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CURRENT AFFAIRS : BANKING & FINANCE
RBI MPC Meeting Highlights: RBI Governor Sanjay Malhotra Announces 25 bps Repo Rate Cut Amid Trump’s Tariffs, Revises GDP Growth Outlook to 6.5%
- Sanjay Malhotra, the new Reserve Bank of India (RBI) Governor, announced his second monetary policy decision after taking charge, succeeding Shaktikanta Das.
- The Monetary Policy Committee (MPC) unanimously decided to cut the repo rate by 25 basis points (bps) to 6.00%.
Key Highlights :
- GDP Growth Forecast Adjustment: The GDP growth forecast for India was revised downward to5% from the previous projection of 6.7% due to global uncertainties, including the impact of international trade tensions.
- Impact of Global Factors on India’s Growth:US Tariffs: The announcement follows the 26% reciprocal tariffs imposed by US President Donald Trump on Indian imports, which came into effect on April 9, 2025.
- The global trade tensions and higher tariffs are expected to have a negative impact on India’s exports and dampen domestic growth due to uncertainty in global markets.
- Past Rate Reductions and Hikes:In his first monetary policy in February, Governor Malhotra had reduced the repo rate by 25 bps to 6.25%.
- In May 2020, RBI had slashed the repo rate to 4% in response to the COVID-19 pandemic and subsequent economic disruptions.
- Following the Russia-Ukraine war in 2022, RBI started a rate hike cycle, but paused it in May 2023.
- Monetary Policy Challenges and Considerations:The uncertainty created by global trade frictions affects both investment and household spending decisions, thereby dampening growth.
- The higher tariffs on Indian exports could affect the trade balance and hinder growth prospects.
- India’s Engagement with the US:The RBI Governor emphasized that India is actively engaging with the US on foreign trade agreements to address the impact of higher tariffs and trade friction.
Reserve Bank of India Hikes UPI Transaction Limits for Person-to-Merchant Payments
- The Reserve Bank of India (RBI) has approved the increase of transaction limits for person-to-merchant (P2M) payments made through the Unified Payments Interface (UPI).
- Transaction Limits for P2M Payments: Previously, UPI transactions were capped at ₹1 lakh for both person-to-person (P2P) and P2M payments.
- The new update allows NPCI to revise the transaction limits for P2M payments, which could go up to ₹2 lakh or ₹5 lakh in some cases.
- NPCI’s Role: The National Payments Corporation of India (NPCI) has been authorized by RBI to revise and set the new transaction limits for P2M payments in collaboration with banks and payment service providers.
Key Highlights :
- Consultation with Stakeholders: NPCI must consult with all stakeholders in the UPI ecosystem before implementing changes to the transaction limits.
- However, banks will maintain discretion to set internal limits within the upper limits defined by NPCI.
- P2P Transactions Remain Capped: While P2M transactions can benefit from higher limits, the transaction limit for P2P (person-to-person) payments via UPI will remain capped at ₹1 lakh.
- Risk Management: Appropriate safeguards will be introduced to manage risks associated with the increase in payment limits, ensuring that misuse or fraud is minimized.
- Impact on Merchants: The higher limits will benefit merchants, especially in sectors such as healthcare, education, and travel, where high-value digital payments are common.
- Digital India Initiative: The decision is a part of India’s ongoing push towards a cashless economy, supporting the growing retail market and ensuring a smoother digital payments ecosystem.
- Flexibility in Adjustments: The change will allow the payment ecosystem to quickly adjust to new demands without requiring fresh RBI approvals every time transaction limits need to be revised.
Razorpay Unveils Turbo UPI Plugin to Transform Online Payment Experience
- Razorpay, in collaboration with NPCI BHIM Services Limited (NBSL) and Axis Bank, has launched the Turbo UPI plugin on the BHIM Vega platform.
- This initiative aims to improve digital payment experiences for businesses and customers.
Key Features of Turbo UPI Plugin:
- The plugin allows businesses to accept in-app payments without redirecting users to third-party apps.
- It aims to eliminate friction in UPI transactions, resulting in quicker and safer payments.
- The plugin is designed to provide a future-ready UPI payment experience with increased speed and reliability.
- Problem Solved:The plugin addresses the common issue of redirection to external apps during UPI payments, which causes transaction drop-offs.
- It reduces transaction fall-offs by allowing users to make payments directly within the app.
- Technical Advancements:The Turbo UPI plugin leverages BHIM Vega’s infrastructure to provide optimized payment routing.
- If one bank partner fails, the system ensures successful transactions through alternative routes, enhancing reliability.
- Importance for Digital Payments in India:The Turbo UPI plugin is expected to promote increased adoption of UPI as the preferred payment method in India.
- It is positioned to revolutionize digital payments, contributing to India’s push for a cashless economy.
- Partnership with Axis Bank:Axis Bank’s partnership in the project enhances the diversification of banking partners, improving the availability and reliability of the payment process.
NPST Collaborates with Central Bank of India to Boost Offline UPI Payment Solutions
- NPST, a prominent fintech firm, has signed a multi-year contract with the Central Bank of India to enhance offline digital payment solutions across India.
- Qynx Platform Deployment: The collaboration will involve deploying NPST’s Qynx platform, a Payment Platform-as-a-Service (PPaaS), to facilitate the expansion of offline payment acceptance in India.
- Central Bank of India’s Role: With over 4,600 branches, the Central Bank of India will utilize NPST’s technology to bolster its payment infrastructure, especially in semi-urban and rural regions.
- Focus on Offline Digital Payments: The partnership is aimed at improving offline digital payment systems, helping to increase digital transactions in regions with limited internet access.
- Market Share and Selection: NPST won a 40% share of a nationwide initiative to enhance India’s offline payment infrastructure after a thorough evaluation process.
- Qynx Merchant Switch: NPST will integrate QR-based SoundBox devices and utilize the Qynx Merchant Switch for real-time transaction processing, automated reconciliation, and centralized merchant management.
- Merchant Engagement: The platform aims to drive merchant activation, retention, and engagement, with features like mobile onboarding, device management, and merchant support.
- Large-Scale Impact: NPST’s solution is designed to support over 100 customers, processing more than 60 million transactions daily, and contributing to the bank’s objectives of increasing CASA penetration through digitized merchant engagement.
- NPST’s Growth and Capabilities: In FY24, NPST reported ₹130.08 crore in total revenues, reflecting 216% year-on-year growth.
- The company has a strong track record in large-scale deployments and compliance frameworks.
PNB MetLife Joins Hands with Policybazaar to Unveil Pension Premier Multicap Fund
- PNB MetLife India Insurance Company has partnered with Policybazaar to launch the PNB MetLife Pension Premier Multicap Fund under its Unit-Linked Insurance Plans (ULIPs).
- Objective: The fund is designed to help customers build a robust retirement corpus while also offering life insurance coverage to ensure financial protection for families.
- Available Plan: The Pension Premier Multicap Fund is available through the PNB MetLife Smart Invest Pension Plan (UIN 117L137V02), which combines wealth creation and life insurance.
- Subscription Period: The fund is open for subscription from April 1 to April 15, 2025, with an initial Net Asset Value (NAV) of ₹10, after which it will be available at market value.
Key Features of the Fund:
- Diversified Portfolio: Investments are spread across various sectors and market capitalizations to ensure balanced growth.
- Proven Strategy: The fund follows PNB MetLife’s successful multicap investment strategy for consistent wealth generation.
- Market Outperformance: Aims to deliver returns that exceed the S&P BSE 500 Index through disciplined portfolio management.
- Significance: This collaboration addresses the growing demand for structured retirement solutions in India and provides accessible financial solutions for a secure financial future.
- Target Audience: The fund targets individuals looking to secure their retirement through investments combined with life insurance coverage.
Employees’ Provident Fund Organisation Members Can Now Activate Universal Account Number Through UMANG App
- Employees’ Provident Fund Organisation (EPFO) has introduced Aadhaar-based face authentication technology (FAT) for the generation and activation of the Universal Account Number (UAN).
- This technology eliminates the need for manual employer intervention and helps in reducing errors during the UAN generation process.
- Improvement in UAN Activation Process:Previously, UAN generation was done by employers, often resulting in errors or delays in activation.
Key Highlights :
- EPFO allotted over 1.26 crore UANs in FY 2024-25, but only 35% were activated by members due to various issues, including confusion around Aadhaar OTP activation.
- New UAN Activation Process:Employees can now generate and activate their UAN directly via the UMANG App and AadhaarFaceRD App.
- The process includes entering Aadhaar and Aadhaar-linked mobile number, consenting to OTP validation, and capturing a live photo for face authentication.
- Once matched with Aadhaar records, UAN is generated and activated, and the e-UAN card can be downloaded instantly.
- Key Benefits of the New System:100% Identity Validation: The use of Aadhaar-based face matching ensures that the identity of the employee is fully validated.
- Auto-Verification: The mobile number linked with Aadhaar is automatically verified, simplifying the process.
- No Employer Intervention: Employees can now directly generate and activate their UAN, bypassing the need for employer involvement.
- Instant Access to EPFO Services: Once UAN is activated, employees can immediately access EPFO services like passbook viewing, KYC updates, and claim submissions.
- Reduction in Errors and Delays:The new system significantly reduces errors in personal details and eliminates delays in UAN activation, leading to smoother onboarding of employees into EPFO systems.
CURRENT AFFAIRS : NATIONAL NEWS
Cabinet Sanctions ₹1,600 Crore for Upgrading Irrigation Infrastructure under PMKSY
- The Union Cabinet approved the Modernization of Command Area Development and Water Management (M-CADWM) as a sub-scheme of the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) with an outlay of ₹1,600 crore.
- Scheme Duration: The M-CADWM scheme will run from 2025 to 2026.
- Objective: The scheme aims to modernize the irrigation water supply network to ensure efficient delivery of water to farming clusters from existing canals or other sources.
- Technological Advancements: It focuses on improving water efficiency through advanced technologies like SCADA (Supervisory Control and Data Acquisition) and IoT (Internet of Things), which will help with water accounting and management.
- Micro-Irrigation: The introduction of underground pressurized piped irrigation systems (up to 1 hectare per farm) is a key component, which will help enhance micro-irrigation practices.
- Water Use Efficiency (WUE): The project aims to increase water use efficiency at the farm level, thus improving agricultural production and productivity.
- Irrigation Management Transfer (IMT): The scheme will transfer the management of irrigation assets to Water User Societies (WUS), empowering local communities to manage irrigation systems independently.
- Support to Water User Societies: These societies will receive handholding support for 5 years to connect with entities like Farmer Producer Organizations (FPOs) and Primary Agricultural Cooperative Societies (PACS).
- Youth Engagement in Agriculture: The scheme encourages youth to adopt modern irrigation techniques, creating new opportunities for them in the agriculture sector and improving farming practices.
- Sustainability: The M-CADWM scheme also promotes sustainable water management practices for long-term agricultural development.
Ministry of Women and Child Development all set to commence 7th edition of Poshan Pakhwada
- The Ministry of Women and Child Development (MWCD) will organize the 7th edition of Poshan Pakhwada from April 8 to 22, 2025, as part of its nationwide campaign to fight malnutrition and promote healthy lifestyles.
- The 15-day campaign will focus on four key themes:
- First 1,000 days of life – emphasizing nutrition and care from conception to two years of age.
- Promotion of the Poshan Tracker’s beneficiary module – encouraging usage to monitor nutritional status.
- Community-based management of malnutrition – local strategies to detect, treat, and prevent malnutrition.
- Addressing childhood obesity – promoting lifestyle changes, including balanced diets and physical activity.
- The campaign will start with an inaugural address by Union MoS Savitri Thakur, connecting with officials and Anganwadi workers via national webcast.
- Union Minister Annpurna Devi will visit Arunachal Pradesh in early April to review nutrition and child welfare programs, showing focus on regional outreach and support for vulnerable populations.
- Poshan Pakhwada 2025 is aligned with Mission Saksham Anganwadi and Poshan 2.0, which aim to improve service delivery and enhance community participation.
- Activities include village-level health drives, home visits, and awareness camps, promoting behavioral change for better nutrition at individual and community levels.
- Since its inception in 2018, Poshan Pakhwada has been key in spreading awareness about nutrition and healthy eating.
- The campaign continues to be a vital component of India’s efforts to improve child development, maternal health, and overall nutritional outcomes.
Cabinet Approves ₹1,878 Crore Zirakpur Bypass to Decongest Traffic in Punjab-Haryana Corridor
- The Cabinet Committee on Economic Affairs approved the construction of a six-lane access-controlled Zirakpur Bypass with an estimated cost of ₹1,878.31 crore.
- Length and Scope: The bypass will span a total length of 19.2 km, covering the states of Punjab and Haryana.
Key Highlights :
- Funding Mode: The project will be developed under the Hybrid Annuity Mode.
- Route:It will start at the junction with National Highway-7 (Zirakpur-Patiala) and end at the junction with National Highway-5 (Zirakpur-Parwanoo).
- The route will follow the Punjab Government’s Master Plan alignment in Zirakpur and extend up to Panchkula in Haryana.
- Objective: The primary goal is to reduce traffic congestion in Zirakpur, Panchkula, and surrounding areas by diverting through-traffic from important corridors like Patiala, Delhi, and Mohali Aerocity.
- Benefits:Improved connectivity to Himachal Pradesh.
- Reduced travel time on congested urban stretches of NH-7, NH-5, and NH-152.
- Smoother traffic flow in key regions.
- Part of PM Gati Shakti: The project aligns with the PM Gati Shakti National Master Plan, which aims to enhance integrated transport infrastructure across India.
- Future Expansion: The bypass is part of a broader initiative to develop a ring road network to decongest the Chandigarh, Panchkula, and Mohali urban areas.
- Long-Term Impact: The project will significantly ease traffic, support economic growth in the region, and provide a key transportation link in Northern India.
Over 77,000 Panchayats Honoured in Inaugural Panchayat Progress Index; Gujarat, Telangana Top in Rural Development
- The Ministry of Panchayati Raj launched the first-ever Panchayat Advancement Index (PAI) for FY 2022-23 to assess and track the performance of Gram Panchayats (GPs) on various development indicators.
- Coverage and Themes: The PAI measures the performance of over 2.5 lakh Gram Panchayats across nine Sustainable Development Goal (SDG) themes, such as poverty reduction, health, water sufficiency, infrastructure, governance, and women-friendly policies.
Key Highlights :
- PAI Data:2,55,699 GPs were assessed, with 2,16,285 GPs submitting validated data.
- Front Runners: 699 GPs (0.3%).
- Performers: 77,298 GPs (35.8%).
- Aspirants: 1,32,392 GPs (61.2%).
- Beginners: 5,896 GPs (2.7%).
- No Panchayat achieved the highest “Achiever” category.
- Top-performing States:Gujarat and Telangana were the leading states with the most Front Runner GPs (346 and 270, respectively).
- Other top-performing states included Maharashtra, Madhya Pradesh, and Uttar Pradesh.
- Low-performing States:Bihar, Chhattisgarh, and Andhra Pradesh had a higher concentration of Aspirant GPs.
- Index Components:The PAI includes 435 indicators based on the National Indicator Framework (MoSPI).
- It tracks the development of panchayats in areas like health, education, water management, child-friendliness, and gender equality.
- Purpose:PAI aims to measure performance, enable evidence-based planning, and promote localized policy interventions.
- It fosters competition among Panchayats, helping them identify gaps, track progress, and create strategic development plans.
- Data Collection:Data was collected via the PAI Portal (www.pai.gov.in).
- 16 lakh entries were validated by States/UTs, with some States (Meghalaya, Nagaland, Goa, Puducherry, and West Bengal) having data excluded due to pending validation.
- Implications for Governance:The PAI can inform policy decisions at state and national levels and is expected to play a key role in the development of rural India by improving governance and targeting development efforts.
Cabinet nod to doubling Tirupati-Pakala-Katpadi rail line to enhance connectivity and promote sustainable development
- The Union Cabinet approved the doubling of the Tirupati-Pakala-Katpadi railway line, spanning 104 km across Andhra Pradesh and Tamil Nadu, with an investment of approximately ₹1,332 crore.
- Objective: The initiative aims to improve connectivity, enhance mobility, and promote sustainable regional development by increasing the railway line’s capacity and easing congestion.
- Multi-Tracking Initiative: The project is part of the PM-Gati Shakti National Master Plan, which aims to improve multi-modal connectivity across India and boost the movement of people, goods, and services.
- Geographical Coverage: The project will span three districts in Andhra Pradesh and Tamil Nadu and will extend Indian Railways’ network by about 113 kilometers.
- Tourism and Religious Connectivity: The line connects key religious and tourist destinations, including Tirupati (Tirumala Venkateswara Temple), Sri Kalahasti Shiva Temple, Kanipakam Vinayaka Temple, and Chandragiri Fort.
- Impact on Local Communities: The project will improve transportation and trade opportunities for around 400 villages and serve approximately 14 lakh people.
- Freight Traffic Boost: The expansion is expected to facilitate an additional freight traffic of 4 million tonnes per annum (MTPA), supporting the transport of key commodities such as coal, agricultural products, cement, and minerals.
- Environmental Benefits: The project will reduce oil imports by 4 crore litres and cut CO2 emissions by 20 crore kilograms annually, equivalent to planting 1 crore trees, supporting India’s climate goals.
- Employment Generation: The construction phase will create around 35 lakh human-days of work, contributing to employment and economic development in the region.
- Long-Term Impact: The project will enhance India’s railway infrastructure, contribute to sustainable development, and strengthen the regional economy.
Investor Education and Protection Fund Authority -India Post Payments Bank Collaborate to Roll Out Phase 2 of ‘Niveshak Didi’ for Rural Women’s Financial Awareness
- The Investor Education and Protection Fund Authority (IEPFA), in collaboration with India Post Payments Bank (IPPB), launched Phase 2 of the “Niveshak Didi” initiative — a campaign aimed at empowering rural women with financial literacy.
What is “Niveshak Didi”?
- Niveshak Didi is a unique financial literacy programme that trains women postal workers and local community leaders to become financial educators.
- Niveshak Didis are equipped with tools and knowledge to educate their peers on:
- Budgeting and saving
- Responsible investing
- Digital banking tools
- Fraud and scam awareness
- Objective:Empower women to manage their finances effectively and help others in their communities gain financial knowledge.
Key Facts About the Initiative
- Phase 1 Reach:
- Over 55,000 rural beneficiaries reached.
- 60% of participants in Phase 1 were women, primarily from the youth and economically active segments.
- 2 out of 3 participants were from deep rural areas.
- Phase 2 Goals:
- Over 4,000 financial literacy camps.
- 40,000 women postal workers to be trained as Niveshak Didis.
- Focus on grassroots engagement and community trust-building.
About IEPFA:
- IEPFA operates under the Ministry of Corporate Affairs and works to promote investor education and protection.
- Through initiatives like Niveshak Didi, IEPFA aims to build a financially aware India where individuals can make informed and responsible decisions about their money.
About IPPB:
- IPPB has a network of over 1.65 lakh post offices and 3 lakh postal employees, ensuring that financial services reach even the remotest areas of India.
- IPPB’s paperless, cashless, and presence-less model ensures inclusive banking that is secure, simple, and accessible.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Bangladesh Joins Artemis Accords to Collaborate on Lunar Exploration
- Bangladesh has become the latest member of the Artemis Accords, a US-led initiative focused on exploring the Moon and advancing space exploration, including long-term lunar settlements and eventual missions to Mars.
- Signing of the Accords:Ashraf Uddin, Bangladesh’s Secretary of Defense, signed the Artemis Accords in Dhaka on behalf of the country.
- Artemis Accords Overview:The Artemis Accords, established in 2020 by NASA, the US Department of State, and seven other countries, are a set of guidelines designed to ensure peaceful and sustainable exploration of the Moon.
- The accords aim to enhance the safety of space operations and minimize risks and uncertainties in civil space exploration.
- Global Participation:More than 50 countries have signed the Artemis Accords, which emphasize international cooperation in space exploration.
- India’s Involvement:India signed the Artemis Accords in 2023 to foster cooperation between the US and India, focusing on lunar exploration and space research beyond Earth.
- Program Goals:The Artemis program aims to establish a permanent presence on the Moon, starting with lunar orbit and surface missions, and eventually moving toward Mars exploration.
- Benefits of the Accords:As part of the Artemis Accords, the US will share data, technology, and resources with member countries, promoting safety, sustainability, and collaboration in lunar exploration.
- Implication for Bangladesh:Bangladesh’s participation marks a significant step in its growing engagement with international space exploration efforts and offers the country the opportunity to collaborate in lunar research and space technology development.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Mohan Rajan elected as Vice-President of All India Ophthalmological Society
- Mohan Rajan, Chairman and Medical Director of Rajan Eye Care Hospital, was elected as Vice-President of the All India Ophthalmological Society (AIOS).
- Organization Details:AIOS is a national body comprising over 29,000 ophthalmologists.
- Election Announcement:His election was announced on April 5, 2025, during the general body meeting held at the Asia Pacific Academy Congress in New Delhi.
- Significance for Tamil Nadu:Dr. Rajan is the fifth person from Tamil Nadu to be elected to this position in the 84-year history of AIOS.
- Future Role:Dr. Mohan Rajan will assume the presidency of AIOS in 2027.
Ex-Seychelles President Danny Faure Appointed to Head Commonwealth Observer Group for Gabon Polls
- The Commonwealth Observer Group (COG) has been appointed to monitor Gabon’s presidential election, scheduled for 12 April 2025.
- The COG’s primary responsibility is to assess whether the election process is conducted in a fair, transparent, and accountable manner.
- Leadership of the Commonwealth Observer Group: The Chairperson of COG is His Excellency Danny Faure, the former President of the Republic of Seychelles.
- He will lead a team of seven experts from various fields, including electoral management, law, politics, human rights, and media.
- His extensive background in governance makes him an ideal candidate to oversee the mission.
- Team Composition: The Commonwealth Observer Group (COG) will be made up of seven prominent individuals with expertise in diverse areas.
- The team members are:
- Lisa LaFlamme (Canada) – Media Expert
- Francine Baron (Dominica) – Former Foreign Minister
- Joshua Opey (Ghana) – Chairperson, Commonwealth Youth Council
- Evans Odhiambo Ogada (Kenya) – Advocate & Law Lecturer
- Gaudence Mushimiyimana (Rwanda) – Disability Rights Activist
- Mosotho Simon Moepya (South Africa) – Chairperson, Electoral Commission of South Africa
- Amantha Perera (Sri Lanka) – Director, Dart Centre for Journalism and Trauma, Asia Pacific.
- Objective of the Mission: The COG’s goal is to assess the election process and ensure that the election in Gabon aligns with domestic laws, regional treaties, and international standards, including those set by the Commonwealth.
- The observers will scrutinize all aspects of the election process, focusing on transparency, fairness, and adherence to electoral standards.
- Impartiality & Independence: The observers are bound by the International Declaration of Principles for Election Observation, a framework to which the Commonwealth is a signatory.
- The COG members will carry out their responsibilities with impartiality and independence, ensuring their assessment is objective and unbiased.
- Support from the Commonwealth Secretariat: The Commonwealth Secretariat will provide support to the Observer Group, with a team led by Linford Andrews, Adviser and Head of the Electoral Support Section.
- The Secretariat’s role is to assist the observers in their mission and ensure that the electoral process is effectively monitored.
- Arrival and Departure Dates: The Commonwealth Observer Group will arrive in Gabon on 4th April 2025 and depart on 18th April 2025, during which they will closely observe the election preparations and the electoral process itself.
CURRENT AFFAIRS : AWARDS & HONORS
President Droupadi Murmu Honoured with Lisbon’s Prestigious ‘Key to the City’
- On April 7, 2025, Indian President Smt. Droupadi Murmu received the ‘City Key of Honour’ of Lisbon from the Mayor of Lisbon at a ceremony held at the City Hall in Lisbon, Portugal.
- Significance of the Award: The President expressed gratitude towards the Mayor and people of Lisbon for the honor.
- She highlighted Lisbon’s open-mindedness, warmth, cultural richness, and its leadership in innovation, digital public infrastructure, and technological advancements.
- Bilateral Cooperation with Portugal: President Murmu emphasized the potential for further India-Portugal cooperation in technological and digital domains, marking the strong relationship between the two countries.
- Cultural Ties: In her remarks during a banquet hosted by the President of Portugal, H.E. Mr. Marcelo Rebelo de Sousa, the President spoke about the long-standing cultural ties between India and Portugal.
- These ties are reflected in shared history, architecture, languages, and cuisines.
- 50th Anniversary of India-Portugal Relations: The year marks the 50th anniversary of diplomatic relations between India and Portugal. President Murmu expressed optimism about the growing and dynamic partnership, particularly in fields like science and technology, defense, IT, start-ups, and cultural cooperation.
- India’s Knowledge Economy: President Murmu spoke about India’s strengths in science, technology, and digital infrastructure.
- She highlighted India’s inclusive and sustainable development model and emphasized Portugal as a key partner in these efforts.
- Portugal’s Role in India-EU Relations: The President acknowledged Portugal’s important role in fostering India’s relationship with the European Union, particularly during Portugal’s presidency of the EU when the India-EU Summit was first held in 2000 and the India-EU Plus 27 Leadership Summit in 2021.
CURRENT AFFAIRS : DEFENCE NEWS
India Approves ₹63,000 Crore Deal to Acquire 26 Rafale Marine Jets from France
- India has approved a ₹63,000 crore deal to acquire 26 Rafale Marine fighter jets from France, making it one of the biggest defence deals for fighter jets.
- The agreement was cleared by the Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi.
- Aircraft Details: The Indian Navy will receive 22 single-seater and 4 twin-seater Rafale-M jets.
- These will be deployed on INS Vikrant, India’s first indigenously built aircraft carrier.
Key Highlights :
- Delivery Timeline: All 26 Rafale-M jets are scheduled to be delivered within 37 to 65 months from the date of signing.
- Full induction is expected by 2030–31.
- Official Signing & French Defence Minister’s Visit: The deal is expected to be signed officially later in April 2025, during the visit of French Defence Minister Sébastien Lecornu.
- Additional Package Features: The package includes fleet maintenance support, logistics, training, and a major emphasis on indigenous manufacturing through offset obligations.
- Upgrade to Existing IAF Rafales: The deal also covers equipment upgrades, spares, and maintenance for the 36 Rafale aircraft already in service with the Indian Air Force (IAF), which are deployed at Ambala and Hashimara airbases.
- Aerial Refuelling Capability: The deal includes the “buddy-buddy” aerial refuelling system, enabling 10 Rafale jets to refuel others in mid-air, significantly enhancing IAF’s operational capabilities.
- Carrier Modifications: The Indian Navy will need to install specialised equipment on aircraft carriers to support the operation of 4.5-generation Rafale-M jets.
- Indigenous Fifth-Generation Fighters: The Navy is also planning to induct indigenously developed fifth-generation fighter jets, being developed by DRDO.
- Scorpene Submarine Project: The Defence Ministry approved a proposal to procure three additional Scorpene submarines nearly two years ago to enhance naval strength.
- However, this project is still awaiting CCS clearance. Under Project 75, six Scorpene submarines have already been built in collaboration with Naval Group of France and Mazagon Dock Limited (MDL).
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
TechVantage.ai Leads the Way in Agentic AI with Landmark National Hackathon
- ai, a leading enterprise AI company, organized India’s first large-scale Agentic AI Hackathon as part of Agentic AI Week, in collaboration with CrewAI.
- The event drew participation from over 1,500 applicants nationwide, showcasing India’s rising interest in autonomous AI systems for solving real-world business problems.
- Outreach programs were held in 10+ satellite cities, including campus activations, expert talks, and placement sessions, culminating in the Grand Finale at Travancore Hall, Technopark, Kerala.
- The hackathon focused on BFSI sector challenges, including fraud detection, regulatory compliance, and credit scoring, using CrewAI to build autonomous agents.
Winners:
- 1st Place: Venkata Saketh Dakuri – for AI in Regulatory Compliance & Anti-Money Laundering.
- 2nd Place: Shreyas Satre – same use case.
- 3rd Place: Bismi Beegum – for AI-Driven Risk Assessment & Credit Scoring.
- ai CEO Deviprasad Thrivikraman highlighted Agentic AI as the next frontier in enterprise automation, especially in BFSI.
- The hackathon facilitated hands-on learning, interaction with industry leaders, and exposure to advanced AI frameworks, strengthening India’s global AI presence.
- ai is known for its award-winning Agentic AI frameworks, driving intelligent automation in the Banking, Financial Services, and Insurance (BFSI) sectors.
- The event signals India’s growing role in global AI innovation, especially in Agentic AI—a step toward the future of intelligent systems and work.
CURRENT AFFAIRS : MOU & AGREEMENTS
Odisha Inks ₹1.03 Lakh Crore Investment Deals at Investors’ Meet, Targets Creation of 96,000 Jobs
- The Odisha government signed 13 memorandums of understanding (MoUs) with the Union Ministry of Petroleum and Natural Gas at the Odisha Investors’ Meet in New Delhi.
- Investment Details: The total investment under these MoUs amounts to ₹8.96 lakh crore, which is expected to create approximately 96,000 jobs in the state.
- Indian Oil Corporation Project: One of the prominent proposals includes the establishment of a dual-feed naphtha cracker project by Indian Oil Corporation (IOC) with an investment of ₹58,042 crore.
- This project is expected to generate around 24,000 jobs.
- Odisha’s Development Plan: Odisha’s Chief Minister Mohan Charan Majhi emphasized that these investments will help transform the state into an industrial powerhouse and contribute to its goal of becoming a developed state by 2036.
- India’s Refining Capacity: Union Minister Hardeep Singh Puri highlighted India’s aim to become a global refining hub, with an expected increase in refining capacity to 310 million metric tonnes per annum, possibly reaching over 400 million metric tonnes per annum.
- Key Attendees: The meet was attended by Union Tribal Affairs Minister Jual Oram, Union Minister for Education Dharmendra Pradhan, and other key officials.
CURRENT AFFAIRS : IMPORTANT DAYS
World Homeopathy Day celebrated on April 10
- World Homeopathy Day is celebrated annually on April 10 to honor Dr. Christian Friedrich Samuel Hahnemann, the founder of homeopathy, on his birth anniversary (born April 10, 1755).
- Hahnemann, born in Paris, was a German physician, scientist, scholar, and linguist.
- He is credited with discovering the principles of homeopathy.
- He passed away on July 2, 1843.
- Homeopathy is an alternative medical system that aims to trigger the body’s natural healing response by administering small doses of natural substances that induce symptoms similar to the illness.
- The primary belief in homeopathy is that similar symptoms can be cured by introducing small doses of natural ingredients that mimic the illness.
- World Homeopathy Day is observed to raise awareness about homeopathy and to address its challenges and future development strategies.
- The day aims to improve the success rate of homeopathy and encourage its recognition as a form of medical treatment.
- Homeopathy in India is widely practiced and forms a part of the AYUSH ministry alongside Ayurveda. India is one of the largest manufacturers and traders of homeopathic medicines globally.
Daily CA on April 10 :
- Sanjay Malhotra, the new Reserve Bank of India (RBI) Governor, announced his second monetary policy decision after taking charge, succeeding Shaktikanta Das.
- The Reserve Bank of India (RBI) has approved the increase of transaction limits for person-to-merchant (P2M) payments made through the Unified Payments Interface (UPI).
- Razorpay, in collaboration with NPCI BHIM Services Limited (NBSL) and Axis Bank, has launched the Turbo UPI plugin on the BHIM Vega platform.
- NPST, a prominent fintech firm, has signed a multi-year contract with the Central Bank of India to enhance offline digital payment solutions across India.
- PNB MetLife India Insurance Company has partnered with Policybazaar to launch the PNB MetLife Pension Premier Multicap Fund under its Unit-Linked Insurance Plans (ULIPs).
- Employees’ Provident Fund Organisation (EPFO) has introduced Aadhaar-based face authentication technology (FAT) for the generation and activation of the Universal Account Number (UAN).
- The Union Cabinet approved the Modernization of Command Area Development and Water Management (M-CADWM) as a sub-scheme of the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) with an outlay of ₹1,600 crore.
- The Ministry of Women and Child Development (MWCD) will organize the 7th edition of Poshan Pakhwada from April 8 to 22, 2025, as part of its nationwide campaign to fight malnutrition and promote healthy lifestyles.
- The Cabinet Committee on Economic Affairs approved the construction of a six-lane access-controlled Zirakpur Bypass with an estimated cost of ₹1,878.31 crore.
- The Ministry of Panchayati Raj launched the first-ever Panchayat Advancement Index (PAI) for FY 2022-23 to assess and track the performance of Gram Panchayats (GPs) on various development indicators.
- The Union Cabinet approved the doubling of the Tirupati-Pakala-Katpadi railway line, spanning 104 km across Andhra Pradesh and Tamil Nadu, with an investment of approximately ₹1,332 crore.
- The Investor Education and Protection Fund Authority (IEPFA), in collaboration with India Post Payments Bank (IPPB), launched Phase 2 of the “Niveshak Didi” initiative — a campaign aimed at empowering rural women with financial literacy.
- Bangladesh has become the latest member of the Artemis Accords, a US-led initiative focused on exploring the Moon and advancing space exploration, including long-term lunar settlements and eventual missions to Mars.
- Dr.Mohan Rajan, Chairman and Medical Director of Rajan Eye Care Hospital, was elected as Vice-President of the All India Ophthalmological Society (AIOS).
- The Commonwealth Observer Group (COG) has been appointed to monitor Gabon’s presidential election, scheduled for 12 April 2025.
- On April 7, 2025, Indian President Smt. Droupadi Murmu received the ‘City Key of Honour’ of Lisbon from the Mayor of Lisbon at a ceremony held at the City Hall in Lisbon, Portugal.
- India has approved a ₹63,000 crore deal to acquire 26 Rafale Marine fighter jets from France, making it one of the biggest defence deals for fighter jets.
- techvantage.ai, a leading enterprise AI company, organized India’s first large-scale Agentic AI Hackathon as part of Agentic AI Week, in collaboration with CrewAI.
- The Odisha government signed 13 memorandums of understanding (MoUs) with the Union Ministry of Petroleum and Natural Gas at the Odisha Investors’ Meet in New Delhi.
- World Homeopathy Day is celebrated annually on April 10 to honor Dr. Christian Friedrich Samuel Hahnemann, the founder of homeopathy, on his birth anniversary (born April 10, 1755).
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