Current Affairs CSEET Nov 2024

YT Channel- YES Academy for CS | CSEET – CURRENT AFFAIRS | Chapter 1 International & National Affairs
CHAPTER 1 –INTERNATIONAL & NATIONAL AFFAIRS

INTERNATIONAL BODIES
INTERNATIONAL MONETARY FUND
- The International Monetary Fund (IMF) is an organization of 190 countries, working to foster
global monetary cooperation, secure financial stability, facilitate international trade, promote
high employment and sustainable economic growth, and reduce poverty around the world.
- The IMF was established in 1944 in the aftermath of the Great Depression of the 1930s. 44
founding member countries sought to build a framework for international economic cooperation.
- Today, its membership embraces 190 countries, with staff drawn from 150 nations.
The IMF’s fundamental mission is to ensure the stability of the international monetary system.
It does so in three ways:
(i) keeping track of the global economy and the economies of member countries;
(ii) lending to countries with balance of payments difficulties; and
(iii) giving practical help to members.
The IMF Surveillance

The IMF monitors the international monetary system and global economic developments to
identify risks and recommend policies for growth and financial stability. The Fund also
undertakes a regular health check of the economic and financial policies of its 190 member
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countries. In addition, the IMF identifies possible risks to the economic stability of its member
countries and advises their governments on possible policy adjustments.
The IMF Capacity Development

The IMF provides technical assistance and training to governments, including central banks,
finance ministries, revenue administrations, and financial sector supervisory agencies. These
capacity development efforts are centered on the IMF’s core areas of expertise ranging from
taxation through central bank operations to the reporting of macro-economic data. Such training
also helps countries tackle crosscutting issues, such as income inequality, gender equality,
corruption, and climate change.
Fast Facts
- Membership : 190 countries
- Headquarters : Washington, D.C.
- Executive Board : 24 Executive Directors each representing a single country or groups of
countries.
- Amount available for lending : $ 1 trillion
- Recipient Countries of emergency pandemic financing : 76
Objectives
The primary aims of IMF to:
- Promote international monetary cooperation;
- Facilitate the expansion and balanced growth of international trade;
- Promote exchange stability;
- Assist in the establishment of a multilateral system of payments; and
- Make resources available (with adequate safeguards) to members experiencing balance-of
payments difficulties.
• Managing Director: Kristalina Georgieva

• First Deputy Managing Director: Gita Gopinath
• Deputy Managing Director: Antoinette Sayeh
• Deputy Managing Director: Bo Li
IMF Resources
IMF funds come from following three sources:
1. Member quotas- Quotas are the IMF’s main source of financing. Each member of the IMF is
assigned a quota, based broadly on its relative position in the world economy. The IMF regularly
reviews quotas to assess their adequacy overall and their distribution among members. The
Board of Governors of the International Monetary Fund (IMF) concluded the 16th General
Review of Quotas on December 15, 2023 and approved an increase of IMF members quotas by
50 percent (SDR 238.6 billion, or US$320 billion), which will bring total quotas to SDR 715.7
billion (US$960 billion).
2. New Arrangements to Borrow- The New Arrangements to Borrow (NAB) constitutes a second
line of defence. Through the NAB, certain member countries and institutions stand ready to
lend additional resources to address challenges to the international monetary system. NAB
activation requires support from 85% of participants eligible to vote.
3. Bilateral borrowing agreements- Bilateral Borrowing Agreements serve as a third line of

defines after quotas and the NAB. Since the onset of the global financial crisis, the IMF has
entered into several rounds of bilateral borrowing agreements (BBAs) to meet its members’
financing needs. Activation of the agreements requires support of 85% of creditors eligible to
vote.
India at a Glance:
• 2024 Projected Real GDP (% Change): 6.5
• Date of Membership: December 27, 1945
• Article IV/Country Report: December 18, 2023
• Special Drawing Rights (SDR): 13688.31 million
• Quota (SDR): 13114.4 million
• Number of Arrangements since membership: 7
THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS (ASEAN)
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in
Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the
Founding countries of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.
The current members of the group include Indonesia, Malaysia, Philippines, Singapore, Thailand,
Brunei, Cambodia, Laos, Myanmar and Vietnam. Brunei Darussalam joined on 7 January 1984,
Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April
1999, making up ten Member States of ASEAN. H.E. Dr. Kao Kim Hourn is the Secretary General
of ASEAN.
Aim and Purpose

As set out in the ASEAN Declaration, the aims and purposes of ASEAN are:
1. To accelerate the economic growth, social progress and cultural development in the region
through joint endeavours in the spirit of equality and partnership in order to strengthen the
foundation for a prosperous and peaceful community of Southeast Asian Nations;
2. To promote regional peace and stability through abiding respect for justice and the rule of law
in the relationship among countries of the region and adherence to the principles of the United
Nations Charter;
3. To promote active collaboration and mutual assistance on matters of common interest in the
economic, social, cultural, technical, scientific and administrative fields;
4. To provide assistance to each other in the form of training and research facilities in the
educational, professional, technical and administrative spheres;
5. To collaborate more effectively for the greater utilisation of their agriculture and industries, the
expansion of their trade, including the study of the problems of international commodity trade,
the improvement of their transportation and communications facilities and the raising of the
living standards of their peoples;
6. To promote Southeast Asian studies; and
7. To maintain close and beneficial cooperation with existing international and regional
organisations with similar aims and purposes, and explore all avenues for even closer cooperation
among themselves.
ASEAN Charter
It codifies ASEAN norms, rules and values; sets clear targets for ASEAN; and presents
accountability and compliance. The ASEAN Charter entered into force on 15 December 2008
at the presence of ASEAN Foreign Ministers at the ASEAN Secretariat in Jakarta. With the
entry into force of the ASEAN Charter, ASEAN will henceforth operate under a new legal
framework and establish a number of new organs to boost its community-building process. In
effect, the ASEAN Charter is the legally binding agreement among the 10 ASEAN Member
States. It will also be registered with the Secretariat of the United Nations, pursuant to Article
102, Paragraph 1 of the Charter of the United Nations.
The importance of the ASEAN Charter can be seen in the following contexts:
• New political commitment at the top level
• New and enhanced commitments

• New legal framework, legal personality
• New ASEAN bodies
• Two new openly-recruited DSGs
• More ASEAN meetings
• More roles of ASEAN Foreign Ministers
• New and enhanced role of the Secretary-General of ASEAN
• Other new initiatives and changes.
About ASEAN Summit

The ASEAN Summit is the highest policy-making body in ASEAN comprising the Head of
States or Government of ASEAN Member States.
The ASEAN Summit is held twice annually at a time to be determined by the Chair of the
ASEAN Summit in consultation with other ASEAN Member States.
The summit is to be hosted by the ASEAN Member State holding the ASEAN Chairmanship.
The First ASEAN Summit was held in Bali, Indonesia on 23-24 February 1976.
The 43rd ASEAN Summits was held on September 4-7, 2023 under the leadership of President
Joko Widodo of Indonesia. In this Summit, Honourable Prime Minister of India presented a 12-
point proposal for strengthening India - ASEAN cooperation covering connectivity, digital
transformation, trade and economic engagement, addressing contemporary challenges, people-
to-people contacts and deepening strategic engagement, as follows:
• Establishing multi-modal connectivity and economic corridor that links South-East Asia-
India West Asia-Europe
• Offered to share India’s Digital Public Infrastructure Stack with ASEAN partners
• Announced ASEAN-India fund for Digital Future focusing on cooperation in digital
transformation and financial connectivity
• Announced renewal of support to Economic and Research Institute of ASEAN and East
Asia (ERIA) to act as knowledge partner for enhancing our engagement
• Called for collectively raising issues being faced by Global South in multilateral fora
• Invited ASEAN countries to join Global Centre for Traditional Medicine being established
by WHO in India
• Called for working together on Mission LiFE.

• Offered to share India’s experience in providing affordable and quality medicines to people
through Jan-Aushadhi Kendras.
• Called for collective fight against terrorism, terror financing and cyber disinformation
• Invited ASEAN countries to join Coalition for Disaster Resilient Infrastructure
• Called for cooperation in disaster management
• Called for enhanced cooperation on maritime safety, security and domain awareness
ASEAN in News
ASEAN Chairmanship 2024 - Laos PDR:
The theme “ASEAN: Enhancing Connectivity and Resilience” aim at reflecting the challenges
and opportunities that the ASEAN region has faced over the past decades, reported local media.
In the face of challenges from economic and financial difficulties, climate change, natural
disasters, cyber and traditional security issues, Laos realises the significance of increasing
connectivity and resilience as a way to reinforce the ASEAN Community and effectively deal
with current and emerging threats.
BRICS
BRICS is an informal group of states comprising the Federative Republic of Brazil, the Russian
Federation, the Republic of India, the People’s Republic of China and the Republic of South
Africa. BRICS leaders announced the admission of six new countries -Argentina, Ethiopia, Iran,
Saudi Arabia, Egypt and the United Arab Emirates - into the bloc from January 01, 2024.
On 20 September 2006, the first BRICS Ministerial Meeting was held at the proposal of Russian
President Vladimir Putin on the margins of a UN General Assembly Session in New York.
Foreign Ministers of Russia, Brazil and China and the Indian Defence Minister took part in the
meeting. They expressed their interest in expanding multilateral cooperation.
In 2016, India became the head of the Association. The culmination of its presidency was the
eighth summit of BRICS, which was held in the Indian state of Goa on 15-16 October. Its
motto was ‘The Formation of popular, inclusive and collective decisions’. The leaders of five
countries signed the Declaration of Goa, which expressed a coherent position on issues related
to the development of the Association and critical issues.
At the summit in Goa, the issues of energy, trade, banking cooperation, agriculture, space
utilization and other common spaces, health, education, development of humanitarian contacts
and tourism, the fight against poverty and social inequality were discussed. In addition to the
Declaration was signed a number of sectoral agreements.
BRICS is an important grouping bringing together the major emerging economies from the
world, comprising 41% of the world population*, having 24% of the world GDP* and over 16%
share in the world trade*. BRICS countries have been the main engines of global economic
growth over the years. Over a period of time, BRICS countries have come together to deliberate
on important issues under the three pillars of political and security, economic and financial and
cultural and people to people exchanges.
The World must unite as one to decisively confront global challenges. Corrective action must
begin with the reform of institutions of global governance. This has been on the BRICS agenda
since its inception.
o Shri Narendra Modi, Hon’ble Prime Minister of India
BRICS in News
15th BRICS Summit
The 15th BRICS summit was hosted by South Africa in Johannesburg from August 22 to
August 24, 2023, holds significant importance against the backdrop of geopolitical changes
and global economic dynamics. The theme for the 15th BRICS Summit was “BRICS and Africa:
Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive
Multilateralism”. 16th BRICS Summit 16th BRICS Summit will be held in Russia from October
22-24, 2024.
SOUTH ASIAN ASSOCIATION FOR REGIONAL COOPERATION (SAARC)
The South Asian Association for Regional Cooperation (SAARC) was established with the
signing of the SAARC Charter in Dhaka on 8 December 1985. SAARC comprises of eight
Member States: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri
Lanka. The Secretariat of the Association was set up in Kathmandu on 17 January 1987.
The objectives of the Association as outlined in the SAARC Charter are:

- to promote the welfare of the peoples of South Asia and to improve their quality of life;
- to accelerate economic growth, social progress and cultural development in the region and to
provide all individuals the opportunity to live in dignity and to realize their full potentials;
- to promote and strengthen collective self-reliance among the countries of South Asia;
- to contribute to mutual trust, understanding and appreciation of one another's problems;
- to promote active collaboration and mutual assistance in the economic, social, cultural, technical
and scientific fields;
- to strengthen cooperation with other developing countries; to strengthen cooperation among

themselves in international forums on matters of common interests;
- and to cooperate with international and regional organizations with similar aims and purposes.
Ambassador Mr. Md. Golam Sarwar, a Senior Diplomat from Bangladesh, joined the SAARC
Secretariat in Kathmandu, Nepal, as the fifteenth Secretary General of the Association on 25
October 2023.
Current Chair: Nepal
From Date: 26-11-2014 (Till Date)
THE GROUP OF TWENTY (G-20)
The G20 is a strategic multilateral platform connecting the world’s major developed and
emerging economies. The G20 holds a strategic role in securing future global economic growth
and prosperity. Together, the G20 members represent more than 80 percent of world GDP, 75
percent of international trade and 60 percent of the world population.
Starting in 1999 as a meeting for the finance minister and central bank governors, the G20
has evolved into a yearly summit involving the Head of State and Government. In addition to
that, the Sherpa meetings (in charge of carrying out negotiations and building consensus among
Leaders), working groups, and special events are also organized throughout the year.
The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany,
India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa,
Turkey, the United Kingdom, the United States, and the European Union. Spain is also invited
as a permanent guest.
Each year, the Presidency invites guest countries, which take full part in the G20 exercise.
Several international and regional organizations also participate, granting the forum an even
broader representation.
History if G20 Summit

After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of
major emerging market countries is needed in discussions on the international financial system,
and G7 finance ministers agreed to establish the G20 Finance Ministers and Central Bank
Governors meeting in 1999.
The G20 Finance Ministers and Central Bank Governors meetings were centered on major
economic and monetary policy issues amongst major countries in the global financial system
and aimed at promoting cooperation towards achieving stable and sustainable global economic
growth for the benefit of all countries. The participating members in the meetings were the
same as the current G20 members.
In November 2008, the inaugural G20 Summit was held in Washington, D.C. in response to
the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers.
The G20 Meeting of Finance Ministers and Central Bank Governors was upgraded to the head
of the state level, as a forum for leaders from major developed and emerging market countries.
In September 2009, the third summit was held in Pittsburgh where the leaders designated the
G20 as the “premier forum for international economic cooperation.”
From thereon, the summit meetings were held semi-annually until 2010 and annually from 2011
onwards. The G20 holds a strategic role in securing future global economic growth and
prosperity.
Together, The G20 members represent around 85% of the global GDP, over 75% of the global
trade, and about two thirds of the world population. Each year, the Presidency invites guest
countries, which take full part in the G20 exercise. Several international and regional
organizations also participate, granting the forum an even broader representation.
G-20 in News
G20 Leaders’ Summit 2023
The The G20 summit held in New Delhi surprised many by achieving consensus among world
leaders.
Here are the key moments from the summit:

• Welcoming the African Union: The Group of 20, representing 85 percent of the world’s GDP,
extended a warm welcome to the African Union as its newest member. Indian Prime Minister
Narendra Modi, the summit’s host, highlighted the significance of India’s presidency in
amplifying the voices of the Global South.
• Diplomatic Milestone: Prime Minister Modi initiated the formal proceedings by inviting African
Union President Azali Assoumani to join world leaders, symbolized by the ceremonial gavel. The
G20, which previously comprised 19 countries and the European Union, saw South Africa as its
sole African member. The African Union, with 55 members (excluding six junta-ruled nations),
boasts a collective GDP of $3 trillion and a population of 1.4 billion.
• Ukraine Conflict Division: The G20 leaders remained divided over the Ukraine conflict, with
Russian President Vladimir Putin opting to skip the summit. In an attempt to prevent diplomatic
embarrassment, India urged members to agree on a statement that toned down earlier
condemnations of the war. The resulting statement denounced the use of force for territorial
gain but avoided directly naming Russia, acknowledging differing views on the situation.
• Climate Change Standoff: Despite a UN report emphasizing the necessity of phasing out fossil
fuels, G20 leaders could not reach an agreement on this matter. This disagreement casts a
shadow over upcoming climate discussions in November in the United Arab Emirates, where
G20 nations account for 80 percent of global emissions. However, for the first time, the G20
endorsed tripling global renewable energy capacity and acknowledged the need to peak emissions
before 2025 to limit warming to 1.5 degrees Celsius.
Major takeaways from the New Delhi Declaration

The biggest takeaway of the declaration was that all 83 paras of the declaration were passed
unanimously with a 100 per cent consensus along with China and Russia in agreement. For the
first time, the declaration contained no footnote or Chair’s Summary.
Also, the declaration being the most ambitious, contained 112 outcomes — both the outcomes
and annexed documents — which is two-and-a-half- times more than any other.
Launch of the Global Biofuels Alliance in the presence of US President Joe Biden, President of
Brazil Luiz Inacio, President of Argentina, Alberto Fernández and Prime Minister of Italy Giorgia
Meloni. It is one of the priorities under India’s G20 Presidency. Brazil, India, and the United
States, as leading biofuel producers and consumers, will work together during the next few
months towards the development of a Global Biofuels Alliance along with other interested
countries.
Launch of a mega India-Middle East-Europe shipping and railway connectivity corridor by India,
the US, Saudi Arabia and the European Union. The India-Middle East-Europe Economic Corridor
(IMEE EC) will encourage and provide impetus to economic development through enhanced
connectivity and economic integration between Asia, West Asia/Middle East and Europe. The
corridor will consist of two separate corridors
i. East Corridor connecting India to West Asia/Middle East and
ii. Northern Corridor connecting West Asia/Middle East to Europe.
THE BAY OF BENGAL INITIATIVE FOR MULTI-SECTORAL TECHNICAL AND ECONOMIC

COOPERATION (BIMSTEC)
BIMSTEC is a regional organization comprising seven Member States lying in the littoral and
adjacent areas of the Bay of Bengal constituting a contiguous regional unity. This sub-regional
organization came into being on 6 June 1997 through the Bangkok Declaration.
It constitutes seven Member States: five deriving from South Asia, including Bangladesh,
Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and
Thailand.
Initially, the economic bloc was formed with four Member States with the acronym ‘BIST-EC’
(Bangladesh, India, Sri Lanka and Thailand Economic Cooperation). Following the inclusion of
Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was
renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic
Cooperation).
With the admission of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004,
Thailand), the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral
Technical and Economic Cooperation’ (BIMSTEC).
The regional group constitutes a bridge between South and Southeast Asia and represents a
reinforcement of relations among these countries. BIMSTEC has also established a platform
for intra-regional cooperation between SAARC and ASEAN members. The BIMSTEC region is
home to around 1.5 billion people which constitute around 22% of the global population with
a combined gross domestic product (GDP) of 2.7 trillion economy. In the last five years,
BIMSTEC Member States have been able to sustain an average 6.5% economic growth
trajectory despite global financial meltdown.
The objective of building such an alliance was to harness shared and accelerated growth through
mutual cooperation in different areas of common interests by mitigating the onslaught of
globalization and by utilizing regional resources and geographical advantages.
Unlike many other regional groupings, BIMSTEC is a sector-driven cooperative organization.
Starting with six sectors—including trade, technology, energy, transport, tourism and fisheries—
for sectoral cooperation in the late 1997, it expanded to embrace nine more sectors—including
agriculture, public health, poverty alleviation, counter-terrorism, environment, culture, people to
people contact and climate change—in 2008.
Sector led by Member States

Bangladesh : Trade, Investment and Development
Bhutan : Environment & Climate Change
India : Security
Sub-sectors : Counter-Terrorism and Trasnational Crime, Disaster Management, Energy
Myanmar : Agriculture and Food Security Sub-sectors : Agriculture, Fisheries & Livestock Nepal
: People-to-People Contact Sub-sectors : Culture, Tourism, People-to-People Contact (forums
of think tanks, media etc.)
Sri Lanka : Science, Technology & Innovation (Sri Lanka)
Sub-sectors : Technology, Health, Human Resource Development
Thailand : Connectivity
H. E. Mr. Tenzin Lekphell assumed office as the Secretary-General of BIMSTEC on 06 November
2020. He is the third BIMSTEC Secretary-General.
Purpose of BIMSTEC
- To create an enabling environment for rapid economic development through the identification
and implementation of specific cooperation projects in the already agreed areas of cooperation
and such other areas that may be agreed upon by the Member States. Member States may
periodically review the areas of cooperation.
- To accelerate the economic growth and social progress in the Bay of Bengal region through
joint endeavours in a spirit of equality and partnership.
- To promote active collaboration and mutual assistance on matters of common interest in the
economic, social, technical and scientific fields.
- To provide assistance to each other in the form of training and research facilities in the
educational, professional and technical spheres.
- To cooperate more effectively in joint efforts that are supportive of and complementary to
national development plans of the Member States which result in tangible benefits to the
people in raising their living standards, including generating employment and improving
transportation and communication infrastructure.
- To cooperate in projects that can be dealt with most productively on a regional basis among
the BIMSTEC Member States and that make best use of available synergies.
- To maintain peace and stability in the Bay of Bengal region through close collaboration in
combating international terrorism, transnational organized crimes as well as natural disasters,
climate change and communicable diseases.
- To maintain close and beneficial cooperation with existing international and regional
organizations with similar aims and purposes.
- To endeavour to eradicate poverty from the Bay of Bengal region.
- To establish multidimensional connectivity, promote synergy among connectivity frameworks in
the region, as a key enabler to economic integration for shared prosperity.
- To promote trade and investment as a major contributing factor for fostering economic and
social development in the region.
BIMSTEC in News
BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation)
Aquatic Championship 2024 (February 05, 2024)
India hosted the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic
Cooperation) Aquatic Championship 2024 in New Delhi from 5-10 February 2024, as an
initiative to foster regional cooperation spirit in the Bay of Bengal Region. The BIMSTEC
Aquatic Championship played a catalytic role in making the Bay of Bengal Region a sports
powerhouse. This initiative will lead towards creation of a culture of games and sports for the
world’s most young Region.
Shri Indra Mani Pandey will be the next Secretary General of the Bay of Bengal Initiative
for Multi Sectoral Technical and Economic Cooperation (BIMSTEC) October 20, 2023
Shri Indra Mani Pandey will be the next Secretary General of the Bay of Bengal Initiative for
Multi Sectoral Technical and Economic Cooperation (BIMSTEC). He is an Indian Foreign Service
Officer of 1990 batch and is presently the Ambassador/Permanent Representative of India to
the United Nations and other International Organisations in Geneva. This is the first time that
an Indian will hold the position of the Secretary General of BIMSTEC.
INTERNATIONAL FINANCE CORPORATION (IFC)

About IFC
The International Finance Corporation (IFC) is a sister organization of the World Bank and a
member of the World Bank Group is the largest global development institution focused
exclusively on the private sector in developing countries. The Bank Group has set two goals for
the world to achieve by 2030:
1. End Extreme Poverty; and
2. Promote shared prosperity in every country.
The International Finance Corporation (IFC) is an international financial institution that offers
investment, advisory, and asset-management services to encourage private-sector development
in developing countries.
Since 2009, the IFC has focused on a set of development goals that its projects are expected
to target.
Its goals are to increase sustainable agriculture opportunities, prove healthcare and education,
increase access to financing for microfinance and business clients, advance infrastructure, help
small businesses grow revenues, and invest in climate health.
The IFC is owned and governed by its member countries but has its own executive leadership
and staff that conduct its normal business operations.
It is a corporation whose shareholders are member governments that provide paid in capital
and have the right to vote on its matters. Originally, it was more financially integrated with
the World Bank Group, but later, the IFC was established separately and eventually became
authorized to operate as a financially autonomous entity and make independent investment
decisions.
It offers an array of debt and equity financing services and helps companies face their risk
exposures while refraining from participating in a management capacity. The corporation also
offers advice to companies on making decisions, evaluating their impact on the environment
and society, and being responsible. It advises governments on building infrastructure and
partnerships to further support private sector development.
Functions of IFC
It provides a wide range of investment and advisory services that help businesses and
entrepreneurs in the developing world meet the challenges they face in the marketplace.
It offers innovative financial products to private sector projects in developing countries. These
include loans for IFC’s own account (also called A-loans), equity financing, quasi-equity
financing, syndicated loans (or B-loans), risk management products, and partial credit
guarantees. IFC often provides funding to financial intermediaries that on-lend to clients,
especially small and medium enterprises.
It also provides advisory services that help build businesses. Much of IFC’s advisory work is
conducted by facilities managed by IFC but funded through partnerships with donor
Governments and other multilateral institutions. Other sources of funding include donor country
trust funds and IFC’s own resources.
Under funding program, IFC issues bonds in a variety of markets, formats, and currencies -
including global benchmarks bonds, green and social bonds, uridashi notes, private placements,
and discount notes. In addition, IFC issues local-currency bonds to develop domestic capital
markets and facilitate local-currency lending. A brief on some of the funding instruments are
discussed below:
• Benchmark & Global Bonds
• Discount Notes
• Green Bonds
• Impact Notes
• MTNs & Structured Notes
• Social Bonds
IFC’s Strategic Alignment with the SDGs

IFC seeks to create markets through several ways: by demonstrating successful innovative
business models that can be replicated; by stimulating competitiveness through efficiency
gains, cost and/or price reductions, and new market entrants; by improving business regulatory
frameworks to enable the development and growth of a vibrant private sector in a sustainable
manner; and by building capacity and skills that open new market opportunities. This will
enable IFC to achieve impact beyond what is obtained with the financing from IFC’s own
balance sheet.
IFC contributes to the SDGs through two pathways, namely:

project outcomes and market creation.
ASIAN DEVELOPMENT BANK (ADB)

About ADB
The Asian Development Bank (ADB) was conceived in the early 1960s as a financial institution
that would be Asian in character and foster economic growth and co-operation in one of the
poorest regions in the world.
ADB assists its member and partners, by providing loans, technical assistance, growth and
other equity investments to promote social and economic development. ADB is composed of 68
members 49 of which are from Asia and the Pacific region.
Areas of Work
The ADB is committed to achieve a prosperous and sustainable Asia and the Pacific, while
sustaining its efforts to eradicate extreme poverty.
As a multilateral development finance institution, ADB provides:

• loans
• technical assistance
• grants
NATIONAL BODIES
NITI AAYOG
- The NITI Aayog’s precursor, the Planning Commission was established in March 1950 by a
Government of India resolution with Prime Minister as Chairperson.
- The initial mandate was to establish heavy industries through public investment as a means
for achieving rapid industrialization.
- The functions assigned to the Planning Commission were to assess and allocate plan resources,
formulate plans and programs for area development, determine implementation methodology,
identify resource constraints and appraise & adjust implementation.
- The Planning Commission from 1950 to 2014 formulated twelve five year plans. The Prime
Minister announced the closure of the Planning Commission from the ramparts of Red Fort on
August 15, 2014.
- The Government of India, in keeping with its reform agenda, constituted the NITI Aayog to
replace the Planning Commission. This was done in order to better serve the needs and
aspirations of the people of India.
- An important evolutionary change from the past, NITI Aayog acts as the quintessential platform
of the Government of India to bring States to act together in national interest, and thereby
fosters Cooperative Federalism.
- The NITI Aayog, established in 2015, is one of Indian democracy’s youngest institutions. It has
been entrusted with the mandate of re-imagining the development agenda by dismantling old-
style central planning.
- The NITI Aayog was mandated to foster cooperative federalism, evolve a national consensus on
developmental goals, redefine the reforms agenda, act as a platform for resolution of cross-
sectoral issues between Center and State Governments, capacity building and to act as a
Knowledge and Innovation hub. It represented a huge mandate for a nascent organization.
- NITI Aayog is the premier policy ‘Think Tank’ of the Government of India, providing both
directional and policy inputs. While designing strategic and long term policies and programmes
for the Government of India, NITI Aayog also provides relevant technical advice to the Centre
and States.
NITI Aayog’s entire gamut of activities can be divided into four main heads:
1. Policy and Programme Framework
2. Cooperative Federalism
3. Monitoring and Evaluation
4. Think Tank, and Knowledge and Innovation Hub
Present Constitution of NITI Aayog

Chairperson - Shri Narendra Modi, Hon'ble Prime Minister
Vice Chairperson - Shri Suman Bery
Full-Time Members - Shri V.K. Saraswat, Prof. Ramesh Chand, Dr. V. K. Paul, Dr. Arvind
Virmani
CEO: Shri BVR Subrahmanyam
The Governing Council of NITI Aayog:

1. Chairperson - Prime Minister of India
2. Ex-Officio Members - NITI Aayog
3. Vice Chairperson - NITI Aayog
4. Full Time Members - NITI Aayog
5. Chief Ministers of All States and UTs
6. LGs of Andaman and Nicobar Islands, Ladakh
7. Special Invitees of NITI Aayog will be special invitees of Governing Council
8. Administrators of UTs of Chandigarh, Dadra and Nagar Haveli and Daman and Diu and
Lakshadweep will be special invitees of Governing Council.
Relevance of NITI Aayog

Competitive Federalism : Various reports of NITI Aayog like Healthy states Progressive India
etc, which give performance-based rankings of States across various verticals to foster a spirit
of competitive federalism. It helps to identify the best practices in different States in various
sectors and then try to replicate them in other States.
Cooperative federalism : Due to the composition of NITI Aayog, it gives a better representation
of states in this body which facilitate direct interactions with the line ministries, also helps
to address issues in a relatively shorter time.
Greater Accountability : NITI Aayog has established a Development Monitoring and Evaluation
Office which collects data on the performance of various Ministries on a real-time basis. The
data are then used at the highest policy making levels to establish accountability and improve
performance. Earlier, India had 12 Five-Year Plans, but they were mostly evaluated long after
the plan period had ended. Hence, there was no real accountability.
Think tank of innovative ideas : NITI Aayog is visualised as a funnel through which new and
innovative ideas come from all possible sources — industry, academia, civil society or foreign
specialists — and flow into the government system for implementation.
Convergence for resolution : Being a common point for similar issues faced by different
sectors, states etc., it acts as a convergence point and platform to discuss these issues.
NITI Aayog in News:

Niti Aayog bats for easy financing, e-commerce push to boost MSME exports (March 13,
2024)
NITI Aayog has called for easing of access to export finance and a concerted push to boost e-
commerce exports to realise the potential of the country’s micro, small, and medium enterprises
(MSMEs). In a report released on March 13, 2024, the Aayog said small firms have encountered
difficulties in tapping into export markets due to the inherent obstacles posed by economies
of scale. “It proves more challenging for small enterprises to enter foreign markets, adhere to
compliance requirements, achieve cost-effective production, and efficiently manage logistics for
clients,” it added.
As part of six key recommendations, Niti Aayog called for “green channel” clearances of MSME
e-commerce exporters. It said that India has not been able to tap into e-commerce to work
around market access barriers, unlike China. In 2022, China’s e-commerce exports by MSMEs
were worth $200 billion, which is 100 times that of exports by Indian MSMEs.
NITI Aayog Releases Compendium on Best Practices in Social Sector 2023 (May 01, 2023)
NITI Aayog released the “Best Practices in Social Sector: A Compendium, 2023” in collaboration
with the United Nations Development Programme. To commemorate 75 years of India’s
independence and highlight and laud the efforts of Union Ministries and State Governments,
this compendium includes 75 case studies cutting across 14 key social sectors. The case studies
have been sourced from all States/ Union Territories and 30 Ministries and Departments of the
Government of India.
“As India is celebrating ‘Azadi Ka Amrit Mahotsav’, NITI Aayog and UNDP is bringing out this
compendium showcasing 75 best practices in the social sector which truly highlight the theme
‘Achievements @75’ at the grassroot level”, said Dr. Yogesh Suri, Senior Adviser, NITI Aayog.
The seventy-five best practices highlight models which are innovative, sustainable, replicable
and impactful. The aim of this exercise has been to synthesise lessons for the future to expand,
enhance and improve life at the grassroots level. The cases identified are spread over diverse
themes, including education, health and nutrition, e-governance and digitization, agriculture,
women’s empowerment, sports, and financial inclusion, among others.
RESERVE BANK OF INDIA (RBI)
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions
of the Reserve Bank of India Act, 1934.
The Central Office of the Reserve Bank was initially established in Calcutta but was
permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and
where policies are formulated. Though originally privately owned, since nationalisation in 1949,
the Reserve Bank is fully owned by the Government of India.
RBI in News
Policy Rates as on April 19, 2024
Policy Repo Rate 6.50%
Reverse Repo Rate 3.35%
Marginal Standing Facility Rate 6.75%
Bank Rate 4.25%
Reserve Ratios as on April 19, 2024

Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio (SLR) 18.00
RBI cautions public against Prepaid Payment Instruments issued by unauthorised entities
(April 25, 2024)
It had come to the notice of Reserve Bank of India (RBI) that TalkCharge Technologies Pvt.
Ltd. is issuing Prepaid Payment Instruments (Wallets) through its website and app
(application) ‘TalkCharge’ without obtaining the required authorisation from RBI under the
provisions of the Payment and Settlement Systems Act, 2007. It has come to the notice of
the Reserve Bank that the entity has issued a legal notice to its customers demanding the
return of Cashback, failing which the matter will be reported to the RBI. It is clarified that
the RBI has only directed the entity (TalkCharge Technologies Pvt. Ltd.) to refund the prepaid
amount lying in the wallets, to the customers.
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
The Securities and Exchange Board of India was established on April 12, 1992 in accordance
with the provisions of the Securities and Exchange Board of India Act, 1992.
The Preamble of the Securities and Exchange Board of India describes the basic functions of
the Securities and Exchange Board of India as "...to protect the interests of investors in
securities and to promote the development of, and to regulate the securities market and for
matters connected therewith or incidental thereto"
Ms. Madhabi Puri Buch is the present Chairperson of Securities and Exchange Board of India.
Shri S. K. Mohanty and Shri Ananta Barua, are the Whole Time Members.
SEBI in News
SEBI Issues Advisory Against Fraudulent Trading Schemes claiming to be offered to Indian
residents by FPIs (February 26, 2024)
SEBI has been receiving a number of complaints regarding fraudulent trading platforms which
falsely claim or suggest affiliation with SEBI-registered Foreign Portfolio Investors (FPIs) and
claiming to offer trading opportunities through FPI or Foreign Institutional Investor (FII) Sub-
accounts or Institutional Accounts with special privileges.
Fraudsters are enticing victims through online trading courses, seminars, and mentorship
programs in the stock market, leveraging social media platforms like WhatsApp or Telegram, as
well as live broadcasts.
Posing as employees or affiliates of SEBI-registered FPIs, they coax individuals into downloading
applications that purportedly allow them to purchase shares, subscribe to IPOs, and enjoy
“Institutional account benefits”—all without the need for an official trading or Demat account.
These operations often use mobile numbers registered under false names to orchestrate their
schemes.
SEBI urges investors to exercise caution and to steer clear of any social media messages,
WhatsApp groups, Telegram channels, or apps claiming to facilitate stock market access through
FPIs or FIIs registered with SEBI. Such schemes are fraudulent and do not have SEBI’s
endorsement.
SEBI cautions public against dealing with unregistered entities (February 13, 2024)
SEBI has observed a rising trend of unscrupulous entities and online platforms that falsely
claim to be registered with SEBI as intermediaries. These entities often entice the general
public by showcasing fake certificates purportedly issued by SEBI and promising or implying
assured, high returns on investments.
SEBI cautious investors against placing their money with any entity based on such claims.
Investors are urged to conduct due diligence and verify the registration status of any entity
claiming to be a SEBI registered intermediary. It is imperative for investors to understand that
investments offering high returns usually involve high risk including fraud risk and there can
be no guarantees of assured returns in the securities market
In order to facilitate investor awareness about various activities where an investor has to deal
with DTs for availing various services, SEBI has developed an Investor Charter for DTs, inter-
alia detailing the services provided to Investors, timelines for various DT services provided,
Rights and Obligations of Investors and Grievance Redressal Mechanism.
COMPETITION COMMISSION OF INDIA (CCI)

The Competition Act
The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows
the philosophy of modern competition laws. The Act prohibits anti-competitive agreements,
abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of
control and M&A), which causes or likely to cause an appreciable adverse effect on competition
within India.
The Competition Commission of India

The Competition Commission of India has been established by the Central Government with
effect from 14th October 2003 to achieve the objectives of the Competition Act. CCI consists
of a Chairperson and 6 Members appointed by the Central Government.
It is the duty of the Commission to eliminate practices having adverse effect on competition,
promote and sustain competition, protect the interests of consumers and ensure freedom of
trade in the markets of India.
The Commission is also required to give opinion on competition issues on a reference received
from a statutory authority established under any law and to undertake competition advocacy,
create public awareness and impart training on competition issues.
Ravneet Kaur is the Chairperson of the Commission. Anil Agarwal, Sweta Kakkad and Deepak
Anurag are the members of the Commission.
THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI)
- The Insolvency and Bankruptcy Board of Inia was established on 1st October, 2016 under the
Insolvency and Bankruptcy Code, 2016 (Code).
- It is a key pillar of the ecosystem responsible for implementation of the Code that consolidates
and amends the laws relating to reorganization and insolvency resolution of corporate persons,
partnership firms and individuals in a time bound manner for maximization of the value of
assets of such persons, to promote entrepreneurship, availability of credit and balance the
interests of all the stakeholders.
- It is a unique regulator which regulates a profession as well as processes. It has regulatory
oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency
Professional Entities and Information Utilities.
- It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and
Valuation Rules), 2017 for regulation and development of the profession of valuers in the
country.
Shri Ravi Mittal currently serves as Chairperson of the Insolvency and Bankruptcy Board of
India. Shri Sudhaker Shukla, Shri Jayanti Prasad and Shri Sandip Garg are the Whole-time
members of the Board.
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI)

The Institute of Company Secretaries of India (ICSI) is a premier professional body, established
under an act of Parliament (The Company Secretaries Act, 1980), to regulate and develop the
profession of Company Secretaries. ICSI functions under the jurisdiction of the Ministry of
Corporate Affairs, Government of India.
The Institute provides top-quality education to the students of Company Secretaries (CS)
Course and best quality set standards to CS Members.
Headquartered in New Delhi, the ICSI has a nationwide presence with four Regional Offices in
New Delhi, Chennai, Kolkata and Mumbai, 72 Chapter Offices spread all across the country
and Centre for Corporate Governance, Research and Training (CCGRT) in Mumbai, Hyderabad
and Kolkata.
The Institute also has six overseas centres at Australia, Canada, Singapore, UAE, UK and USA.
With over 72,000 members and around 200,000 students, the ICSI has the largest membership
and student base of Company Secretaries in the world.
Presently, CS B. Narasimhan is the President and CS Dhananjay Shukla is the Vice President,
of the ICSI.
Motto
“speak the truth abide by the law”
Vision
To be a global leader in promoting Good Corporate Governance
Mission
To develop high calibre professionals facilitating good Corporate Governance
SUMMITS AND CONFERENCES
G7 SUMMIT
About G7
G7 originally came into being in 1975 when the heads of the world's six leading industrial
nations- the US, UK, France, Germany, Japan and Italy decided to hold a meeting in the wake
of the oil shock of 1973 and the following financial crisis.
The six countries were joined by Canada in 1976.
Russia joined the group, which then became known as the G8, in 1998 but was suspended in
2014 after it annexed Crimea from Ukraine.
Current members are - US, UK, Canada, France, Germany, Italy and Japan. The group regards
itself as "a community of values", with freedom and human rights, democracy and the rule of
law, and prosperity and sustainable development as its key principles.
• G7 Summit 2024 As the Group of 7 (G7) Presidency in 2024, Italy will host the G7 Summit
in Puglia, Italy, on June 13-15, 2024
• G7 Summit 2023 In 2023, as the G7 Presidency, Japan hosted the Summit on May 19-21,2023
in Hiroshima
• G7 Summit 2022 In 2022, as the G7 Presidency, Germany hosted the Summit on June 26-
28, 2022 in Schloss Elmau, Krün, Bavarian Alps.
G-7 Summit 2023

The annual Group of Seven (G7) summit presents an opportunity for the world’s largest
advanced democracies to coordinate on geopolitical, economic, and security issues. The G7
concluded its annual summit with the release of the G7 Hiroshima Leaders’ Communiqué on
May 21, 2023. Japan, this year’s G7 president, hosted the summit in Hiroshima, where the
leaders of the United States, United Kingdom, Canada, France, Germany, Italy, and Japan, along
with representatives from the European Union and other invited guests, met to discuss a range
of pressing global challenges. The outcomes of G7 2023 inter alia covers the following:
• Hiroshima Vision Statement on Nuclear Disarmament - Commitment to achieving a world

without nuclear weapons with undiminished security for all through taking a realistic, pragmatic,
and responsible approach.
• They are also expected to discuss ways to strengthen international cooperation to prevent the
spread of nuclear weapons.
• Support for Ukraine - G7 leaders reaffirmed their commitment to supporting Ukraine by providing
additional military and financial assistance in its war against Russia.
• Announced new sanctions against Russia, including a ban on the import of Russian gold.
• De-risking not decoupling from china - Countering China’s economic coercion. Pledged to work
together to promote fair and open trade.
• Addressing the global food crisis - New initiative to provide $5 billion in food assistance to
countries that are most affected by the crisis.
• To increase food production and to reduce food waste.
• Investing in clean energy and infrastructure - Invest USD 600 billion in clean energy and
infrastructure over the next five years.
• To make clean energy more affordable and accessible.
• Compensating for the developed world’s contribution to global warming and greenhouse gas
emissions.
• Protecting human rights and democracy - Reaffirmed their commitment to protecting human
rights and democracy around the world.
• To provide humanitarian assistance to the Afghan people.
• Condemned the human rights abuses in China, Russia, and other countries.
• The global health crisis - Discussed about the global health crisis and to discussed ways to
strengthen the global health system
WORLD INVESTOR WEEK 2023

The seventh annual celebration of World Investor Week (WIW) started on 2 October 2023 and
concluded on 8 October, 2023.
More than 100 jurisdictions have participated in the WIW campaign, in addition to several global
and international organizations that have also joined the campaign for the first time. Stock
exchanges, market intermediaries, industry associations and other relevant stakeholders in the
ecosystem have joined the securities regulators around the world to support a range of investor
education initiatives aimed at enhancing investor protection.
The G20, under the India Presidency, has also supported the WIW campaign. This high level of
participation in the WIW from all around the world is a clear indication of the priority that
regulators and market participants are giving to financial education, taking into account their
local circumstances as well as the common challenges that retail investors are facing across
jurisdictions
About IOSCO
IOSCO is the leading international policy forum for securities regulators and is recognized as
the global standard setter for securities regulation. The organization's membership regulates
more than 95% of the world's securities markets in some 130 jurisdictions, and it continues to
expand.
IOSCO aims through its permanent structures:

• to cooperate in developing, implementing and promoting internationally recognized and
consistent standards of regulation, oversight and enforcement to protect investors, maintain
fair, efficient and transparent markets, and seek to address systemic risks;
• to enhance investor protection and promote investor confidence in the integrity of securities
markets, through strengthened information exchange and cooperation in enforcement against
misconduct and in supervision of markets and market intermediaries; and
• to exchange information at both global and regional levels on their respective experiences to
assist the development of markets, strengthen market infrastructure and implement appropriate
regulation.
SCO Summit 2023

India assumed the rotating Chairmanship of SCO at the Samarkand Summit on 16 September
2022. Under India’s first-ever Chairmanship, the 23rd Summit of the SCO Council of Heads
of State was held in the virtual format on 4 July 2023, chaired by Prime Minister Shri Narendra
Modi. The theme of India’s chairpersonship of SCO was ‘Towards a SECURE SCO’, which is
derived from the acronym coined by the Indian PM at the 2018 SCO Qingadao Summit. During
this 23rd Summit, Iran officially joined the SCO as the Ninth Member Country.
Key Highlights of the 23rd SCO Summit:

• The New Delhi Declaration was signed by the member nations, which states that the
international community must come together to «counter the activities of terrorist, separatist
and extremist groups, paying special attention to preventing the spread of religious intolerance,
aggressive nationalism, ethnic and racial discrimination, xenophobia, ideas of fascism and
chauvinism.”
• The leaders adopted two thematic joint statements - one on cooperation in countering the
radicalisation leading to separatism, extremism, and terrorism & the second one cooperation in
the field of digital transformation.
• India has created five new pillars and focus area for cooperation in the SCO, which include,
• Startups and Innovation
• Traditional Medicine
• Youth Empowerment
• Digital Inclusion
• Shared Buddhist Heritage
• The Indian PM highlighted the significance of connectivity for enhancing mutual trade and
trust among SCO member states. However, he stressed the need to uphold the fundamental
principles of the SCO charter, specifically respecting member states’ sovereignty and regional
integrity.
BUSINESS PERSONALITIES AND LEADERS
BUSINESS PERSONALITIES
Mukesh Ambani
- Mr. Mukesh D. Ambani is the Chairman and Managing Director of Reliance

Industries Ltd. is a Chemical Engineer from the Institute of Chemical Technology,
Mumbai (erstwhile the University Department of Chemical Technology, University
of Mumbai).
- He pursued an MBA from Stanford University in the US. He has been
on the Board of Reliance since 1977.
- Mr. Mukesh Ambani is a member of The Foundation Board of the World Economic Forum. He
is an elected Foreign Member of the prestigious United States National Academy of Engineering.
- He is a member of the Global Advisory Council of Bank of America. Among others, he is also
a member of International Advisory Council of The Brookings Institution.
Azim Premji
- Azim Premji is an Indian business entrepreneur who served as chairman of Wipro

Limited, guiding the company through four decades of diversification and growth
to emerge as a world leader in the software industry.
- By the early 21st century, Premji had become one of the world’s wealthiest people. Despite his
vast personal wealth, Premji continued to be recognized for his modesty, lack of extravagance,
and charity.
- In 2001, he established the non-profit Azim Premji Foundation, through which he aimed to
improve the quality of elementary education in rural regions
throughout India.
- By the end of the first decade of the 21st century, the foundation
had extended computer-aided education to more than 16,000 schools, with child-friendly content
increasingly available in local languages. Premji’s reputation remained that of a highly ethical
entrepreneur whose operation served as a model for other Indian firms.
Kumar Mangalam Birla
- Mr. Kumar Mangalam Birla is the Chairman of the Aditya Birla Group.
- He is on the National Council of the Confederation of Indian Industry and the Apex Advisory
Council of the Associated Chambers of Commerce and Industry of India.
- Mr. Birla holds several key positions on various regulatory and professional Boards. He was a
Director on the Central Board of Directors of the Reserve Bank of India. He was Chairman of
the Advisory Committee constituted by the Ministry of Company Affairs and also served on
The Prime Minister of India’s Advisory Council on Trade and Industry.
- Mr. Birla has won recognition for his exemplary contribution to leadership processes and
institution/systems building.
- SEBI had constituted a Committee on Corporate Governance under the Chairmanship of Shri
Kumar Mangalam Birla, Member, SEBI Board to promote and raise the standard of Corporate
Governance in respect of listed companies. The SEBI Board in its meeting held on January 25,
2000 considered the recommendation of the Committee and decided to make the amendments
to the listing agreement.
Tim Cook
Tim Cook is the CEO of the most valuable company in the world, Apple. He took over Apple
after the company’s founder, Steve Jobs, succumbed to cancer in 2011. Cook has helped navigate
Apple through the transition after Jobs’ death as well as developing new product lines and
opening Apple retail stores in China. He has also led a very public battle against the FBI and
their demand that Apple creates a backdoor for users’ iPhones.
Bill Gates
Gates founded Microsoft, the world’s largest PC software company, and each year,
he is consistently near the top of the list of the world’s wealthiest people. Over the
years, Gates has slowly transitioned away from Microsoft and into philanthropic
ventures. His foundation, the Bill and Melinda Gates Foundation, is working to
provide clean water and sanitation (among other things) to third-world countries.
Like Warren Buffett, Gates has also promised to leave the vast majority of his wealth
to charity.
Elon Musk
Elon Musk was born in South Africa and is a businessman, inventor, and investor. Musk is
most widely known for his founding of PayPal and SpaceX and his heavy involvement in Tesla
Motors. His vision and passion for pushing the boundaries of technology and consumer
integration have led to increased exposure to solar power, high-speed transportation, and
artificial intelligence.
Warren Buffett
Warren Buffett is one of the most successful investors in the world. Some people
have referred to him as the “Wizard of Omaha” (his birthplace is Omaha, Nebraska)
and he is consistently named as one of the wealthiest people in the world. He has
also pledged to give away nearly 99% of his accumulated wealth to philanthropic
causes after his death.
LEADERS
Narendra Modi
Shri Narendra Modi was sworn-in as India’s Prime Minister on 30th May 2019, marking the
start of his second term in office. The first ever Prime Minister to be born after Independence,
Shri Modi has previously served as the Prime Minister of India from 2014 to 2019. He also has
the distinction of being the longest serving Chief Minister of Gujarat with his term spanning
from October 2001 to May 2014.
Beyond politics, Narendra Modi enjoys writing. He has authored several books, including poetry.
He begins his day with Yoga, which strengthens his body and mind and instills the power of
calmness in an otherwise fast-paced routine.
Joe Biden
Joe Biden is an American politician and also the 46th and current president of the United
States. A member of the Democratic Party, he served as the 47th vice president from 2009 to
2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to
2009. He contested the 2020 Presidential polls against Donald Trump, along with Kamala Harris
as his running mate.
Biden, 77, was born in Scranton, Pennsylvania, in 1942. In 1972, at the age 29, he became one
of the youngest people ever elected to the US Senate. He went on to serve as a six-term
senator from Delaware.
His early presidential activity centered around proposing, lobbying for, and signing into law the
American Rescue Plan Act of 2021 to speed up the United States' recovery from the Covid-19
pandemic and the ongoing recession, as well as a series of executive orders. Biden's orders
addressed the pandemic and reversed several Trump administration policies, which included
rejoining the Paris Agreement on climate change and reaffirming protections for Deferred Action
for Childhood Arrivals (DACA) recipients. In April 2021, Biden announced the withdrawal of all
US troops from Afghanistan by September 2021.
Vladimir Putin
Vladimir Putin has served three terms and is currently in a fourth as President of Russia
(2000–2004, 2004– 2008, 2012–2018 and May 2018 to present) and served as Acting
President from 1999 to 2000, succeeding Boris Yeltsin after Yeltsin's resignation. Putin was
also Prime Minister for three months in 1999 and served a full term from 2008 to 2012.
INTERNATIONAL DIPLOMACY
Quad Leaders’ Summit

India participated in the third in-person Quad Leaders’ Summit in Hiroshima, Japan on 20 May
2023, along with Prime Minister Anthony Albanese of Australia, Prime Minister Fumio Kishida
of Japan and President Joseph Biden of the United States of America.
The Leaders had a productive dialogue about developments in the Indo-Pacific which affirmed
their shared democratic values and strategic interests. Guided by their vision for a free, open
and inclusive Indo-Pacific, they reiterated the importance of upholding the principles of
sovereignty, territorial integrity and peaceful resolution of disputes. In this context, they released
the Quad Leaders’ Vision Statement – Enduring Partners for the Indo-Pacific” which articulates
their principled approach.
To strengthen the resilience and prosperity of the Indo-Pacific the Leaders announced following
initiatives which would complement the development priorities of the region:
(a) Clean Energy Supply Chains Initiative which would facilitate research and development and
support the Indo-Pacific’s energy transition. In addition, the Quad Principles of Clean Energy
Supply Chains were approved to guide engagement with the region on clean energy supply
chain development.
(b) ‘Quad Infrastructure Fellowships Programme’ to support policy makers and practitioners in the
region to design, build and manage sustainable and viable infrastructure in their countries.
(c) ‘Partnership for Cable Connectivity and Resilience’ to leverage Quad’s collective expertise in
design, manufacturing, laying and maintenance of undersea cables to secure and diversify
these critical networks.
(d) Quad support for a small-scale ORAN deployment in Palau, the first in the Pacific region.
They also released the ORAN Security Report to support industry investment in open,
interoperable and secure telecom platforms.
(e) Quad Investors’ Network has been launched as a private sector led platform to facilitate
investments in strategic technologies.
(f) The Leaders welcomed progress of the Indo-Pacific Partnership for Maritime Domain
Awareness, announced at their Summit last year in Tokyo. They noted that data sharing with
partners in South East and the Pacific under this programme is underway and would soon
include partners in the Indian Ocean Region. Prime Minister highlighted how India’s approach
to demand-driven development cooperation with the region was contributing to these efforts.
The Leaders agreed on the need to preserve the integrity of the UN, its Charter and its
agencies. They agreed on continuing their efforts to strengthen and reform the multilateral
system, including through an expansion of the UNSC membership in both permanent and non-
permanent categories. Prime Minister emphasized the importance of consolidating Quad’s
constructive agenda and delivering tangible outcomes for the region. The Leaders agreed to
continue their regular dialogue and maintain the momentum of Quad engagement. The Quad
Leaders’ Summit 2024 was expected to be held in January 2024 but postponed to later 2024.
Initiatives unveiled in Quad summit 2022

The Quad Fellowship- This program will allow 100 students from each of the four countries to
study for graduate STEM degrees in the US. The application for the fellowship program has
started and will close on 30th June 2022.
The Indo-Pacific Partnership for Maritime Domain Awareness (IPMDA)- It will focus on
providing the fastest and clearest Maritime information to the four countries and their regional
partners.
The vaccine Partnership- The Quad has provided 257 million Covid-19 vaccines collectively. The
bloc will continue to provide vaccine doses and support a $100 million facility to boost the
Indian health care sector.
Space Cooperation- The four nations have committed to sharing space-based earth observation
data. It will include US programs on oceanic and atmospheric Monitoring, flood mapping, and
land imaging.
YT Channel- YES Academy for CS | CSEET – CURRENT AFFAIRS | Chapter 2 Financial Affairs
CHAPTER 2 – FINANCIAL AFFAIRS

CURRENT DEVELOPMENT IN BANKING
BRIEF ABOUT RESERVE BANK OF INDIA

- The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions
of the Reserve Bank of India Act, 1934.
- The Central Office of the Reserve Bank was initially established in Calcutta but was
permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and
where policies are formulated.
- Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned
by the Government of India.
MAIN FUNCTIONS:
Monetary Authority
• Formulates, implements and monitors the monetary policy.
• Objective: maintaining price stability while keeping in mind the objective of growth.
Regulator And Supervisor Of The Financial System

• Prescribes broad parameters of banking operations within which the country's banking and
financial system functions.
• Objective: maintain public confidence in the system, protect depositors' interest and provide
cost-effective banking services to the public.
Manager Of Foreign Exchange

• Manages the Foreign Exchange Management Act, 1999.
• Objective: to facilitate external trade and payment and promote orderly development and
maintenance of foreign exchange market in India.
Issuer Of Currency
• Issues and exchanges or destroys currency and coins not fit for circulation.
• Objective: to give the public adequate quantity of supplies of currency notes and coins and in
good quality.
Developmental Role
• Performs a wide range of promotional functions to support national objectives.
Regulator And Supervisor Of Payment And Settlement Systems

• Introduces and upgrades safe and efficient modes of payment systems in the country to meet
the requirements of the public at large.
• Objective: maintain public confidence in payment and settlement system
Related Functions
• Banker to the Government: performs merchant banking function for the central and the state
governments; also acts as their banker.
• Banker to banks: maintains banking accounts of all scheduled banks.
RBI has 27 regional offices, most of them in state capitals and 04 Sub-offices.
BANKING SECTOR IN NEWS
Supervisory Action against Kotak Mahindra Bank Limited under Section 35A of the Banking
Regulation Act, 1949 (April 24, 2024)
The Reserve Bank of India has today, in exercise of its powers under Section 35A of the
Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited to cease and desist, with
immediate effect, from:
(i) onboarding of new customers through its online and mobile banking channels
and
(ii) issuing fresh credit cards. The bank shall, however, continue to provide services
to its existing customers, including its credit card customers.
These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT
Examination of the bank for the years 2022 and 2023 and the continued failure on part of
the bank to address these concerns in a comprehensive and timely manner.
Shri T. Rabi Sankar re-appointed as RBI Deputy Governor (April 24, 2024)
The Central Government has re-appointed Shri T. Rabi Sankar as Deputy Governor, Reserve
Bank of India for a period of one year with effect from May 03, 2024, or until further orders,
whichever is earlier.
Financial Literacy Week 2024 (February 26, 2024)

Reserve Bank of India (RBI) observed the Financial Literacy Week (FLW) 2024 from February
26 to March 1, 2024 on the theme “Make a Right Start – Become Financially Smart”. FLW
has been observed every year since 2016 with the aim of promoting financial literacy.
The theme for this year, was targeted towards young adults, mainly students. The objective
was to increase awareness on the advantages of inculcating financial discipline from an early
age with inputs on saving, budgeting, power of compounding, banking essentials and cyber
hygiene.
As part of FLW campaign of 2024, RBI announced a Financial Literacy Ideathon, which was
aimed at soliciting innovative ideas from postgraduate students, on creative strategies to
propagate financial literacy among the youth so as to empower them to engage in responsible
financial behaviour and take informed financial decisions.
Consumers optimistic about economic situation, income, employment for next one year:
RBI survey (April 07, 2024)
Indian consumers are quite optimistic about the general economic situation, income spending
and employment conditions and also expect inflation to moderate in the one year ahead period,
the latest surveys of the Reserve Bank of India showed. Consumer confidence for the current
period has been on a path of sustained recovery.
The Current Situation Index (CSI) rose by 3.4 points to 98.5 – its highest level since mid-
2019, the RBI’s Consumer Confidence Survey (CCS) showed. Consumer confidence for the year
ahead improved further on the back of higher optimism in all CCS parameters, such as economic
situation, employment, price level, income and spending.
Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee (MPC)
(April 3 to 5, 2024)
On the basis of an assessment of the current and evolving macroeconomic situation, the
Monetary Policy Committee (MPC) at its meeting on April 5, 2024 decided to:
keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per
cent. (Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25 per
cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.). The
MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation
progressively aligns to the target, while supporting growth.
Indian travellers can now use PhonePe UPI payments over 8,000 merchants in Singapore
(April 03, 2024)
Fintech firm PhonePe on April 03, 2024 said its users can now make payments through UPI
in Singapore under a pact signed by the company with The Singapore Tourism Board. The
collaboration has been built upon the existing Unified Payments Interface (UPI) linkage
between India and Singapore, which allows customers to instantly make cross-border
transactions between the two countries directly from their existing Indian bank accounts.
RBI 90 Years: PM Narendra Modi on Indian banking system, UPI success, taking Indian
Rupee global & more (April 01, 2024)
Prime Minister Narendra Modi on April 1 praised the widespread adoption of UPI and stressed
the importance of the Reserve Bank of India (RBI) focusing on promoting digital transactions
and financial inclusion over the next decade. Governor Shaktikanta Das, in his opening
statement, emphasised the RBI’s ongoing efforts to bolster the resilience of India’s financial
sector by consistently monitoring new trends and taking preventive measures.
CURRENT DEVELOPMENTS IN FINANCE / STOCK MARKETS
CAPITAL MARKET INDICES

An Index is used to give information about the price movements of products in the financial,
commodities or any other markets. Financial indexes are constructed to measure price
movements of stocks, bonds, T-bills and other forms of investments. Stock market indexes are
meant to capture the overall behaviour of equity markets. A stock market index is created by
selecting a group of stocks that are representative of the whole market or a specified sector
or segment of the market. An Index is calculated with reference to a base period and a base
index value.
Benefits of Indices
• They provide a historical comparison of returns on money invested in the stock market against
other forms of investments such as gold or debt.
• They can be used as a standard against which to compare the performance of an equity fund.
• It is a lead indicator of the performance of the overall economy or a sector of the economy
• Stock indexes reflect highly up to date information
• Modern financial applications such as Index Funds, Index Futures, Index Options play an
important role in financial investments and risk management.
Major Capital Market Indices are as under:

1. Broad-market indices
2. Sectoral Indices
3. Strategy indices
4. Fixed income indices
5. Hybrid indices
Broad-market indices
The Broad market indices are, consisting of the large, liquid stocks listed on the Exchange.
They serve as a benchmark for measuring the performance of the stocks or portfolios such as
mutual fund investments. In India, seventeen broad market indices are on the NSE. Overall,
the NSE owns and manages 350 indices under the NIFTY brand, including the NIFTY 50. The
NIFTY 50, which comprises the top 50 companies in India, is also called the benchmark index.
Likewise, India’s oldest equity index, the SENSEX, comprises the 30 best-performing companies
managed by the Bombay Stock Exchange (BSE).
Sectoral Indices
While SENSEX and NIFTY50 provide the overall picture and trend of the economy, sectoral
indices summarise the specific sectors or industries. These sectoral indices are constructed in
a similar manner as the broad market indices. Usually, when an investor buy or sell a stock in
a particular sector, he should first analyse the trend of the sectoral index for that sector.
For example, under the NIFTY brand, there are various sectoral indices viz. Automobiles, Banking,
Realty, IT, Financial Services, FMCG, Pharma, Metal, Oil & Gas, Healthcare, Consumer Durables,
Media etc.
Strategy indices
These are multi-factor indices which are designed to reflect the performance of a portfolio of
stocks that are selected based on combination of 2 or more factors selected from 4 single
factors such as quality, value, alpha and low volatility. Some of the strategy indices are:
• NIFTY Alpha 50: tracks the performance of 50 stocks with high Alphas in the last one year.
• NIFTY 100 Equal Weight: includes constituents of the Nifty 100 Index.
• NIFTY Low Volatility 30: tracks the performance of 30 stocks in Nifty 100 with the lowest
volatility in the last year.
Fixed income indices

The fixed income indices offer independent and comprehensive benchmarks for the fixed income
market in India, covering universe of fixed income assets including government securities, T-
bills, corporate bonds of different credit rating categories, commercial papers, certificate of
deposits and overnight rate.
Hybrid indices
The hybrid indices measure the performance of hybrid portfolios comprising indices from NIFTY
50 and aggregate fixed income indices. Hybrid indices under the brand NIFTY measures govt,
state and corporate bonds.
SOCIAL STOCK EXCHANGE

Introduction
We often feel like helping the poor, the underprivileged, or the oppressed with whatever little
we can afford. A common question we face is who to donate to. We mostly doubt the legitimacy
of the NGOs (non-governmental organizations) around us.
This is where a Social Stock Exchange (SSE) steps in. An SSE will act as a bridge between
the less-informed but willing donors and legitimate organizations doing real social work. Hon’ble
Finance Minister Smt. Nirmala Sitharaman as part of the Budget Speech for FY 2019-20
proposed the idea of an electronic fund-raising platform “Social Stock Exchange”, under the
regulatory ambit of Securities and Exchange Board of India (SEBI) for listing social enterprises
and voluntary organizations working for the realization of a social welfare objective so that
they can raise capital as equity, debt or as units like a mutual fund.
Social Stock Exchange (SSE) is a separate segment of the existing Stock Exchange, that can
help Social Enterprise(s) to raise funds from public through the stock exchange mechanism.
SSE will act as a medium between Social Enterprises and fund providers and that can help
them to select those entities that are creating measurable social impact and reporting such
impact. Certain type of Social Enterprises i.e. Not-for-profit organizations (NPOs) that meet
the registration can register on SSE and undertake to make continuous disclosures on their
social impact. Such NPOs may or may not choose to raise funds through SSE, however, would
continue to make disclosures including on social impact to stock exchanges.
The SSE has been set up in both the National Stock Exchange (NSE) and the BSE (formerly
known as the Bombay Stock Exchange).
Unnati becomes the first entity to list on the Social Stock Exchange
Objectives of the Social Stock Exchange:

• Regulated platform that brings together social enterprises and donors
• Facilitate funding and growth of social enterprises
• Enabling mechanism to ensure robust standards of social impact and financial reporting
Key benefits of Social Stock Exchange:

• Improved market access - SSE will facilitate a common and a structured meeting ground
between Social Enterprises and investors/donors with inbuilt regulation for providing sanctity
and accountability of finances.
• Synergy between investors and investee in social aims - In view of flexibility of investments
and capital that would be available on SSE, the canvas of choice would be much wider allowing
investors and investees with similar missions and visions to connect seamlessly.
• Performance based philanthropy - Performance of the enterprises listed on SSE would be

monitored thus it will instill a culture of performance (Social return) driven philanthropy.
• Minimal Registration Cost - SSE saves cost for both issuer and investor/donor by charging
minimal fees for registration and listing.
• Additional avenue for Social Enterprises - Central and State governments till date have the
biggest onus of achieving sustainable development goals. SSE will provide an alternate avenue
for raising funds thereby encouraging new and existing social enterprises.
Forms of Social Enterprises

The universe of enterprises that create social impact is vast and consists of a variety of legal
forms.
These can broadly be categorized into: -
For-profit enterprises (FPEs) (which include companies registered under the Companies Act,
sole proprietorships, partnership firms, HUFs and limited liability partnerships) and;
Non-Profit Organisations (NPOs) (which include Section 8 companies, trusts and societies).
The key difference between these two categories is that they source different kinds of capital.
Specifically, FPEs can raise equity while NPOs cannot.
Eligibility:
A Not-for-Profit Organization or For-Profit Social Enterprise must prioritize its social intent to
be recognized as a Social Enterprise. It must engage in one of the 16 SEBI-prescribed activities,
target underserved populations or underdeveloped regions, and ensure that at least 67% of its
activities align with these criteria.
Ineligibility for raising of funds

A Social Enterprise cannot register or raise funds through the Social Stock Exchange if its
promoters, directors, or trustees are barred by SEBI, linked to barred entities, are willful
defaulters or fraudulent borrowers, are fugitive economic offenders, or are restricted by the
Ministry of Home Affairs or other government bodies.
SSE and UN Sustainable Development Goals

UNDP estimates that India needs USD 1 trillion per year to meet the UN Sustainable
Development Goals by 2030, and has a funding gap of USD 560 billion per year. As the
Government alone may not be able to mobilise resources on this scale, it may look to enlist
the support of the private sector and High Net Worth Individuals (HNI).
Social enterprises, development sector organizations, not-for-profits, NGOs and civil society
organisations (CSOs) aim to bring about a positive change in society. However, their efforts
to convert intent into impact are often constrained by a lack of capital, as well as by lack of
sustained access to this capital.
T+0 SETTLEMENT CYCLE (APRIL 01, 2024)

Recently, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) introduced
trading in the T+0 beta version of the settlement cycle in the equity segment on an optional
basis. This came after the Securities and Exchange Board of India (SEBI) issued operational
guidelines for the launch of the shorter tenure settlement cycle.
In December 2023, the SEBI proposed to introduce a facility for clearing and settlement of
funds and securities on T+0 (same day) on an optional basis, in addition to the existing T+1
settlement cycle.
Under the T+0 trade cycle, the settlement of trades would occur on the same day after the
closure of the T+0 market. This means that if investors sell a share, they would receive the
money credited to their account on the very same day, and the buyer would also get the shares
in their demat account on the day of the transaction itself. This is the world’s fastest stock
settlement system.
In comparison, the current T+1 system involves a delay of one business day between the trade
execution date and the settlement date. In this system, sellers only receive 80% of their cash
on the day of sale, with the remaining 20% available the following day.
However, with the introduction of the new T+0 settlement system, sellers would have instant
access to 100% of their cash on the day of the transaction, eliminating the need to wait for
the following day for the remaining amount.
IEPFA AND DBS BANK INK MOU TO SPREAD AWARENESS ON INVESTMENT AND
FRAUDULENT SCHEMES (FEBRUARY 19, 2024)
A Memorandum of Understanding (MoU) was signed between the Investor Education and
Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA),
and DBS Bank, a prominent financial institution with a strong presence in Asia and Southeast
Asia in New Delhi.
According to the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by
disseminating safety messages via its various digital platforms. Leveraging DBS Bank’s extensive
network of branches and ATMs in 19 Indian states, as well as its digital infrastructure, will
significantly increase the reach of IEPFA’s investor awareness and protection messages to the
end users.
NSE GETS SEBI NOD TO SET UP SOCIAL STOCK EXCHANGE (FEBRUARY 23, 2023)
The National Stock Exchange (NSE) has received the final approval from market regulator
SEBI to set up a Social Stock Exchange (SSE) as a separate segment on its platform.
The Social Stock Exchange segment will provide a new avenue for social enterprises to finance
social initiatives, provide them visibility and bring in increased transparency in fund mobilisation
and utilisation by social enterprises.
Any social enterprise, Non- Profit Organisation (NPOs) or For–Profit Social Enterprises (FPEs)
that establishes its primacy of social intent can get registered/listed on Social Stock Exchange
segment. For eligible NPOs, the first step for on-boarding starts with the registration on the
Social Stock Exchange segment. Post registration, NPOs can initiate the fund mobilisation
process by issuance of instruments such as Zero Coupon Zero Principal (ZCZP) via a public
issue or private placement.
YT Channel- YES Academy for CS | CSEET – CURRENT AFFAIRS | Chapter 3 Political Affairs
CHAPTER 3 – POLITICAL AFFAIRS

CURRENT POLITICAL SCENARIO
GOVERNORS:
State Governor
Andhra Pradesh Shri Justice (Retd.) S. Abdul Nazeer
Arunachal Pradesh Lt. General Kaiwalya Trivikram Parnaik, PVSM, UYSM, YSM
(Retired)
Assam Shri Gulab Chand Kataria
Bihar Shri Rajendra Vishwanath Arlekar
Chhattisgarh Shri Biswa Bhusan Harichandan
Goa Shri P.S. Sreedharan Pillai
Gujarat Shri Acharya Dev Vrat
Haryana Shri Bandaru Dattatraya
Himachal Pradesh Shri Shiv Pratap Shukla
Jharkhand Shri C.P. Radhakrishnan
Karnataka Shri Thaawarchand Gehlot
Kerala Shri Arif Mohammed Khan
Madhya Pradesh Shri Mangubhai Chhaganbhai Patel
Maharashtra Shri Ramesh Bais
Manipur Sushri Anusuiya Uikye
Meghalaya Shri Phagu Chauhan
Mizoram Dr. Kambhampati Haribabu
Nagaland Shri La. Ganesan
Odisha Shri Raghubar Das
Punjab Shri Banwarilal Purohit
Rajasthan Shri Kalraj Mishra
Sikkim Shri Lakshman Prasad Acharya
Tamil Nadu Shri R. N. Ravi
Telangana Shri C.P. Radhakrishnan (Addl. Charge)
Tripura Shri Indra Sena Reddy Nallu
Uttar Pradesh Smt. Anandiben Patel

Uttarakhand Lt. Gen. Gurmit Singh, PVSM, UYSM, AVSM, VSM (Retd.)
West Bengal Dr. C.V. Ananda Bose
LT. GOVERNORS AND ADMINISTRATORS:
Union Territory Lt. Governor & Administrator

Andaman and Nicobar Island Admiral D K Joshi (Lieutenant Governor)
(UT)
Chandigarh (UT) Shri Banwarilal Purohit (Administrator)
Dadra and Nagar Haveli and Shri Praful Patel (Administrator)
Daman and Diu (UT)
Delhi (NCT) Shri Vinai Kumar Saxena (Lieutenant Governor)
Jammu and Kashmir (UT) Shri Manoj Sinha (Lieutenant Governor)
Lakshadweep (UT) Shri Praful Patel (Administrator)
Puducherry (UT) Shri C.P. Radhakrishnan (Addl. Charge) (Lieutenant
Governor)
Ladakh (UT) Brig. (Dr.) Shri B.D. Mishra (Retd.) (Lieutenant Governor)
CHIEF MINISTERS:
State Chief Minister

Andhra Pradesh Shri YS Jagan Mohan Reddy
Arunachal Pradesh Shri Pema Khandu
Assam Shri Himanta Biswa Sarma
Bihar Shri Nitish Kumar
Chhattisgarh Shri Vishnu Deo Sai
Delhi (NCT) Shri Arvind Kejriwal
Goa Shri Pramod Sawant

Gujarat Shri Bhupendra Patel
Haryana Shri Nayab Singh Saini
Himachal Pradesh Shri Sukhvinder Singh Sukhu
Jharkhand Shri Hemant Soren
Karnataka Shri Siddaramaiah
Kerala Shri Pinarayi Vijayan
Madhya Pradesh Shri Mohan Yadav
Maharashtra Shri Eknath Shinde
Manipur Shri N. Biren Singh
Meghalaya Shri Conrad Kongkal Sangma
Mizoram Shri PU Lalduhoma
Nagaland Shri Neiphiu Rio
Odisha Shri Naveen Patnaik
Puducherry (UT) Shri N. Rangaswamy
Punjab Shri Bhagwant Singh Mann
Rajasthan Shri Bhajan Lal Sharma
Sikkim Shri PS Golay
Tamil Nadu Shri M. K. Stalin
Telangana Shri A Revanth Reddy
Tripura Dr. Manik Saha
Uttar Pradesh Shri Yogi Aditya Nath
Uttarakhand Shri Pushkar Singh Dhami
West Bengal Km. Mamata Banerjee
COMMITTEES AND APPOINTMENTS
Vice Admiral Dinesh Kumar Tripathi appointed as the next Chief of the Naval Staff (April
19, 2024)
The Government has appointed Vice Admiral Dinesh Kumar Tripathi, PVSM, AVSM, NM, presently
serving as the Vice Chief of the Naval Staff, as the next Chief of the Naval Staff with effect
from the afternoon of April 30, 2024. The present Chief of the Naval Staff, Admiral R Hari
Kumar, PVSM, AVSM, VSM retires from service on April 30, 2024.
Appointment of Election Commissioner

The President is pleased to appoint Shri Gyanesh Kumar, IAS (Retd.) and Dr. Sukhbir Singh
Sandhu, IAS (Retd.) as Election Commissioners in Election Commission of India with effect
from the date of assumption of charge of their office.
Shri AS Rajeev appointed as Vigilance Commissioner in the Central Vigilance Commission

(March 11, 2024)
The Hon’ble President of India vide warrant dated 9th February 2024 and by virtue of the
power vested under Section 4 (1) of the Central vigilance Commission Act, 2003 has appointed
Shri AS Rajeev as Vigilance Commissioner in the Central Vigilance Commission.
The Central Vigilance Commission Act, 2003, provides for the appointment of a Central Vigilance
Commissioner and two Vigilance Commissioners
Government appoints Members of the Sixteenth Finance Commission (January 31, 2024)
The Sixteenth Finance Commission was constituted on 31.12.2023 with Shri Arvind Panagariya,
former Vice-Chairman, NITI Aayog as its Chairman. Now the following members are appointed
to the Commission with the approval of the President of India.
President Droupadi Murmu appoints new governors of Odisha, Tripura (October 19, 2023)
President Droupadi Murmu has appointed Raghubar Das as Governor of Odisha, and Indra Sena
Reddy Nallu as Governor of Tripura.
Raghubar Das has been appointed as the 26th governor of Odisha. Das is a former Chief
Minister of Jharkhand, belonging to the Bharatiya Janata Party (BJP). He has also served as
the President of the Jharkhand BJP twice. At present, Ganeshi Lal is serving as the 25th
Governor of Odisha.
Indra Sena Reddy Nallu is a National Secretary of the BJP and has thrice served as an MLA
in Andhra Pradesh. Currently, Satyadev Narayan Arya is serving as the 19th governor of Tripura.
He is a BJP leader from Bihar and has previously served as a Governor of Haryana.
Dr. Michael Debabrata Patra re-appointed as RBI Deputy Governor (January 10, 2023)
The Central Government has re-appointed Dr. Michael Debabrata Patra as Deputy Governor,
Reserve Bank of India for a further period of one year with effect from January 15, 2023, or
until further orders, whichever is earlier.
GOVERNMENT INITIATIVES/ SCHEMES
KEY HIGHLIGHTS OF INTERIM BUDGET 2022-23

Introduction
Interim Budget 2024-25 draws the roadmap to achieve vision of a ‘Viksit Bharat’ by 2047 and
focusses on a more comprehensive ‘GDP’, i.e., ’Governance, Development and Performance’. It
unveiled plans for economic growth, inclusivity, and social welfare. It also instils confidence in
continuity by strategically focusing on empowering the youth, poor, women, and farmers - the
four pillars, driving the country to be next level.
Environmental Initiatives:
Rooftop Solarization: One crore households will receive up to 300 units of free electricity
monthly, saving 15,000 to 18,000 annually, and can sell surplus electricity to distribution
companies under the Pradhanmantri Suryodaya Yojana.
Electric Vehicles: Expansion of EV manufacturing and charging infrastructure will create

entrepreneurial opportunities and boost employment for youth in manufacturing, installation,
and maintenance.
Net Zero Emissions by 2070:

• Viability gap funding for one giga-watt offshore wind energy.
• Coal gasification and liquefaction capacity of 100 MT by 2030.
• Mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) and
piped natural gas (PNG).
• Financial assistance for biomass aggregation machinery procurement.
Bio-Manufacturing and Bio-Foundry: Promote green growth with biodegradable polymers, bio-
plastics, biopharmaceuticals, and bio-agri-inputs.
Coastal and Marine Initiatives: Schemes for restoration, adaptation measures, and coastal
aquaculture/mariculture promoting climate resilience for the blue economy 2.0.
Social Initiatives:
• PM SVANIDHI: Credit assistance provided to 78 lakh street vendors, with 2.3 lakh receiving
credit for the third time.
• Skill India Mission: 1.4 crore youth trained and upskilled through various skill development
schemes by central ministries and departments.
• PM Mudra Yojana: Loans totaling `22.5 lakh crore sanctioned to foster youth entrepreneurship.
• Pradhan Mantri Awas Yojana (Grameen): Nearly achieved the target of 3 crore houses;
additional 2 crore houses targeted for the next 5 years.
• Middle-Class Housing Scheme: New scheme to help middle-class individuals buy/build their
own houses.
• Poverty Reduction: 25 crore people freed from multi-dimensional poverty in the last 10 years;
direct benefit transfer of 34 lakh crore through Jan Dhan accounts, saving 2.7 lakh crore.
• Lakhpati Didi: Recognition of nearly one crore women who became Lakhpati Didis; target
increased from 2 crore to 3 crore.
• Ayushman Bharat: Healthcare cover extended to all ASHA workers, Anganwadi Workers, and
Helpers.
Agriculture Initiatives:
• eNAM Integration: 1361 mandis integrated, serving 1.8 crore farmers with a trading volume of
`3 lakh crore.
• Investment Promotion: Encourage private and public investment in post-harvest activities for
sector growth.
• Nano-DAP Expansion: Application to be expanded in all agro-climatic zones.
• Atmanirbhar Oilseeds Abhiyaan: Strategy to achieve self-reliance in oilseeds to be formulated.
• Dairy Development Programme: Comprehensive programme for dairy development to be
formulated.
• Pradhan Mantri Matsaya Sampada Yojana: Enhance aquaculture productivity, double exports,
and generate more employment opportunities.
• Integrated Aquaparks: Establishment of five integrated aquaparks.
Infrastructure Initiatives:
• Increased Capital Expenditure: Capital expenditure on infrastructure to be increased by 11.1%
to `11,11,111 crore (3.4% of GDP).
• PM Gati Shakti Railway Corridors: Implementation of energy, mineral and cement corridors,
port connectivity corridors, and high traffic density corridors to improve logistics efficiency and
reduce costs.
• Railway Bogie Conversion: Forty thousand normal rail bogies to be converted to Vande Bharat
standards for enhanced passenger safety, convenience, and comfort.
• Airport Development: Expansion of existing airports and comprehensive development of new
airports under the UDAN scheme.
• Urban Transformation: Promotion of urban transformation through Metro rail and NaMo Bharat
initiatives.
Technology and Innovation Initiatives:

• Slogan Enhancement: Prime Minister Modi emphasizes "Jai Jawan Jai Kisan Jai Vigyan and
Jai Anusandhan," highlighting innovation as the foundation of development.
• Youth Financing Corpus: Establishment of a `1 lakh crore corpus with a fifty-year interest-
free loan to encourage private sector research and innovation in sunrise domains.
• Deep-Tech for Defence: Launch of a new scheme to strengthen deep-tech technologies for
defense and promote self-reliance.
• Farmer Welfare and e-NAM Integration: Integration of 1,361 mandis under e-NAM with a
trading volume of `3 lakh crore, promoting technologies and innovations through start-ups.
• Health Sector Strategy: Rollout of the U-WIN platform for immunization efforts under Mission
Indradhanush.
Financial Developments:
• Fiscal Deficit: Estimated to be 5.1% of GDP in 2024-25, aiming to reduce below 4.5% by
2025-26.
• Budget Estimates 2024-25: Total receipts (excluding borrowings) at 30.80 lakh crore, total
expenditure at 47.66 lakh crore, and tax receipts at `26.02 lakh crore.
• Interest-Free Loan Scheme: Continuation of the fifty-year interest-free loan for capital
expenditure to states with an outlay of `1.3 lakh crore in 2024.
• Market Borrowings: Gross and net market borrowings through dated securities estimated at
14.13 lakh crore and 11.75 lakh crore respectively, both lower than in 2023-24.
• Inflation Management: Headline inflation reduced to 5.5% in FY24 from 6.7% in FY23.
Tourism Initiatives:
• Development of Iconic Tourist Centres: States encouraged to develop, brand, and market
tourist centres globally.
• Tourist Centre Rating Framework: Establishment of a rating system based on quality of
facilities and services.
• Interest-Free Loans: Long-term interest-free loans to states for financing iconic tourist
centres.
• Island Tourism Projects: Development of port connectivity, tourism infrastructure, and
amenities on islands, including Lakshadweep, to boost domestic tourism and generate
employment.
Corporate Sector Initiatives:

• Economic Corridor: Finance Minister highlighted the India-Middle East-Europe Economic
Corridor as a strategic and economic game changer for India.
• Foreign Investment: Government negotiating bilateral investment treaties with foreign partners
to encourage sustained foreign investment, in line with the "first develop India" spirit.
Launch of Swayam Plus Platform (february 27, 2024)

• Launch: Union Minister Dharmendra Pradhan launched the SWAYAM Plus platform.
• Purpose: Enhance employability through courses aligned with industry needs, in line with NEP
2020.
• Collaboration: Developed with industry giants like L&T, Microsoft, and CISCO.
• Innovative Features: Multilingual content, AI-enabled guidance, credit recognition, and
pathways to employment.
• Focus Areas:
• Building an ecosystem for professional and career development.
• Providing credit recognition for high-quality certifications and courses.
• Reaching a large learner base, especially in tier 2 and 3 towns and rural areas.
• Offering employment-focused courses in vernacular languages.
• Future Additions: Mentorship, scholarships, and job placements as value-added services.
Start-Up Mahakumbh (March 20, 2024)

Prime Minister Narendra Modi inaugurated the Start-up Mahakumbh in New Delhi, stressing
its importance and the goal of making India a developed nation by 2047.
He highlighted India's achievements in IT and software and the emerging trends in innovation
and start-ups, particularly in small cities across sectors like agriculture, textiles, medicine,
transport, space, yoga, and Ayurveda. Modi noted Indian start-ups' involvement in over 50 areas
of the space sector, including space shuttle launches.
He emphasized Digital India's support for start-ups and UPI's role in fostering fintech innovation.
Modi also praised the youth's contributions to making India the world's fifth largest economy
and their potential to help achieve the third largest economy status. He concluded by expressing
his enthusiasm from interacting with young entrepreneurs and wished them success.
Announcement of Padma Awards 2024

Padma Awards - one of the highest civilian Awards of the country, are conferred in three
categories, namely, Padma Vibhushan, Padma Bhushan and Padma Shri. The Awards are given
in various disciplines/ fields of activities, viz.- art, social work, public affairs, science and
engineering, trade and industry, medicine, literature and education, sports, civil service, etc.
‘Padma Vibhushan’ is awarded for exceptional and distinguished service; ‘Padma Bhushan’ for
distinguished service of high order and ‘Padma Shri’ for distinguished service in any field. The
awards are announced on the occasion of Republic Day every year.
Padma Vibhushan (5)

1. Ms. Vyjayantimala Bali- Art- Tamil Nadu
2. Shri Konidela Chiranjeevi- Art- Andhra Pradesh
3. Shri M Venkaiah Naidu- Public Affairs- Andhra Pradesh
4. Shri Bindeshwar Pathak (Posthumous)- Social Work- Bihar
5. Ms. Padma Subrahmanyam- Art- Tamil Nadu
These Awards are conferred by the President of India at ceremonial functions which are held
at Rashtrapati Bhawan usually around March/ April every year. For the year 2024, the President
has approved conferment of 132 Padma Awards including 2 duo cases
Pariksha Pe Charcha, 2024

Key Takeaways from Pariksha Pe Charcha 2024:
1. External Pressure and Stress
o Teachers mitigate external pressure on students.
o Prepare to handle pressure as a part of life.
o Mental preparation for different situations is essential.
o Address stress collectively with students, families, and teachers.
2. Peer Pressure and Competition

o Understand healthy competition.
o Avoid fostering rivalry between siblings.

o Do not compare children with others.
o Celebrate friends' successes and avoid making children's achievements a status symbol.
3. Role of Teachers in Motivation

o Music can relieve student stress.
o Extend student-teacher relationships beyond exams.
o Personal connection between teachers and students is crucial.
4. Dealing with Exam Stress

o Avoid overhyping exams.
o Approach exams with a relaxed mindset.
o Allocate time effectively during exams.
o Emphasize writing practice alongside studying.
5. Maintaining a Healthy Lifestyle

o Balance lifestyle, sleep, and exercise.
o Maintain physical fitness and a balanced diet.
o Ensure proper sunlight exposure and sleep routines.
6. Career Progression
o Students should believe in their capabilities.
o Assess positives and negatives in decision-making.
o Be committed and decisive in work and studies.
7. Role of Parents
o Address trust deficit through honest communication.
o Show confidence in children.
o Teachers should communicate openly and avoid favoritism.
8. Intrusion of Technology
o Use technology judiciously.

o Set family rules for gadget use.
o Establish transparency with shared passcodes.
o Monitor screen time and educate on mobile phone resourcefulness.
9. Handling Stress and Staying Positive

o Embrace challenges and learn from failures.
o Prioritize based on experience and wisdom.
o Maintain a system of guidance and information flow.
o Always seek positive outcomes in negative situations.
Launch of Pradhan Mantri Vishwakarma Yojana

• Launch and Purpose: Launched on September 17, 2023, by the Prime Minister to support
artisans and craftspeople in 18 trades, including carpenters, blacksmiths, goldsmiths, cobblers,
and tailors.
• Benefits Provided:
• Recognition: Artisans receive a PM Vishwakarma certificate and ID card.
• Skill Upgradation: Basic Training (5-7 days) and Advanced Training (15+ days) with a
stipend of Rs. 500 per day.
• Toolkit Incentive: E-vouchers up to Rs. 15,000 at the start of Basic Skill Training.
• Credit Support: Collateral-free loans up to Rs. 3 lakh in two tranches (Rs. 1 lakh and Rs.
2 lakh) with 5% interest rate and government subvention of 8%. First tranche available
after Basic Training, second tranche after maintaining a standard loan account and adopting
digital transactions or completing Advanced Training.
• Incentive for Digital Transactions: Re. 1 per digital transaction, up to 100 transactions
monthly.
• Marketing Support: Includes quality certification, branding, e-commerce onboarding,
advertising, and marketing activities.
• Additional Provisions:
• Beneficiaries will be enrolled on the Udyam Assist Platform as formal MSME
entrepreneurs.
• Enrolment through Common Service Centres with Aadhaar-based biometric authentication on

the PM Vishwakarma portal.
Establishment of National Turmeric Board

The Government of India has established the National Turmeric Board to drive the development
and growth of the turmeric sector.
This Board will collaborate with the Spices Board and other agencies to enhance turmeric
production and export, leveraging global interest in turmeric's health benefits. It aims to increase
awareness and consumption, develop new markets, promote research and new product
development, and build on traditional knowledge for value-added products.
The Board will focus on capacity building and skill development for growers, promoting quality
and food safety standards, and ensuring the sector's prosperity through value addition and
maintaining India's position as a leading exporter of high-quality turmeric products.
Launch of ‘Viksit Bharat @2047: Voice of Youth’

Prime Minister Narendra Modi launched ‘Viksit Bharat @2047: Voice of Youth’ via video
conferencing on December 11, 2023. He addressed Vice Chancellors of Universities, Heads of
Institutes, and faculty members in workshops organized at Raj Bhawans nationwide. Modi
emphasized the role of educational institutions in personality development, stating that a nation
becomes developed through the development of its people.
Key points:
• Initiative Launch: 'Viksit Bharat @2047: Voice of Youth' launched via video conferencing on
December 11, 2023.
• Address: Modi addressed Vice Chancellors, Heads of Institutes, and faculty members.
• Role of Educational Institutions: Emphasized the importance of educational institutions in
personality development and national development.
• Amrit Kaal: Highlighted the current period as crucial for India's development, calling it "Amrit
Kaal."
• Youth Involvement: The initiative aims to involve youth in national planning and development.
• Vision for 2047: 'Viksit Bharat @2047' aims to make India a developed nation by 2047, the
100th year of independence.
• Development Aspects: The vision includes economic growth, social progress, environmental
sustainability, and good governance.
• Workshops: Workshops are a key step towards engaging youth to share ideas and suggestions
for the vision.
Launch of National Logistics Policy

The Prime Minister, Shri Narendra Modi launched the National Logistics Policy (NLP) at Vigyan
Bhawan, New Delhi on September 17, 2022. National Logistics Policy, a comprehensive effort
to address issues of high cost and inefficiency by laying down an overarching interdisciplinary,
cross-sectoral and multi jurisdictional framework for the development of the entire logistics
ecosystem, is yet another step in this direction.
The policy is an endeavour to improve competitiveness of Indian goods, enhancing economic
growth and increasing employment opportunities.
The PM GatiShakti - National Master Plan for muti-modal connectivity - launched last year,
was a pioneering step in this direction.
PM GatiShakti will get further boost and complementarity with the launch of National Logistics
Policy. While launching the National Logistics Policy, the Prime Minister said ‘To ensure quick
last mile delivery, end transport-related challenges, save time and money of the manufacturers,
prevent wastage of the agro-products, concerted efforts were made and one of the
manifestations of those efforts is National Logistics Policy’.
GOVERNANCE AND ETHICS
IREDA Launches CSR portal to improve Transparency in CSR Initiatives (november 07,
2023)
Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I)
Government of India enterprise under the administrative control of Ministry of New and
Renewable Energy, has launched a Corporate Social Responsibility (CSR) portal for enhancing
transparency in its CSR initiatives.
The portal will facilitate transparency in receipt and disposal of CSR requests from various
organizations and institutions. It will be accessible to all 24x7, with a CSR policy and proposal
checklist for examination of CSR requests. The portal will also contribute to the more efficient
execution of IREDA’s social welfare initiatives as part of its CSR efforts, making them readily
available to the public.
Launch of New CSR Guidelines ‘Sagar Samajik Sahayog’

Union Minister Sarbananda Sonowal launched 'Sagar Samajik Sahayyog,' the new CSR guidelines
for the Ministry of Ports, Shipping & Waterways, enabling ports to undertake CSR activities
directly.
Key points include:
• CSR Guidelines: Impact projects related to Section 70 of the Major Port Authorities Act,
2021.
• CSR Committee: Each major port will have a CSR Committee, headed by the Dy.
Chairperson and two other members, to plan and implement CSR projects.
• CSR Plan: Each port must prepare an annual CSR Plan and integrate it into the Business
Plan with social and environmental concerns.
• CSR Budget: Created via Board Resolution as a percentage of net profit:
o Ports with annual net profit ≤ ₹100 crores: 3%-5% for CSR.
o Ports with annual net profit ₹100-₹500 crores: 2%-3% for CSR (minimum ₹3
crores).
o Ports with annual net profit > ₹500 crores: 0.5%-2% for CSR.
• Allocation of CSR Expenses:
o 20% to Sainik Kalyan Board, National Maritime Heritage Complex, and National
Youth Development Fund.
o 78% for social and environmental welfare (e.g., drinking water, education,
vocational training, health, family welfare, renewable energy, promotion of
livelihood).
o 2% for monitoring CSR projects.
Good governance initiatives by ministry of corporate affairs to speed up Decision-making

for ease of doing business to usher in a healthy environment for investment and corporate
growth
Enhancing Efficacy of Companies Act, 2013
Clarifications and Amendments:
• Issued 40 clarifications/elaborations to facilitate smooth implementation of Companies
Act, 2013.
• Made 15 amendments in Companies Rules for similar objectives.
• Issued seven statutory orders to ‘remove difficulties,’ receiving corporate appreciation.
CSR Initiatives:
• Amended rules to expand CSR funding and add new eligible items, focusing on sanitation
and environment.
Providing Greater Clarity in Companies Act, 2013 for Ease of Doing Business
Amendments Approved by Lok Sabha:
• Aligned provisions for minimum capital and company seal with international best practices.
• Simplified approval for related party transactions while maintaining safeguards for minority
shareholders.
• Established explicit penalties for failure to honor deposit terms.
• Retained stringent bail provisions only for serious fraud offenses.
• Rationalized procedural aspects for dealing with frauds detected during audits.
Simplification of Forms and Procedures for Easy Compliance
Major Initiatives by MCA:
• Discontinued four prescribed forms and substituted affidavits with simple declarations.
• Reduced procedural requirements for foreign nationals as Directors in Indian companies.
• Integrated Name Availability, DIN allotment, Company Incorporation, and Commencement
of Business with the unified e-business portal.
• Significantly reduced fees for small companies.
• Enabled Indian companies to adopt IndAS, compatible with IFRS, facilitating access to
international capital markets.
Dealing with Corporate Delinquency

• SFIO Investigations:
o Completed investigations into 17 'Chit Fund Companies,' sharing evidence with
CBI for criminal offenses.
• NSEL Limited Merger:
o Initiated the merger of NSEL Limited with Financial Technologies (India) Limited
to protect investors, a first-ever initiative.
• Online Fraud Investigations:
o Completed investigations into serious online fraud cases.
Investor Education Initiatives
• Programs Conducted:
o Conducted 1380 programs to educate small investors on investment opportunities
and pitfalls.
Nfra To Introduce Annual Transparency Report By The Audit Firms (January 16, 2023)
As a step towards enhancing the transparency about management and governance of audit
firms and their internal policy framework to ensure high quality audits and preventing conflict
of interest by maintaining independence, the National Financial Reporting Authority (NFRA)
has published draft requirements regarding preparation and publication of Annual Transparency
Report(ATR) by auditors/ audit firms.
The ATR requirements are proposed to be implemented in a gradual manner for PIEs starting
with Statutory Auditors of Top 1000 Listed Companies (by market capitalisation) with effect
from the financial year ending on 31 March 2023. The ATR has to be published within three
months from the end of each financial year. NFRA has also decided to seek public
comments/suggestions on the contents of the ATR by 16 February 2023.
Reduction Of Time Limit For Verification Of Income Tax Return (Itr) From Within 120 Days
To 30 Days Of Transmitting The Data Of Itr Electronically
It has been decided by the Income Tax Department that the time-limit for e-verification or
submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data
of return of income electronically. Further, it is clarified that where the return data is
electronically transmitted before the date on which this Notification comes into effect, the
earlier time limit of 120 days continue to apply in respect of such returns.
YT Channel- YES Academy for CS | CSEET – CURRENT AFFAIRS | Chapter 4 Legal & Other Affairs
CHAPTER 4 – LEGAL & OTHER AFFAIRS
DISTRIBUTION OF POWERS UNDER INDIAN CONSTITUTION
STRUCTURE UNDER INDIAN CONSTITUTION
Adv. Vishishta Nayak 8888 078 078 | YES ACADEMY, PUNE 8888 235 235 4.1
STRUCTURE OF COURTS IN INDIA
SUPREME COURT
The Supreme Court of India is the highest judicial court and the final court of appeal under
the Constitution of India, the highest constitutional court, with the power of judicial review.
India is a federal State and has a single and unified judicial system with three tier structure,
i.e. Supreme Court, High Courts and Subordinate Courts.
Constitutional Provisions
- The Indian constitution provides for a provision of Supreme Court under Part V (The Union)
and Chapter 6 (The Union Judiciary).
- Articles 124 to 147 in Part V of the Constitution deal with the organisation, independence,
jurisdiction, powers and procedures of the Supreme Court.
- The Indian constitution under Article 124(1) states that there shall be a Supreme Court of
India constituting of a Chief Justice of India (CJI) and, until Parliament by law prescribes a
larger number, of not more than seven other Judges.
- The Jurisdiction of the Supreme Court of India can broadly be categorised into original
jurisdiction, appellate jurisdiction and advisory jurisdiction. However, there are other multiple
powers of the Supreme Court.
Organisation of Supreme Court
- Supreme Court (Number of Judges) Bill of 2019 has added four judges to strength. It increased
the judicial strength from 31 to 34, including the CJI.
- Originally, the strength of the Supreme Court was fixed at eight (one chief justice and seven
other judges).
- The Parliament is authorised to regulate them.
- The judges of the Supreme Court are appointed by the President.
- The CJI is appointed by the President after consultation with such judges of the Supreme
Court and high courts as he deems necessary.
- The other judges are appointed by the President after consultation with the CJI and such other
judges of the Supreme Court and the high courts as he deems necessary.
- The consultation with the chief justice is obligatory in the case of appointment of a judge
other than Chief justice.
- Presently, Hon’ble Dr. Justice D.Y. Chandrachud is the Chief Justice of India.
RECENT IMPORTANT JUDGMENTS BY SUPREME COURT OF INDIA
Supreme Supreme Court decision on Electoral Bond Scheme

In the case of Association for Democratic Reforms & Anr. …Petitioners Versus Union of
India & Ors. Writ Petition (C) No. 880 of 2017 judgement dated February 15, 2024 , the
Hon’ble Supreme Court while declaring Electoral Bond Scheme is unconstitutional concluded
that:
(i) the Scheme is unconstitutional and is accordingly struck down;
(ii) proviso to Section 29C(1) of the Representation of the People Act, Section 182(3) of the
Companies Act, 2013, and Section 13A(b) of the Income Tax Act, 1961, as amended by the
Finance Act, 2017, are unconstitutional, and are struck down;
(iii) deletion of proviso to Section 182(1) to the Companies Act of 2013, thereby permitting
unlimited contributions to political parties is unconstitutional, and is struck down;
(iv) sub-section (3) to Section 31 of the RBI Act, 1934 and the Explanation thereto introduced by
the Finance Act, 2017 are unconstitutional, and are struck down;
(v) the ECI will ascertain the details from the political parties and the State Bank of India, which
has issued the Bonds, and the bankers of the political parties and thereupon disclose the
details and names of the donor/purchaser of the Bonds and the amounts donated to the
political party. The said exercise would be completed as per the timelines fixed by the Hon’ble
the Chief Justice;
(vi) Henceforth, as the Scheme has been declared unconstitutional, the issuance of fresh Bonds is
prohibited;
Supreme Court judgement on Hindenburg Report Case (January 03, 2024) Vishal Tiwari
(Petitioner) Vs. Union of India & Ors. (Respondents)
Facts:
In February 2023, writ petitions were filed under Article 32 of the Constitution addressing the
sharp decline in investor wealth and volatility in the share market related to the Adani Group.
This decline was reportedly triggered by a report from Hindenburg Research published on
January 24, 2023. The report alleged that the Adani Group manipulated share prices and failed
to disclose relevant transactions, violating SEBI regulations. Hindenburg Research had also
taken a short position in the Adani Group through US-traded bonds and non-Indian derivative
instruments.
Judgment:
The Court concluded that it should not interfere with SEBI's regulatory decisions unless they
violate fundamental rights, constitutional provisions, or are manifestly arbitrary.
The Court found no valid grounds to revoke SEBI’s amendments to the FPI and LODR
Regulations. SEBI was directed to complete the remaining two out of twenty-four investigations
into the Adani Group within three months. The Court did not intervene in SEBI’s investigation
outcomes or transfer the investigation to another agency. Reliance on third-party reports and
DRI letters by the petitioner was rejected. Allegations of conflict of interest against Expert
Committee members were unsubstantiated. The Union Government and SEBI were advised to
consider the Expert Committee's recommendations and to investigate if any legal infractions
occurred due to Hindenburg Research’s actions. The Court emphasized the importance of well-
researched petitions for public interest cases.
Climate crisis impacts citizens’ right to life: Supreme Court (March 21, 2024)
The Supreme Court recently emphasized that climate change affects the constitutional right
to life, underscoring the need for India to prioritize clean energy, particularly solar power. This
ruling came from a petition by wildlife activist MK Ranjitsinh aimed at protecting the critically
endangered Great Indian Bustard. The Court referenced an April 2021 order mandating the
undergrounding of overhead transmission lines in Rajasthan and Gujarat but acknowledged the
Union government’s feasibility concerns. Chief Justice Dhananjaya Y Chandrachud noted that
a stable environment, free from climate change impacts, is essential for fully realizing the right
to life and health, which are compromised by pollution, disease shifts, temperature changes,
and natural disasters.
SC verdict on abrogation of Article 370 (December 11, 2023)

The Supreme Court gave its verdict on December 11, 2023 on the Union government’s 2019
move to amend Article 370 of the Constitution. The abrogation ended the special status
conferred to the erstwhile state of Jammu and Kashmir. The court held the Constitutional
order that abrogated Article 370 as valid.
A five-judge Constitution bench, presided by Chief Justice of India (CJI) DY Chandrachud,

had reserved its verdict on as many as 23 petitions in the matter on September 5 this year,
after 16 days of hearings. The bench also comprised Justices S K Kaul, Sanjeev Khanna, B R
Gavai and Surya Kant.
CJI DY Chandrachud said that Jammu and Kashmir held no internal sovereignty after accession
to India. He said there was no prima facie case that the President’s 2019 orders were mala
file (in bad faith) or extraneous exercise of power. While the court said the reorganisation of
the erstwhile state into Union Territories in 2019 was a temporary move, it directed the Centre
for the restoration of statehood and for Legislative Assembly elections to be held.
Supreme Court upheld by 4:1 majority the Central Government decision on demonetise the
Rs 1,000 and Rs 500 denomination notes (January 02, 2023)
In the case of Vivek Narayan Sharma vs. Union of India (Writ Petition (Civil) No.906 of 2016),
the Supreme Court upheld the legality of the demonetization exercise. Key findings include:
• The Central Government's power under Section 26(2) of the RBI Act extends to all series of
bank notes, not just specific ones.
• Sub-section (2) of Section 26 of the RBI Act includes safeguards and is not excessively
delegative.
• The Notification dated November 8, 2016, was free from flaws in its decision-making process.
• The Notification meets the test of proportionality and is not deemed unreasonable.
• The RBI does not have independent authority to accept demonetized notes beyond the specified
period.
The Court rejected the 58 petitions challenging demonetization, confirming that the decision-
making process involved appropriate consultation with the RBI and was proportional to its
objectives.
Daughter’s right to inherit self-acquired property

Case Name- Arunachala Gounder v. Ponnusamy
Bench- Justices S Abdul Nazeer and Krishna Murari
“The legislative intent of enacting Section 14(I) of the Act was to remedy the limitation of a
Hindu woman who could not claim an absolute interest in the properties inherited by her but
only had a life interest in the estate so inherited.”
In this case, the Court had to determine whether, before the commencement of the Hindu
Succession Act, the self-acquired property of a Hindu male will devolve onto the daughter upon
the death of her father intestate by inheritance or it will devolve on to father’s brother’s son
by survivorship.
The Court noted that the ancient texts and commentaries written by various learned persons
and even judicial pronouncements “have recognized the rights of several female heirs, the wives
and the daughters being the foremost of them.” After analysing Hindu laws, customs and
judicial precedents, the Court held that the right of a widow or daughter to inherit the self-
acquired property or share received in the partition of a coparcenary property of a Hindu male
dying intestate is well recognized not only under the old customary Hindu Law, but also by
various judicial pronouncements.
HIGH COURTS IN INDIA
- India has a cohesive judiciary system and the Supreme Court is the apex court. The High Court
is the supreme judicial body in a state.
- According to Article 214, each state of India shall have a High Court. It is the final interpreter
of the constitution.
- Article 215 and 26 of the India Constitution states that every High Court shall be a court of
record and shall have all the powers of such a court including the power to punish for contempt
of itself.
- Every High Court shall consist of a Chief Justice and such other Judges as the President may
from time to time deem it necessary to appoint.
- There are following 25 High Courts in India, three having control over more than one State.
Delhi has a High Court of its own among the Union Territories.
Allahabad Delhi Jharkhand Manipur Rajasthan

Andhra Pradesh Karnataka Meghalaya Sikkim Gujarat
Bombay Gauhati Kerala Orissa Telangana
Calcutta Patna Tripura Madras Punjab &

Haryana
Chhattisgarh Jammu & Kashmir Uttarakhand
Madhya Pradesh Himachal Pradesh
ADMINISTRATIVE TRIBUNALS
- The enactment of Administrative Tribunals Act in 1985 opened a new chapter in the sphere of
administering justice to the aggrieved government servants.
- Administrative Tribunals Act owes its origin to Article 323-A of the Constitution which
empowers Central Government to set-up by an Act of Parliament, Administrative Tribunals for
adjudication of disputes and complaints with respect to recruitment and conditions of service
of persons appointed to the public service and posts in connection with the affairs of the Union
and the States.
- In pursuance of the provisions contained in the Administrative Tribunals Act, 1985, the
Administrative Tribunals set-up under it exercise original jurisdiction in respect of service
matters of employees covered by it. As a result of the judgement dated 18 March 1997 of the
Supreme Court, the appeals against the orders of an Administrative Tribunal shall lie before
the Division Bench of the concerned High Court.
- The Administrative Tribunals exercise jurisdiction only in relation to the service matters of the
litigants covered by the Act.
- The procedural simplicity of the Act can be appreciated from the fact that the aggrieved person
can also appear before it personally.
- The Government can present its case through its departmental officers or legal practitioners.
Thus, the objective of the Tribunal is to provide for speedy and inexpensive justice to the
litigants.
- The Act provides for establishment of Central Administrative Tribunal (CAT) and the State
Administrative Tribunals.
- The CAT was set-up on 1 November 1985. There are 17 Benches and 21 Circuit Benches in the
Central Administrative Tribunal all over India.
- In addition to the Ministries and Departments of Central Government, the Government of India
has notified about 214 organizations under section 14 (2) of the Administrative Tribunals Act,
1985 to bring them within the jurisdiction of the Central Administrative Tribunal, from time
to time. In addition the Central Administrative Tribunal, Principal Bench is dealing with the
matters of Govt. of National Capital Territory of Delhi.
NATIONAL COMPANY LAW TRIBUNAL

The Central Government has constituted National Company Law Tribunal (NCLT) under section
408 of the Companies Act, 2013 (18 of 2013) w.e.f. 01st June 2016.
In the first phase the Ministry of Corporate Affairs have set up eleven Benches, one Principal
Bench at New Delhi and ten Benches at New Delhi, Ahmadabad, Allahabad, Bengaluru,
Chandigarh, Chennai, Guahati, Hyderabad, Kolkata and Mumbai. These Benches will be headed
by the President and 16 Judicial Members and 09 Technical Members at different locations.
Presently, Chief Justice (Retd) Ramalingam Sudhakar is the President, National Company Law
Tribunal.
NATIONAL COMPANY LAW APPELLATE TRIBUNAL

National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the
Companies Act, 2013 for hearing appeals against the orders of National Company Law
Tribunal(s) (NCLT), with effect from 1st June, 2016.
NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by NCLT(s)
under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC), with effect from 1st
December, 2016. NCLAT is also the Appellate Tribunal for hearing appeals against the orders
passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction
issued or decision made or order passed by the Competition Commission of India (CCI) - as
per the amendment brought to Section 410 of the Companies Act, 2013 by Section 172 of the
Finance Act, 2017, with effect from 26th May, 2017. Hon’ble Justice Shri Ashok Bhushan is
the Chairperson of NCLAT
INSTITUTE OF COMPANY SECRETARIES OF INDIA
About the Institute of Company Secretaries of India

The Institute of Company Secretaries of India (ICSI) is the only recognized professional body
in India to develop and regulate the profession of Company Secretaries in India. It is a premier
national professional body set up under an act of Parliament, the Company Secretaries Act,
1980. ICSI functions under the jurisdiction of the Ministry of Corporate Affairs, Government of
India. The Institute provides top-quality education to the students of Company Secretaries
(CS) Course and best quality set standards to CS Members. At present, there are more than
65,000 members and about 2,50,000 students on the roll of ICSI.
ICSI has its headquarters at New Delhi, four Regional Offices at New Delhi, Chennai, Kolkata,
Mumbai; one ICSI - Centre for Corporate Governance, Research and Training (CCGRT), Navi
Mumbai, one ICSI Centre of Excellence, Hyderabad and 72 Chapters across India. ICSI has
been contributing to the initiatives of Government of India that have potential to excel the
social-economic growth of India.
CS B. Narasimhan, elected as President and CS Dhananjay Shukla elected as Vice President of

the Institute of Company Secretaries of India for the year 2024 w.e.f. 19th January 2024.
ICSI IN NEWS
ICSI 3RD INTERNATIONAL CONFERENCE CONCLUDES TODAY IN SINGAPORE (APRIL 05,

2024)
The Institute of Company Secretaries of India organised its 3rd International Conference in
Singapore, on 5-6 April 2024 on the theme Building Resilient & Sustainable Economies. Mrs.
Lim Hwee Hua, Acting Chair, International Valuation Standards Council & Former Minister,
Prime Minister’s Office (Singapore), graced the occasion as the Chief Guest and H.E. Dr.
Shilpak Ambule, High Commissioner of India to Singapore was the Guest of Honour.
ICSI ORGANIZES 2ND NATIONAL WOMEN’S CONFERENCE FROM 22-23 MARCH 2024 IN
BENGALURU (MARCH 22, 2024)
The Institute of Company Secretaries of India organized its 2nd National Women’s Conference
in Bengaluru. Acknowledging the pivotal role women play in propelling economic and social
advancements, the conference aimed to celebrate their noteworthy contribution across social,
economic, cultural, and political spheres. The theme of the two-day (22-23 March 2024)
National Women’s Conference ‘Inspire Women Leadership - Accelerate Progress’ embodied the
spirit to celebrate women’s achievements and honour their legacy that will inspire the future
generations of women to strive for excellence while rewriting the future into a more just and
equitable world for all.
FIRST ICSI INTERNATIONAL ADR CENTRE AT NOIDA (FEBRUARY 29, 2024)

With the intent to facilitate Arbitration, Mediation and Conciliation at National and
International level, the Institute of Company Secretaries of India (ICSI) established its first
ICSI International ADR Centre at Noida (U.P.). Hon’ble Mr. Justice P. Sathasivam, former Chief
Justice of India and former Governor of Kerala inaugurated the ICSI International ADR Centre
at ICSI House, C-36, Institutional Area, Sector - 62, Noida (U.P.).
The ICSI International ADR Centre at Noida is a state-of-the-art facility with world-class
infrastructure, advance Video Conferencing facility, top notch administrative facilities, etc. The
Objective of the ICSI International ADR Centre is to promote Alternate Dispute Resolution
(ADR) methods including Mediation, Conciliation and Arbitration to assist and educate all
sections of Society, Individuals, Corporates, Firms, Institutions and Establishments (Local or
International).
CORPORATE TAX CONFERENCE, 2023

The Institute of Company Secretaries of India organised its first Corporate Tax Conference in
Dubai, UAE on 3 June 2023 on the theme UAE Corporate Tax – A New Paradigm Towards
Transparency and Good Governance.
Mr. K. Kalimuthu, Consul (Economic, Trade & Commerce) Consulate General of India, Dubai,
graced the occasion as the Chief Guest. Dr. Ram Buxani, Chairman, ITL Cosmos Group, Dubai
and Mr. Suresh Kumar, Chairman, IBPC, Dubai, were the Guest (s) of Honour.
Seasoned Speakers from both India and UAE, deliberated on the three theme-based panel
discussions that explored processes, aligning the corporate culture with the provisions of the
new tax laws:
• Kickstarting a Transformative Approach
• Aligning the Corporate Culture with the new Tax Laws
• Role of Governance Professionals
ICSI- NISM JOINT CERTIFICATION ON CORPORATE AND SECURITIES MARKETS

COMPLIANCES (INTEGRATED PROGRAM FOR CS STUDENTS)
The Institute has launched the Joint Certification Courses on Corporate and Securities Markets
Compliances (CSMC) [Integrated Program for the CS Course] in collaboration with National
Institute of Securities Markets (NISM), an educational institution founded by SEBI, for the
students of ICSI.
This course is an ideal platform for students who are passionate about corporate and securities
market compliances, and aspire to gain in-depth knowledge and build a long-term career in
these areas.
The launch of this course in collaboration with NISM marks the beginning of a transformative
educational experience that will equip the CS students with the skills, knowledge and align
with the market demand and need of the India Inc. in a unique way. CSMC students are
positioned to take up a wide range of roles and responsibilities of compliance professionals with
the listed companies, market infrastructure institutions, and intermediaries.
CURRENT UPDATES ON ENVIRONMENT, BIO-DIVERSITY, CLIMATE CHANGE AND

SUSTAINABLE DEVELOPMENT
HISTORIC RESOLUTION ON PROMOTING SUSTAINABLE LIFESTYLES

The United Nations Environment Assembly (UNEA) at its Sixth Session held in Nairobi, Kenya
from 26 February - 1 March 2024, adopted on 1st March the resolution on sustainable lifestyles
submitted by India. The resolution on promoting sustainable lifestyles was adopted by all
participating Member States.
The concept of LiFE i.e. Lifestyle for Environment was envisioned by Hon’ble Prime Minister,
Shri Narendra Modi, at the World Leaders’ Summit in Glasgow at COP26, when he gave a
clarion call to rekindle a global pursuit to adopt environment-friendly lifestyles and practices.
Mission LiFE was launched by Hon’ble Prime Minister on 20 October 2022, in the presence of
the UN Secretary General António Guterres, at the Statue of Unity, Ekta Nagar, Gujarat.
The UNEA reaffirmed the commitment made in the 2030 Agenda for sustainable development,
including the three dimensions of sustainable development, which are integrated, indivisible,
interdependent and mutually reinforcing, to ensure that all learners acquire the knowledge and
skills needed to promote sustainable development and the commitment made in the 2030
GREEN CREDIT PROGRAMME (GCP)

• Green Credit Initiative was launched by Hon’ble Prime Minister on the side-lines of COP 28.
• It is an initiative within the government's Lifestyle for Environment or LIFE movement.
• The Green Credit Rules, 2023, were notified on 12th October 2023 under the Environment
Protection Act 1986.
• These rules establish a mechanism to encourage voluntary environmental positive actions
resulting in the issuance of green credits.
• In its initial phase, voluntary tree plantation is planned on degraded land, waste land,
watershed area, etc., under the control and management of Forest departments.
• The generation of Green Credit under Green Credit Rules, 2023, is independent of the carbon
credit under Carbon Credit Trading Scheme 2023.
• Governance structure of GCP includes the steering committee members from concerned
ministries/departments, experts, and institutions.
• Indian Council of Forestry Research and Education (ICFRE) is designated as GCP
administrator and is responsible for implementation and management of GCP.
• Digital process of GCP includes a dedicated web platform and GC registry for streamlining
the operations.
• Methodologies and guidelines, including registration, accounting, and GC issuance
monitoring, ensure the transparency and accountability of GCP.
INDIA’S ACHIEVEMENTS AGAINST THE NDC TARGETS

As per India’s first Nationally Determined Contribution (NDC) submitted in the year 2015,
India had the target of:
Reducing the emissions intensity of its GDP by 33 to 35 percent by 2030 from 2005 level;
and
Achieving about 40 percent cumulative electric power installed capacity from non-fossil fuel
based energy resources by 2030.
These two targets have been achieved well ahead of the time. As on 31st October, 2023; the
cumulative electric power installed capacity from non-fossil fuel-based energy resources is
186.46 MW, which is the 43.81% of the total cumulative electric power installed capacity. The
emission intensity of its GDP has been reduced by 33 percent between 2005 and 2019.
In August 2022, India updated its NDC according to which target to reduce emissions intensity
of its GDP has been enhanced to 45 percent by 2030 from 2005 level, and the target on
cumulative electric power installed capacity from non-fossil fuel-based energy resources has
been enhanced to 50% by 2030.
INDIA COOLING ACTION PLAN

India is the first country in the world to develop a comprehensive Cooling Action Plan, which
seeks to provide an integrated vision towards cooling across sectors encompassing inter alia
reducing cooling demand, refrigerant transition, enhancing energy efficiency and better
technology options with a 20-year time horizon. During Hydro Chlorofluorocarbons Phase Out
Management Plan (HPMP) Stage-II implementation, India completely phased out the use of
Hydro chlorofluorocarbon (HCFC)- 141b in manufacturing of rigid foam, the first among the
developing countries to achieve the milestone.
As against target of 35% reduction from the baseline as on 1.1.2020, India achieved a reduction
of 44%, highlighting India’s efforts in protection of the stratospheric ozone layer.
G20 INITIATIVES UNDER INDIA’S PRESIDENCY - ENVIRONMENT AND CLIMATE

SUSTAINABILITY WORK GROUP (ECSWG)
Inception of a Global Alliance on land restoration of forest fire and mining affected areas under
the Gandhinagar Implementation Roadmap and the Gandhinagar Information Platform (GIR
GIP). Resource Efficiency Circular Economy Industry Coalition RECEIC was launched under
India’s Presidency with 40 founding members from private sector across the globe.
High-Level Principles for a Sustainable and Resilient Blue/ Ocean-based Economy (HLPSRBE)
was launched. G20 countries formally adopted the 9 comprehensive high-level principles. It
includes the baseline studies for preparation of Marine Spatial Planning for promotion of Blue
economy as per HLPSBE.
A mega beach cleaning International Event was organised on 21st May, 2023, wherein total 18
countries participated. A total of 3300 volunteers participated on 20 international beach and
3593 Kg of trash was collected for all the beaches
Forest Conservation
Topic Details
Remarkable Increase in the Number of Since 2014, 49 new wetlands across the
Ramsar Sites of the Country country have been designated as Ramsar
(Wetlands of International Importance)
sites, taking the total number to 75.
Currently, India has the second largest
network of Ramsar Sites in Asia. Amrit
Dharohar Yojana has been launched for
conservation of Ramsar sites through
community participation on Environment
Day 2023. Faunal inventory of all the 75
Ramsar Sites has been published by ZSI on
1st September 2023 and Floral inventory for
75 Ramsar Sites is under preparation.
Forest (Conservation) Amendment Act, To achieve the country’s national as well

2023 as international commitments of NDCs,
carbon neutrality, eliminate the
ambiguities and bring clarity about the
applicability of the Act in various lands,
promoting the plantation in non-forest
land, enhancing the productivity of the
forests, amendment in the existing Act has
been made by promulgating the Forest
(Conservation) Amendment Act, 2023.
During last two years, the Forest
Conservation Division has issued
approximately 60 guidelines or
clarifications to further streamline the
process of approval under the Forest
(Conservation) Act, 1980.
Increase in the number of Protected Areas The number of Protected Areas in the
country, which stood at 745 in the year
2014, has risen to 998. This accounts for
5.28% of the country’s total geographic
area. The number of Community Reserves
in the country has increased from 43 in the
year 2014 to 220 presently.
Increase in forest and tree cover As per India State of Forest Report (ISFR)
2021, the total forest and tree cover in
India is 80.9 million hectares, which is
24.62% of the geographical area of the
country. Out of this, the increase in the
forest cover has been observed as 1,540 sq
km and that in tree cover is 721 sq km as
compared to 2019. 589.70 Cr seedlings were
planted and a total of 8.77 million hectares

of area was covered under tree plantation
till October 2023, as compared to 2020.
Mangrove Initiative for Shoreline Habitats Launched on the World Environment Day
& Tangible Incomes (MISHTI (5th June 2023) by the Hon’ble Prime
Minister. The aim of MISHTI is to
“Restoration of mangrove forests” by
undertaking mangrove
reforestation/afforestation measures along
the coast of India by adopting existing best
practices in India and globally. Ministry has
prepared a proposal and same has been
submitted to National CAMPA authority for
allocation of funds under MISHTI for FY
2023-24. Rs.100 Crores have been allocated
as Project outlay for the FY 2023-24.
Blue Flag Beaches There were no blue flag certified beaches
in India in 2014. Government of India
initiated the beach development work and
08 beaches conferred blue flag certification
in 2020. In 2022, a total of 12 beaches had
blue flag certification.
95% of Apple’s Supply Chain Commits to 100% Renewable Energy Use by 2030 (April 18,
2024)
Apple announced significant progress towards its goal to decarbonize its value chain, including
revealing that more than 320 suppliers – representing 95% of the company’s direct
manufacturing spend – have now committed to use 100% renewable energy for Apple production
by 2030, up from around 250 suppliers last year.
Transforming manufacturing: Embracing the circular economy and ESG initiatives (April
22, 2024)
Sustainability has become integral to success in today’s fast-paced manufacturing landscape.
Industries confront challenges like resource scarcity, environmental degradation, and evolving
consumer preferences, necessitating a profound shift in business strategies. The concept of the
‘circular economy’ emerges as a transformative approach poised to revolutionize manufacturing,
fostering economic growth while mitigating environmental impact.
Canada To Mandate Plastic Reporting, Tracking From Plastic Manufacturers And Importers
(April 29, 2024)
The Government of Canada is implementing a comprehensive plan to reduce plastic pollution,
improve how plastic is made, used, and managed across its life cycle, and move toward a
circular economy. On April 22, 2024, the Government of Canada published an information-
gathering notice under section 46 of the Canadian Environmental Protection Act, 1999 (CEPA)
to collect data for the Federal Plastics Registry. A section 46 information-gathering notice is
authorized under CEPA to allow the Minister to collect data for the purpose of conducting
research, creating an inventory of data, formulating objectives and codes of practice, issuing
guidelines or assessing or reporting on the state of the environment.
82% of Business Leaders Confident in Meeting New Sustainability Disclosure

Requirements: Honeywell Survey (July 20, 2023)
Over 80% of business leaders globally report being confident that their companies’ reporting
processes will meet emerging disclosure requirements, according to a new survey released by
industrial products, solutions and technologies company Honeywell. The results were unveiled
with the latest release of Honeywell’s Environmental Sustainable Index.
Honeywell launched the index in Q4 2022, with updated releases planned quarterly, aimed at
providing insight into how business leaders feel about the progress that’s being made toward
their organizations’ sustainability commitments. For the report, produced in collaboration with
Futurum Research, Honeywell surveyed more than 750 business, technology, and sustainability
professionals directly involved in the planning, strategic development, implementation, or
oversight of environmental sustainability goals and initiatives, at companies across multiple

regions and economic sectors
COP28 : UN CLIMATE CHANGE CONFERENCE
Introduction
• The COP28 UN Climate Change Conference in Dubai, the United Arab Emirates, was the
biggest of its kind.
• 85,000 participants, including more than 150 Heads of State and Government, were among
the representatives of national delegations, civil society, business, Indigenous Peoples, youth,
philanthropy, and international organizations in attendance at the Conference from 30
November to 13 December 2023.
• COP28 was particularly momentous as it marked the conclusion of the first ‘global stocktake’
of the world’s efforts to address climate change under the Paris Agreement.
• The Paris Agreement is a legally binding international treaty on climate change.
• Adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris, France,
on 12 December 2015.
• Entered into force on 4 November 2016.
• Overarching goal: to hold “the increase in the global average temperature to well below
2°C above pre-industrial levels” and pursue efforts “to limit the temperature increase to
1.5°C above pre-industrial levels.
• The global stocktake showed that progress was too slow across all areas of climate action:
• Reducing greenhouse gas emissions
• Strengthening resilience to a changing climate
• Getting financial and technological support to vulnerable nations
• Countries responded with a decision on how to accelerate action across all areas by 2030:
• Call on governments to speed up the transition away from fossil fuels to renewables
such as wind and solar power in their next round of climate commitments.
Major Outcomes from COP28
Outcome Details
Major Outcome from COP 28 The major outcome from COP 28 included the
decision on the outcome of the first Global
Stocktake, ratcheting up global climate
ambition before the end of the decade. These
global efforts will be taken up by the
countries in a nationally determined manner
taking into account the Paris Agreement and
their different national circumstances
Loss and Damage Fund Another major outcome of COP 28 is the
agreement on the operationalization of the
Loss and Damage Fund and its funding
arrangements. The decision on the Loss and
Damage Fund adopted at COP 28 approved
the Governing instrument of the Loss and
Damage Fund and decided that the Fund will
be serviced by a new, dedicated, and
independent secretariat. It was also decided
that the Fund will be supervised and governed
by the Board. The Fund is accountable to and
functions under the guidance of the
Conference of Parties serving as the meeting
of the Parties to the Paris Agreement (CMA).
Since the decision, an amount of around USD
700 million to date has been pledged by
several countries, including the United Arab
Emirates, Germany, United Kingdom,
European Union, Japan. The purpose of the
Fund is to assist developing countries that are
particularly vulnerable to the adverse effects
of climate change in responding to economic
and non-economic loss and damage
associated with the adverse effects of climate

change, including extreme weather events and
slow onset events.
Santiago Network Another major outcome related to Loss and
Damage is the decision on the Santiago
Network for averting, minimizing, and
addressing loss and damage to catalyze the
technical assistance of relevant organizations,
bodies, networks, and experts for the
implementation of relevant approaches
associated with climate change impacts. The
host of the Secretariat for the Santiago
Network was finalized at COP 28. The joint
consortium of the United Nations Office for
Disaster Risk Reduction and the United
Nations Office for Project Services have been
selected as the host of the Santiago Network
secretariat for an initial term of five years,
with five-year renewal periods. Countries
including Canada, Japan, Spain, Switzerland,
and the United States of America have
announced their financial contributions to the
work of the Santiago Network.
Linking Climate Action with Nature COP28 resulted in unprecedented recognition
Conservation and momentum for linking efforts to address
the climate and biodiversity crises. Alongside
pollution, these make up the triple planetary
crisis – the three main interlinked
environmental issues facing humanity.
Governments were called on to consider
ecosystems, biodiversity, and carbon stores,
such as forests, when developing their

stronger national climate action plans (known
as nationally determined contributions),
which are due by early 2025.
India’s National Statement at COP 28 Hon’ble Union Minister for Environment,
Forest, and Climate Change presented India’s
national statement at COP28 in Dubai on
December 9, 2023. He reaffirmed India’s
commitment to work together for a greener,
cleaner, and healthier planet. He said, “India
has been at the forefront of supporting
action-oriented steps at the global level in
response to climate change. We have always
held the view that people and the planet are
inseparable and that human well-being and
Nature are intrinsically linked. In our endeavor
to decouple economic growth from greenhouse
gas emissions, India has successfully reduced
the emission intensity vis-à-vis its GDP by
33% between 2005 and 2019, thus achieving
the initial NDC target for 2030, 11 years
ahead of the scheduled time. India has also
achieved 40% of electric installed capacity
through non-fossil fuel sources, nine years
ahead of the target for 2030. Between 2017
and 2023, India has added around 100 GW of
installed electric capacity, of which around
80% is attributed to non-fossil fuel-based
resources. We have therefore revised our NDCs
upwards indicating our deep commitment
towards enhanced climate action.”
India's International Climate Action Highlighting India’s significant role and

contribution towards climate action at the
international level, the Hon’ble Union Minister
added, “In addition to its domestic initiatives,
India’s contribution to climate action has
been significant through its international
efforts such as International Solar Alliance
(ISA), Coalition for Disaster Resilient
Infrastructure (CDRI), creation of LeadIT,
Infrastructure for Resilient Island States
(IRIS), and the Big Cat Alliance. The Global
Biofuel Alliance, launched when the G20
leaders met in New Delhi earlier this year,
seeks to serve as a catalytic platform
fostering global collaboration for the
advancement and widespread adoption of
biofuels.”
Launch of NITI Aayog report, ‘A Green and Sustainable Growth Agenda for the Global
Economy’
Shri Bhupender Yadav, Hon’ble Minister, Ministry of Environment, Forest & Climate Change
and Ministry of Labour & Employment launched a G20 report, ‘A Green and Sustainable Growth
Agenda for the Global Economy’ in New Delhi on December 20, 2023.
In a significant collaborative effort, NITI Aayog, in partnership with the International

Development Research Centre (IDRC) and the Global Development Network (GDN), published
a report, ‘A Green and Sustainable Growth Agenda for the Global Economy’ based on the
proceedings of the G20 international conference held in New Delhi on 28-29 July 2023,
featuring 40 leading experts from 14 countries across the world.
The G20 New Delhi Leaders’ Declaration stated that implementing the climate agenda requires
several trillion dollars by 2030. At COP28, Hon’ble PM emphasized that the developed world
must ensure a steady flow of climate finance that is accessible and affordable.
THE ENERGY CONSERVATION (AMENDMENT) BILL, 2022 (DECEMBER 13, 2022)

- The Energy Conservation (Amendment) Bill, 2022 was introduced in the Lok Sabha on August
03, 2022 and was passed on August 08, 2022.
The key underlining features of the bill include:

- Carbon credit trading: The Bill empowers the Central Government to specify a carbon credit
trading scheme. The Central Government or any authorised agency may issue carbon credit
certificates to entities registered and compliant with the scheme. The entities will be entitled
to trade the certificates. Any other person may also purchase a carbon credit certificate on a
voluntary basis.
- Obligation to use non-fossil sources of energy: The Act empowers the Central Government
to specify energy consumption standards. The Bill adds that the government may require
designated consumers to meet a minimum share of energy consumption from non-fossil sources.
Different consumption thresholds may be specified for different non-fossil sources and
consumer categories.
- Standards for vehicles and vessels: Under the Act, the energy consumption standards may
be specified for equipment and appliances which consume, generate, transmit, or supply energy.
The Bill expands the scope to include vehicles (as defined under the Motor Vehicles Act, 1988),
and vessels (includes ships and boats).
- Composition of the governing council of BEE: The Act provides for the setting up of the
Bureau of Energy Efficiency (BEE).
UNITED NATION’S CONFERENCE OF PARTIES (DECEMBER 19, 2022)
An inter-Ministerial delegation from India attended the 27th session of Conference of Parties
(COP 27) to the United Nations Framework Convention on Climate Change (UNFCCC). The
Parties at the Conference came together to advance on global collective action on mitigation,
adaptation, loss and damage, climate finance, etc. with a view to achieve the goals under the
UNFCCC and its Paris Agreement.
India emphasized the necessity to adhere to the principles of UNFCCC and Paris Agreement,
which include inter-alia, equity, principle of common but differentiated responsibilities (CBDR-
RC) and respective capabilities and that developed countries must take lead in climate action
as well as the provision of climate finance and technology transfer.
This effort was undertaken also jointly with several other developing country partners and
groups. As a consequence, these principles are reflected extensively in the ‘Sharm El-Sheikh
Implementation Plan’ and other decisions of COP 27.
COP 27 has been termed as an ‘Implementation COP’. Major outcomes of COP 27 inter-alia
include decision on establishing a loss & damage fund and work programs for mitigation, just
transition and climate action in agriculture. India’s efforts included focusing on equity,
mainstreaming national circumstances and concerns for adaptation in agriculture, the need for
equity while pursuing any specific results on global peaking, net zero and emission reduction
targets, supporting fair shares of the global carbon budget and for funding arrangements for
loss and damage.
India’s efforts also led to inclusion of reference to the need for transition to sustainable
lifestyles together with sustainable patterns of production and consumption in the cover decision
titled ‘Sharm El-Sheikh Implementation Plan’.
GOVERNMENT EXTENDS ROOFTOP SOLAR PROGRAMME TILL MARCH 2026 (DECEMBER 08,
2022)
The Rooftop Solar Programme has been extended till 31.03.2026 and therefore, subsidy under
the programme will be available until the target under the Programme is achieved. All residential
consumers are hereby advised not to pay any additional charges to any vendor on account of
fee for application on the National Portal or any additional charges for net-metering/testing
which are not prescribed by the respective distribution company.
On the National Portal, any consumer willing to install rooftop solar from any part of the
country can apply and track complete process starting from registration to release of subsidy
directly into his bank account. The subsidy under National Portal has been fixed at Rs. 14,588/-
per kW (for capacity upto 3 kW) for the entire country and residential consumers have to
install rooftop solar plant from any one of the vendors registered by the respective distribution
company of their locality. The list of registered vendors is also available on the National Portal.
To safeguard the interest of consumers, format of agreement to be signed between the vendor
and the consumers has been given on National Portal.
The vendor has to provide maintenance services to the consumer for at least 5 years and in
case of any default the respective distribution company can encash the performance bank
guarantee of the vendor. There is no fee for application on the National Portal and also the
charges for net-metering have been prescribed by the respective distribution companies.
Ministry is implementing Rooftop Solar Programme Phase-II wherein CFA/subsidy is being
provided to residential consumers for installation of rooftop solar. To ease out the
implementation of the Programme, a National Portal was developed which was launched by
Hon’ble Prime Minister on 30.07.2022.
INDIA EMBARKED ON NEW INITIATIVES IN RENEWABLE ENERGY: ENVIRONMENT MINISTER

(NOVEMBER 15, 2022)
India has embarked on new initiatives in renewable energy, e-mobility, ethanol blended fuels
and green hydrogen as an alternate energy source.
Delivering India’s National Statement at COP27, the Union minister for Environment, Forest
and Climate Change, Shri Bhupender Yadav said India submitted its long-term low emissions
growth strategy in a year after Prime Minister Narendra Modi’s announcement of net zero
emissions target by 2070 at Glasgow. “The strategy indicates low carbon pathways in key
economic sectors.”
India is undertaking arduous efforts despite having less than 4% contribution to the world’s
cumulative emissions and one-third of global average annual per capita emissions. At the centre
of India’s vision of a safe planet is the mantra – Lifestyle for Environment, that PM Modi set
forth in the National Statement at COP 26.
LATEST DEVELOPMENTS IN SCIENCE AND TECHNOLOGY, INFORMATION TECHNOLOGY

COMPUTERS AND SPACE SCIENCE
NASA ANNOUNCES PLAN TO BUILD FIRST RAILWAY SYSTEM ON MOON (MAY 14, 2024)
NASA has unveiled its ambitious plan to construct the first lunar railway system, known as
FLOAT (Flexible Levitation on a Track), designed to revolutionize payload transport on the
Moon. This innovative system aims to provide reliable, autonomous, and efficient transportation
essential for the daily operations of a sustainable lunar base, aligning with NASA’s Moon to
Mars initiative and mission concepts like the Robotic Lunar Surface Operations 2 (RLSO2).
The FLOAT system utilizes unpowered magnetic robots that levitate over a 3-layer flexible film
track. These tracks consist of a graphite layer for passive floating using diamagnetic levitation,
a flex-circuit layer for generating electromagnetic thrust to propel robots along the tracks, and
an optional thin-film solar panel layer for power generation when exposed to sunlight. By
eliminating moving parts, FLOAT robots minimize lunar dust abrasion and wear, providing a
durable and long-lasting transportation solution.
INDIA DELIVERS FIRST BATCH OF BRAHMOS MISSILES TO PHILIPPINES (APRIL 20, 2024)
In a significant move reflecting the deepening military cooperation between India and the
Philippines amid rising tensions in the South China Sea, India has successfully delivered the
first batch of BrahMos supersonic cruise missiles to the Philippines.
This delivery marks the fruition of a $375 million deal signed in January 2022, making the
Philippines the first export customer for this joint venture missile between India and Russia.
Under the terms of the agreement, India will supply three batteries of BrahMos missiles, along
with their launchers and related equipment, as part of the Horizon 2 of the Revised Armed
Forces of the Philippines Modernization Programme.
ISRO GEARING UP FOR NEXT LUNAR MISSION CHANDRAYAAN-4 ( MARCH 08, 2024)
ISRO chief S Somnath informed at the National Space Science Symposium (NSSS 2024) that
the Indian Space Research Organization (ISRO) is preparing to launch the next lunar mission
Chandrayaan-4.
This mission will include the following five spacecraft modules.
• Propulsion Module
• Descender Module (to land on the Moon)
• Ascender Module (to exit the lander with samples)
• Transfer Module (to take the ascender module out of lunar orbit)
• Re-entry Module (to land on Earth with moon samples)
The five components of the Chandrayaan-4 lunar mission will be launched in two phases. In
the first phase, the propulsion, descender, and ascender modules will be launched, similar to
the Chandrayaan-3 mission. In the second phase, the transfer and re-entry modules will be
launched on the Polar Satellite Launch Vehicle (PSLV).
CABINET APPROVES OVER RS 10,300 CRORE FOR INDIAAI MISSION (MARCH 07, 2024)
The Union Cabinet has approved an allocation of over Rs 10,300 crore for the IndiaAI Mission,
marking a significant step towards bolstering India’s AI ecosystem.
This substantial financial infusion, slated over the next five years, is poised to catalyse various
components of the IndiaAI Mission, including pivotal initiatives like the IndiaAI Compute
Capacity, IndiaAI Innovation Centre (IAIC), IndiaAI Datasets Platform, IndiaAI Application
Development Initiative, IndiaAI FutureSkills, IndiaAI Startup Financing, and Safe & Trusted AI.
The overarching aim of this financial outlay is to ensure a structured implementation of the
IndiaAI Mission through a public-private partnership model aimed at nurturing India’s AI
innovation ecosystem.
A cornerstone of this effort is the IndiaAI Compute Capacity, envisioned to erect a cutting-
edge, scalable AI computing infrastructure by deploying over 10,000 Graphics Processing Units
(GPUs) through strategic public-private collaborations.
LAUNCHES DOT’S DIGITAL INTELLIGENCE PLATFORM (DIP) AND CHAKSHU FACILITY

(MARCH 04, 2024)
In a significant stride towards bolstering cyber-security measures and enhancing citizen
empowerment, the Department of Telecommunications (DoT) recently unveiled the Digital
Intelligence Platform (DIP) alongside the ‘Chakshu’ facility on the Sanchar Saathi portal.
Digital Intelligence Platform (DIP)

Digital Intelligence Platform (DIP) developed by the Department of Telecommunications is a
secure and integrated platform for real time intelligence sharing, information exchange and
coordination among the stakeholders i.e. Telecom Service Providers (TSPs), law enforcement
agencies (LEAs), banks and financial institutions (FIs), social media platforms, identity
document issuing authorities etc.
The portal also contains information regarding the cases detected as misuse of telecom
resources. The shared information could be useful to the stakeholders in their respective
domains. It also works as backend repository for the citizen-initiated requests on the Sanchar
Saathi portal for action by the stakeholders.
The DIP is accessible to the stakeholders over secure connectivity and the relevant information
is shared based on their respective roles. The said platform is not accessible to citizens.
LAUNCH OF CHANDRAYAAN-3 (JULY 14, 2023)

Chandrayaan-3 is a follow-on mission to Chandrayaan-2 to demonstrate end-to-end capability
in safe landing and roving on the lunar surface. It consists of Lander and Rover configuration.
It will be launched by LVM3 from SDSC SHAR, Sriharikota. The propulsion module will carry
the lander and rover configuration till 100 km lunar orbit. Chandrayaan-3 consists of an
indigenous Lander module (LM), Propulsion module (PM) and a Rover with an objective of
developing and demonstrating new technologies required for Inter planetary missions.
The Lander will have the capability to soft land at a specified lunar site and deploy the Rover
which will carry out in-situ chemical analysis of the lunar surface during the course of its
mobility. The Lander and the Rover have scientific payloads to carry out experiments on the
lunar surface.
The main function of PM is to carry the LM from launch vehicle injection till final lunar 100
km circular polar orbit and separate the LM from PM. Apart from this, the Propulsion Module
also has one scientific payload as a value addition which will be operated post separation of
Lander Module.
The mission objectives of Chandrayaan-3 are:

1. To demonstrate Safe and Soft Landing on Lunar Surface
2. To demonstrate Rover roving on the moon and
3. To conduct in-situ scientific experiments.
To achieve the mission objectives, several advanced technologies are present in Lander
such as,
1. Altimeters: Laser & RF based Altimeters
2. Velocimeters: Laser Doppler Velocimeter & Lander Horizontal Velocity Camera
3. Inertial Measurement: Laser Gyro based Inertial referencing and Accelerometer package
4. Propulsion System: 800N Throttleable Liquid Engines, 58N attitude thrusters & Throttleable
Engine Control Electronics
5. Navigation, Guidance & Control (NGC): Powered Descent Trajectory design and associate
software elements
6. Hazard Detection and Avoidance: Lander Hazard Detection & Avoidance Camera and
Processing Algorithm
7. Landing Leg Mechanism.
HONOURABLE PRIME MINISTERS OF INDIA AND SINGAPORE LAUNCH REAL-TIME PAYMENT

SYSTEMS LINKAGE BETWEEN THE TWO COUNTRIES (FEBRUARY 21, 2023)
Hon’ble Prime Minister of India, Shri Narendra Modi and Hon’ble Prime Minister of Singapore,
Mr. Lee Hsien Loong on February 21, 2023 witnessed the launch of cross-border linkage
between India and Singapore using their respective Fast Payment Systems, viz. Unified
Payments Interface (UPI) and PayNow.
The UPI-PayNow linkage will enable users of the two fast payment systems in either country
to make convenient, safe, instant, and cost-effective cross-border funds transfers using their
respective mobile apps. Funds held in bank accounts or e-wallets can be transferred to / from
India using just the UPI-id, mobile number, or Virtual Payment Address (VPA).
GOOGLE LAUNCHES ANTI-MISINFORMATION CAMPAIGN IN INDIA (DECEMBER 06, 2022)

Google’s Jigsaw subsidiary is launching a new anti-misinformation project in India, aimed at
preventing misleading information that has been blamed for inciting violence, a top executive
said. Indian government officials have called on tech companies such as Google, Meta, and
Twitter to take stronger action against the spread of fake news.
The Ministry of Information and Broadcasting (I&B) has repeatedly invoked “extraordinary
powers” to block YouTube channels, and some Twitter and Facebook accounts, allegedly used
to spread harmful misinformation.
GOVERNMENT LAUNCHES DIGIYATRA FACILITY AT 3 AIRPORTS (DECEMBER 01, 2022)

Union Minister for Civil Aviation Shri Jyotiraditya Scindia launched Digi Yatra from the Indira
Gandhi International Airport, New Delhi for three airports in the country, namely New Delhi,
Varanasi and Bengaluru. Digi Yatra is conceived to achieve contactless, seamless processing of
passengers at airports based on Facial Recognition Technology (FRT).
Digi Yatra in the first phase, will be launched at 7 airports. However, it has been initially
launched at 3 airports i.e., Delhi, Bengaluru and Varanasi, to be followed by 4 airports namely
Hyderabad, Kolkata, Pune, and Vijayawada by March 2023.
Later it would be implemented across various airports in the country. The service is presently
being launched for domestic flights passengers only. It is voluntary is nature. With Digi Yatra,
India is setting a new global benchmark for a seamless, hassle free and health risk free process
at airports.
LAUNCH OF 5G SERVICES
Shri Narendra Modi while launching 5G services in Pragati Maidan, New Delhi on October 01,
2022 said that New India will not remain a mere consumer of technology, but India will play
an active role in the development and implementation of that technology. India will play a big
role in designing the future wireless technology, and manufacturing related to it.
The Prime Minister pointed out that India was dependent on other countries for 2G, 3G and
4G technologies. But with 5G, India has created a new history. “With 5G, India is setting a
global standard in telecom technology for the first time”
5G technology will offer a wide range of benefits to the common people. It will help in providing
seamless coverage, high data rate, low latency, and highly reliable communications. Also, It will
increase energy efficiency, spectrum efficiency and network efficiency. 5G technology will help
in connecting billions of Internet of Things devices, will allow higher quality video services with
mobility at high speed, and delivery of critical services such as telesurgery and autonomous
cars among others. 5G will help in real-time monitoring of disasters, precision agriculture, and
minimising the role of humans in dangerous industrial operations such as in deep mines,
offshore activities etc. Unlike existing mobile communication networks, 5G networks will allow
tailoring of requirements for each of these different use cases within the same network.
INDIA’S FIRST HYDROGEN FUEL CELL BUS (AUGUST 22, 2022)

A hydrogen fuel cell bus developed by KPIT-CSIR in Pune was unveiled by Shri Jitendra Singh,
Union Minister of State for Science and Technology.
The hydrogen fuel cell uses hydrogen and air to generate electricity, producing only heat and
water in the process. Hydrogen fuel cells like the one present in the bus produce electricity by
combining hydrogen and oxygen atoms. The two gases react across an electrochemical cell
similar to a conventional battery cell to produce electricity, water and small amounts of heat.
This electricity is then used by electric motors to propel the vehicle forward.
GOVERNMENT MANDATES REGISTRATION OF IMEI NUMBER OF ALL MOBILE PHONES

BEFORE SALE IN INDIA STARTING 2023 (SEPTEMBER 27, 2022)
The Government has made the registration of IMEI number of all mobile phones mandatory
before their sale in India on its anti-counterfeit and lost handset blocking portal from January
01, 2023. According to a notification dated September 26, all mobile phones, whether made
locally or imported, will need to be registered and get IMEI (International Mobile Equipment
Identity Number) certificates from the Indian Counterfeited Device Restriction portal that is
run by the Department of Telecommunications.
YT Channel- YES Academy for CS | CSEET – CURRENT AFFAIRS | Chapter 5 Business & Economy
CHAPTER 5 – BUSINESS AND ECONOMY
FREE TRADE AGREEMENTS
FTAs are arrangements between two or more countries or trading blocs that primarily agree to
reduce or eliminate customs tariff and non- tariff barriers on substantial trade between them.
FTAs, normally cover trade in goods (such as agricultural or industrial products) or trade in
services (such as banking, construction, trading etc.). FTAs can also cover other areas such as
intellectual property rights (IPRs), investment, government procurement and competition policy,
etc.
Countries negotiate Free trade Agreements for a number of reasons:

• By eliminating tariffs and some non-tariff barriers FTA partners get easier market access into
one another’s markets. Countries negotiate Free trade Agreements for a number of reasons.
• Exporters prefer FTAs to multilateral trade liberalization because they get preferential treatment
over non-FTA member country competitors. For example, in the case of ASEAN, ASEAN has
an FTA with India but not with Canada. ASEAN’s custom duty on leather shoes is 20% but
under the FTA with India it reduced duties to zero. Now assuming other costs being equal, an
Indian exporter, because of this duty preference, will be more competitive than a Canadian
exporter of shoes. Secondly, FTAs may also protect local exporters from losing out to foreign
companies that might receive preferential treatment under other FTAs.
• Possibility of increased foreign investment from outside the FTA. Consider 2 countries A and
B having an FTA. Country A has high tariff and large domestic market. The firms based in
country C may decide to invest in country A to cater to A’s domestic market. However, once
A and B sign an FTA and B offers better business environment, C may decide to locate its
plant in B to supply its products to A.
• Such occurrences are not limited to tariffs alone but it is also true in the case of non-tariff
measures. Especially when a Mutual Recognition Agreement (MRA) is reached between
countries A and B. Some experts are of the view that slow progress in multilateral negotiations
due to complexities arising from large number of countries to reach a consensus on polarising
issues, may have provided the impetus for FTAs.
SOME IMPORTANT INTERNATIONAL TRADE AGREEMENTS
INDIA-EFTA TRADE AND ECONOMIC PARTNERSHIP AGREEMENT (MARCH 10, 2024)

India-European Free Trade Association signed a Trade and Economic Partnership Agreement
(TEPA) on 10th March 2024. India has been working on a Trade and Economic Partnership
Agreement (TEPA) with EFTA countries comprising Switzerland, Iceland, Norway &
Liechtenstein. The Union Cabinet has approved signing of the TEPA with EFTA States.
EFTA is an inter-governmental organization set up in 1960 for the promotion of free trade and
economic integration for the benefit of its four Member States. The agreement comprises of
14 chapters with main focus on market access related to goods, rules of origin, trade facilitation,
trade remedies, sanitary and phytosanitary measures, technical barriers to trade, investment
promotion, market access on services, intellectual property rights, trade and sustainable
development and other legal and horizontal provisions.
EFTA is an important regional group, with several growing opportunities for enhancing
international trade in goods and services. EFTA is one important economic block out of the
three (other two - EU &UK) in Europe. Among EFTA countries, Switzerland is the largest
trading partner of India followed by Norway.
MOU SIGNED BETWEEN INTERNATIONAL SOLAR ALLIANCE AND INTERNATIONAL AVIATION

GROUP (SEPTEMBER 28, 2023)
International Civil Aviation Group signed a memorandum of understanding (MoU) with the
International Solar Alliance on September 26, 2022. The MoU has been signed to check the
growth of CO2 emissions in the international aviation sector. The idea of ICAO becoming a
partner organization of ISA was mooted by the Minister in his meeting with the President of
ICAO during the visit of Minister Jyotiraditya M. Scindia to Montreal in May 2022. In four
months, the MoU was agreed upon and concluded. An MoU signed between International Solar
Alliance (ISA) & International Civil Aviation Organisation (ICAO) which was mooted by HMCA
Shri Jyotiraditya M. Scindia in May 2022.
VIRTUAL LAUNCH OF UPI-PAYNOW LINKAGE BETWEEN INDIA AND SINGAPORE (FEBRUARY

21, 2023)
Prime Minister Shri Narendra Modi and Prime Minister of Singapore, Mr. Lee Hsien Loong virtual
launched real time payment linkage between the Unified Payments Interface (UPI) of India
and PayNow of Singapore. Shri Shaktikanta Das, Governor of Reserve Bank of India and Mr.
Ravi Menon, Managing Director, Monetary Authority of Singapore made live cross-border
transactions to each other using their respective mobile phones.
Singapore is the first country with which cross border Person to Person (P2P) payment facility
has been launched. This will help the Indian diaspora in Singapore, especially migrant
workers/students and bring the benefits of digitalisation and FINTECH to the common man
through instantaneous and low-cost transfer of money from Singapore to India and vice-versa.
Acceptance of UPI payments through QR codes is already available in selected merchant outlets
in Singapore.
The virtual launch was preceded by a phone call between the two Prime Ministers, wherein
discussions were held on areas of mutual interest. Prime Minister thanked Prime Minister Lee
for his partnership in taking the India-Singapore relationship forward and looked forward to
working with him under India’s G20 Presidency.
JOE BIDEN CALLS AIR INDIA-BOEING DEAL A HISTORIC EVENT, WILL GRANT 1 MILLION
JOBS IN US (FEBRUARY 15, 2023)
A historic deal has been signed up between India and the US Government for about 34 billion
dollars. Air India is about to order Boeing Aircraft which will invent one million jobs in America.
On February 14, 2023, US President Joe Biden appreciated Air India’s decision to purchase 220
Boeing Aircraft and further calls it a ‘historic agreement’.
An official statement has been recently released wherein Joe Biden at the White House stated
that the United States will be leading the world in manufacturing in the coming future. He
also cherished India’s purchase of more than 200 American-made Aircraft through a historic
agreement signed between Air India and Boeing.
This purchase will support over one million American jobs across 44 states, and many will not
require a four-year college degree. This announcement also reflects the strength of the U.S.-
India economic partnership”.
INDIA EXTENDS USD 100 MILLION CREDITS TO MALDIVES TO OVERCOME FINANCIAL CRISIS
India handed over USD 100 million to the Maldives on November 30, 2022, to ease the financial
challenges faced by the archipelagic state in the Indian Ocean. A ceremony was held at the
Ministry of Foreign Affairs where Foreign Minister Abdulla Shahid and Finance Minister Ibrahim
Ammer were also present. Government of India handed over financial assistance of $100 million
to Govt of Maldives, amid the economic challenges faced by Maldives.
CABINET APPROVES AIR SERVICES AGREEMENT BETWEEN INDIA AND GUYANA (FEBRUARY
23, 2023)
The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi approved the signing
of the Air Services Agreement between the Government of India and the Government of Co-
operative Republic of Guyana.
The Air Services Agreement will come into force after the exchange of diplomatic notes between
the parties confirming that each party has completed the necessary internal procedure for
entry into force of this Agreement.
Indians have a sizeable presence in Guyana and are the largest ethnic group comprising about
40% of the population as per 2012 census. The signing of Air Services Agreement with Guyana
will enable a framework for provision of air services between the two countries. In view of the
growing aviation market and developments such as liberalization of aviation sector in India, air
services agreement has been signed with many countries for paving way for international air
connectivity.
Air Services Agreement (ASA) provides the legal framework for air operations between two
countries which is based on the principles of sovereignty of nations, nationality of carriers and
reciprocity in terms of commercial opportunities for the designated airlines of each side. At
present there is no Air Services Agreement (ASA) between the Government of India and the
Government of Co-operative Republic of Guyana at present. India and Guyana are signatories
to the Convention on International Civil Aviation (Chicago Convention).
The new Air Services Agreement between India and the Co-operative Republic of Guyana will
provide enabling environment for enhanced and seamless connectivity while providing
commercial opportunities to the carriers of both the sides.
INDIA-AUSTRALIA ECONOMIC COOPERATION AND TRADE AGREEMENT (INDAUSECTA)

BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF
AUSTRALIA
India and Australia have entered into an Economic Cooperation and Trade Agreement. The
IndAusECTA was signed last year, on 2nd April, 2022; after Ratification and Exchange of
Written Instruments, the Agreement has come into force on 29th December 2022.
Objectives of the Agreement The objectives of this Agreement are to:

a) establish a framework for strengthening and enhancing the economic, trade and investment
relationship between the Parties;
b) liberalise and promote trade in goods in accordance with Article XXIV of the GATT 1994;
c) liberalise and promote trade in services in accordance with Article V of GATS;
d) improve the efficiency and competitiveness of their manufacturing and services sectors and to
expand trade and investment between the Parties; and
e) facilitate, enhance and explore new areas of economic cooperation and develop appropriate
measures for closer economic cooperation between the Parties.
Benefits under Trade in Goods

• Indian goods on all tariff lines to get access to Australian market with zero customs duty
• Cheaper Raw Materials, Faster ApprovaI for Medicines
• 90% of Australian exports by value to get zero duty access to Indian market
• 10 Lakh More Jobs, 10 Billion Dollar More Exports in Five Years
Benefits under Trade in Services

• More than 1 lakh Indian students in Australia to benefit from post-study work visa
• Australian services to get Negative List Treatment after 5 Years. Under the negative listing
approach, a country treats imported and locally produced goods / services equally in all areas,
and areas where this is not done are listed – in the negative list - as exceptions. So, in this
case, India would provide this treatment to services exports from Australia, after a period of 5
years.
• Protective Features to guard against Unintended Consequences
• End to Double Taxation
EU-INDIA TRADE AND TECHNOLOGY COUNCIL

The European Union and India have agreed to establish a Trade and Technology Council with
the aim of addressing the challenges to ensure security and trusted technology keeping in line
with rapid geopolitical changes.
Overview:
The decision of setting up such a council is a first for India with any of its partner nations.
The European Union had already set up such a council with the US with India being the second
one.
The agreement to form this council was reached at a meeting held between Prime Minister
Narendra Modi and Ursula von der Leyen, European Commission president.
Both leaders also discussed the status of trade talks, with India and the European Union
resuming talks to reach a comprehensive free trade agreement as well as an investment
agreement.
Need for Trade and Technology Council

Both sides have agreed that there are rapid ongoing changes in the geopolitical environment
across the world and this calls for a joint in-depth strategic engagement. The Trade and
Technology Council will be providing the necessary structure that will be needed to coordinate
technical work, operationalize political decisions, and report to the political level so as to ensure
implementing and following up in the sectors that are important for the sustainable
development of both economies.
ROLLS-ROYCE MARINE NORTH AMERICA AND KALYANI STRATEGIC SERVICE SIGN AN

AGREEMENT
A memorandum of understanding (MoU) was signed by Rolls-Royce Marine North America and
Kalyani Strategic Service Limited (KSSL), a 100% subsidiary of Bharat Forge, to investigate
the possibility of KSSL serving as an in-country provider for propeller sales in the Indian market.
CABINET APPROVES MOU BETWEEN INDIA, CHILE IN AGRICULTURAL SECTOR

The Union Cabinet approved signing of a Memorandum of Understanding (MoU) between India
and Chile for cooperation in the field of agriculture and allied sectors. The MoU will come in
force upon its signature and will remain effective for 5 years from the date of execution after
which it will be automatically renewed for another 5 years.
CABINET APPROVES SIGNING OF THE MOU BETWEEN THE INDIA AND SOUTH AFRICA FOR
COOPERATION IN DISABILITY SECTOR
The Union Cabinet approved the signing of the memorandum of understanding (MoU) between
the India and Republic of South Africa for cooperation in the ‘disability sector’. The bilateral
MoU would encourage cooperation between the Department of Empowerment of Persons with
Disabilities, the Government of India and South Africa through joint initiatives in the disability
sector.
INDIA, FIJI INK MOU ON VISA EXEMPTION FOR DIPLOMATIC, OFFICIAL PASSPORT HOLDERS
Energy Efficiency Services (EESL), a joint venture of public sector undertakings under the
Ministry of Power, signed a Memorandum of Understanding (MoU) with Indonesia-Malaysia-
Thailand Growth Triangle Joint Business Council (IMT-GT JBC) Malaysia at India Energy Week
(IEW). The MoU aims to promote the adoption of energy efficiency and sustainable practices
in the region. MT-GT is positioned as part of the ASEAN building block, linking ASEAN
Sustainable Urbanisation Strategy with IMT-GT Sustainable Urban Development Framework
2019 – 2036 (SUDF).
INDIA SIGNS MOU WITH INDONESIA-MALAYSIA-THAILAND GROWTH TRIANGLE JOINT

BUSINESS COUNCIL TO PROMOTE ADOPTION OF ENERGY EFFICIENCY
Energy Efficiency Services (EESL), a joint venture of public sector undertakings under the
Ministry of Power, signed a Memorandum of Understanding (MoU) with Indonesia-Malaysia-
Thailand Growth Triangle Joint Business Council (IMT-GT JBC) Malaysia at India Energy Week
(IEW). The MoU aims to promote the adoption of energy efficiency and sustainable practices
in the region.
INDIA WELCOMES CONGO INTO INTERNATIONAL SOLAR ALLIANCE

India has welcomed Congo to International Solar Alliance. The External Affairs Ministry said
Ambassador of Republic of Congo, Raymond Serge Bale signed the International Solar Alliance
Framework Agreement in the presence of Joint Secretary (Economic Diplomacy).
RELIANCE ANNOUNCES PARTNERSHIP WITH SRI LANKA’S MALIBAN

Reliance Consumer Products Limited, the FMCG firm and a wholly-owned subsidiary of Reliance
Retail Ventures Limited announced a strategic partnership with Sri Lanka-headquartered
Maliban Biscuit Manufactories Limited. Maliban, a biscuit manufacturer, has been well-known
for the last 70 years for its range of quality products including biscuits, crackers, cookies, and
wafers. According to the partnership, the company has expanded its product’s reach to global
markets and exports to over 35 countries across five continents.
INDIA SIGNED MOU BETWEEN PRASAR BHARATI AND NATIONAL MEDIA AUTHORITY OF
EGYPT
India and Egypt signed an MOU to facilitate content exchange, capacity building, and Co-
Productions between Prasar Bharati and the National Media Authority of Egypt.
The MoU was signed by Union Minister of Information & Broadcasting, Youth Affairs, and
Sports Anurag Singh Thakur, and Minister of Foreign Affairs, Government of Egypt, Sameh
Hassan Shoukry. The MoUs were exchanged between the two countries in the presence of the
Prime Minister of India and the President of Egypt following the delegation-level talks between
the two sides at Hyderabad House in New Delhi.
INDO-RUSSIAN JOINT VENTURE EMBARKED MANUFACTURING AK-203 ASSAULT RIFLES IN

U.P
An Indo-Russian Joint venture has started manufacturing Kalashnikov AK-203 assault rifles in
Amethi, Uttar Pradesh. The Indo-Russian Rifles Private Limited plans to ensure 100 percent
localization of the production of AK-203 rifles in India. The company aims to increase output
and upgrade its production facilities to produce advanced rifles based on the Kalashnikov assault
rifle platform.
EXPORT/ IMPORT SCENARIO
GOVERNMENT PERMITS RUPEE SETTLEMENT IN EXPORT PROMOTION SCHEMES

The Government of India has made changes to the Foreign Trade Policy in order to allow for
rupee settlement of the international trade for export promotion schemes. The news was shared
by the Commerce Ministry on November 9, 2022.
The Commerce Ministry said in a statement that given the rise in interest in the internalization
of the Indian Rupee, the given policy amendments have been undertaken to facilitate and bring
ease in the international trade transactions in Indian Rupees. The move to allow settlement of
the trade in Indian rupees has come amid the increasing pressure on the Indian currency in
the wake of Russia’s invasion of Ukraine in late February.
CABINET APPROVES SETTING UP OF A NATIONAL LEVEL MULTI-STATE COOPERATIVE

EXPORT SOCIETY UNDER MULTI STATE COOPERATIVE SOCIETIES (MSCS) ACT, 2002
(JANUARY 11, 2023)
The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved
setting up and promoting a National Level multistate cooperative export society under the Multi
State Cooperative Societies (MSCS) Act, 2002 with support from relevant Ministries especially
Ministry of External Affairs and Department of Commerce, Ministry of Commerce and Industry
through their export related policies, schemes & agencies by following the ‘Whole of Government
Approach’ for undertaking exports of all goods and services produced by cooperatives and related
entities. The proposed society will provide thrust to exports from cooperative sector by acting
as an umbrella organisation for carrying out and promoting exports. This will help unlocking
export potential of Indian cooperatives in global markets.
This proposed society will also help cooperatives in getting benefits of various export related
schemes and policies of different ministries of Government of India in a focussed manner
through ‘Whole of Government Approach’.
This will also help in achieving the goal of “Sahakar se-Samriddhi” though the inclusive growth
model of cooperatives where the members would benefit both by realization of better prices
through export of their goods and services and also by dividend distributed out of the surplus
generated by the society. Higher exports through the proposed society will increase production
of goods and services by the cooperatives at various levels thus leading to more employment
in the cooperative sector.
Processing of goods and enhancing the services to match international standards will also
generate additional employment. Increased export of cooperative products would, in turn, also
promote “Make in India” thus leading to Atmanirbhar Bharat.
Over 20% YoY increase in export of Agricultural and Allied Products between two FYs 2020 &
2022 (February 03, 2023) Export of agricultural and allied products has witnessed significant
increase during the last few years. In 2019-20, the export of agricultural and allied products
was valued at Rs 252400 crore which increased to Rs. 310130 crore in 2020-21 (an increase
of 22.87%) and touched an all-time peak of Rs.374611 crore during the last one year i.e. 2021-
22 (an increase of 20.79%). India’s agricultural and processed food products exports up by
13% to USD 19.69 billion in nine months of current fiscal (2022-23) compared to the same
period last year Continuing the trend from the previous year, the exports of agricultural and
processed food products rose by 13 percent in the nine months of the current Financial Year
2022-23 (April-December) in comparison with the corresponding period of FY 2021-22,
according to the provisional data released by the Directorate General of Commercial Intelligence
and Statistics (DGCI&S). The overall export of APEDA products increased to USD 19.7 billion
in April-December 2022 from USD 17.5 billion over the same period of the last fiscal. The
initiatives taken by the Agricultural and Processed Food Products Export Development Authority
(APEDA) that works under the Ministry of Commerce and Industry, Government of India has
helped the country in achieving 84 percent of its total export target for the year 2022-23 in
nine months of the current fiscal.
CENTRE FORMULATES ACTION PLAN TO PROMOTE EXPORTS OF MILLETS AND VALUE-

ADDED PRODUCTS OF MILLETS
To promote shipment of nutri-cereals, the Ministry of Commerce and Industry through its apex
agricultural export promotion body, Agricultural and Processed Food Products Export
Development Authority (APEDA) has prepared a comprehensive strategy to promote Indian
millets exports across the globe commencing December 2022. The millets export promotion
programme also comes at the backdrop of the proposal of India that was supported by 72
countries which lead to the United Nations’ General Assembly (UNGA) declaring 2023 as
International Year of Millets (IYoM) on March 5, 2021.
APEDA ORGANIZES VIRTUAL-BUYER SELLER MEET TO HARNESS EXPORT OPPORTUNITIES

IN UAE FOR MILLETS
As a part of its series of sensitization programmes that are aimed at promoting the export of
millets and its value-added products, the Agriculture and Processed Food Products Export
Development Authority (APEDA) on February 02, 2023 organised a Virtual-Buyer Seller Meet
to harness export opportunities in United Arab Emirates (UAE). The Buyer Seller Meet was
organized in association with Indian Mission in UAE under the leadership of Indian Ambassador
to UAE Shri Sanjay Sudir. APEDA, which works under the Ministry of Commerce & Industry,
is working in tandem with different stakeholders to accomplish the vision of Hon’ble Prime
Minister Shri Narendra Modi to promote the consumption of millets worldwide.
UNION BUDGET TO GIVE A BOOST TO EXPORTS AND MANUFACTURING

Union Budget 2023-24 has a slew of measures to give boost to exports and help accelerated
growth of manufacturing in the country. The indirect tax simplification and rationalization has
a clear export oriented focus.
Following are highlights for export and manufacturing Sector: The Department of Commerce’s
recommendation on lab grown diamond (LGD) has been accepted whereby the research grant
of Rs. 242 crore over a period of 5 years to IIT Madras has been approved. This will enable
indigenization of the manufacturing process of LGD. Further, reduction of duty on LGD seeds
from 5% to 0% has also been accepted which will result in reducing the cost of production of
LGD growers and make our LGD exports globally competitive. The recommendation of the
Department of Commerce for creating separate HS Codes for LGD has also been accepted. It
would enable tracking the international trade in lab grown diamonds.
Custom duty on articles of precious metals such as gold, silver and platinum has been increased
from 20% to 25% thereby increasing the duty differential to 10% over gold/silver/platinum
bars. This will boost domestic manufacturing in the sector and result in import substitution.
Custom duty on imitation jewellery has been enhanced from 20% to 25%. This will discourage
cheap imports from China and encourage domestic manufacturing.
The reduction in import duty of fish meal from 15% to 5% will make the shrimp industry more
competitive in the country and boost exports. The fish meal constitutes 40% of the cost of
production of shrimps. This will also prevent incidence of juvenile fishing which is used for fish
meal in domestic production and will thereby improve our marine fish stock availability.
The recommendation of Department of Commerce for increase in import duty on compound

rubber from 10% to 25% has been agreed to. This will reduce the import of compound rubber
in the country and boost demand and prices for natural rubber produced in the country. This
will go a long way in supporting our natural rubber farmers and further increasing its production
in the country.
The budget has identified financial sector as a priority sector. Measures to enhance business
activities in GIFT IFSC, comprehensive review of existing financial sector regulations and support
for digital payments will promote India’s financial services exports in the long run. Integrated
development of at least 50 tourism destinations and measures related to enhancement of
tourist’s experience will provide impetus to foreign tourist arrival in India which will enhance
tourism service exports. Leveraging India’s demographic dividend, 30 International Skill India
Centres announced in the budget will help in making Indian professionals globally competitive
and will foster growth of services exports through various modes. Reduction of Customs duty
on components of mobile phones, lithium-based batteries, open cells for TV panels etc. would
go a long way in integrating into global value chain and enhancing India’s exports of these
products. Customs duty exemption has been provided for capital goods for manufacture of
lithium – ion cells for batteries used in EVs. This would help the automobile sector in
maintaining its global competitiveness. The focus on improving the quality and productivity of
Shree Anna (Millets) through R&D grant to Indian Institute of Millet Research will help in
positioning India as global leader in millet production and exports.
REGISTERING A GROWTH RATE OF 28.4%, INDIA’S EXPORTS OF 207 TECHNICAL TEXTILE

PRODUCTS HAVE GROWN FROM USD 2.21 BILLION IN 2020-21 TO USD 2.85 BILLION IN
2021-22
The Union Minister of State for Textiles, Smt. Darshana Jardosh informed that with a view to
boost technical textiles sector in the country, the Government has set up the National Technical
Textiles Mission (NTTM) for a period of 4 years (2020-21 to 2023-24) with an outlay of Rs.
1,480 crore.
The Mission aims at achieving an average growth rate of 15-20% per annum taking the level
of domestic market size to 40-50 Billion USD by the year 2024. India’s exports of 207
Technical Textile products have grown from USD 2.21 billion in 2020-21 to USD 2.85 billion in
2021-22, registering a growth rate of 28.4%. The Government has issued General Guidelines
for Enabling of Academic Institutes in Technical Textiles’ Education in India for Private &
Public Institutes, with the objective of improving learning levels by encouraging new Technical
Textiles Degree Programme (UG & PG), updating existing conventional degree programmes with
new papers of Technical Textiles etc.
Apart from this, the Government has approved the Grant for Internship Support in Technical
Textiles (GIST) with the objective of supporting academic industry linkages in the domain of
technical textiles. As per the guidelines, financial assistance upto INR 20,000 per student per
month (for a maximum period of 2 months) would be given to empanelled companies on re-
imbursement basis, for onward release to eligible students. The two Guidelines were launched
on 5th January 2023.
‘MAKE IN INDIA’ COMPLETES 8 YEARS, ANNUAL FDI DOUBLES TO USD 83 BILLION

(SEPTEMBER 24, 2022)
Make in India, the flagship program of the Government of India that aspires to facilitate
investment, foster innovation, enhance skill development, and build best-in-class manufacturing
infrastructure, completes 8 years of pathbreaking reforms on 25th September 2022. Launched
in 2014 under the dynamic leadership of the Hon’ble Prime Minister Shri Narendra Modi, ‘Make
in India’ is transforming the country into a leading global manufacturing and investment
destination. The initiative is an open invitation to potential investors and partners across the
globe to participate in the growth story of ‘New India’. Make in India has substantial
accomplishments across 27 sectors. These include strategic sectors of manufacturing and
services as well. To attract foreign investments, Government of India has put in place a liberal
and transparent policy wherein most sectors are open to FDI under the automatic route. FDI
inflows in India stood at US $ 45.15 billion in 2014-2015 and have since consecutively reached
record FDI inflows for eight years. The year 2021-22 recorded the highest ever FDI at $83.6
billion. This FDI has come from 101 countries, and invested across 31 UTs and States and 57
sectors in the country. On the back of economic reforms and Ease of Doing Business in recent
years, India is on track to attract US$ 100 Bn FDI in the current FY.
REMISSION OF DUTIES AND TAXES ON EXPORTED PRODUCTS (RODTEP) SCHEME GETS

EXTENDED TO CHEMICALS, PHARMACEUTICALS AND ARTICLES OF IRON & STEEL FROM
15.12.2022
Taking a major step to boost exports, Centre on December 7, 2022 further expanded the scope
of RoDTEP Scheme (Remission of Duties and Taxes on Exported Products) by including the
exports made from the Chemical sector, pharmaceuticals sector and exports of articles of iron
& steel under chapters 28, 29, 30 and 73 of ITC(HS) schedule of items. The expanded list of
items will be applicable for exports made from 15th December, 2022.
This was a long-standing demand of the industry which has been accepted and will go a long
way in boosting our exports and competitiveness in the global markets, generate employment
and contribute to the overall economy. The expanded list of eligible export items under Appendix
4R will increase from current 8,731 export items (8 digit tariff lines) to 10,342 export items
(8 digit tariff lines). RoDTEP is based on the globally accepted principle that taxes and duties
should not be exported, and taxes and levies borne on the exported products should be either
exempted or remitted to exporters.
The RoDTEP scheme rebates/refunds the embedded Central, State and local duties/taxes to
the exporters that were so far not being rebated/refunded. The scheme is being implemented
from 1st January 2021 and the rebate is issued as a transferable electronic scrip by the Central
Board of Indirect Taxes & Customs (CBIC) in an end-to-end IT environment. It may be noted
that Government is leaving no stone unturned to support domestic industry and make it more
competitive in the international markets. Export centric industries are being reformed and
introduced to better mechanisms so as to increase their competitiveness, boost exports, generate
employment and contribute to the overall economy. This will go a long way in achieving our
vision of building an Aatmanirbhar Bharat. In the present times, when exports are facing
headwinds on account of signs of recession in some of the developed markets & supply chain
disruptions on account of Russia-Ukraine conflict, extension of RoDTEP to uncovered sectors
like Chemicals, Pharmaceuticals & Articles of Iron & Steel is likely to enhance the export
competitiveness of these sectors.
ONE DISTRICT ONE PRODUCT (ODOP) INITIATIVE OPERATIONALLY MERGED WITH

‘DISTRICTS AS EXPORT HUB (DEH)’ INITIATIVE
ODOP initiative is operationally merged with ‘Districts as Export Hub (DEH)’ initiative of the
DGFT, Department of Commerce, with the Department for Promotion of Industry and Internal
Trade (DPIIT) as a major stakeholder. Central Government has initiated One District One
Product (ODOP) in all States/UTs of the country, as a transformational step towards realizing
the true potential of a district, fueling economic growth, generating employment and rural
entrepreneurship, taking us to the goal of Aatmanirbhar Bharat.
The ODOP initiative is aimed at fostering balanced regional development across all districts of
the country, enabling holistic socio-economic growth across all regions. The objective is to focus
on District of the country as unit for converting into a manufacturing and export hub by
identifying products with export potential in the district. The Department is engaging with
State and Central Government agencies to promote the initiative of ODOP, which is an on-
going process. In this context, Districts Export Action Plans include specific actions required to
support local exporters / manufacturers in producing / manufacturing identified products in
adequate quantity and with the requisite quality, for reaching potential buyers outside India,
thereby creating economic value. These plans also include identifying and addressing challenges
for exports of such identified products/ services, improving supply chains, market accessibility
and handholding for increasing exports, paving way for employment generation.
The following are some of the achievements of ODOP:

a. The ODOP GeM Bazaar was launched on the Government e-Marketplace (GeM) on 29th August
2022 with over 200 product categories created on the platform to promote sales and
procurement of ODOP products across the country.
b. ODOP products are showcased in various international forums such as World Economic Forum,
DAVOS in May 2022, at International Yoga Day (IYD) in New York, US in June 2022 etc.
c. The ODOP initiative has been identified for the prestigious Prime Minister’s Award for
Excellence in Public Administration in Holistic Development through One District One Product
(ODOP) category in April, 2022.
d. Under DEH (a) State Export Promotion Committee (SEPC) and District Export Promotion
Committee (DEPC) has been constituted in all the 36, States/UTs. (b) products/services with
export potential have been identified in 734 Districts across the country (Including Agricultural
& Toy clusters and GI products in these Districts); (c) State Export Strategy has been prepared
in 28 States/UTs; (d) Under DEH, State Nodal officers are nominated in 34 States/UTs; (e)
DEPC meetings has already been conducted in 681 Districts; (f) Draft District Action Plan
has been prepared for 570 Districts; (g) a web portal to monitor the progress of District Export
Action Plan in all the Districts has been developed by DGFT, to mention a few.
IMPORT IN DEFENCE SECTOR

Capital procurement of defence equipment are undertaken from various domestic as well as
foreign vendors, based on threat perception, operational challenges and technological changes
so as to keep the Armed Forces in a state of readiness and to meet the entire spectrum of
security challenges.
Defence Procurement Procedure (DPP) and Defence Acquisition Procedure (DAP 2020) with a
focus on ‘Aatmanirbhar Bharat’ and ‘Make in India’ introduced major policy initiatives for
boosting indigenous defence capability and reduction of reliance on imports. Further, DAP-2020
provides the highest preference to ‘Buy Indian (IDDM)’ category of acquisition and ‘Buy Global’
is only permitted in exceptional situations with specific approval of Defence Acquisition Council
(DAC)/Raksha Mantri.
To achieve self-reliance in defence sector and to provide impetus to design, development and
manufacture of defence equipment/platforms in India, the following initiatives/policies have
been taken/made by the Government: l
A new category of ‘Buy (Global- Manufacture in India)’ has been introduced to enable ab-
initio indigenisation of spares. This category encourages Foreign OEMs to set up ‘Manufacturing/
maintenance entities’ through its subsidiary in India.
The Government has introduced Make III categories with the objective of self-reliance through
import substitution.
Notification of the ‘Positive Indigenisation lists” of weapons/platforms banned for import to
be indigenously manufactured.
Reservation of Cases with AoN cost ≤100 Crs, extendable to Cases of AoN cost ≤ 150 Crs if
annual cash flow based on deliveries is below Rs. 100 Crs for MSMEs.
Simplification of Industrial licensing process with longer validity period.
Launch of innovations for Defence Excellence (iDEX) scheme involving start-up & Micro, Small
and Medium Enterprises (MSMEs).
Reforms in Offset policy with thrust on attracting investment and transfer of Technology of
Defence manufacturing by assigning higher multipliers.
Launch of indigenisation portal namely SRIJAN to facilitate indigenisation by Indian Industry
including MSMEs.
Establishment of two Defence Industrial Corridors, one each in Uttar Pradesh and Tamil Nadu.
Opening up of Defence Research & Development (R&D) for industry, start-ups and academia
with 25 percent of defence R&D budget earmarked to promote development of defence
technology in the country.
Progressive increase in allocation of Defence Budget of military modernisation for procurement
from domestic sources.
In line with Government of India’s initiative of Aatmanirbhar Bharat, MoD has earmarked funds
amounting to Rs. 84,598 Cr (68% of the total Capital Acquisition Budget) for the domestic
capital procurement in 2022-23.
Steps taken by centre to reduce import reliance

Government has taken several steps to reduce import reliance so as to curb the trade deficit.
These include creating/enhancing of domestic capacity, incentivizing domestic manufacturing
through Production Linked Incentive (PLI) schemes, phased manufacturing plans, timely use
of trade remedy options, adoption of mandatory technical standards, enforcement of FTA Rules
of Origin (RoO) and development of import monitoring system.
At the same time, following steps have been taken to boost exports so as to narrow down the
trade deficit:
i. Foreign Trade Policy (2015-20) extended upto 31-03-2023.
ii. Interest Equalization Scheme on pre and post shipment rupee export credit has also
been extended upto 31-03-2024.
iii. Assistance provided through several schemes to promote exports, namely, Trade
Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI)
Scheme.
iv. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote labour-
oriented textile export has been implemented since 07.03.2019.
v. Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been
implemented since 01.01.2021.
vi. Common Digital Platform for Certificate of Origin has been launched to facilitate
trade and increase Free Trade Agreement (FTA) utilization by exporters.
vii. Champion Services Sectors have been identified for promoting and diversifying
services exports by pursuing specific action plans.
viii. Districts as Export Hubs has been launched by identifying products with export
potential in each district, addressing bottlenecks for exporting these products and
supporting local exporters/ manufacturers to generate employment in the district.
ix. Active role of Indian missions abroad towards promoting India’s trade, tourism,
technology and investment goals has been enhanced.
x. Package announced in light of the COVID pandemic to support domestic industry
through various banking and financial sector relief measures, especially for MSMEs,
which constitute a major share in exports.
Recent Appointments of Chairman/CEO of Renowned Companies
Name of the Person Company Remarks

Appointed and Designation
Keki Mistry, Chairman HDFC Life Following Deepak Parekh’s
resignation from the post of
Chairman, HDFC Life
Insurance appointed Keki
Mistry to fill the position.
Subsequently, the Insurance
Regulatory and Development
Authority of India (IRDAI)
granted approval for Mistry’s
appointment.
Meghana Pandit Oxford University Hospitals One of the major teaching
Chief Executive Officer NHS Trust hospitals in the UK, Oxford
University Hospitals NHS
Foundation Trust, has named
Professor Meghana Pandit, a
renowned physician of Indian
descent, as its CEO. In
addition to being the first
person of Indian descent to be
nominated CEO of any
National Health Service (NHS)
trust in the Shelford Group,

which includes some of the
largest teaching hospitals in
the nation, Ms. Pandit
becomes the trust’s first
female chief
Sanjaya Kumar Mishra Head GST Appellate Tribunal The Appointment Committee
of the Cabinet, upon
recommendation by the
Search-cum-Selection
Committee (SCSC), approved
the appointment of Justice
(Retd.) Sanjaya Kumar Mishra.
His tenure spans four years,
commencing from the date of
assuming charge or until
reaching the age of 70,
whichever comes earlier
Advocate R Venkataramani New Attorney General of India Advocate R Venkataramani has
been appointed as the new
Attorney General of India by
the Government of India. The
Government of India has
appointed him on September
28, 2022 for three years
Retired Lieutenant General Chief of Defence Staff The Indian Government has
Anil Chauhan appointed retired General Anil
Chauhan as the next Chief of
Defence Staff on September
28, 2022. The retired
lieutenant will also work as a
Secretary, to the Government

of India, Department of
Military Affairs from the date
of his assumption of charge.
He will also serve as the
advisor to the Nuclear
Command Authority chaired by
the Prime Minister.
Arun Goel Election Chief of Defence Staff The Indian Government has
Commissioner appointed retired General Anil
Chauhan as the next Chief of
Defence Staff on September
28, 2022. The retired
lieutenant will also work as a
Secretary, to the Government
of India, Department of
Military Affairs from the date
of his assumption of charge.
He will also serve as the
advisor to the Nuclear
Command Authority chaired by
the Prime Minister.
Arun Goel Election Election Commission of India The Minister of Law and
Commissioner Justice on November 19, 2022,
notified the appointment made
by the President of India
Droupadi Murmu. He is a
retired IAS officer of the
Punjab cadre.
Justice Rituraj Awasthi Law Commission of India The Government of India on
Chairperson November 7, 2022, appointed
the Chairperson and the

members of the Law
Commission over two and a
half years after it was
constituted. Justice Ritu Raj
Awasthi was the Chief Justice
of the Karnataka High Court
from October 11, 2021, to July
2, 2022. By appointing the
Chairperson and five other
panel members of the Law
Commission of India, the
Government of India has
reinstated the commission
Justice Dinesh Kumar, Presiding officer Justice (retired) Dinesh Kumar
Presiding Officer took charge as the Presiding
Officer of the Securities
Appellate Tribunal (SAT) on
29 April 2024. The
government of India appointed
Justice Dinesh Kumar for a
four-year term.
Justice Dinesh Kumar UAPA Tribunal Justice Dinesh Kumar has
Sharma Presiding Officer been appointed as the
presiding officer of the
Unlawful Activities
(Prevention) Act, (UAPA)
tribunal by the Central
Government. Sharma is the
justice of the Delhi High Court
and has been appointed as the
presiding officer in the matter

of Popular Front of India and
its associates.
Nehal Mohan Chief Executive You Tube YouTube designates Neal
Officer Mohan as the new Chief
Executive Officer (CEO) on
February 16, 2023 (Thursday).
An Indian Origin Neal Mohan
supersedes YouTube’s current
head, Susan Wojcicki. Susan
was the CEO since the year
2014 and recently announced
her step down from this role.
Stanford Graduate Neal Mohan
served as YouTube’s chief
product officer. His educational
background includes a
graduation degree in Electrical
Engineering from the Stanford
Meenakshi Nevatia, Pfizer Limited Drug maker Pfizer Limited has
Additional Director and announced the appointment of
Managing Director Meenakshi Nevatia as an
Additional Director and
Managing Director for five
years.
K Satyanarayana Raju MD & Canara Bank The Union Government has
CEO appointed K Satyanarayana
Raju as its Managing Director
and CEO of Canara Bank, with
immediate effect. He replaced
V Prabhakar who demitted

office on December 31, 2022.
Rabi Sankar Re-appointed Reserve Bank of India The Appointments Committee
Deputy Governor of the Cabinet (ACC) has
approved the re-appointment
of T. Rabi Sankar as Deputy
Governor of the Reserve Bank
of India (RBI) for a one-year
term, effective from May 3,
2024.
Amitabh Chaudhry Re- Axis Bank Axis Bank’s board has
appointed MD & CEO approved the re-appointment
of Amitabh Chaudhry as
Managing Director & CEO for
another three years, effective
January 2025, subject to RBI
approval.
Shamalbhai B Patel Amul Gujarat Cooperative Milk
Chairperson Marketing Federation
(GCMMF) that markets milk
and dairy products under the
Amul brand has announced
the appointment of
Shamalbhai B Patel as its
Chairman.
Praveen Sharma, Director National Health Authority Praveen Sharma has been
selected for appointment as
Director in the National Health
Authority (Ayushman Bharat
Digital Mission) under the
Ministry of Health & Family
Welfare for a period of five

years. Sharma is an Indian
Defence Service of Engineers
(IDSE) officer of 2005 batch.
Retired DG of BSF Pankaj National Security Council Retired Director General of the
Kumar Singh Deputy NSA Secretariat Border Security Force (BSF),
Pankaj Kumar Singh was
appointed as the Deputy
National Security Adviser in
National Security Council
Secretariat for a period of two
years. Singh, a 1988-batch IPS
officer of the Rajasthan cadre,
has been appointed on a re-
employment contract. Singh
had retired as the BSF chief
on December 31, 2022. When
Singh took charge of the BSF
on August 31, 2021, he had
created history of a son and a
father holding the top post of
a paramilitary force during
their services. His father and
retired IPS officer of the 1959-
batch, Prakash Singh, had also
headed the BSF from June,
1993 to January, 1994
Santhi Kumari First Woman Telangana Senior IAS Officer A Santhi
Chief Secretary Kumari has been appointed as
the new Chief Secretary of
Telangana. Santhi Kumari took
charge as the first women

Chief Secretary of the State
at the Secretariat in BRK
Bhavan.
Vikas Purohit New Global Meta India Meta announced the
Business Head appointment of former Tata
CLiQ CEO Vikas Purohit as the
Director of Global Business
Group in India. In his new role,
Purohit will lead Meta’s
strategic relationship with
various brands and agencies to
boost the adoption of digital
tools for revenue growth of
India’s business
Chetan Sharma Chairman BCCI’s selection committee Chetan Sharma was
reappointed as the Chairman
of the senior selection
committee, exactly two
months after his entire panel
was disbanded by the BCCI
for the Indian team’s
semifinal exit in the T20
World Cup. Salil Ankola, Shiv
Sunar Das, Subroto Banerjee
and Sridharan Sharath are new
members of the selection
committee. The new
committee has been picked by
the Cricket Advisory
Committee comprising Ashok
Malhotra, Jatin Paranjape and

Sulakshana Naik. The
committee further
recommended Chetan Sharma
for the role of Chairman of
the senior men’s selection
committee.
Ajay Kumar Srivastava MD Indian Overseas Bank Ajay Kumar Srivastava has
and CEO been elevated as Managing
Director and CEO of Indian
Overseas Bank with effect
from January 1, 2023 from his
current posting as Executive
Director. He started his
banking career as a
probationary officer in 1991
with Allahabad Bank where he
worked in various capacities in
different parts of the country.
Indermit Gill Chief Economist World Bank The World Bank has appointed
Indermit Gill, an Indian
national, Chief Economist and
senior Vice President for
development economics at the
multilateral development bank.
His appointment will be
effective September 1, 2022.
Gill will be only the second
Indian to serve as chief
economist at the World Bank.
Kaushik Basu was the first,
having served in the job from

2012-2016. Raghuram Rajan
and Gita Gopinath have served
as chief economists at the
International Monetary Fund,
the sister organisation of the
World Bank.
Gaurav Dwivedi Chief Prasar Bharati The President of India has
Executive Officer appointed, after due
recommendation by the
Selection Committee, Shri
Gaurav Dwivedi, as Executive
Member (Chief Executive
Officer) in Prasar Bharati for
a period of five years from his
assumption of charge. Shri
Dwivedi is an Officer of the
Indian Administrative Service,
Batch of 1995, of the
Chattisgarh cadre.
RECENT MERGERS AND ACQUISITIONS
1. HDFC Bank Group Granted RBI Approval to Purchase 9.5% Stake in 6 Banks
India’s biggest private sector bank, HDFC Bank, received the Reserve Bank of India (RBI)
approval to acquire aggregate holding of about 9.5% of the paid-up share capital or voting
rights in six banks. The six banks in which HDFC Bank has received approval to acquire stakes
include Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank, and
IndusInd Bank. HDFC Bank submitted applications to the RBI, as a promoter/sponsor of the
Group, on December 18, 2023, seeking approval for the stake acquisitions.
2. Parent Company of IndusInd Bank to Purchase 60% Stake in Invesco India Asset
Management
IndusInd International Holdings Limited. (IIHL), a Mauritius-based investment holding company
of the Hinduja Group has entered into a definitive agreement to acquire a 60% stake in Invesco
Asset Management India Ltd. (IAMI) for an undisclosed amount. Invesco, the existing promoter,
will hold the remaining 40% stake in the joint venture company and both IIHL and Invesco
will have sponsor status of the mutual fund house. With an AUM of ` 85,393 crore, IAMI is
the 17th largest domestic asset manager in India and has a presence in 40 cities across the
country.
3. SBI Mutual Fund Receives RBI Approval for Acquisition of 9.99% Stake in Karur Vysya
Bank
The Reserve Bank of India (RBI) has given its approval to SBI Mutual Fund (SBI MF) for
acquiring an aggregate holding of up to 9.99% of the paid-up share capital or voting rights of
private sector lender Karur Vysya Bank Limited. The approval comes with stringent conditions
to ensure regulatory compliance and adherence to relevant laws and guidelines. The approval
is contingent on SBI MF acquiring a major shareholding within one year from the date of
RBI’s letter.
4. SBI to acquire 20% stake in SBI Pension Funds

The State Bank of India (SBI) announced that it is planning to acquire a 20% stake in SBI
Pension Funds, which is held by SBI Capital Markets. SBI currently holds a 60% stake in SBI
Pension Funds. Through this latest transaction, the company is set to increase its stake to
80%, acquiring the additional shares for a sum of ` 229.52 crore. The remaining 20% stake
in SBI Pension Funds is held by SBI Funds Management.
5. Edelweiss Alternatives backed platform acquires L&T Infrastructure Development Projects

for Rs 6,000 crore
Edelweiss Alternatives has successfully completed a deal worth Rs 6,000 crore to acquire L&T
Infrastructure Development Projects (LTIDPL). This acquisition includes various road assets
and power transmission lines owned by LTIDPL. The deal to buy LTIPDL, a joint venture where
infra major L&T had a 51% stake and its partner Canada Pension Plan Investment Board had
the rest, was first announced in December 2022.
6. Elon Musk/ Twitter

In early 2022, American billionaire Elon Musk acquired the social media platform Twitter for
$44 billion in a hostile takeover. At first, Twitter was welcoming of the offer as it was well
above their valuation, but Musk’s strategies and vision for the company didn’t sit well with
the staff and board members. A court battle ensued after Musk went back on his offer, but
the controversial billionaire soon relented and acquired Twitter. Elon Musk became the owner
and CEO of Twitter after firing Parag Agrawal. Musk also laid off nearly half the employees,
while many others quit. Musk plans to combat the misinformation and spambots on Twitter
and also promote “free speech.”
7. Tata Group/ Air India

Tata Group, India’s largest conglomerate, acquired the nationalised airline Air India in 2022.
Tata also announced the merger of Air India with Vistara, a joint venture between Tata Sons
and Singapore Airlines. Air India had been struggling for years, and the travel restriction
during the COVID-19 pandemic only added to its woes. However, Tata is doing everything
possible to restore Air India to its former glory.
8. Adani Group/ NDTV

- The Indian multinational conglomerate Adani Group, led by billionaire Gautam Adani, acquired
the news channel NDTV in one of the most controversial acquisitions of recent years. The deal
was criticized both domestically and internationally. Adani’s hostile takeover was termed an
attack on freedom of speech and freedom of the press. Soon after the announcement, NDTV’s
lead anchor, Ravish Kumar, a staunch critic of the ruling BJP government, tendered his
resignation. NDTV founders and directors Prannoy and Radhika Roy also quit their posts.
-
9. PVR/INOX Merger
India’s two leading cinema franchises, PVR and INOX, merged in 2022 to create the largest
multiplex chain in the country with over 1500 screens. The pandemic was particularly tough on
the film industry, and more so on theatres. The PVR and INOX merger will result in synergies
in the form of advertising revenues, reduced rental costs, and convenience fees for the merged
entity, which will be called PVRINOX.
10. HDFC Ltd/HDFC Bank Merger

India’s largest housing finance company, HDFC Ltd and the largest private sector bank, HDFC
Bank, merged in 2022 in one of the biggest financial deals in India. The $40 billion deal will
result in a single entity, but the services of HDFC Ltd and HDFC Bank will continue to be
provided separately..
11. N Adani Group/Ambuja Cement

Gautam Adani is fast-rising in the world. In a span of a few years, he has claimed a spot as
one of the richest people in the world. Along with the acquisition of NDTV, the Adani Group
also acquired a majority stake in Ambuja Cements and its subsidiary, ACC Ltd. Adani is now
the second largest cement manufacturer in the country after Aditya Birla Group’s UltraTech.
12. Microsoft Activision/Blizzard

American tech giant Microsoft acquired the game-holding company, Activision Blizzard, for
$68.7 billion in 2022’s biggest acquisition. Microsoft, founded by Bill Gates and currently led
by Satya Nadella, is an American tech company that manufactures gadgets, operating systems,
and software
13. Moj/MX TakaTak Merger

- The two leading video-sharing platforms in India, Moj and MX Takatak, merged in 2022. The
new entity will be the largest short-video-sharing app with 300 million monthly active users.
The new platform could prove a huge competitor to China’s Tik Tok.
14. Broadcom/VMWare
- In another noteworthy acquisition, the American semiconductor manufacturing company
Broadcom acquired VMware Inc, an American cloud computing and virtualization company for
$61 billion.
15. Zomato/ Blinkit

Indian food aggregator platform Zomato acquired the quick-commerce company Blinkit for Rs.
4,447 crore ($567 million). Zomato mainly operated in the food delivery and restaurant hosting
businesses previously but with the acquisition of Blinkit, the company will be able to step foot
in quick commerce field as well.
OTHER RECENT BUSINESS DEVELOPMENTS
GeM crosses `4 Lakh Crore in GMV at the end of this Fiscal Year, doubles business in a
year (March 29, 2024)
Government e Marketplace has closed this financial year with `4 lakh crore in Gross Merchandise
value (GMV) - doubling its GMV clocked at the end of previous Fiscal Year. This testifies to
the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency,
transparency, and seamlessness in public procurement. The procurement of Services through
the GeM portal has proved to be a pivotal force behind this staggering GMV. Nearly 50% of
this GMV has been attributed to the procurement of Services, displaying a remarkable surge of
205% in terms of Services procured on GeM last FY.
By creating access to market, GeM has been exceptionally successful in breaking down the
cartel of established and renowned service providers, paving way for small domestic
entrepreneurs to participate in government tenders from anywhere at any time. The vast
repository of Services on GeM has enabled States to procure innovative solutions that cater to
all their dynamic needs. Increased engagement from States has also mobilized this phenomenal
growth in GMV. In this FY, highest procuring State like Gujarat, Uttar Pradesh, and Delhi, have
helped States well surpass the earmarked public procurement target of this year.
BHARAT TEX 2024 (FEBRUARY 26, 2024)

The Prime Minister, Shri Narendra Modi inaugurated Bharat Tex 2024, one of the largest-ever
global textile events to be organized in the country at Bharat Mandapam in New Delhi. Bharat
Tex 2024 was organized from 26-29 February 2024. Drawing inspiration from the 5F Vision
of the Prime Minister, the event had a unified farm to foreign via fibre, fabric and fashion
focus, covering the entire textiles value chain.
It showcased India’s prowess in the textile sector and reaffirm India’s position as a global
textile powerhouse. Organized by a consortium of 11 Textile Export Promotion Councils and
supported by the government, Bharat Tex 2024 was built on the twin pillars of trade and
investment, with an overarching focus on sustainability. The four-day event featured over 65
knowledge sessions with more than 100 global panelists discussing various issues faced by the
sector.
INDIA RANKS 38 OUT OF 139 COUNTRIES ON WORLD BANK’S LOGISTICS PERFORMANCE

INDEX REPORT 2023; INDIA’S RANK HAS IMPROVES BY SIXTEEN PLACES FROM 54 IN 2014
(FEBRUARY 07, 2024)
According to the World Bank’s ‘Logistics Performance Index Report (2023): Connecting to
Compete 2023’, India ranks 38 out of 139countries. India’s rank has improved by six places
from 44 in 2018 and sixteen places from 54 in 2014.
An Inter-Ministerial dedicated team comprising of Stakeholder Ministries/Departments has been
formed. These stakeholder Ministries/Departments focus on targeted action plans with
interventions needed to improve logistics performance across all six LPI parameters i.e. Customs,
Infrastructure, Ease of arranging shipments, Quality of logistics services, Tracking and Tracing,
and Timeliness. In addition, National Committee for Trade Facilitation (NCTF) has a three-
tiered structure, constituting of a National Committee on Trade Facilitation, a Steering
Committee, and Focused Working Groups (Outreach, Legislative Issues, Time Release Study,
Infrastructure Up-gradation, PGA regulation and procedure). Concerning NTFAP 2020-23, 27
action points have been identified under the working group on infrastructure up gradation.
ChatGPT introduces boom in AI-written e-books on Amazon (February 21, 2023)

Schickler produced a 30-page illustrated children’s e-book in a couple of hours using the AI
programme on Amazon’s self-publishing division. Brett Schickler had never before considered
the possibility of becoming a published novelist. But, after finding out about the ChatGPT
artificial intelligence initiative, Schickler believed he had been given a chance. Schickler produced
a 30-page illustrated children’s e-book in a couple of hours using the AI programme, which
can produce text blocks from straightforward instructions, and made it available for purchase
through Amazon.com Inc.’s self-publishing division.
AIM– NITI AAYOG LAUNCHES NEW ACCELERATOR TO SUPPORT AUSTRALIAN AND INDIAN
CIRCULAR ECONOMY STARTUPS TO RISE (NOVEMBER 21, 2023)
Startups and small to mid-sized enterprises (SMEs) in India and Australia working on circular
economy technologies and solutions will benefit from a new accelerator program designed to
open new doors to explore opportunities between the two countries. AIM, NITI Aayog launched
a new accelerator called Rapid Innovation and Startup Expansion (RISE) to support Australian
and Indian circular economy startups. The India Australia RISE Accelerator is delivered in
partnership between CSIRO, Australia’s national science agency, and Atal Innovation Mission
(AIM), the Government of India’s flagship initiative to promote a culture of innovation and
entrepreneurship. This program will help to accelerate technologies and solutions to grow
economies, create jobs and reduce waste There is no charge for startups to participate in the
program, which will be delivered virtually, with a number of opportunities to travel between
Australia and India. Participating startups may also be eligible for up to INR 40,00,000 in non-
equity grants.
Uber Signed MoU with Tata Motors for 25000 EVs (February 20, 2023)
Uber signed an MoU with Tata Motors, India’s leading carmaker, to bring 25,000 electric
vehicles onto the platform. The agreement between Uber and Tata Motors is the largest EV
commitment yet between an automaker and a ridesharing platform in India. Tata Motors will
begin deliveries of XPRES-T EVs to Uber fleet partners in a phased manner. The partnership
will aid the electrification of Uber services across Delhi NCR, Mumbai, Kolkata, Chennai,
Hyderabad, Bengaluru, and Ahmedabad.
Bajaj Finance Launched Insurance Mall for Easy-Buy Experience (February 08, 2023)
Bajaj Finance launches Insurance Mall for its customers to ensure an Easy-buy experience. The
new portal offers a plethora of policies and plans in the core insurance segment and also the
company’s one-of-its-kind category of Pocket Insurance and Subscription.
Reliance unveiled India’s 1st hydrogen-powered tech for heavy-duty trucks (February 06,
2023)
Reliance Industries Limited (RIL) and Ashok Leyland unveiled India’s first Hydrogen Internal
Combustion Engine (H2-ICE) technology solution for heavy duty trucks. This technology was
flagged off by PM Modi at the India Energy Week in Bengaluru.
The Hydrogen tech solution will emit near zero emissions, deliver performance on par with
conventional diesel trucks and reduce noise and with projected reductions in operating costs
thus redefining the future of green mobility. RIL and Ashok Leyland, along with and other
technical partners were engaged in developing this technology since the last year with first
engines running in early 2022. The company is also simultaneously pursuing the opportunity to
create an end-to-end Hydrogen eco system for mobility.
Reliance Retail to Accept Digital Currency for Payments (February 06, 2023)
In the process of the adoption of the Central Bank of Digital Currency (CDDC), Reliance Retail
started accepting digital rupees or e-rupee for payments at its store. The payment through
digital currency has been started in Reliance Retail’s Freshpik store in Mumbai but will soon
be expanded to other 17,000 stores of India’s largest retailer. The initiative of pioneering digital
currency acceptance at the Reliance stores is in line with the company’s strategic vision of
offering the power of choice to Indian consumers.
Foxconn, Vedanta plan tech tie-up with STM for Semiconductor Manufacturing unit in
India (February 04, 2023)
Foxconn and Vedanta are close to inducting European chipmaker STMicroelectronics as the
technology partner in their proposed semiconductor chip manufacturing unit in India. Foxconn
will be the lead partner in the joint venture (JV) that was announced last February. The
Vedanta-Foxconn consortium is one of the five applicants seeking government incentives under
a $10-billion package announced in December 2021 to promote domestic semiconductor

manufacturing.
Google Invests $300 million in Artificial Intelligence Startup Anthropic (February 03, 2023)
Google has invested around $300 million in Anthropic, an artificial intelligence startup whose
technology is said to rival OpenAI, the company behind ChatGPT. According to the deal,
Anthropic has agreed to purchase some of Google’s services to support its technology. The
terms of the deal, through which Google will take a stake of about 10 per cent, requires
Anthropic to use the money to buy computing resources from the search company’s cloud
computing division.
Bharti Airtel to Invest Rs 2,000 Crore to set up Hyperscale data Centre in Hyderabad
(January 18, 2023)
Bharti Airtel Group announced that it will be investing Rs 2,000 crore for setting up a large
hyperscale data centre in Hyderabad. The announcement was made at the Telangana Lounge
at Davos, Switzerland in the presence of Telangana Minister for IT and Industries K T Rama
Rao. The release added that the Bharti Airtel Group, through its data centre arm, Nxtra Data
Centers, will invest the amount as capital investment for the infrastructure which will further
attract investments from their customers.

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YT Channel- YES Academy for CS | CSEET – CURRENT AFFAIRS | Chapter 1 International & National Affairs

CHAPTER 1 –INTERNATIONAL & NATIONAL AFFAIRS

INTERNATIONAL MONETARY FUND

The IMF Surveillance

The IMF Capacity Development

• Managing Director: Kristalina Georgieva

• Deputy Managing Director: Bo Li

3. Bilateral borrowing agreements- Bilateral Borrowing Agreements serve as a third line of

THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS (ASEAN)

Aim and Purpose

• New and enhanced commitments

About ASEAN Summit

• Called for working together on Mission LiFE.

SOUTH ASIAN ASSOCIATION FOR REGIONAL COOPERATION (SAARC)

The objectives of the Association as outlined in the SAARC Charter are:

- to strengthen cooperation with other developing countries; to strengthen cooperation among

THE GROUP OF TWENTY (G-20)

History if G20 Summit

Here are the key moments from the summit:

Major takeaways from the New Delhi Declaration

THE BAY OF BENGAL INITIATIVE FOR MULTI-SECTORAL TECHNICAL AND ECONOMIC

Sector led by Member States

INTERNATIONAL FINANCE CORPORATION (IFC)

IFC’s Strategic Alignment with the SDGs

IFC contributes to the SDGs through two pathways, namely:

ASIAN DEVELOPMENT BANK (ADB)

As a multilateral development finance institution, ADB provides:

Present Constitution of NITI Aayog

The Governing Council of NITI Aayog:

Relevance of NITI Aayog

NITI Aayog in News:

RESERVE BANK OF INDIA (RBI)

Reserve Ratios as on April 19, 2024

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

COMPETITION COMMISSION OF INDIA (CCI)

The Competition Commission of India

THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI)

THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI)

SUMMITS AND CONFERENCES

G-7 Summit 2023

• Hiroshima Vision Statement on Nuclear Disarmament - Commitment to achieving a world

WORLD INVESTOR WEEK 2023

IOSCO aims through its permanent structures:

SCO Summit 2023

Key Highlights of the 23rd SCO Summit:

BUSINESS PERSONALITIES AND LEADERS

- Mr. Mukesh D. Ambani is the Chairman and Managing Director of Reliance

- Azim Premji is an Indian business entrepreneur who served as chairman of Wipro

Kumar Mangalam Birla

Quad Leaders’ Summit

Initiatives unveiled in Quad summit 2022

CHAPTER 2 – FINANCIAL AFFAIRS

BRIEF ABOUT RESERVE BANK OF INDIA

Regulator And Supervisor Of The Financial System

Manager Of Foreign Exchange

Regulator And Supervisor Of Payment And Settlement Systems

BANKING SECTOR IN NEWS

Financial Literacy Week 2024 (February 26, 2024)

CURRENT DEVELOPMENTS IN FINANCE / STOCK MARKETS

CAPITAL MARKET INDICES