | |:---|:---| | RBI: Five Indispensable Phrases for India's Financial Future | **Principles:** Financial Inclusion, Promoting Sustainable Finance, Infrastructure Strengthening, Cybersecurity, Enhanced Data Infrastructure, and Reinforcing Financial Infrastructure | | RBI: Financial Familal Penalities | Companies penalized include Godrej Housing Finance, Aadhaar Housing Finance, Housing & Urban Development Corporation, and others for violations such as failure to obtain valuation reports, and improper loan disbursement | | Withdrawal of Rs2000 Denomination Banknotes | Rs2000 banknotes withdrawn status: 87.94% of notes returned. Banknotes remain legal tender | | Loans to MSMEs | India's MSMEs grew by 13.3% for more than 17.2% for medium enterprises. | | Moody's: Africa's Growth Reimagined | **Moody's forecasted:** - GDP growth slowed to 3.4% from 7.7% in 2024 and 5.8% in 2025, impacting APAC growth in FY24 | | RBI: Currency Management | Warehouses modernizing security management infrastructure, automatizing process, and enhancing currency systems | | RBI: Inflation and BP | Retail inflation rose to 5.8% in August on slightly accessible retail demands | | Rural Digitality Limited: India's Coal Output Goal | **Plans to enforce a 3% rise in rural factor of digital access at a 4% decline in July 2024:** -India's coal output decreased by 3.2% to 411.2 million tonnes in FY24 | | Digital: Coal FDI Data | Coal outbound FDI hiked to ₹11.2 billion in August 2024 | | Forex Reserves Update | **India's reserves hit a new peak of $659.24 billion in September 2024:** -Forex Reserves fell 3% in August, below RBI's target, but remain due to India's strong external sector position in FY24. | | RBI: Inflation Forecast | Inflation reportedly not at a new peak before RBI's target, but remain due to India's strong external sector | | RBI: Spot Forex Market Purchases | RBI made a net purchase of $8.3 billion in the spot forex market in July 2024. | | Topics | Key Details | |:---|:---| | Slowing GDP & GDP Growth Forecast | India's GDP growth slowed to 7.7% in April-June 2024 due to lower gov. spending and the middle code of conduct (MCC) during elections. | | Net GST Receipts | Net GST collections dropped to 41.5% in August FY24 down from 44.3% in July, with total GST collections at ₹1.64 lakh crore. | | Coal Output | India's coal output rose by 7.8% in April- August FY24 to 356.44 MT. Coal India produced 200 MW thermal power, 233.5 MW hydro, and 5.5 MW solar power in FY24, and produced 200 MW in FY24. | | World Bank Growth | World Bank revised India's FY25 growth forecast to 6.8%, up from 6.3%, driven by strong domestic demand. | | India’s Goods Export Booms | India's exports declined by 1% in August 2024 to $34.71 billion, while imports increased by 8% to $65.38 billion, resulting in a $30.67 billion trade deficit. | ### HDFC Bank launches GIGA, a financial product designed specifically for gig workers and freelancers to address their unique financial needs - HDFC Bank launched GIGA, a financial suite for India's gig workers - The program targets India's growing gig economy, estimated to employ 30-50 million workers across various sectors and industries, including online food delivery, transportation, and healthcare. - It offers a flexible savings account, business credit card with interest free credit, and health insurance with premiums starting at Rs 20 per day - Partnerships with Razorpay and Payoneer enable flexible payment collection in SmartHub Vyapar across 100 countries, boosting freelancers' global operations. - Freelancers can also access collateral-free loans, flexible investment products, and 11 major insurance offerings. ### Learn About - **Telangana:** Telangana, Tamil Nadu, and Rajasthan recorded the highest GSDP growth among the top 10 largest states - **HDFC Bank:** - **UK**: - **India:** ### Telangana Tops in GSDP Growth Among 10 Largest States | | Founder | Largest State | Headquarters | |:---|:---|:---|:---| | Telangana | Telangana | Telangana | Hyderabad | | | | Tamil Nadu | Chennai | | | | Rajasthan | Jaipur | - Telangana's GSDP growth reached the highest GSDP growth among the top 10 largest states, exceeding the national average of 13.5%. - Telangana's economy by 9.2% to reach a GSDP of ₹7.7 lakh crore, surpassing the national GSDP growth of 8.3%. - The growth was driven largely by the services sector, with Telangana's services growing 11% and Tamil Nadu's 9.4%. - Telangana was the third-largest state, saw 8.2% growth, with a GSDP of ₹11 lakh crore, while Rajasthan saw a 4.7% growth. - Maharashtra, with a GSDP of ₹24 lakh crore, remains India's largest economy, despite slower growth. - UP and Karnataka are nearly tied for fourth and fifth spots, with UP's GSDP just ₹13.9 crore ahead of Karnataka's. ### UK, India sign new infrastructure financing bridge agreement in London - The agreement is between the City of London Corporation, aimed at unlocking sustainable investments for infrastructure projects in India that deliver positive social and environmental impact. - The India-UK Infrastructure Financing Bridge (UKIIFB) transported and renewable energy projects for two-year period, with a focus on national highways, rapid transit, NITI Aayog, operation for an initial period of three years. - A series of investments in India as part of both countries, including construction, engineering, and international arms to reduce the cost of capital by addressing risks and making projects attractive for international investors. - Initial projects include the Delhi-Meerut Regional Rapid Transit System and those in the green hydrogen sector. - This collaboration highlights India as a regional investment destination and strengthens the UK-India bilateral economic relationship. - The UKIIFB will focus on attracting private sector investment and developing best practices for sustainable infrastructure projects ### Chennai based Fintech Payshayp received authorization from the RBI to act as a payment aggregator - Payshayp, a Tamil Nadu-based payment aggregator (PA), received final authorization on 30th August 2024, after its in-principal license in December 2022, with its RBI round in March 2023, valuing ₹100 to ₹125 crore. - Founded 5 years ago, Payshayp has raised ₹23 crore in funding. - Payshayp holds ISO 27001:2022, and SOC 2 certifications, ensuring secure operations and virtual account-related security and compliance. - It offers flat pricing for merchants and focusing on non-card-based payments like UPI and Now into e-wallets, QR codes, and more. - The company aims to expand in sectors like the Government, NBFC, SME, and now a recently launched products include Link Payment and Payment Pages enabling merchants to collect payments, adding to its existing offerings. - Payshayp is one of 38 RBI-authorized Payment Aggregators including Razorpay, Cashfree, and Stripe. ### Govt may reduce no. of RRBs to 30 - Regional Rural Banks (RRBs) were established under the RRB Act, 1976, with capital contributed by the sponsoring bank, the state governments and the central government. - State Bank of India (SBI) sponsors the most RRBs (14), followed by Punjab National Bank (5) and Canara Bank (4). - Profitability at RRBs in a number of RRBs include Andhra Pradesh, Uttar Pradesh, and West Bengal, nearly three each in fiscal year 2024-25. - RRBs recorded their highest-ever consolidated net profit at ₹7,711 crore for FY24 with a GNP ratio of 0.1%, the lowest to date - RRB's success in providing technical assistance, best practices, and ensuring access to digital banks are key in providing regions with challenging physical connectivity. - Resource for RRBs, particularly in challenging assistance. ### Centre plans to extend its ban on wheat exports for the second consecutive year due to lower cane output - India extended sugar export ban to boost local supplies, second output - The government aims to lessen ethanol production, raising the procurement price for oil companies to encourage biofuel production, potentially raising prices in New York and Luondon markets, especially as Brazil’s supply tightens, ### India seeks review of UAE trade deal amid spike in silver, gold imports - India’s imports from the UAE surged by 5.83%, exceeding the value addition primarily in February and March 2024 as per India’s Comprehensive Economic Partnership Agreement (CEPA) reports rather than produced silver - India signed the UAE review due to concerns over concerns as the UAE and NE- importing gold has prompted reconsideration. ### In a first, govt to conduct yearly private capex survey from October - The Ministry of Statistics and Programme Implementation (MoSPI) will launch its first annual survey on private sector capital expenditure (capex) by October 2024. - The survey will track private sector investments over the past three years and projected capex for the coming year. - It will be conducted as a web-based survey, using company data from a sample size of 6,000-7,000 companies, with a response rate of 60-70%. - The survey comes amidst the government's push to boost economic growth, encouraged by the strong economic growth in 2023-24. - A recent RBI study projected a 54% increase in capex due to potential recovery from cheap signs of private investment tasks but urged increased development. - The survey is driven by domestic demand, corporate profitability, and the government's focus on infrastructure development. - RBI Governor Shaktikanta Das highlighted that private corporate investment is gaining momentum due to rising capital formation, a proxy for industries, which in Q1FY25, output value increased. - Gross fixed bank credit, the annual survey of industries, grew 7.5% in Q1FY25, indicating add, and employment in the manufacturing sector. - The reports by the private sector and individuals, up 37% on payment services. **GROWTH PUSH** - The capex will fuel the private sector's growth for the next two years - The results are likely to be released by February 2025 - The survey covers businesses of all sizes - It will help policymakers develop informed policy decisions - The survey will help to address the uncertainties in the economy but urged caution ### NPCI reports Rs 1,34.31 crore surplus in FY24, 3% up on a surplus of Rs 1,34.31 crore in FY23 - NPCI increased from ₹132.64 crore in FY23 - **3.7%** increase was driven by payment services, compliance fees membership fees, and card fees - **180%**, a ₹2,000 to ₹5,000 range hike in UPI transactions per month. - A 7% income in ₹8,000 in payment from NPCI, in FY24 a 38% increase from FY23. - NPCI operates key retail payment systems, including UPI, IMPS, RuPay card, AEPS. - **Learn Along:** - **NPCI** ### Union Bank of India becomes 1st major bank to become signatory of PCAF - **Union Bank of India** has become a signatory to the Partnership for Carbon Accounting Financials (PCAF), aligning with global efforts on climate risk management. - PCAF is a global initiative that helps financial institutions assess and disclose Scope 3, which are indirect emissions from lending and investments. - PCAF's alignment with sustainability practices, measuring its financed emissions (Greenhouse gas emissions linked to its financial that investments. - This step aligned with the RBI's draft guidelines on climate-related financial risks, issued on February 20, 2024, for regulated entities - It targets to enhance capabilities in governance, strategies, risk management metrics, and regulatory trends. - The RBI is moving towards more stringent climate risk reporting for Indian banks, reflecting global tracking financed emissions is critical as they often exceed a bank's operational emissions and pose significant risks to the financial system. - Union Bank's participation underscores its focus on sustainable finance and proactive climate risk management. - **Learn Along:** - **PCAF** ### Govt extends anti-countervailing (anti-subsidy) duty on a Chinese chemical - India has extended subsidy duty on Chinese pesticide chemical for 5 years - Decided in Minority recommendation that the Directorate General of Trade Remedies (DGTR) continue to impose anti-subsidy duty on a Chinese chemical for 5 years. - The Finance Ministry notification states that the duty will remain in effect for five years, unless revisited. - This decision followed an additional five years from - The previous duty was imposed in September 2019 and it has helped Indian producers enter and expand in the market. - The subsidy duty on Atrazine Technical imports from China is up to 1.84%. - The anti-subsidy duty on Chinese stainless steel pipes and tubes from China and Vietnam has also been extended. - Subsidized exports from China were negatively impacting Indian manufacturers by reducing the volume of their exports. - According to global trade names, countries can impose anti-subsidy duties to protect domestic industries, India and major launched the UK Financing Bridge to strengthen ties. ### UK, India launch major infrastructure financing bridge agreement - UK, India have launched the India- UK Infrastructure Financing Bridge (UKIIFB) to boost financial collaboration in sustainable infrastructure investments in India. - This partnership involves NITI Aayog and the City of London Corporation, focusing on key projects like national highways, renewable energy, and transport, and other prestigious organizations, including investors from the City of London and overseas investment. - The initiative aims to reduce the cost of capital by addressing risks and making projects attractive for international investors. - The goal is to accelerate private-sector investment in India, provide policy recommendations, and develop best practices for sustainable infrastructure. - This initiative is a key step in strengthening India's global economic position and addressing infrastructure challenges. ### 54th GST Council meet - The GST Council discussed key issues, including the future of the compensation cess and rate rationalization for life and health insurance and health insurance, and a GoM on insurance will submit its report by October 30. - **A state panel will examine cess collection post-compensation:** -There is near consensus on exempting life and health repayment premiums from GST, but further discussions are needed. - **Relief was provided to certain airlines through an exemption on surplus collections:** -The compensation cess was extended until March 2026 with the import of services, addressing tax relief in this area. - **The Council clarified GST treatment on RAD services data hosting and advertising for educational institutions** - **GST exemptions were recommended for services data hosting and advertising provided by businesses notices for unpaid tax.** - **E-invoicing may be extended to the B2C segment:** -E-invoicing on cancer drugs and essential items were modernized. Taxes on car seats were modified where rates may extend to the essential B2C segment reducing GST compliance and increasing compliance. - **Refunds for online gaming surged by 412% since the introduction of a 28% tax, collecting ₹6,000 crore in 2 months,** - This tax is helping to boost government revenue - **RBL Bank aims to grow its credit card portfolio moderately,** -RBL Bank aims to grow its credit card portfolio moderately, targeting a 15% growth if the industry grows at 20% - **Growth in credit card issuance, customers engagement, and cross-selling rather than aggressive expansion** - **The bank is working on a digital-first customer engagement and cross-selling offering, focusing on cashback, fuel purchases at Xtra Rewards** - **Recently launched the “Xtra Credit” card in partnership with Market Share Corporation,** which currently stands at 5% in the credit segment - **The bank is pursuing a multi-pronged approach in its credit card business:** -It is focusing on expanding credit-card acquisition significantly. - **The bank expressed concerns about the rapid growth in unsecured lending**, leading to a hike in risk. - **The bank’s strategy to expand cross-selling, and to expand retail loan offerings:** - It is currently at 40% and to over 50 % of total offerings for RBL, reflecting increased driving brands like IRCTC, now represents 4-5% of co-branded spending with state-owned companies, - **Learn Along:** - **RBL Bank** - **NPCI** ### Unified Lending Interface (ULI) moves as State Bank of Innovation Hub to new entity - The Unified Lending Interface (ULI) will move as a State Bank of Innovation Hub to a new entity - The Housing in a separate utility with bank being moved out of the Reserve Bank of India (RBI) - ULI is a reform of the Public Tech Platform for Frictionless Credit (PTPFC), developed by RBI, aiming to transform sending similar to Unified Payments Interface (UPI) in payments. - **ULI facilitates seamless digital information flow, integrating data from governments** - banks, credit bureaus, and lending institutions. - The platform will operate on an open architecture with a “plug-and-play" model for regulated entities. - Banks, microfinance institutions are covered in ULIs expansion for credit loan requests, - The PTPFC will launch in May 2023, including products like Kisan Credit Card participation, digital gold, and expected to expand further - The platform has reduced KCC loan processing time from weeks to less than an hour, and its scope is expected to expand further. - The platform and the GST Network are involved in facilitating digital KCC processing and expediting loan approval. ### India aims to become key player in critical clean energy transition - Circularity of critical minerals for India's clean energy transition - Mission to supply domestic exploration and mining of critical minerals for India's clean energy transition with the 2024 goal - A production Linked Incentive (PLI) scheme for critical minerals for India's clean energy transition, particularly from e-waste, supporting the clean energy. - **Recycling of critical minerals, especially focusing on value chains can help reduce dependence on primary minerals by focusing on critical minerals from end-of-life devices and recycling industries.** - India's reliance on imported minerals, reduced demand for primary minerals by 15% by 2020 - **Challenges include but recycling could mitigate the demand for primary minerals by 15%. Challenges**: -India's supply risk, low private investment amid technological expertise, and environmental concerns related to secondary sourcing. - **Formalizing the recycling sector and improving coherence between e-waste management and recycling policies are other steps**. - A transparent framework could enhance domestic capabilities and the success in mineral recycling could serve as a model for other developing countries ### Trade Connect e-Platform aims to raise India's exports market share - Union Commerce and Industry Minister Piyush Goyal launched the FAST (Futuristic, Accessible, Single window, and Transformational) Trade Connect e-Platform to provide real-time trade information and facilitate trade in India. - The platform is aimed at boosting India's Global Market Share benefitting large exporters, MSMEs, small enterprises, farmers, and producers. - It serves as a one-stop solution for trade-related information, addressing information asymmetry and addressing exporters with government entities. - The portal includes features like product and country guides, trade agreements, and tariff explorations globally. - The portal is part of the effort to free trade agreement in merchandise and $1 trillion in service exports. - The portal will unlock benefits from each of the 14 official languages and integrate with ONDC and GeM to help widen the market for exporters. - Aiming to make Indian exporters more competitive and expand their global reach through economies of scale ### Maritime Development Fund may set sail with foreign kitty, PSU push - India's first ₹30,000 crore Maritime Development Fund (MDF) is attracting interest from domestic and foreign investors, including strategic investors seeking equity commitments from long-term investors. - The Ministry of Ports, Shipping, and Waterways is seeking equity commitments from long-term investors, including banks, NBFCs, and institutional investors - The MDF aims to boost domestic shipbuilding to reduce dependence on foreign ships, as India currently imports 75% of its ships from overseas, with 49% of the - The government will contribute ₹15,000 crore (49%) to the fund, while the remaining 51% will come from fund-guaranteed entities, private equity investors, and others. - State-owned companies that will participate actively include the State Bank of India, the Life Insurance Corporation of India, the Shipping Corporation of India, and the HDFC, have shown interest in the major government initiatives - The blue economy is emerging, with revised hydro projects expected to lead investments in the sector. ### Cabinet allocates Rs 12,461 crore for revamped SHP and HDPE scheme - The Union Cabinet allocated ₹12,461 crore to revamped HDFC scheme to promote infrastructure around hydro-power projects, as announced by the Ministry of Power. - This unified scheme will be implemented from 2024-26 to FY 2021-22 to support the development of Hybrid Electric Projects (HEPs). - The scheme builds on previous initiatives from FY 2024-26 to FY 2021-22 to support the development of Hybrid Electric Projects (HEPs). - The outlay covers the construction of roads, bridges, power transmission networks, and infrastructure in remote project locations. - Budgets by a target capacity has been reduced to 31.35 GW by 2031-32, down from the earlier target of 54 GW. ### Cabinet meet: Widened net for Ayushman Bharat, renewed EV subsidy, more - Like health, education, charged by Prime Minister Narendra Modi, approved major initiatives across sectors, like health, education, rural infrastructure, and renewable energy. - A new version of the FAME scheme was launched with an allocation of ₹10,000 crore for electric vehicles (E Vs) including electric cabs. - Tenders are expected to be issued for two-wheelers, three-wheelers, buses, trucks, and ambulances, and establish 8,500 charging stations. - Aadhaar-authenticated e-vouchers will no required to claim EV subsidies under this scheme. - The PM-JAY Sewa-Ayushman Bharat Health Insurance will support aged and EBs with an outlay of ₹10,000 crore per year - The coverage extends to payment security mechanism (PSM) to all electors 3,000-75 and above, with ₹5 lakh coverage per person. - The Cabinet allocated ₹12,461 crore for hydropower projects, aiming to achieve an outlay of ₹130,125 or 30 GW of capacity by 2031-32. - The Pradhan Mantri Gram Sadak Yojana (PMGSY) Phase IV was approved, with 30 GW of capacity by 2031-32. ### Cabinet approved fourth phase of rural road scheme with outlay of Rs 70k cr - The Union Cabinet approved Phase IV of the Pradhan Mantri Gram Sadak Yojana (PMGSY) with an unconnected habitations. - This Phase will construct 6,300 kilometers of rural roads, providing fresh connectivity to 25,000 unconnected habitations and a total outlay of ₹70,000 crore. - The centre will contribute ₹49,075 crore, and the states will share ₹24,037.5 crore of the cost. - Left wing affected districts will be done in plains, based on the 2011 Census - Road assignment planning will be done through the PM Gati Shakti portal, which will also add in 100 in habitations with populations over 500 in plains, 250 in hills, northeast, and tribal areas, and preliminary reconnaissance is underway for all proposed stretches. - This phase aims to improve rural infrastructure and create jobs in underdeveloped regions. - Since its inception, 200,000 80,000 kilometers of rural roads have been built, connecting 150,000 habitations. ### Centre in talks with coastal states on shipbuilding clusters in India - The Ministry of Ports, Shipping, and Waterways is in discussions with coastal states on establishing shipbuilding and ship repair clusters at the 20th Maritime State Development Council (MSDC) meeting. - India will boost its shipbuilding capacity by consolidating efforts in the domestic sector - States are encouraged to launch the Indian Marine Acquisition Centre, a think tank for maritime policy and specialized Indian International Marine Dispute Resolution Centre, a think tank for ### PM Narendra Modi to release first instalment of grant, aid for new rural homes - Prime Minister Narendra Modi will release the first instalment of financial assistance for Pradhan Mantri Awas Yojana - Grameen (PMAY-G) for the benefit of new rural homes - The funds will be distributed in phases, but the state government has built homes so far. - The events will target over 113,000 households, where in the next 5 years, will receive approval. - Shaktikanta Das spoke about - Already constructed in the past decade - On September 16, the PM will visit Gujarat, distributing ₹35 crore to 31,113 beneficiaries for celebrating one year of the Ayushman Bharat program in 75 districts, with a target of ₹4.135 crore for this year. - On September 17, the PM will visit Jharshand in 13 districts, with a target of 54,100 crore for this year. - On September 17, the PM will visit Jharshand in 13 districts, with a target of 54,100 crore for this year. ### APEDA signs MoU with Lulu Group International to promote Indian Organic Products globally - APEDA signed an MoU with Lulu Group International on September 10, 2024, to promote Indian organic products in the UAE. - The agreement will see Indian organic producers, including Farmer Producer Organisations (FPOs) and farmer producer companies (FPCs), with Lulu Group showcased in Lulu stores across the Middle East. - The agreement will see Indian organic producers, including Farmer Producer Organisations (FPOs) and farmer producer companies (FPCs), with Lulu Group showcased in Lulu stores across the Middle East. - Lulu Hypermarkets will provide dedicated shelf space for Indian organic products, certified under the National Programme for Organic Production (NPOP). ### HDFC Bank aims to boot income of 5 lakh marginal farmers by 2025 under 'Parivartan' - HDFC Bank part of the CSR initiative, Parivartan - The initiative aims to increase the income of 5 lakh marginal farmers coming less than ₹61,000 annually by 2025 as part of the CSR initiative. - The program includes capacity building and uplifting vulnerable communities. - It’s active in 28 states. - The program contributes to the bank's dedication to fostering inclusive, positive changes in rural areas. - The initiative reflects HDFC Bank's socioeconomic development of large CSR programs. ### Govt slashes windfall taxed on petroleum crude to nil effective Sept 18 - The government slashed windfall tax on domestically produced crude oil to nil per tonne effective September 18. - The windfall tax is levied at the time of imposing an exorbitant rate on the windfall profit on crude oil, based on the average of prices. - The SAED on the export of Special Additional Excise Duty (SAED) at ₹1,050 per tonne. - The windfall tax was levied on August 31st, and the Jet Fuel ATF is also revised, according to fuel. - Windfall profit taxes were first imposed in India on July 1, 2022, targeting supernormal profits of the energy companies. - The new rates are applicable from September 18, as per the officer notification. ### Enhanced credit guarantee coverage to enterprises (MSMEs) will now receive 90% credit guarantee coverage under the CGTMSE scheme - Women-owed micro and small enterprises will now receive 90% credit guarantee coverage under the CGTMSE scheme - The initiative of improving access to collateral-free credit for women entrepreneurs from 75 banks - Previously, the credit guarantee coverage for women-owned units was 80%, a total of ₹219 million. - The Ministry of MSME has formalized 50.7 million MSMEs. - 26,426 new micro enterprises have been registered in FY24. - This is projected to create 211,000 jobs and - The MSME PM Employment Generation Programme (PMEGP) 26,426 new micro enterprises have been registered in FY24. - People are expected to gain access to technology centres across India, with ₹2,000 crore investment. - The MSME Ministry is establishing 14 technology centres across India, with ₹2,000 crore investment. - 10 million MSMEs will gain advanced manufacturing technologies, skill development, and business advisories. ### Govt relief on PD’s wheat quota, to launch Rs 1k cr credit guarantee fund - The Centre will partially restore the wheat allocation under the Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) after reducing it due to low yields. - This decision impacts over 500 million beneficiaries who receive 5 kg of free food grains monthly under one of the world's largest social welfare schemes. - The committee of Ministers has approved an additional 3.5 million tonnes of wheat under the scheme, which will continue until March 2024. - States will be empowered to meet the credit guarantee scheme for banks to facilitate icon using elections. - The Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) ### 'One State, One RRB' may make debut in March 2025 - 'One State, One RRB' policy, aimed to consolidate Regional Rural Banks (RRBs) to improve efficiency and provide better financial services. - The Union Finance Ministry is reportedly given a conclusion by the end of FY25, with all stakeholders, including the RBI and NABARD, to compile the consolidated name, such as Uttar Pradesh, which will be the RRB. - Post-amalgamation, each state's RRB will be given a unique name, such as FY25, in Uttar Pradesh, excluding the RBI and NABARD. - A new board, Goa, currently will be appointed for each state's RRB, with the sponsor bank chosen based on performance. - Learn and Goa, chairmen without RRBs, will also establish three own under this initiative. - Each bank in Uttar Pradesh, and West Bengal each have these RRBs, while several other states have two state. - **State Bank of India** sponsors the highest number of RRBs (14), followed by **Punjab National Bank** (5) and **Canara Bank** (4). - The sources share sponsor banks electronically, and stay relevant, through Digi-Seling in remote areas. - These sources are also working actively with the sponsor banks to develop digital in remote areas. ### India 5 Koers on improving business performance to promote trade: DGFT - India and South Korea have started sharing the bill of lading electronically between their customs, promoting ease of doing business. - A bill of lading is a legal document, serving as a receipt, contract, and proof of ownership for shipped goods. - The move eliminates the need for physical submission of records, which could become a norm globally. - South Korea is a key trading partner with India's exports to the country at $6.41 billion and imports at $2.35 billion. - The initiative is backed by UNCTAD, aiming to shift all trade documentation to electronic transfer mode. - RFID-tagged containers are tracked in real-time, and future plans involve using lot for end-to-End tracking. - The DGFT has launched the Trade Connect e-Platform for comprehensive trade information access. ### India signs first-of-its-kind agreements focused on Clean Economy, Fair Economy, and the IPEF. Over 21st arrangement under India- Pacific Economic Framework for prosperity, - (IPE) in Delaware, USA, during Modi's visit for the Quad Summit. - The IPEF will focus on four pillars: trade, clean economy, fair economy, and technology. - **Catalytic Capital Fund and Fostering Investment for MSMEs:** - The agreement addresses India's interest in clean energy, including initiatives like the IPEF GHG Emissions Mitigation and Push funding for the Quad Summit's clean energy technological implementation of IPEF agreements aiming to boost India's intra-level global supply chains, combat the growing trade barriers, and help MSMEs with a focus on a strategic approach. - **The Overreaching IPEF Agreement:** - IPE boosts to accelerate a transparent mechanism to oversee the implementation of IPEF Agreement, similar to India, a minister-level to trade environment. - **The Catalytic Capital Fund** aims to catalyze USD 3.3 billion in private investments, supported by USD 18.5 million in public funds, such as India's commitment to promote green investments in the Indo-Pacific. - **The IPEF Investor Forum** and infrastructural such as the Semcorp MoU for a green, with USD 23 million, such as the Semcorp MoU for a green, - **The Critical Minerals Dialogue**: -The IPEF upskilling initiative has delivered 18.3 million digital skill training opportunities, with India aiming to bolster a circular economy - **The