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CURRENT AFFAIRS : BANKING & FINANCE
India needs average annual 7.6% GDP growth to make it as a developed nation by 2047 – RBI
- According to an article in the Reserve Bank of India’s (RBI’s) latest monthly bulletin, India’s real Gross Domestic Product (GDP) needs to grow at 7.6% per annum over the next 25 years for it to become a developed country by 2047-48.
- India’s per capita income is currently estimated at $2,500, while it must be more than $21,664 by 2047, as per World Bank standards, to be classified as a high-income country.
- It must be noted that as per World Bank classification, a country with a per capita income of US$ 13,205 or more in 2022-23 is classified as a high-income country.
- To achieve this target, the required real GDP compounded annual growth rate (CAGR) for India works out to be 7.6% during 2023-24 to 2047-48.
- The report stated that to become a high-income country by 2047-48, India’s per capita GDP in nominal terms would have to record a CAGR of 10.6% (9.1%).
- It may, however, be mentioned that the best India achieved over a period of consecutive 25 years in the past is a CAGR of 8.1% during 1993-94 to 2017-18.
- Accordingly, agriculture would have to grow at a CAGR of 4.9% and the services sector by 13% in the coming 25 years to have a sectoral share of 5% and 60 %, respectively, by 2047-48.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
DICGC asks insured banks to display its logo & QR code on the website
- The Deposit Insurance and Credit Guarantee Corporation (DICGC) has asked all insured banks to display the DICGC Logo and QR code (quick-response code) linked to its website on the banks’ internet banking portals and websites.
- These decisions have been taken to enhance awareness about Deposit Insurance.
- This will allow customers to conveniently identify banks covered by the Deposit Insurance Scheme of DICGC.
- All banks are required to comply with the circular effective from September 1, 2023.
- All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.
About DICGC :
- Established : July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dr. M.D. Patra
- DICGC is a fully owned subsidiary of RBI.
- It insures deposits in public and private sector banks, local area banks, small finance banks, regional rural banks, cooperative banks, Indian branches of foreign banks and payments banks.
- It is a specialised division of RBI which is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
IRDAI appointed Tata AIG General Insurance as a lead non-life insurer for Maharashtra
- The Insurance Regulatory and Development Authority of India (IRDAI) has selected Tata AIG General Insurance Company Limited as the non-life insurer for the State of Maharashtra to initiate and drive activities in collaboration with all other non-life and health insurance companies to increase insurance penetration in the State in line with its vision “Insurance for all by the year 2047”.
Key Highlights :
- Tata AIG General Insurance Company Limited will collaborate with all non-life and health insurance companies working in the state of Maharashtra, the IRDAI, and the State Government to create awareness of existing government schemes, enhancing insurance reach and accessibility across the state at the Gram Panchayat, district and state levels.
- The IRDAI has also identified key segments such as Motor Insurance, Health Insurance, and Crop Insurance, support of Micro Small & Medium Enterprises (MSMEs), and employment-related.
- Tata AIG will also assist in promoting the adoption of flagship government schemes such as Pradhan Mantri Jan Arogya Yojana (PMJAY).
Recent News :
- In June 2023, The Insurance Regulatory and Development Authority of India (IRDAI) introduced modifications to the existing ‘use and file’ procedure for life insurance products.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
About Tata AIG General Insurance Company Limited :
- Founded : 2001
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Neelesh Garg
- Tata AIG General Insurance Company Limited is an Indian general insurance company and a joint venture (JV) between the Tata Group and American International Group (AIG).
- Tata Group holds a 74% stake in the insurance venture with AIG holding the balance of 26%.
Incremental credit-deposit ratio of banks slides to 63.7% in Q1 for FY24
- The incremental credit-deposit (C/D) ratio of all scheduled banks decreased to 63.7% in Q1 of FY24.
- The incremental credit-deposit (C/D) ratio zzzwas 100.32% in the year-ago quarter.
Key Highlights :
- As per the RBI’s latest “Scheduled Banks’ Statement of Position in India”, banks’ credit in Q1 of FY24 grew by ₹7,16,738 crore and their deposits grew by ₹11,25,043 crore.
- The credit to deposit (C/D) ratio reflects how much of each rupee of deposit raised by a bank is allocated to the credit markets.
- A CD ratio of 63.7% means that for every 100 fresh deposits raised by banks, they have extended 63.70 in new credit and the remaining 36.30 have gone into investments.
What is the Incremental CD ratio (ICDR)?
- Incremental CD ratio (ICDR) is the ratio of change in credit year–on–year to the change in deposit year–on–year.
- If the incremental CD ratio increases beyond 100% then the credit growth is outstripping growth in deposit.
Bank of India inaugurated IFSC Banking Unit at GIFT Cityz
- The Bank of India (BoI) inaugurated its IFSC Banking Unit (IBU) in the International Financial Services Centre at GIFT SEZ area in Gandhinagar, Gujarat.
- BOI has targeted to achieve $1 billion in business by March 2024 and $4 billion in the subsequent three years.
Key Highlights :
- The IBU will provide services, such as External Commercial Borrowing (ECBs), Trade Finance Facilities, Foreign Currency Loans, Syndication Loans (Origination, Underwriting and Distribution), Foreign Currency deposit account -Current and Term Deposits, besides offering digital banking facilities through transaction-based Internet Banking facility, to various clients allowed as per IFSCA guidelines.
- BOI’s overseas branches contribute to nearly 15% of global deposits and 16% of global advances.
- Bank of India has a presence in 15 foreign countries through 21 overseas branches, 4 overseas subsidiaries, one joint venture, and one representative office.
- In addition, BoI also inaugurated the NRI Help Center (NRI HC) located in the premises of the Centralised Foreign Exchange Back Office (FEBO) in the domestic sector of GIFT City.
Recent News :
- In July, 2023, The Bank of India (BoI), one of the largest public sector banks (PSBs) in the country, became the first bank to officially roll out the Mahila Samman Savings Certificate (MSSC) scheme.
About BoI :
- Founded : 7 September 1906
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Rajneesh Karnatak
- Tagline : Relationship beyond banking
CURRENT AFFAIRS : NATIONAL NEWS
Union Government launched sale of subsidised chana dal under brand name ‘Bharat Dal’
- The Union Minister of Consumer Affairs, Food & Public Distribution, Textiles and Commerce and Industry, Shri Piyush Goyal launched the sale of subsidised chana dal under the brand name ‘Bharat Dal’ at the rate of Rs 60 per kg for one kg pack and Rs 55 per kg for 30 kg pack.
Aim:
- To make pulses available to consumers at affordable prices
- The retail outlets of the National Agricultural Cooperative Marketing Federation, (NAFED) in Delhi-NCR are selling the chana dal.
- The milling and packaging of the Chana Dal has been undertaken by NAFED for distribution through its retail outlets in Delhi-NCR and also through the outlets of Kendriya Bhandar and Safal.
About Chana :
- Chana is the most abundantly produced pulse in India and consumed in several forms all over India.
- Chana has multiple nutritional health benefits as it is rich in fibre, iron, potassium, vitamin B, selenium beta carotene and choline which are required by the human body for controlling anaemia, blood sugar, bone health etc. and even for mental health.
About Ministry of Consumer Affairs, Food and Public Distribution :
- Cabinet Minister : Piyush Goyal
- Minister of State : Sadhvi Niranjan Jyoti, Ashwini Kumar Choubey
Union Government forms a new panel to review All Surveys Conducted Under NSO
- The Union government has established a new oversight mechanism to review data from the National Statistical Office (NSO).
- The Standing Committee on Economic Statistics (SCES) set up in 2019 will be replaced by a Standing Committee on Statistics (SCoS).
- Pronab Sen, India’s first chief statistician, has been named as the chairman of the new committee.
Key Highlights :
- SCES was responsible for reviewing economic indicators related to the industrial sector, the services sector, and the labour force statistics.
- The SCoS will have a broader mandate to review the framework and results of all surveys being conducted under the NSO.
- SCoS jurisdiction will be beyond economic data and advise the Ministry on technical aspects for all surveys.
- This new panel will have 10 members and 4 non-official members who are eminent academics.
- The Ministry of Statistics and Programme Implementation (MOSPI) issued notification regarding this on 13 July 2023.
- SCoS work includes the identification of data gaps that need to be filled by official statistics.
- It has also been given authority to explore the use of administrative statistics to improve data outcomes.
- The MoSPI came into existence as an Independent Ministry in 1999 after the merger of the Department of Statistics and the Department of Programme Implementation.
- The Ministry has two wings, one relating to Statistics and the other Programme Implementation.
- The Statistics Wing called the NSO consists of the Central Statistical Office (CSO), the Computer centre and the National Sample Survey Office (NSSO).
- Besides these two wings, there is National Statistical Commission (NSC was created through a resolution) and one autonomous Institute – Indian Statistical Institute – an institute of National importance.
CURRENT AFFAIRS : INTERNATIONAL NEWS
First ever BIMSTEC Foreign Ministers meeting started in Bangkok, Thailand
- The first-ever Foreign Ministers’ meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) started in Bangkok, Thailand.
- India’s External Affairs Minister Mr S Jaishankar attended the meeting.
- Also, Mr. Jaishankar Co-chaired the 12th Mekong Ganga Cooperation (MGC) meeting in Bangkok along with Foreign Minister of Lao PDR Saleumxay Kommasith.
- Many issues will be discussed during this meeting including the India-Myanmar-Thailand trilateral highway.
About BIMSTEC :
- It was established in 1997 with the signing of the Bangkok Declaration
- Members : Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand
- Permanent Secretariat – Dhaka, Bangladesh
- The BIMSTEC is a regional multilateral organisation.
- It was initially formed with 4 member states- Bangladesh, India, Sri Lanka and Thailand in June, 1997.
- Myanmar joined in December 1997 during a special Ministerial Meeting in Bangkok
- Nepal became an observer state in 1998 and became a full-time member of the bloc along with Bhutan in February 2004.
- Around 22% of the world’s population lives in member countries of BIMSTEC. It has a combined GDP of around $2.7 trillion.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Finance Ministry appoints SEBI Executive Director Pramod Rao as Member in the Board of International Financial Services Centre Authority
- The Ministry of Finance (MoF) has appointed Pramod Rao, Executive Director of Securities and Exchange Board of India (SEBI), as a Member in the Board of International Financial Services Centre Authority (IFSCA).
- He replaced Sujit Prasad, Executive Director SEBI, who was appointed as a Member (representing SEBI) in IFSCA in July 2020.
About Pramod Rao :
- At SEBI, Rao, an alumnus of the National Law School of India University, held the position of Group General Counsel at ICICI Bank.
- He had served as a Member of the Board of Directors of ICICI Securities Ltd, ICICI Prudential Trust Ltd and ICICI Trusteeship Services Ltd.
- Rao took charge as SEBI Executive Director on July 15, 202.
Recent News :
- In July, 2023 The government appointed Telecom Secretary K Rajaraman as the chairperson of International Financial Services Centres Authority (IFSCA).
About IFSCA :
- Established : April 27, 2020 (under the International Financial Services Centres Authority Act, 2019)
- Headquarters : GIFT City, Gandhinagar in Gujarat
- The IFSCA is the regulatory body for the Indian special economic zones such as the GIFT International Financial Services Centre for International Financial Services and commodity markets under the ownership of the Government of India (GoI).
Objective :
- To establish a solid global connection and focus on the needs of the Indian economy, while also serving as an international financial platform for the entire region and the global economy.
- Currently, GIFT City in Gujarat is India’s first and only operational IFSC.
- Prior to the establishment of IFSCA, domestic financial regulators such as the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority of India (IRDAI) regulated business operations in the IFSC.
CURRENT AFFAIRS : DEFENCE NEWS
India-Mongolia joint military exercise “Nomadic Elephant – 2023” commenced at Ulaanbaatar, Mongolia
- An Indian Army contingent comprising 43 personnel left for Mongolia to take part in a joint military exercise ‘Nomadic Elephant 2023’ between India and Mongolia.
- Nomadic Elephant 2023 is the 15th edition.
- Nomadic Elephant 2023’ is scheduled from 17 July 2023 till 31st July 2023.
Participants :
- Indian Army soldiers from the Jammu and Kashmir Light Infantry Regiment and Soldiers of the Mongolian Armed Forces Unit 084 are participating in the exercise.
Theme of the exercise :
- To focus on counter-terrorism operations in mountainous terrain under a United Nations mandate.
Objective :
- To strengthen positive military relations, share best practices, enhance interoperability, and foster camaraderie, bonhomie, and friendship between the two armies.
- During the exercise, Indian and Mongolian troops will engage in various training activities designed to enhance their skills and capabilities.
- These activities include endurance training, reflex firing, room intervention, small team tactics and rock craft training. Soldiers from both sides will learn from each other’s operational experience.
History :
- The 14th edition of the Indo-Mongolian Joint Military Exercise (IJME-2019) was held in Bakloh, Himachal Pradesh from 5th to 18 October 2019.
- The first edition of the IJME-2004 was held at the Mongolian Armed Forces’ Peace Support Training Centre (PSTC) in Terelj.
About Nomadic Elephant Exercise :
- The exercise ‘Nomadic Elephant’ is an annual training exercise between India and Mongolia.
- It is conducted alternatively in the two countries.
About Mongolia :
- President : Ukhnaagiin Khürelsükh
- Prime Minister : Luvsannamsrain Oyun-Erdene
- Capital : Ulaanbaatar
- Currency : Tögrög
About Ministry of Defence:
- Defence Minister: Rajnath Singh
- Minister of State: Ajay Bhatt
- Defence Secretary: Giridhar Aramane
Indian Army Signs a Contract for Procurement of Tactical Access Switch with Tata Advanced Systems Limited
- The Indian Army signed the contract for procurement of Tactical Access Switch with Tata Advanced Systems Limited, continuing with the commitment towards the ‘Make in India’ initiative.
- The compact, modular and ruggedized networking device would provide faster switching capability and thus strengthen the tactical communication capability of the Indian Army.
Key Highlights :
- The Indian Army in the recent past has inducted the made-in-India Dhanush howitzer which has been developed based on the Transfer of Technology for the Bofors howitzers and has been made more advanced.
- The Dhanush howitzer can strike targets at up to 48 Kms, and was inducted in the Eastern Ladakh sector in 2022.
- The surveillance equipment in the Army inventory has also been strengthened as the new Tata Rajak system has been inducted into the force which can observe or detect humans from more than 15 kms, and vehicles from more than 25 Kms.
Recent News :
- In June 2023, Continuing with the commitment towards the ‘Make in India’ initiative the Indian Army has signed the second procurement contract through Innovations for Defence Excellence (iDEX) .
About Indian Army :
- Chief of Defence Staff : General Anil Chauhan
- Chief of the Army Staff : General Manoj Pande
About Tata Advanced Systems Limited :
- Founded : 2007
- Headquarters : Hyderabad, Telangana, India
- Chairman : Vijay Singh
- MD & CEO : Sukaran Singh
- TASL is an Indian aerospace manufacturing, military engineering and defense technology company.
- It is a fully owned subsidiary of Tata Sons, a holding company for the Tata Group.
CURRENT AFFAIRS : BUSINESS NEWS
India is set to launch project on tax & financial crime investigation from July 18 – Nirmala Sitharaman
- The Union Finance Minister Smt Nirmala Sitharaman announced that India and the Organisation for Economic Cooperation and Development (OECD) are launching a pilot programme on tax and financial crime investigation for South Asia from July 18, 2023.
- It will be launched to take the lead to build capacity in tax and financial crime investigation in the South Asia region.
- The pilot program will be launched in collaboration with OECD for the South Asian Region at the Regional Campus of the National Academy of Direct Taxes in New Delhi.
- Financial crimes such as tax evasion, corruption, and money laundering are intrinsically related to each other.
- The Finance Minister stated that the G20 has helped push several reforms in the global tax, anti-corruption, and anti-money laundering architecture.
About OECD :
- Founded : 1961
- Headquarters : Paris, France.
- Membership : 38 Countries
- OECD is an intergovernmental organisation founded to stimulate economic progress and world trade.
CURRENT AFFAIRS : RANKING & INDEX
NITI Aayog released the 3rd edition of the ‘Export Preparedness Index (EPI) 2022’ for States/UTs
- Tamil Nadu (TN) topped the 3rd edition of the NITI Aayog’s Export Preparedness Index 2022 with an overall score of 89, piping Maharashtra (78.20) and Karnataka (76.36).
- The report was released by Vice Chairman, NITI Aayog, Suman Bery.
EPI 2022 Overall Rankings :
| Rank | State | Category | Score |
| 1 | Tamil Nadu | Coastal | 80.89 |
| 2 | Maharashtra | Coastal | 78.20 |
| 3 | Karnataka | Coastal | 76.36 |
| 4 | Gujarat | Coastal | 73.22 |
| 5 | Haryana | Landlocked | 63.65 |
| 6 | Telangana | Landlocked | 61.36 |
| 7 | Uttar Pradesh | Landlocked | 61.23 |
| 8 | Andhra Pradesh | Coastal | 59.27 |
| 9 | Uttarakhand | Himalayan | 59.13 |
| 10 | Punjab | Landlocked | 58.95 |
Key Highlights :
- Niti Aayog’s Export Preparedness Index 2022 which assesses the readiness of the states in terms of their export potential and performance.
- Gujarat with a score of 73.22 was fourth, followed by Andhra Pradesh, Odisha, West Bengal and Kerala in that order in the ranking of coastal states.
- Among hilly/Himalayan states, Uttarakhand (59.13) has ranked at the top position.
- It is followed by Himachal Pradesh, Manipur, Tripura, Sikkim, Nagaland, Meghalaya, Arunachal Pradesh and Mizoram in that order.
- Among the landlocked regions, Haryana topped the ranking with a score of 63.65 followed by Telangana, Uttar Pradesh, Punjab, Madhya Pradesh and Rajasthan.
- In the category of union territories/small states, Goa (51.58) was ranked first. Jammu and Kashmir, Delhi, Andaman and Nicobar and Ladakh were ranked second, third, fourth and fifth, respectively.
- Among export districts, Jamnagar in Gujarat topped the chart. It was followed by Surat, Mumbai Suburban, Mumbai, Pune, Bharuch, Kanchipuram, Ahmedabad, Gautam Budha Nagar and Bengaluru Urban.
- While Jamnagar is the hub of petroleum, Surat is the main centre for gems and jewellery.
- To promote exports, 674 districts have formed a District Export Promotion Committee, while 557 have formulated a District Export Action Plan.
- “Gujarat has the highest number of districts, 8, in the top 25 export districts in the country.
About Export Preparedness Index 2022 :
- The EPI 2022 report seeks to empower State governments with region-specific insights to assist decision-making, identify strengths, address weaknesses, and foster comprehensive growth across States and UTs of India.
- The ranking is based on 4 main pillars:
- Policy Pillar evaluates states and UTs’ performance based on its adoption of the export-related policy ecosystem at a state and district level as well as the institutional framework surrounding the ecosystem.
- Business Ecosystem assesses the prevailing business environment in a state/UT, along with the extent of business-supportive infrastructure, and a state/UTs’ transport connectivity.
- Export Ecosystem focuses on the export-related infrastructure in a state along with the trade support provided to the exporters, and the prevalence of Research and Development in the state to foster innovation.
- Export Performance is an output-based indicator which gauges the growth of a state’s export over the previous year and analyses its export concentration and footprint on the global markets.
Aim of the Index :
- To promote competition among all states (coastal, landlocked, Himalayan and UTs) to bring about favourable policies, ease the regulatory framework, create necessary infrastructure and assist in identifying strategic recommendations for improving export competitiveness.
- These pillars are further based on 10 sub-pillars
- Export Promotion Policy
- Institutional Framework
- Business Environment
- Infrastructure
- Transport Connectivity
- Export Infrastructure
- Trade Support
- R&D Infrastructure
- Export Diversification
- Growth Orientation.
About NITI AAYOG :
- Formed: 1 January 2015
- Headquarters: New Delhi
- Chairperson: Narendra Modi
- CEO : B. V. R. Subrahmanyam
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
IIT-Kharagpur to develop tamper-proof signalling system for safety in train
- The Indian Institute of Technology (IIT), Kharagpur, is developing a tamper-proof signalling system based on blockchain technology for the Indian Railways.
- The system is going to be embedded with enhanced safety measures; the new system would complement the existing Data Logger which is considered the ‘Black Box’ of rolling stock.
Key Highlights :
- The system would complement the Data Logger which was limited by its centralised storage facility, lack of tamper-evident data, and limited access control.
- The new blockchain system would address these limitations by storing data in a distributed ledger, using cryptography to ensure data integrity, and making data accessible to all stakeholders.
- This would make the new system more secure, transparent, and efficient than the current system.
- It would enable secure data sharing among stakeholders and automate processes with smart contracts and create tamper-evident audit trails.
- The new blockchain system would address all these limitations by storing data in a distributed ledger by using cryptography to ensure data integrity and make data accessible to the involved stakeholders.
Daily CA on July 19 :
- According to an article in Reserve Bank of India’s (RBI’s) latest monthly bulletin, India’s real Gross Domestic Product (GDP) needs to grow at 7.6% per annum over the next 25 years for it to become a developed country by 2047-48.
- The Deposit Insurance and Credit Guarantee Corporation (DICGC) has asked all insured banks to display the DICGC Logo and QR code (quick-response code) linked to its website on the banks’ internet banking portals and websites.
- The Insurance Regulatory and Development Authority of India (IRDAI) has selected Tata AIG General Insurance Company Limited. as the non-life insurer for the State of Maharashtra to initiate and drive activities in collaboration with all other non-life and health insurance companies to increase insurance penetration in the State in line with its vision “Insurance for all by year 2047”.
- The incremental credit-deposit (C/D) ratio of all scheduled banks decreased to 63.7% in Q1 of FY24.
- The Bank of India (BoI) inaugurated its IFSC Banking Unit (IBU) in the International Financial Services Centre at GIFT SEZ area in Gandhinagar, Gujarat.
- The Union Minister of Consumer Affairs, Food & Public Distribution, Textiles and Commerce and Industry, Shri Piyush Goyal launched the sale of subsidised chana dal under the brand name ‘Bharat Dal’ at the rate of Rs 60 per kg for one kg pack and Rs 55 per kg for 30 kg pack.
- The Union government has established a new oversight mechanism to review data from the National Statistical Office (NSO).
- The first-ever Foreign Ministers’ meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) started in Bangkok, Thailand.
- The Ministry of Finance (MoF) has appointed Pramod Rao, Executive Director of Securities and Exchange Board of India (SEBI), as a Member in the Board of International Financial Services Centre Authority (IFSCA).
- An Indian Army contingent comprising 43 personnel left for Mongolia to take part in a joint military exercise 15th edition‘Nomadic Elephant 2023’ between India and Mongolia.
- The Indian Army signed the contract for procurement of Tactical Access Switch with Tata Advanced Systems Limited, continuing with the commitment towards the ‘Make in India’ initiative.
- The Union Finance Minister Smt Nirmala Sitharaman announced that India and the Organisation for Economic Cooperation and Development (OECD) are launching a pilot programme on tax and financial crime investigation for South Asia from July 18, 2023.
- Tamil Nadu (TN) topped the 3rd edition of the NITI Aayog’s Export Preparedness Index 2022 with an overall score of 80.89, piping Maharashtra (78.20) and Karnataka (76.36).
- The Indian Institute of Technology (IIT), Kharagpur, is developing a tamper-proof signalling system based on blockchain technology for the Indian Railways.